Press Releases

IFC, IFC ALAC Fund Invest $200 Million to Boost Latin American Pension Fund Industry

In Lima, Peru:
Clara Ugarte Perrin

Phone: +51-1-611-2521


In Washington, D.C.:

Alexandra Klopfer

Phone.: +1 202 473 4645


Washington, D.C., January 26, 2012—IFC, a member of the World Bank Group, and the IFC African, Latin America and Caribbean Fund are investing $200 million to support Grupo SURA’s expansion strategy in Latin America and help stimulate savings and pension management in low- to middle- income households in the region.

The equity investment in the newly created Grupo de Inversiones Suramericana Espana S.L., which acquired ING Group’s regional platform of pension fund management and insurance companies in Chile, Colombia, Mexico, Peru, and Uruguay, includes $125 million from IFC and $75 million from the IFC ALAC Fund. The IFC ALAC Fund is managed by IFC Asset Management Company.

With this acquisition, Grupo SURA will become the largest pension fund manager in Latin America. By fostering the creation of a leading Latin American pension network, IFC will promote the stimulation of savings and pensions management systems and help the region expand its middle class.

Giri Jadeja, IFC Senior Manager for Financial Markets in Latin America and the Caribbean, said: "This investment is in line with IFC’s strategy in Latin America and demonstrates our commitment to support private sector, strengthening the presence of an important local player at the regional level and promoting the development of the pension management industry in Latin America."

Pension funds are often the only link to the formal financial sector and play a leading role in driving the development of capital markets, and making long-term capital available for infrastructure, ultimately fostering economic growth and job creation.

Sujoy Bose, head of the IFC ALAC Fund, said: “We are pleased to partner with Grupo SURA on this significant acquisition, which makes Grupo SURA the leading regional platform in Latin America's under-penetrated pension management sector. We are excited by the potential of this platform to expand its product offerings to its current base of 10 million customers, and by its prospects to grow this customer base.”

Grupo SURA has been a strategic partner for IFC since 1996. By providing equity to the company, IFC will help a local industry player provide leadership in the sector across the region.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC creates opportunity for people to escape poverty and improve their lives by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and through the delivery of advisory services to ensure sustainable development. In a time of global economic uncertainty, IFC’s new investments climbed to a record $19 billion in fiscal 2011. For more information, visit

About IFC Asset Management Company

IFC Asset Management Company LLC, a wholly-owned subsidiary of IFC, invests third-party capital, enabling outside investors to benefit from IFC’s expertise in achieving strong equity returns, as well as positive development impact in the countries in which it invests. It manages the $3 billion IFC Capitalization Fund, as well as the IFC ALAC Fund.

About the IFC African, Latin America and Caribbean Fund

The IFC ALAC Fund is a $1 billion fund that has commitments from six sovereign and pension investors, as well as the IFC. The ALAC Fund was launched in April 2010 and is focused on making equity and equity-related investments in Africa, Latin America, and the Caribbean.

For more information about Grupo SURA, visit:

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