Toesca

What Toesca does

Toesca Administradora General de Fondos is an independent Chilean asset manager founded in 2016 by a team of executives with prior tenure at Celfin Capital and BTG Pactual. The firm manages alternative assets across Latin America through five core strategies — Infrastructure, Private Credit, Real Estate, Farmland, and Equity — and has raised approximately US$2.4 billion in capital across its fund family since inception. As of recent filings, the firm operates a 50+ professional team headquartered in Las Condes, Santiago, with an additional office in Upper Saddle River, New Jersey, supporting international distribution.

Toesca's product set comprises roughly 24 distinct vehicles, spanning open-ended mutual funds (Chile equities, Absolute Return), non-redeemable private investment funds (private credit, real estate core/value-added, net-lease, permanent crops, farmland, middle-market private equity), and the T-Power renewable energy platform (solar PV plus a 141 MW / 677 MWh battery storage system under construction via a USD 325 million financing in January 2026). Fund structures include multiple series and classes calibrated to qualified and institutional investors, with a separate US-domiciled credit vehicle (Toesca US Credit I) offering USD-denominated exposure to US real-estate-secured loans, plus a Spain real estate development fund. Co-investment platforms include a JV with Astarte Capital Partners for regenerative agriculture (December 2024) and the Arcalis Toesca Middle Market Fund I.

The revenue model is the classic alternative-asset-manager stack: recurring management fees on AUM (across infrastructure, private credit, real estate, farmland and equity vehicles) supplemented by performance fees / carried interest, with partners investing personal capital alongside limited partners. Distribution is direct and institutional — relationship-led sales to qualified investors, family offices, pension funds and insurance companies — augmented by an international distribution buildout via the US office and recent senior hires (Nicholas De Bourguignon from Credit Suisse/Santander, Yarek Aranowicz from Lord Abbett/Credit Suisse). Ownership remains with the founding partners and senior management, with no external institutional parent disclosed.

Name

Toesca

Legal name

Toesca Administradora General de Fondos

Website

https://toesca.com/en/

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Toesca is a Chilean independent asset manager founded in 2016 specializing in alternative investments in Latin America, having raised approximately US$2.4 billion across infrastructure, private credit, real estate, farmland, and equity strategies, and serving qualified and institutional investors from Chile and a US office.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Pension Funds (525110)

SIC

Finance Services (6199)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Specialized/Niche-Vertical RIAs (e.g., Medical, Tech, Executives, Athletes) (FSAAACAL), Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF)

Keywords

• Alternative asset management
• Private credit funds
• Infrastructure investment
• Real estate funds
• Investment fund management

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Toesca generates revenue through management fees charged on assets under administration across its multiple investment funds spanning infrastructure, private credit, real estate, farmland, and equity strategies.
2. Performance Fees / Carried Interest: The firm earns performance-based fees aligned with investment returns for investors, with partner capital invested alongside investors demonstrating alignment of interests.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Toesca is an independent Chilean fund manager (Administradora General de Fondos) that originates, structures, and manages alternative-asset investment funds across Latin America. Its offering spans infrastructure, private credit, real estate, farmland/regenerative agriculture, and Chilean equity strategies, distributed through multiple fund series and vehicles (mutual funds, non-redeemable investment funds, private debt funds) to qualified and institutional investors, plus the T-Power renewable energy operating platform.

Product overview

Toesca is a Chilean fund manager specializing in alternative assets across Latin America, offering a comprehensive suite of investment products organized into five core strategies: Infrastructure (energy, transportation, water utilities), Private Credit (factoring, consumer lending, real estate financing), Real Estate (offices, retail, industrial, residential), Farmland (regenerative agriculture), and Equity (Chilean listed equities). The product portfolio comprises 24 distinct investment funds including mutual funds, non-redeemable investment funds, and private debt funds, plus the T-Power renewable energy platform. Key products include equity funds (Toesca Small Cap Chile, Toesca Chile Equities), real estate funds (Toesca Rentas Inmobiliarias PT, Toesca Avenida Net Lease series), private debt funds (Toesca US Credit I, Toesca Deuda Privada), and farmland funds (Toesca Permanent Crops series). The offering spans from open-ended mutual funds for retail investors to closed-end private funds for qualified investors, with strategies ranging from liquid equity to illiquid infrastructure and farmland.

Differentiator

Problem solved

Functional benefit

Brands

• T-Power: Renewable energy platform managed by Toesca, developing solar photovoltaic plants and battery energy storage systems in Chile
• Arcalis Toesca Middle Market Fund I

Products and services

• Toesca Chile Equities Mutual Fund A mutual fund that invests in Chilean equity markets, targeting the Chilean stock market with diversified holdings in publicly traded companies; available to retail and qualified investors.
• Toesca Small Cap Chile Investment Fund A closed-end non-redeemable fund focused on generating capital gains through investments in small-cap Chilean publicly traded companies with attractive growth prospects; for qualified investors.
• Toesca Absolute Return Investment Fund An investment fund utilizing pair trading strategies (long/short) of listed stocks to achieve zero-beta returns uncorrelated with market movements; for qualified investors.
• Toesca Holdo Chile Equities Mutual Fund A mutual fund investing in capital instruments of the Chilean securities market, with at least 90% of assets in Chilean listed equities; available to retail investors.
• Toesca US Credit I Investment Fund A non-redeemable investment fund investing in foreign funds and vehicles whose portfolios consist primarily of real estate-secured loans in the United States; denominated in US Dollars and targeted at qualified investors.
• Toesca Private Debt Investment Fund A non-redeemable fund investing in credit or collection portfolios of various credit instruments, targeting qualified investors.
• Toesca Private Debt Facturas Investment Fund A redeemable fund investing in invoices, invoice portfolios, and notes from factoring companies.
• Toesca Renewable Energy Credits Investment Fund A fund financing renewable energy projects, supporting the transition to a cleaner energy matrix.
• Toesca Real Estate Rental PT Investment Fund A fund investing indirectly in Tower A, the Convention Center, and commercial premises of the Parque Titanium complex in Las Condes, Santiago.
• Toesca Real Estate Rental Investment Fund A fund investing indirectly in commercial rental properties in Chile, including offices, shopping centers, warehouses, and senior residences through Core and Value Added strategies.
• Toesca Real Estate Rental Apoquindo Investment Fund A fund investing in non-residential rental properties at Avenida Apoquindo 4700 and 4501, including offices, commercial spaces, warehouses, and parking.
• Toesca Avenida Net Lease Chile II Investment Fund A real estate investment fund focused on net lease properties in Chile.
• Toesca Avenida Net Lease US II Investment Fund A real estate investment fund focused on net lease properties in the United States.
• Toesca Avenida Net Lease III Investment Fund A real estate investment fund focused on net lease properties.
• Toesca Permanent Crops I Investment Fund A farmland investment fund focused on permanent crops agriculture in Chile.
• Toesca Permanent Crops II Chile Investment Fund A farmland investment fund focused on regenerative agriculture projects leveraging Chile's competitive advantages in fruit exports.
• Arcalis Toesca Middle Market Fund I A private equity fund focused on middle market investments, structured as a joint venture with Arcalis.
• Fondo de Inversión Desarrollo Inmobiliario España Uno A real estate development investment fund focused on Spanish properties.
• Toesca Residential Rental Fund A fund investing in residential rental properties.
• T-Power Renewable Energy Platform An independent power producer created by Toesca managing renewable energy assets including solar photovoltaic plants and battery energy storage systems, operating across Chile.

Quantifiable outcome

• US$ 2.4 billion in capital raised across multiple funds and strategies

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered flagship and core.

• Astarte Capital PartnersflagshipStrategic or Co-development PartnerLondon-based global firm specializing in sustainable real assets and natural capital investments. Partnership established December 2024 for developing an agricultural investment platform based on regenerative and sustainable practices, combining Astarte's global reach with Toesca's local expertise.
• Arcalis Toesca Middle Market Fund IcoreStrategic or Co-development PartnerJoint venture for the Arcalis Toesca Middle Market Fund I investment vehicle targeting middle market opportunities.
• SacyrcoreStrategic or Co-development PartnerSpanish infrastructure company controlling multiple concessions where Toesca holds investments: Ruta de Algarrobo, Rutas del Desierto, Ruta del Limarí, Valles del Bío Bío, Valles del Desierto, and Hospital de Antofagasta.
• Marubeni CorporationcoreStrategic or Co-development PartnerJapanese trading company co-controlling GasValpo (second largest natural gas distributor in Chile) and Nueva Atacama (water and sanitation services in Atacama desert) alongside Toesca.
• Algonquin Power & Utilities CorpcoreStrategic or Co-development PartnerControls the remaining stake in Suralis, the water utility company operating in Los Ríos and Los Lagos regions of Chile, where Toesca maintains an investment position.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Principal Financial Group: Principal Financial Group is a global asset manager with significant Chilean/Latam pension and investment management exposure through AFP Cuprum — overlapping with Toesca in institutional retirement and alternatives distribution.
• Sura Asset Management (Chile): Sura Asset Management is a major Latam asset manager operating through AFPs and mutual funds; as part of a much larger regional franchise, it competes broadly with Toesca for Chilean pension and institutional flows but is not alternatives-specialized.

Direct peers

• BTG Pactual Chile: BTG Pactual Chile is the local arm of a major Latam investment bank offering asset management, private equity, and alternative strategies; Toesca was founded by former BTG Pactual Chile executives and competes head-to-head for institutional Chilean mandates.
• Compass Group Chile: Compass Group (formerly Celfin Capital) is a Chilean independent financial group providing asset management, brokerage, and corporate advisory — directly comparable to Toesca, with several Toesca founders and team members coming from Celfin.
• BICE Inversiones: BICE Inversiones is the asset management arm of BICE Group offering mutual funds, private debt, equities, and structured strategies in Chile — a directly comparable domestic competitor for Toesca's institutional and wholesale channels.
• Moneda Asset Management: Moneda is a leading Chilean independent asset manager specializing in equities, fixed income, private equity, and alternative funds for institutional and retail clients — overlapping directly with Toesca's equity, credit, and infrastructure strategies.
• Activa Alternative Assets (Larraín Vial): Activa is a Chilean alternative-asset manager (private debt, real estate, private equity) that is a subsidiary of Larraín Vial; it directly overlaps with Toesca's private credit and real estate fund strategies for qualified investors.
• Credicorp Capital Asset Management: Credicorp Capital is a large Latam asset manager with strong Chilean real estate, private debt, and equity strategies; several Toesca senior hires came from Credicorp, and the firms compete for similar institutional mandates.
• Larraín Vial: Larraín Vial is one of Chile's largest independent asset managers, offering mutual funds, alternative investments, wealth management, and investment banking across Latam — a directly comparable multi-strategy alternatives platform competing for the same institutional and qualified-investor clients.

Emerging players

• Astarte Capital Partners: Astarte Capital Partners is a London-based specialist in sustainable real assets and natural capital; it is both a Toesca JV partner (since December 2024) and a thematic peer in the regenerative-agriculture and natural-capital alternatives space.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles36 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toesca