Fondos de deuda para infraestructura 4G como alternativa de inversión de los fondos de pensiones en Colombia
Calle Zapata, Vladimir | 2015
One regimen of the Colombian pension system is the individual saving regimen with solidarity, where members make contributions to an individual account during their working years, and they gradually accumulate enough capital for their retirement, made up by their contributions and the income generated from the investment of their money by the management companies (Arrieta, 2011).
The eligible investments and permissible limits for each of the pension funds managed by the (AFP) are regulated by the Ministry of Finance and Public Credit, through Decree 2555 of 2010. (Philipp, 2011). By 2014, the National Government amended the infrastructure investment limits set forth in this decree, creating a new asset class in the category Private Equity Funds (FCP), denominated debt funds for infrastructure to encourage participation of AFP regarding infrastructure projects in the country, under the scheme of Public-Private Partnerships (PPP) (Ministry of Finance and Public Credit, 2014).
As debt funds for infrastructure are an investment vehicle totally new in the country, this project aims to determine the necessary requirements that must be met by the National Government and this type of securities, so as to be sufficiently attractive for pension funds.
To achieve this, we will proceed to the collection of information through research from various sources such as databases, web pages, articles, interviews to experts and consultations on the Bloomberg platform, which allow finding the documentation on risk associated with debt funds, their managers and infrastructure projects.
The investigation could specify that the infrastructure debt funds are an excellent investment alternative for pension funds because of the high relative and absolute profitability that they represent. Also, infrastructure investment represents an excellent choice given its long-term nature which is aligned with the investment horizon of the portfolios, presenting a stable pattern of flows over time, its attractive risk/return proportion, and because of the opportunity to reduce the risk through diversification, as history has shown the low correlation of infrastructure projects using the financial assets.