Andean institutional capital in 2026: who channels investments and who faces liquidation

Chilean corporate capital has accumulated over US$200 million invested in Peru, according to GRI Hub News data from February 2026, leading a new cycle that displaces individual figures in favor of consolidated institutional players. That figure encapsulates a structural transformation in the Andean corridor: real estate investment flows no longer depend on personal vehicles or boutique funds, but on corporate platforms with robust institutional governance. What is simultaneously unfolding in Colombia, Chile, and Peru shapes a map radically different from just two years ago.

Who actually channels institutional real estate capital in the Andean region?

Frequent searches for names like José Miguel Rawlins, Cristian Menichetti, Munir Jalil, and Tomás Elejalde reflect a legitimate market interest in identifying the executives who move institutional capital in Chile, Colombia, and Peru. However, the reality of 2026 demands a more precise reading: not all of these profiles currently operate as active investment channelers.

José Miguel Rawlins, linked to Bicentenario Capital in Chile, faces a forced liquidation lawsuit for debt default, initiated by Frontal Trust Administradora General de Fondos, as reported by La Tercera in February 2026. The proceedings are being handled under Law No. 20,720, Chile's Corporate and Personal Reorganization and Liquidation statute, currently in force and under judicial application. Rawlins' situation represents a warning sign for the market: the investment vehicles associated with his name are entangled in legal proceedings that prevent their normal operation.

Cristian Menichetti, founder of Grupo Patio, is facing an equally severe situation. Menichetti lost control of Grupo Patio under pressure from creditor banks and institutional investors and maintains ties to the so-called Caso Factop. His situation underscores a phenomenon that Latin American real estate leaders frequently discuss at events such as those organized by GRI Institute: corporate governance has become a decisive filter for institutional capital allocation. Pension funds, insurance companies, and large-scale family offices now demand control and transparency structures that personal vehicles do not always guarantee.

In contrast, the Chilean corporate capital operating in Peru comes from consolidated platforms with proven track records, such as Echeverría Izquierdo and Paz Corp, which are leading this new cycle of cross-border investment.

Chile: growing sales and liquidation of individual players

Real estate sales in Chile recorded sustained growth during the previous year, according to GRI Hub News. This data contrasts with the particular situation of figures like Rawlins and Menichetti, confirming that market health and the health of certain individual operators can diverge significantly.

Chilean real estate sector growth is being captured by corporate developers with access to stable bank financing and governance structures aligned with institutional investor standards. Law No. 20,720 functions as a market cleansing mechanism, enabling institutional creditors such as Frontal Trust to activate liquidation proceedings when investment vehicles fail to meet their financial obligations.

For market participants seeking to understand Chilean dynamics, the conclusion is straightforward: the flow of institutional capital has been redirected toward operators with solid balance sheets and proven execution capacity, moving away from structures where key-person risk is excessive.

How do fiscal tensions affect institutional capital in Colombia?

Colombia presents a different but equally complex landscape for institutional real estate capital. The draft Pension Decree, currently under review, would require pension funds to transfer resources to the government within 15 business days to ease fiscal liquidity pressures. This measure, if implemented, would directly impact institutional investments in real estate assets by restricting the funds' ability to maintain long-term positions in the sector.

Munir Jalil, chief economist at BTG Pactual, has warned about the risks these fiscal tensions pose to institutional liquidity. His analysis is relevant to the real estate ecosystem because Colombian pension funds constitute a primary source of capital for urban development and infrastructure projects. If the decree moves forward in its current terms, the funds would face liquidity pressures that could reduce their exposure to long-cycle real estate assets.

In parallel, Tomás Elejalde, general manager of the Medellín Metro, is driving a transit-oriented development model that integrates public infrastructure with real estate projects. The plan includes a shopping center at the La Estrella station and multiple developments linked to the transit network. This Transit-Oriented Development (TOD) approach represents an alternative channel for institutional capital, where investment flows through public-private partnerships tied to mobility infrastructure.

The construction sector in Antioquia experienced significant year-over-year growth in 2025, according to Eduardo Loaiza of Camacol Antioquia. The start of construction of a massive volume of housing in the region is expected as part of the sector's reactivation between 2026 and mid-2027, according to projections from the same source. These data reinforce the relevance of Medellín and its metropolitan area as a hub for institutional capital, channeled through integrated urban development mechanisms.

Peru: sectoral expansion despite housing subsidy cuts

Peru's state budget allocated to housing subsidies, covering the Techo Propio and MiVivienda programs, will be cut by more than half for 2026, according to GRI Hub News. Despite this drastic reduction in state support for social housing, the Asociación de Empresas Inmobiliarias del Perú (ASEI) projects sectoral expansion for the 2025-2026 period.

This apparent paradox has a structural explanation: the growing segment is mid-range housing and institutional investment, not the subsidized segment. Chilean corporate capital, with its over US$200 million positioned in the Peruvian market, targets precisely those segments where demand does not depend on state transfers. GRI Institute members participating in regional meetings on the Andean corridor have repeatedly pointed to this trend: institutional capital seeks markets with solvent organic demand, not segments dependent on fiscal policy.

The subsidy cuts, however, pose a significant social challenge that could generate future regulatory pressures on developers operating in mid-range and upper-tier segments.

What the Andean institutional map reveals for 2026

The reconfiguration of institutional capital in the Andean region follows three clear vectors. First, the purging of operators in Chile, where Law No. 20,720 facilitates the exit of investment vehicles with governance or solvency problems, redirecting capital toward corporate platforms. Second, the tension between public infrastructure and fiscal liquidity in Colombia, where the Medellín Metro's transit-oriented development model coexists with regulatory threats to pension funds' investment capacity. Third, the Peruvian expansion driven by corporate cross-border capital that offsets the contraction in public spending on social housing.

For Latin American real estate leaders, the message is unequivocal: the era of individual capital channelers is giving way to institutional structures where governance, transparency, and corporate scale determine who participates in resource allocation. The names the market searches for today do not always coincide with those who actually move capital tomorrow. GRI Institute will continue monitoring this transition through its regional meetings and sectoral intelligence platform.