Countries › Peru › Guide › 10. Capital markets and finance › Investment funds and fund managers in Peru: mutual funds, public and private investment funds, manager licensing and capital, the S/ 250,000 simplified regime and the August 2026 SMV changes

Investment funds and fund managers in Peru: mutual funds, public and private investment funds, manager licensing and capital, the S/ 250,000 simplified regime and the August 2026 SMV changes

Last verified: 2026-10-28 · Status: Changing

Peruvian mutual funds are open ended pools run by an SMV licensed sociedad administradora with exclusive purpose and minimum paid capital of S/ 750,000; a fund needs registration, net assets of at least S/ 400,000, a guarantee in favor of the SMV and, within at most 12 months, 50 unitholders, and no investor may hold more than 10 percent except during set periods. Investment funds offered publicly are registered and supervised by the SMV under a 2014 regulation, with a simplified registration regime for offers only to institutional investors or to investors who put in at least S/ 250,000, while privately offered funds are not SMV supervised. In August 2026 the SMV amended the broker, mutual fund and investment fund regulations on client risk profiling, investment advice, standard contracts, real estate rental funds, investment in negotiable invoices and outsourcing by fund managers.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 as shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts the law sets in soles, UIT or dollars are quoted as written; the 2026 UIT is S/ 5,500 under Decreto Supremo Nº 301-2025-EF. Conversions are for orientation only.

Key facts

Mutual fund minimum net assets to start	400000 PENTUO LMV art. 241, as of 2023-02-10 · in force
Mutual fund minimum unitholders within 12 months	50 investorsTUO LMV art. 241, as of 2023-02-10 · in force
Maximum single holder of a mutual fund	10 % of net assetsTUO LMV art. 245, as of 2023-02-10 · in force
Fund manager minimum paid capital	750000 PENTUO LMV art. 256, as of 2023-02-10 · in force
Ceiling on manager net worth requirement	0.75 % of assets under managementTUO LMV art. 256, as of 2023-02-10 · in force
Investment fund simplified regime minimum ticket	250000 PENRes. SMV 029-2014-SMV/01 art. 29, as of 2014-12-17 · in force
Privately offered funds supervised by SMV	No textRes. SMV 029-2014-SMV/01 art. 1, as of 2014-12-17 · in force

The rule

1. Mutual fund assets are divided into units of equal value, possibly in several series, represented by participation certificates issued by the manager, and the fund is open ended: its assets change with new contributions and redemptions.
Cost to do it: No direct cost; fees are set in each fund's participation rules.
Example: A Lima money market fund issues new units daily at net asset value and redeems them on request. / A foreign investor buying US$100,000 of units in a Peruvian mutual fund receives participation certificates in book entry form.Texto Único Ordenado de la Ley del Mercado de Valores, Decreto Supremo Nº 020-2023-EF (published 10 February 2023); art. 235 as amended by Decreto Legislativo Nº 1061, Art. 235 and art. 236, 2023-02-10 official text · verified 2026-10-28

2. Before starting operations a mutual fund must be registered, have net assets of at least S/ 400,000 and constitute the guarantee in favor of the SMV; within a period set by the SMV of no more than 12 months it must reach at least 50 unitholders unless the SMV sets a lower number. If minimums are not met the SMV sets terms to regularize and may order liquidation.
Cost to do it: Seed capital of at least S/ 400,000 (US$115,875) per fund plus the guarantee.
Example: A manager launching a sol bond fund seeds it with S/ 500,000 and must have 50 investors within the SMV period. / Seed money of about US$115,875 is the floor for a new fund.Texto Único Ordenado de la Ley del Mercado de Valores, Decreto Supremo Nº 020-2023-EF (published 10 February 2023); art. 241 as amended by Ley Nº 30708, Art. 241, 2023-02-10 official text · verified 2026-10-28

3. No person may hold, directly or indirectly, more than 10 percent of a mutual fund's net assets, except founding investors during the first two years under a sell down plan, increases caused by other holders' redemptions (without buying more), and other cases set by the SMV, which may set a higher percentage by general rule.
Cost to do it: No cost; limits concentration.
Example: A corporate treasury cannot park S/ 5,000,000 in a S/ 30,000,000 fund beyond the founder exception, as that is 16.7 percent. / A sponsor seeding a new fund with US$1 million may stay above 10 percent for two years only.Texto Único Ordenado de la Ley del Mercado de Valores, Decreto Supremo Nº 020-2023-EF (published 10 February 2023); art. 245 as replaced by Ley Nº 27649 and amended by Ley Nº 30708, Art. 245, 2023-02-10 official text · verified 2026-10-28

4. Fund managers are sociedades anónimas with the exclusive purpose of managing mutual funds, and may also manage investment funds and complementary activities authorized by the SMV, which authorizes their organization and operation and supervises them. Minimum capital is S/ 750,000 fully paid when operations start, and net worth may not be below a percentage of assets under management set by the SMV, never above 0.75 percent. Managers must constitute an untouchable guarantee in favor of the SMV, by bank deposit, bank letter of guarantee or insurance surety bond, sized as a percentage of each fund's net assets.
Cost to do it: Manager capital S/ 750,000 (US$217,265) plus net worth of up to 0.75 percent of assets under management and the guarantee.
Example: A manager with S/ 1,000,000,000 under management may need net worth of up to S/ 7,500,000 if the SMV applies the 0.75 percent ceiling. / For about US$289,687,138 of assets under management at S/ 3.452, the 0.75 percent ceiling implies up to US$2,172,654 of net worth.Texto Único Ordenado de la Ley del Mercado de Valores, Decreto Supremo Nº 020-2023-EF (published 10 February 2023); art. 253 added by Ley Nº 30708; art. 256 as replaced by Ley Nº 27649 and amended by Ley Nº 30708; art. 262, Art. 253, art. 256 and art. 262, 2023-02-10 official text · verified 2026-10-28

5. The investment fund regulation applies to funds whose units are placed or traded by public offer, their managers and related persons. Privately offered funds are not supervised by the SMV; those managed by SMV licensed managers follow their own rules and contracts, the law where relevant and Title XI of the regulation. Publicly offered funds may register under a general regime or a simplified regime for offers made only to institutional investors, to investors who subscribe and pay at least S/ 250,000 before activities begin and keep at least that amount (except during divestment), or to the manager's shareholders, directors, managers and investment committee members; units under the simplified regime may only trade among such investors.
Cost to do it: Simplified regime minimum ticket S/ 250,000 (US$72,422) per investor.
Example: A private equity style fund with ten investors each committing S/ 1,000,000 can register under the simplified regime. / Non institutional investors need at least about US$72,422 each to enter a simplified regime fund.Reglamento de Fondos de Inversión y sus Sociedades Administradoras, Resolución SMV Nº 029-2014-SMV/01 (dated 17 December 2014), Art. 1 and art. 29, 2014-12-17 official text · verified 2026-10-28

6. The SMV amended the Reglamento de Agentes de Intermediación, the mutual fund regulation (Resolución CONASEV Nº 068-2010-EF/94.01.1) and the investment fund regulation on client risk profiling, investment advice, portfolio management, minimum contents of intermediation, management and unit subscription contracts, the regime for real estate rental investment funds (FIRBI), investment by investment funds in negotiable invoices, and outsourcing by investment fund managers, effective the day after publication in El Peruano. Changes to management contracts made to implement art. 40 of the mutual fund regulation count as updates.
Cost to do it: Contract and process updates for brokers and fund managers.
Example: A Lima fund manager must update its client profiling and standard contracts to the new minimum contents. / Foreign groups distributing through Peruvian brokers should expect revised suitability questionnaires.Resolución SMV Nº 011-2026-SMV/01 (dated 14 August 2026), Art. 1 to 8 and Single Complementary Final Provision, 2026-08-14 official text · verified 2026-10-28 · changed: Resolución SMV Nº 011-2026-SMV/01 of 14 August 2026 amended broker, mutual fund and investment fund regulations.

Vehicle	Offer	Key minimums	Source
Mutual fund	Public, open ended	Net assets S/ 400,000 (US$115,875); 50 holders; 10 percent cap per holder	TUO LMV art. 241 and 245
Investment fund, general regime	Public	Per regulation	Res. SMV 029-2014-SMV/01
Investment fund, simplified regime	Public to qualified investors	S/ 250,000 (US$72,422) per non institutional investor	Res. SMV 029-2014-SMV/01 art. 29
Private investment fund	Private	Not SMV supervised	Res. SMV 029-2014-SMV/01 art. 1

Peruvian fund vehicles at a glance (USD at S/ 3.452)

Worked example

Launching a fund manager and a first mutual fund: manager capital S/ 750,000 (US$217,265), fund seed S/ 400,000 (US$115,875), plus the SMV guarantee; the fund must reach 50 holders within the SMV period of up to 12 months.
A real estate fund marketed to 15 local investors at S/ 300,000 each (US$86,906) fits the simplified regime.

Step by step

Choose vehicle: mutual fund (open ended, retail), public investment fund (general or simplified regime) or private fund.
Incorporate the manager as an S.A. with exclusive purpose, obtain SMV organization and operating authorization and pay in at least S/ 750,000.
Register the fund, seed it, and post the guarantee in favor of the SMV.
Implement the August 2026 profiling, advice and contract requirements.
Monitor the 10 percent holder cap and the 50 holder minimum for mutual funds.

Common traps

The investment fund regulation text linked here is the 2014 version as approved; later SMV amendments, including August 2026, change parts of it.
Units sold under the simplified regime cannot be resold to retail investors.
A private fund marketed broadly can become a public offer and fall under SMV registration.

Sources

← Listed company governance and market abuse in Peru: material events and reserved information, related party approvals, insider trading presumptions, short swing profits, stake transfer reporting and manipulationCrowdfunding, electronic money and fintech in Peru: SMV licensed lending and securities platforms, project and investor limits, electronic money issuers and their capital →

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