Chile's government submitted a bill to the Chamber of Deputies on October 28, 2026 to let Corfo invest in funds of funds and venture capital funds. President José Antonio Kast, Finance Minister Jorge Quiroz, and Economy Minister Daniel Mas signed it. The plan caps Corfo's participation at 35% in funds of funds and 30% in direct venture capital funds.
Investment rules
Corfo would select funds through public procedures but would not pick startups or join investment committees. It would hold the same rights as other investors in its series and share gains and losses. Portfolios would need to invest in Chile an amount at least equal to Corfo's contribution.
Corfo's current role
Corfo is Chile's state production development agency. It has supported venture capital mainly through credit. The proposal adds the ability to contribute capital and share investment returns and risks.
Spending and reviews
The government must publish regulations within nine months of the law's approval. During the year the regulation is published, Corfo could commit up to US$25 million to fund units. The Ministry of Economy would evaluate the program every seven years.
The authorization would last 15 years for funds of funds and 10 years for direct contributions. After the first review, Corfo could lose new commitments in a modality that fails to mobilize private investment. The bill now moves through Chile's Chamber of Deputies.
Read more: df.cl