Argentina's ANSeS Investment Fund Halts Private-Equity Purchases

The Sustainable Guarantee Fund (FGS) of Argentina's National Social Security Administration (ANSeS) will stop acquiring private‑equity shares. The decision, issued by the Ministry of Human Capital, follows the appointment of Raúl Benítez, who previously served as Director General of Standards and as deputy executive of FGS operations. Currently about 14% of the fund’s $79.2 billion portfolio – roughly $11.4 billion – is invested in private‑company stocks, while the remaining assets are in public bonds, especially CER bonds.

Officials say the move aims to redirect capital toward assets more aligned with Argentina’s economic context and to avoid legal risks associated with buying or holding equities that could later be devalued. The fund will retain its existing equity positions but will not make new purchases, and it is considering allocating more resources to mortgage‑backed portfolios, pending a suitable legal framework.