Arcalis Toesca, the partnership between the Chilean management company Toesca and Arcalis Capital, founded by Pablo Thompson and Eugenio Infante, closed its inaugural fund with US$65 million raised among more than 30 local investors, mainly family offices and Chilean insurers.
The capital does not stay in Chile: the vehicle invests in medium-sized companies in the United States through a fund of funds format with co-investment, which distributes around two-thirds among nine underlying US private equity funds and the rest in ten direct co-investments.
The structure aims to offer diversified exposure to multiple private equity managers rather than just one, combining the returns and access of underlying funds with the potential for higher returns from direct co-investments.
The goal of US$65 million was public since February 2026, when the manager set it as a goal, after a first closing of US$40 million in 2024.
Chile as a springboard to the US capital market
Arcalis Toesca’s proposal responds to a growing demand from Chilean family offices and institutions to access the US private equity market with professionally managed structures and in amounts accessible to regional investors.
The co-invested fund of funds model reduces the risk of concentration in a single manager or strategy, while maintaining the possibility of capturing superior returns on selected operations.
The inaugural fund closes its cycle at a favorable time: private equity in medium-sized US companies has shown resilience against large buyouts in high-rate environments, making it one of the most attractive segments for investors seeking international diversification with a moderate risk profile.
A second fund with regional ambition
Arcalis Toesca already has a second vehicle in preparation with the same diversified strategy but of a larger size, with the aim of attracting Latin American investors and, in particular, the Mexican Afores, the pension funds that manage close to US$300,000 million and actively seek to diversify towards alternative assets in developed markets.
