According to La Tercera, the Pionero investment fund, managed by Moneda, and the Compass Small Cap Chile and Toesca Small Cap Chile funds no longer rank among Socovesa’s 12 largest shareholders in 2026. Socovesa is one of the country’s largest real estate companies.
Their departure is significant. At the end of 2024, Pionero held 56 million shares, equivalent to 4.6% of the company. Compass Small Cap Chile held 30 million shares (2.5%) and Toesca Small Cap Chile held 26 million (2.2%). Together, the three controlled 9.3% of the shares.
That investment was made when Socovesa was facing a significant financial crisis caused by low activity in the real estate sector. By December 2025, Pionero had already reduced its stake to 3%, with 36 million shares.
One of the fund managers told the outlet that selling most of its shares was solely a portfolio decision. The sources do not specify the sale price or who bought those shares.
The withdrawal was also evident on the board. At the 2025 shareholders’ meeting, Pionero nominated a candidate for the last time: Gonzalo Peña, who received 9.84% of the votes and was not elected. The AFPs (pension fund administrators) nominated María Dolores Lasen, who secured a seat with 13.2% on the seven-member board chaired by Javier Gras Rudloff, a member of the controlling family.
The pension fund administrators retain a sufficient stake to elect a director, but they have also reduced their exposure. As of August 2026, they held 8.91% of the shares, two points below the 10.93% held in the same month of 2025. If your pension savings are in a fund that holds Chilean stocks, a small portion of them is invested in this company.
Representatives of AFP Capital, Habitat and Provida attended the latest meeting, held in April this year. Toesca also attended, holding 18 million shares, as did Compass, with fewer than 5 million. Moneda was no longer listed. The report does not say what specific resolutions were adopted at that meeting.
In practice, control of Socovesa is now even more concentrated in the Gras family, which owns 53.2% of the shares. With fewer institutional funds among the shareholders, there are fewer professional investors able to influence the election of directors.
This week, Socovesa approved a capital increase of $32,800 billion. According to the company, the funds will strengthen its capital structure, begin construction under its strategic plan and accelerate sales launches in areas where it sees better market conditions, to capture what it considers a recovery in the real estate industry.
