With a total of USD 356.7 million in assets under management as at 2025, CADIEM Administradora de Fondos recorded year-on-year growth of 30.8%, consolidating its leadership in this market with the highest volume on this measure, alongside its track record.
César Paredes, chairman of CADIEM Fondos, explains how they do the work that brings them year after year of growth in this market, and the outlook for 2026.
The four mutual funds and four investment funds managed by CADIEM Administradora de Fondos reached total assets equivalent to USD 356.7 million at the close of 2025, up 30.8% on the previous year, an amount built in just 11 years since the product was launched and the highest in the market.
Mutual funds totalled USD 325.1 million, up 26% on the USD 257.2 million under management as at 2024. Assets managed in investment funds reached USD 31.6 million, also at the close of 2025, up 106% on the USD 15.3 million of the previous year.
Total volume managed by CADIEM (Mutual Funds + Investment Funds) by year
Source: CADIEM (figures in millions of US dollars)
How the funds have evolved
CADIEM manages assets in local and foreign currency in both mutual and investment funds.
Among the local-currency funds, the longest-running is the Fondo Mutuo Disponible Renta Fija en Guaraníes, launched in 2014 with assets of G. 22,191 million, which now stand at G. 598,163 million. This was also the first mutual fund launched on the Paraguayan market in the new era of these investment instruments, making CADIEM the pioneer in creating these products.
The next longest-running is the Fondo Mutuo Crecimiento Renta Fija en Guaraníes, launched in 2018 with assets of G. 29,095 million, which today stand at G. 863,130 million. The most recent mutual fund created by CADIEM is the Fondo Mutuo para Todos Guaraníes, which came to market in 2022 with assets of G. 1,987 million, standing at G. 41,379 million as at 2025.
In foreign currency, the Mutual Fund Available USD Americanos was set up in 2018 with assets of USD 4 million, rising to USD 96.5 million by 2025.
The local-currency investment funds managed by CADIEM include the Eco Forestal I Investment Fund and the Orquídeas Real Estate Investment Fund, created in 2022 and 2023 with assets of G. 29,208 million and G. 9,338 million, which became G. 44,212 million and G. 7,852 million respectively by 2025.
The Industrial Facilities Investment Fund, for its part, was launched in 2021 with assets of USD 6.4 million, rising to USD 12.7 million by 2025. Finally, the Link Center Real Estate Investment Fund was set up in 2025, with assets of USD 10.9 million.
What lies behind this continued growth?
César Paredes, chairman of CADIEM Fondos, explained that behind the sustained growth they are achieving with these products lies a strategy based on substantial and “fairly lengthy” analysis of each fund's chances of success before it is brought to market.
“Launching each fund takes us close to two years of analysis, and then we develop it from the IT, administrative and regulatory standpoint. We advertise the products, follow up properly with the commercial team, and present and look after returns to stay competitive. Those are the strengths of what we do, to sustain this growth over a long period,” he explained.
He noted that funds currently represent between 30% and 35% of all the assets CADIEM manages within its clients' investment portfolios, making these products a significant source of income for the Group.
For 2026, one of the main challenges will be developing the Link Center Real Estate Investment Fund, involved in a project with investment of around USD 105 million. The chairman of CADIEM Fondos said they are developing ideas for further mutual and investment funds similar to those they already manage, among them a new forestry investment fund planned for launch this year.
Outlook for 2026
On the picture for the fund market as a whole, César Paredes said the mutual fund industry will keep growing its share of national savings, becoming more sophisticated and creating new products, mainly at longer terms.
For investment funds he foresees a greater number of projects under way, which he notes matters for their impact on the real economy. “Investment funds create the opportunity for investors with less substantial amounts to take part in investments in the real economy, which in many cases are reserved for large investors only,” he stressed.
On the regulatory side, he flagged the need to encourage greater investment of pension assets in mutual and investment funds, through regulation issued by the Superintendency of Pensions. “I hope the Superintendency begins the oversight and authorisations so that these investments are made on a larger scale, since funds are the most common investment tools for pension funds — I mean mutual funds and investment funds,” he said.
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