SovereignWealthFunds.comFondo de Ahorro de Panama (Panama Savings Fund)
Panama Savings Fund: what it invests in
Geography Domestic and global
Panama Savings Fund: how big it is, and on what basis
In US dollars: about USD 3.08B. The balboa trades at par with the US dollar.
Return, 2025 9.08% (180 bp over benchmark)
Panama Savings Fund: what it publishes
Published 9 · Partly 1 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Fondo de Ahorro de Panama is Panama's sovereign savings and stabilisation fund, fed by Panama Canal transfers above a GDP threshold. Net assets doubled to USD 3.08 billion in 2025 after the state capitalised USD 1.4 billion of owed contributions with government bonds. The portfolio is mainly global bonds, plus US-heavy equities and a small alternatives book. S1 S2
Key points
- Net assets USD 3,084.8 million at end 2025, up from USD 1,542.1 million. S1
- Returned 9.08 percent in 2025, 180 basis points above benchmark. S1
- Three-year annualised return of 8.68 percent, 140 basis points over benchmark. S1
- Global equities earned 23.46 percent in 2025; high yield 10.41 percent. S2
- Alternatives of USD 148.9 million show a 14.9 percent cumulative IRR. S2
- USD 236.5 million transferred to the State since creation. S2
Interesting facts
Mandate and goals
Law 38 makes the fund both a long-term savings vehicle for the State and a buffer for Cabinet-declared emergencies and economic slowdowns. S1
- Build long-term savings for the Panamanian State. S1
- Provide money for declared emergencies and slowdowns. S1
- Allow limited early repayment of sovereign debt when assets are large enough. S2
- Spending rule: Withdrawals only for emergencies over 0.5 percent of GDP, slowdowns, or up to 0.5 percent of GDP a year for debt prepayment if assets exceed 5 percent of GDP S2
How it invests
| Industries | Technology, Financial services, Healthcare and life sciences, Energy: oil and gas S2 |
|---|---|
| Asset classes | Fixed income, Public equities, Private equity, Infrastructure, Private credit, Cash and money markets S2 |
| Stages | Public markets, Buyout, Infrastructure, Credit S2 |
| Geography | Domestic and global. North America 47, Panama 46, Europe 3, Asia 2 percent S2 |
| Direct / through funds / co-invest | No / Yes / Not published S2 |
| Ticket size | No ticket size is published. S2 |
| External managers | Northern Trust as custodian; alternatives via external funds S2 |
| Co-investment programme | None S2 |
Asset mix: Global fixed income 13%, High yield 3%, Inflation-linked bonds 2%, Alternatives 5% (as of 2025-12-31) S2
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Republic of Panama bonds (capitalisation). State contributions for 2020 to 2023 paid in by swapping promissory notes for Panama bonds. S1 | State asset transfer | Financial services | Public markets | B/. 1,395.9M |
| Not published | Alternatives programme. 61 percent private equity, 24 percent infrastructure and 15 percent private debt funds; cumulative IRR 14.9 percent. S2 | Fund commitment | Technology | Buyout | B/. 148.9M |
| Not published | NVIDIA. Largest equity position, 4.9 percent of the equity book. S2 | Direct investment | Technology | Public markets | Not published |
| Not published | Apple. 4.3 percent of the equity book. S2 | Direct investment | Technology | Public markets | Not published |
| Not published | Alphabet. 3.7 percent of the equity book. S2 | Direct investment | Technology | Public markets | Not published |
| Not published | JPMorgan Chase. 1.1 percent of the equity book. S2 | Direct investment | Financial services | Public markets | Not published |
| Not published | Eli Lilly. 0.8 percent of the equity book. S2 | Direct investment | Healthcare and life sciences | Public markets | Not published |
Case studies
Doubling the fund through capitalisation S1 S2
- What: The State settled four years of owed Canal contributions by swapping promissory notes for Panama bonds.
- When: 2025
- Size: B/. 1,395.9M
- Why: To bring the Canal contributions owed for 2020 to 2023 onto the fund balance sheet.
- Outcome: Net assets doubled to B/. 3,084.8M; Panama now makes up 46 percent of the portfolio.
Building an alternatives sleeve S2
- What: Commitments to private equity, infrastructure and private debt funds in developed markets.
- When: Position at end 2025
- Size: B/. 148.9M, 5 percent of the fund
- Why: Diversify a bond-heavy portfolio.
- Outcome: Cumulative IRR of 14.9 percent and a 1.3x multiple; the board recommends a higher limit.
Investment process
A seven-member Board chaired by Mario R. Amaya sets investment policy and the annual investment plan. A Technical Secretariat runs operations, and a Supervisory Commission gives an independent yearly opinion. S6 S2
| Committee | Role |
|---|---|
| Board of Directors | Sets investment policy and budget S6 |
| Supervisory Commission | Civil society body issuing an annual opinion S2 |
- The board approves investment guidelines and a yearly plan. S5
- Managers run mandates within a 125 basis point risk budget. S2
- KPMG audits the annual statements; quarterly reports follow. S2
How to approach: The fund takes no outside proposals; reports and guidelines are on its website. S5
Size and returns
- Headline size: B/. 3,084.8M (USD 3.08B) (Net assets or equity, as of 2025-12-31) S1
- In US dollars: about USD 3.08B. The balboa trades at par with the US dollar.
- Return, 2025: 9.08 percent (Before costs) S1
- Return, 3 years: 8.68 percent a year S1
- Size over time (PAB million): 2024-12 1,542.1, 2025-12 3,084.8 S1
Leadership
Governance and transparency
- Legal basis: Law 38 of 5 June 2012, amended by Laws 87 of 2012 and 48 of 2013; Law 51 of 2018 on Canal contributions S2
- Oversight: Board of Directors and civil society Supervisory Commission S2
- Auditor: KPMG Panama S2
- Adopted the Santiago Principles in 2017. S2
- Budgets from 2014 to 2026 are published. S5
Transparency score: 9.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund runs no co-investment or private investor programme. Its relevance is as an LP in developed-market private equity, infrastructure and debt funds. S2
Reports
- FAP Annual Report 2025: https://www.fondoahorropanama.com/s/IA2025-Version-Final.pdf S2
- Financial statements and guidelines: https://www.fondoahorropanama.com/financiero S5
Common questions
How big is the Panama Savings Fund?
B/. 3,084.8 million, equal to USD 3.08 billion, at the end of 2025. S1
Who leads it?
Technical Secretary Victor Mojica Caballero since 15 June 2026; Mario R. Amaya chairs the board. S4
When can the government withdraw?
For declared emergencies, slowdowns, and limited debt prepayment above set asset levels. S2
Is it an IFSWF member?
Yes, a full member. S3
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All sovereign wealth funds in Latin America and Caribbean · All savings and future generations funds · All funds in Panama
Sources
Disclaimer
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