Family Office ClubEvents
Text or WhatsApp (Not an AI Bot):(808) 600-9260Tell me your situation

Fiscal Stabilization Fund of Peru

Fondo de Estabilizacion Fiscal · Peru · Latin America and Caribbean · Founded 1999 · Stabilisation fund · Not an IFSWF member

Report a correction
Focus

Fiscal Stabilization Fund of Peru: what it invests in

Cash and money markets

Geography Mainly domestic

Scale

Fiscal Stabilization Fund of Peru: how big it is, and on what basis

USD 3,214.38M
Fund market valueAs of

In US dollars: about USD 3.214B. Reported in US dollars.

Return 2025 4.52%

Transparency

Fiscal Stabilization Fund of Peru: what it publishes

8.0 of 10 Band 4 of 5

Published 7 · Partly 2 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

BalanceS3
USD 3,214.4M (June 2026)
As of
Return 2025S4
4.52%
As of
Yield to maturityS3
3.85%
As of
Average durationS3
1.47 months
As of
Paid out since 1999S3
USD 10,617M
As of
Transparency scoreS3
8 of 10
As of

At a glance. The FEF is Peru's fiscal rainy day fund. Created in 1999, it saves Treasury surpluses and part of privatisation and concession money so the State can respond to emergencies and deep recessions. All of it sits in short US dollar deposits at the central bank. The balance was USD 3,214.38 million at 30 June 2026. S3 S1

Key points

  • Returned 4.52 percent in 2025 and 15.57 percent cumulatively over three years to June 2026. S3 S4
  • Has taken in USD 13,831.56 million since creation and paid out USD 10,617.18 million. S3
  • Holds only US dollar term deposits at the central bank, with an average duration of 1.47 months. S3
  • Its resources cannot be pledged as collateral for any loan. S3
  • Savings above 4 percent of GDP can be used to cut public debt. S3
  • Interest is passed to the Treasury: USD 30.8 million earned in Q2 2026. S3

Interesting facts

  • Concession payments from the Toromocho and La Granja copper projects added USD 1.09 million in early 2026. S3
  • It may hold euros, yen and four other currencies, but held only dollars at mid 2026. S3
  • The central bank president sits on its three-member board. S3

Mandate and goals

The FEF strengthens the State's ability to respond when emergencies or severe recessions hit the national economy. It operates under the fiscal responsibility framework of Legislative Decree 1276 and Supreme Decree 150-2017-EF. S3

  • Fund the response to emergencies and deep downturns. S3
  • Preserve capital and keep it liquid. S3
  • Reduce public debt with savings above 4 percent of GDP. S3

How it invests

Industries. Sector agnostic S3
Asset classesCash and money markets S3
StagesPublic markets S3
GeographyMainly domestic. All at the Banco Central de Reserva del Peru S3
Direct / through funds / co-investYes / No / No S3
Managed in house100 percent S3
Ticket sizeNot applicable; the fund holds deposits only. S3
External managersNo external managers. S3
Co-investment programmeNo co-investment. S3

Asset mix: Deposits maturing in 0 to 30 days 31.63%, 31 to 60 days 43.53%, 61 to 90 days 24.84% (as of 2026-06-30) S3

Past investments

YearInvestmentTypeSectorStageAmount
2026Central bank term deposits. Ladder of 0 to 90 day US dollar deposits at the BCRP, average yield 3.85 percent. S3Direct investmentFinancial servicesCreditUSD 3,214.30M
2026Toromocho concession payments. Share of concession income received in the first half of 2026. S3State asset transferMining and metalsNot statedUSD 864,941.89
2026La Granja concession payments. Share of concession income received in the first half of 2026. S3State asset transferMining and metalsNot statedUSD 222,547.64

Case studies

Saving and spending through the cycle S3

  • What: Took in USD 13.83B since 1999 from surpluses, sales and concessions, and paid out USD 10.62B.
  • When: 2000 to 2026
  • Size: USD 3.21B balance
  • Why: The law directs surpluses in and lets the State draw on them in emergencies and recessions.
  • Outcome: No surplus transfer was due for 2025, so the balance stayed flat.

A cash-only portfolio S3

  • What: The board's 2015 guidelines put capital preservation and liquidity first; all money sits in central bank deposits.
  • When: Since 2015
  • Size: Not published
  • Why: A rainy day fund must be available at once.
  • Outcome: All maturities under 90 days at mid 2026; all limits met.

Investment process

A board of the Minister of Economy and Finance (chair), the central bank President and a Council of Ministers representative approves investment guidelines and the annual statement of flows. The Treasury directorate proposes guidelines and reports quarterly. S3

CommitteeRole
Board (Directorio)Approves guidelines and annual flows S3
  1. The Treasury transfers year-end surpluses and privatisation shares to the fund. S3
  2. Money is placed in central bank deposits within board limits. S3
  3. In an emergency or deep recession the State draws on the fund. S3

How to approach: The fund takes no outside proposals; information is available from the Treasury directorate of the MEF. S5

Size and returns

  • Headline size: USD 3,214.38M (Fund market value, as of 2026-06-30) S3
  • In US dollars: about USD 3.214B. Reported in US dollars.
  • Cumulative inflows since 1999: USD 13,831.56M (Committed or authorised capital, as of 2026-06-30) S3
  • Return, 2025: 4.52 percent S4
  • Return, 3 years to June 2026 (cumulative): 4.94 percent a year (15.57 percent cumulative) S3
  • Size over time (USD million): 2024 3,212.19, 2025 3,213.94, 2026-06 3,214.38 S3 S4

Leadership

NameTitleSince
Elmer Cuba BustinzaMinister of Economy and Finance; board chair S6 S72026-07-28
Julio Velarde FloresPresident, Central Reserve Bank of Peru; board member S3Not published
Maria Cecilia Chumbe RodriguezSecretary General, Presidency of the Council of Ministers; board member S3Not published
Guadalupe Pizarro MatosDirector General of Public Treasury S3Not published

Governance and transparency

  • Legal basis: Law 27245 (1999), now Legislative Decree 1276 and Supreme Decree 150-2017-EF S1 S3
  • Oversight: Board chaired by the Minister of Economy and Finance S3
  • Investment limits by maturity, instrument, currency and duration; all met in Q2 2026. S3

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, asset allocation, holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4 S5
  • Partly published: long-term returns, geographic or sector split. S3
  • Not published: audited financial statements. S3

History

DateEvent
1999-12-26Law 27245 creates the FEF. S1
2015Board adopts investment guidelines. S3
2016Legislative Decree 1276 sets the current framework. S3
2026-07-28New finance minister takes the board chair. S6

For family offices

The FEF holds only central bank deposits, so it offers no co-investment or manager opportunities. S3

Reports

Common questions

How big is the FEF?

USD 3,214.38 million at 30 June 2026. S3

Who runs it?

A three-member board chaired by the Minister of Economy and Finance, with the central bank President and a Council of Ministers representative. S3

Where is the money held?

In short US dollar term deposits at the central bank. S3

Is it an IFSWF member?

No. S2

All sovereign wealth funds in Latin America and Caribbean · All stabilisation funds · All funds in Peru

Sources

  1. S1MEF, Law 27245 (Spanish)
  2. S2IFSWF, members list
  3. S3MEF, FEF quarterly report Q2 2026 (Spanish)
  4. S4MEF, FEF annual report 2025 (Spanish)
  5. S5MEF, Fiscal Stabilization Fund reports (Spanish)
  6. S6MEF, Elmer Cuba sworn in as Minister of Economy and Finance (Spanish)
  7. S7El Peruano, Supreme Resolution 226-2026-PCM (Spanish)

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

Richard C. Wilson

Talk to a human.

I'm Richard C. Wilson, founder of Family Office Club. I read the messages that come in through this site myself. Text or WhatsApp me at (808) 600-9260, or email Richard@SovereignWealthFunds.com. Thank you.

Tell me your situation