Blue Owl, Ares Court Mexico’s $500 Billion Pension Fund Windfall

In Mexico City, the executives have arrived from the likes of Blue Owl Capital Inc., Ares Management Corp. and Golub Capital, all seeking a rare prize: a large pot of untapped money.

Firms that haven’t made the journey may already have fallen behind.

Mexican pension funds, known as Afores, represent a $500 billion opportunity for the biggest alternatives firms. They’re ballooning in size thanks to reforms that increased how much money is contributed to workers’ accounts, while other rule changes have increased the amounts they can allocate to international private markets firms.

It’s a bright spot for an ...