Afore Coppel to Acquire Afore Invercap

Cleary Gottlieb is representing Afore Coppel in its acquisition of Afore Invercap, a Mexican pension fund administrator, from Advent International and certain minority shareholders.

The transaction documents were signed on August 13, 2026, and the closing is subject to customary closing conditions, including the receipt of required regulatory approvals. The acquisition of Afore Invercap is expected to strengthen Afore Coppel’s position in the Mexican pension funds market.

Afore Coppel is a leading Mexican pension fund administrator. Afore Coppel is part of Grupo Coppel, a leading Mexican retail and financial services group with operations spanning retail, banking, and pension fund management. Its businesses include Coppel, one of Mexico’s largest department store chains; BanCoppel, a Mexican banking institution; and Afore Coppel.

Afore Invercap is a Mexican pension fund administrator focused on the management and investment of retirement savings for workers in Mexico.

The Cleary corporate team includes partner Manuel Silva, associate Nicole Mueller, and international lawyer Ignacio Matte. Partner Kylie Barza and associate Michael Hughes are advising on tax matters. Partner Ari MacKinnon and associate Elisa Zavala are advising on arbitration matters. Practice development lawyer Robert Gruszecki provided guidance on R&W insurance and general private equity M&A practices.