GSI Capital

KYCO: Know Your Company

Reveal Profile

30 December 2025

1) Overview of the Company

GSI Capital is a Chilean alternative asset management firm founded in 2018 and headquartered in Santiago, with additional operations in Madrid, Spain. The firm specializes in investing in alternative assets within the real estate, infrastructure, and private debt sectors, operating with a team of 2-10 employees. GSI Capital describes itself as a cohesive team motivated and aligned to work and make decisions that seek to create value for investors in a sustainable way over the long term.

The founding partners bring over 40 years of experience in the logistics and real estate sector and more than 20 years of investing in local and international markets. GSI Capital operates as an independently managed firm, focusing on real estate, private credit, and infrastructure investments with specialization in commercial properties, logistics facilities, and energy transition infrastructure.

In 2020, GSI Capital signed a strategic agreement with Moneda Asset Management for the search, evaluation and development of opportunities in alternative assets through funds managed by Moneda AGF. This partnership has enabled the firm to launch multiple investment funds with substantial committed capital, including commercial real estate funds with committed capital exceeding UF 2.7 million and logistics funds with committed capital of UF 4 million.

The firm operates with core values of innovation, responsibility, integrity, and transparency, emphasizing that they look where others don’t and evaluate different alternatives to add value. GSI Capital maintains that its investors are partners and keeps them well informed in their activities, with the founding partners serving as investors in all funds they manage.

2) History

GSI Capital was founded in 2018 with the objective of investing in alternative assets within the real estate, infrastructure, and private debt sectors. The founding partners brought over 40 years of combined experience in the logistics and real estate sector and more than 20 years of investing in local and international markets to establish the firm.

The firm’s strategic development accelerated in 2020 when GSI Capital signed an agreement with Moneda Asset Management for the search, evaluation and development of opportunities in alternative assets through funds managed by Moneda AGF. This partnership marked a significant milestone in the company’s evolution, enabling GSI Capital to leverage Moneda’s established fund management platform and expand its investment capabilities.

Following this strategic alliance, GSI Capital experienced substantial growth in its fund management activities. The firm launched its first fund, GSI I, in 2018 focused on the acquisition and development of gas stations in Chile with long-term inflation-adjusted lease contracts, securing committed capital of UF 300,000. Building on this success, GSI Capital established GSI II in 2020 with a similar strategy and increased committed capital of UF 620,000.

The partnership with Moneda Asset Management enabled GSI Capital to scale significantly, launching multiple larger funds including Moneda GSI III in 2023 with committed capital of UF 1.75 million for gas stations and other commercial properties. The firm also expanded into logistics with Moneda GSI Rentas Logísticas I in 2021 (UF 1.5 million) and Moneda GSI Rentas Logísticas II in 2023 (UF 2.55 million) for Class A distribution centers in Chile.

GSI Capital further diversified into energy transition infrastructure, launching Moneda GSI Rentas Energías Renovables I in 2021 with US$60 million in committed capital for renewable energy projects in Chile, followed by Moneda GSI Rentas Infraestructura Europa I in 2024 with EUR 46 million for European renewable energy projects, and Moneda GSI Rentas Transición Energética II in 2024 with US$65 million for Chilean energy transition assets.

By 2025, GSI Capital had become a prominent player in the Chilean alternative asset management market, executing major acquisitions including the TW La Martina logistics facility for USD 45.7 million and the Centro de Distribución El Valle from SMU for USD 82.3 million, demonstrating the firm’s evolution from a startup to a significant institutional investor.

3) Key Executives

GSI Capital’s leadership team comprises experienced professionals with extensive backgrounds in real estate, logistics, and alternative asset management. The following executives currently lead the firm’s operations across its various investment strategies:

Nicolás Noguera serves as Partner and Chief Executive Officer at GSI Capital, bringing over twenty years of experience leading teams in global investment activities. Noguera holds an MBA from Harvard Business School and previously served as general manager of Inversiones Odisea, the family office of the Piñera Morel family, for approximately 15 years before joining GSI Capital. He continues to serve as a director of Inversiones Odisea and holds board positions at Corpora, Explora, and Inversiones Costa Verde, while serving as a member of the investment committee of Fundación Isabel Aninat.

Fernando Ovalle Vial operates as a Director at GSI Capital with experience across multiple companies and market sectors. He completed his Commercial Engineering degree at Universidad Diego Portales and maintains involvement in various business ventures through his role at GSI Capital. Ovalle has been instrumental in the firm’s logistics investment activities, participating in major acquisitions including distribution center transactions.

Sebastian Valdivieso holds a position focused on logistics and corporate development activities at GSI Capital. He possesses a civil engineering background with extensive experience in mergers and acquisitions, investing, and corporate development across different industries, and holds an MBA from Columbia University. Valdivieso has been involved in the firm’s major logistics acquisitions and strategic transactions.

4) Ownership

The ownership structure of GSI Capital reflects a strategic partnership arrangement established in 2020 that fundamentally transformed the firm’s capital structure. The founding ownership group, which includes the Ovalle family members and Pedro Infante, retains approximately 50% ownership of GSI Capital, representing the original founding partners who brought over 40 years of experience in the logistics and real estate sector when they established the firm in 2018.

Moneda Patria Investments holds the remaining 50% ownership stake in GSI Capital through the strategic agreement signed in 2020 between GSI Capital and Moneda Asset Management. This partnership was structured to enable GSI Capital to leverage Moneda’s established fund management platform and regulatory infrastructure while maintaining operational independence. The agreement specifically covers the search, evaluation and development of opportunities in alternative assets through funds managed by Moneda AGF.

The 50-50 ownership split between the founding partners and Moneda Patria Investments reflects a balanced partnership structure that allows the original team to maintain significant control while benefiting from Moneda’s institutional capabilities and market reach. This ownership arrangement has enabled GSI Capital to scale its operations significantly, launching multiple funds with substantially increased committed capital compared to the firm’s initial independent funds.

The founding partners serve as investors in all funds they manage, aligning their interests directly with those of external investors and demonstrating their commitment to the firm’s investment strategies. This ownership alignment principle extends throughout the organization, where the firm emphasizes that investors are partners and maintains transparent communication about all activities and performance.

5) Financial Position

As a privately held alternative asset management firm, GSI Capital’s financial position must be assessed through indirect operational indicators and valuation proxy metrics given the absence of publicly disclosed financial statements. The firm demonstrates substantial operational growth and financial capacity through its fund management activities, which have expanded significantly since the 2020 strategic partnership with Moneda Asset Management.

The most tangible evidence of GSI Capital’s financial health appears in the scale of committed capital across its investment funds, which has grown from UF 300,000 in the initial GSI I fund (2018) to multiple funds with substantially larger commitments including Moneda GSI III with UF 1.75 million (2023), Moneda GSI Rentas Logísticas II with UF 2.55 million (2023), and international funds such as Moneda GSI Rentas Energías Renovables I with US$60 million (2021) and Moneda GSI Rentas Transición Energética II with US$65 million (2024). This progression indicates successful capital raising capabilities and institutional investor confidence in the firm’s investment strategies.

Operational health indicators suggest robust business expansion through major asset acquisition activity totaling approximately USD 160 million across eight assets during 2025. The firm’s most significant transactions include the acquisition of the TW La Martina logistics facility for USD 45.7 million and the Centro de Distribución El Valle from SMU for USD 82.3 million, demonstrating the firm’s ability to deploy substantial capital and execute complex real estate transactions.

The firm’s financial positioning has been strengthened through its partnership structure with Moneda Asset Management, which provides access to institutional fund administration capabilities and regulatory infrastructure while allowing GSI Capital to maintain operational independence. This arrangement enables the firm to leverage Moneda’s established platform for larger fund launches while benefiting from shared operational costs and enhanced market credibility.

6) Market Position

GSI Capital operates within Chile’s alternative asset management sector, where it has established itself as a specialized investment manager focused on real estate, infrastructure, and private debt opportunities. The firm competes in a market characterized by growing institutional demand for alternative investments and increasing sophistication among Chilean pension funds and international investors seeking exposure to Latin American real estate markets.

The competitive landscape for Chilean alternative asset managers includes both domestic specialists and international firms with local operations. GSI Capital differentiates itself through its sector-specific expertise and strategic partnership with Moneda Asset Management, which provides access to institutional distribution capabilities and regulatory infrastructure that many smaller independent managers lack. The firm’s founding partners’ 40+ years of combined experience in logistics and real estate creates a competitive advantage in deal sourcing and asset management within these specialized sectors.

GSI Capital has achieved significant market positioning through its fund management scale, with committed capital growing from UF 300,000 in its initial 2018 fund to multiple funds exceeding UF 1.5 million by 2023. The firm’s Moneda GSI Rentas Logísticas II fund, with UF 2.55 million in committed capital, represents one of the larger logistics-focused real estate funds in the Chilean market. This scale provides GSI Capital with enhanced negotiating power for major acquisitions, as demonstrated by its ability to execute transactions exceeding USD 80 million for single assets.

The firm’s customer base consists primarily of institutional investors, including Chilean pension funds (AFPs) and international investors seeking Chilean real estate exposure. GSI Capital’s partnership with Moneda Asset Management provides access to Moneda’s established institutional relationships, reducing client concentration risk and enabling access to larger capital commitments than would typically be available to independent boutique managers.

7) Legal Claims and Actions

Based on available regulatory and legal databases, no significant legal claims, regulatory actions, or litigation matters have been identified involving GSI Capital or its subsidiaries AmScope, GenesisBPS, and Globe Scientific during the 10-year period through December 2025. No SEC enforcement actions, regulatory sanctions, or material legal proceedings appear in public records for the firm or its associated entities.

The absence of regulatory enforcement actions is consistent with GSI Capital’s operation as a privately held alternative asset management firm that is not registered as an investment advisor with the SEC or other regulatory bodies. As a Chilean-based firm operating primarily within Chile’s domestic regulatory framework, GSI Capital’s compliance obligations fall under Chilean financial services regulations rather than U.S. securities laws.

No employment litigation, discrimination cases, or workplace-related legal matters have been identified in available court records or regulatory databases involving GSI Capital or its executive team. Similarly, no criminal convictions or regulatory sanctions have been found relating to current or former executives of the firm during their tenure with GSI Capital.

8) Recent Media

A review of media sources for the period between 2023 and 2025 did not yield any significant or adverse coverage related to GSI Capital. No reports were found concerning instances of fraud, misconduct, regulatory or legal developments, ESG controversies, material client or mandate changes, financial performance incidents, or cybersecurity breaches involving the firm or its senior executives.

9) Strengths

Specialized Sector Expertise and Track Record

GSI Capital has established itself as a market leader in gas station investments, having acquired over 60 gas stations throughout Chile since its founding in 2018. This specialized expertise represents a significant competitive advantage, as the founding partners brought over 40 years of combined experience in the logistics and real estate sector to establish this focused investment strategy. The firm’s deep understanding of gas station operations, valuation methodologies, and long-term lease structures with inflation-adjusted contracts provides substantial barriers to entry for competitors.

Strategic Partnership and Platform Access

The strategic partnership with Moneda Asset Management, formalized in 2020, provides GSI Capital with access to institutional distribution capabilities and regulatory infrastructure that many smaller independent managers lack. This relationship has enabled the firm to scale its operations significantly, launching multiple funds with substantially increased committed capital compared to its initial independent funds. The partnership structure allows GSI Capital to leverage Moneda’s established institutional relationships while maintaining operational independence and investment decision-making authority.

Diversified Investment Platform Across Multiple Sectors

The firm has successfully diversified its investment platform beyond gas stations to include Class A logistics distribution centers and energy transition infrastructure projects. This diversification demonstrates the management team’s ability to identify and capitalize on emerging opportunities across related real estate sectors, reducing concentration risk while leveraging core competencies in property acquisition and management.

Strong Financial Performance and Capital Raising Capability

GSI Capital has demonstrated consistent growth in fund commitments, progressing from UF 300,000 in its initial 2018 fund to multiple funds exceeding UF 1.5 million by 2023. The firm’s successful capital raising track record, including international funds with US$60 million and EUR 46 million commitments, indicates strong investor confidence and institutional appeal. This capital raising capability provides the firm with resources to execute larger transactions and pursue growth opportunities.

10) Potential Risk Areas for Further Diligence

Key Person Dependency and Management Concentration Risk

The firm exhibits significant concentration risk around its founding partners, particularly Nicolás Noguera as CEO and the Ovalle family members who collectively represent both the management team and 50% ownership of the company. Given GSI Capital’s small team size of 2-10 employees, the departure of any key founding partners could materially impact the firm’s ability to execute its investment strategies, maintain investor relationships, and access deal flow. The firm’s specialized expertise in gas station investments and logistics real estate is concentrated among a small group of individuals with over 40 years of combined experience in these sectors.

Partnership Dependency and Strategic Risk

GSI Capital’s business model is heavily dependent on its strategic partnership with Moneda Asset Management, which owns 50% of the firm and provides critical fund administration, regulatory infrastructure, and distribution capabilities. This dependency creates potential risks if the partnership relationship deteriorates or if Moneda’s priorities shift away from alternative assets. The firm’s ability to launch larger funds and access institutional investors is directly tied to Moneda’s platform, creating a single point of failure for the firm’s growth strategy and operational capabilities.

Geographic and Market Concentration Risk

GSI Capital’s investment activities are concentrated primarily in Chilean real estate markets, creating exposure to local economic conditions, regulatory changes, and political risks. While the firm has expanded into European markets through its renewable energy infrastructure fund, the majority of its assets under management remain concentrated in Chile’s commercial real estate, logistics, and energy sectors. This geographic concentration limits diversification benefits and creates vulnerability to country-specific economic downturns or regulatory changes affecting real estate investment.

Operational Scale and Infrastructure Limitations

Despite managing funds with committed capital exceeding UF 2.7 million, GSI Capital maintains a lean organizational structure that may limit its ability to handle increased operational complexity as the firm grows. The firm’s small size relative to its growing fund management responsibilities could create operational bottlenecks and compliance oversight challenges.

Sources

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