About us
Cardonal Consulting is a boutique consulting firm specializing in the legal, regulatory, and strategic aspects of investing in alternative assets.
Our advisory practice is dedicated exclusively to private equity, private debt, infrastructure, and real estate — reviewing fund documentation, negotiating side letters, structuring investment vehicles, advising on the tax implications of cross-border structures, and ensuring our clients' investments remain aligned with their specific requirements and the applicable regulatory framework.
We advise fund managers, institutional investors, and family offices across Latin America, the U.S., and Europe, supporting them throughout the course of an investment — from the initial evaluation of a fund, to closing, and through the ongoing obligations that follow.
Our premise is straightforward: legal complexity should not stand in the way of a sound investment. We ensure that every transaction is carried out with the diligence, precision, and efficiency that our clients' require.
Practice areas
01
Fund Investment Advisory
Prior to committing capital to a fund, investors must have a clear understanding of the terms they are agreeing to and the risks those terms carry — from governance rights and fee structures, to liquidity restrictions, indemnification provisions, and the circumstances under which the General Partner may exercise discretion over the fund.
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02
Side Letter Negotiation
A side letter agreement is the instrument through which an investor's specific requirements — most-favored-nation rights, transfer provisions, reporting obligations, tax-related carve-outs, among others — become part of the binding terms of a private vehicle, alongside the Limited Partnership Agreement.
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03
Regulatory & Compliance
Chile's regulatory framework applicable to investments in foreign alternative assets is subject to ongoing change, shaped both by structural reforms — such as the Pension Fund Reform Law — and by the requirements
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04
Tax Advisory
Every cross-border investment structure carries tax implications — treaty eligibility, withholding exposure, and especially in the case of investments with exposure to the United States tax framework, the use of blocker entities, and potential exposure to effectively connected income, among others.
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05
Fund & Vehicle Structuring
Certain foreign alternative asset funds are not directly accessible to Chilean institutional investors — such as AFPs and insurance companies — without the interposition of a locally regulated vehicle that satisfies the applicable investment and eligibility requirements.
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06
Subscription & Onboarding
Preparing subscription documentation and complying with AML/KYC checks is a requirement applicable to any investment in alternative assets. Following an investor's admission to a fund, it is common for fund managers
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Our history
Cardonal is not an idea — it is a homestead. Rooted in the Chilean Andes, it takes its name from a place where orchards grow: planted with care, tended patiently, and built to bear fruit precisely when conditions are right. It is not a name chosen for effect; it reflects how we understand the work we do.
We believe participating in private markets calls for the same instincts: patience with processes that cannot be rushed, resilience through negotiations that test both parties, and the judgment to adapt when circumstances change; in each case, applied with the confidence and wisdom that comes only with experience.
This thinking shapes the principles that guide our practice: integrity in every recommendation we make, advice centred on what our clients actually need, clarity in matters that are inherently complex, and sustained involvement in every transaction we take on, from the first conversation through to its conclusion.
Founded in 2024, our firm is the result of this vision. Cardonal is where Latin American investors and managers in alternative assets find deep, thoughtful, and timely advice from experienced hands.
Publications
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Newsletter
Monthly insights from Cardonal
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