In response to the draft regulation regarding the Colombian pension fund regime “Revisión al Régimen de Inversión de los Fondos de Pensiones Obligatorias y Cesantía, LAVCA produced a letter advocating on behalf of member firms to increase the pension fund’s limits on alternative investment allocations providing an alternative proposal and evidence for increasing the limit based on: international best practice, knowledge of economies of scale, profitability and diversification, illiquidity and demographic consideration, changes in volatility and cash limits.