Last week, Colombia's government approved the sale of up to 20% of Ecopetrol to attract investment and increase oil output.
Under Colombia's privatization law, companies being sold off have to be offered first to the country's so-called solidarity sector consisting of pension funds, unions and cooperatives.
Earlier this month, the AFPs won the bid for a 97.2% stake in state-owned gas transport company Ecogas for 750bn pesos (US$285mn). Back then, Alarcon told BNamericas Asofondos was seeking to find a strategic partner to administer Ecogas' network within one month.
Colombian AFPs had some 39.3tn pesos in assets under management at end-April.
The market is dominated by locally owned companies Porvenir and Proteccion, which are controlled by the country's largest financial holding companies Grupo Aval and Grupo Empresarial Antioqueno (GEA) respectively.
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