Describes the evolution of AFP Provida, one of the early entrants into the Chilean pension fund system established in 1981. By 1999, AFP Provida was not only the largest pension fund administrator in Chile, but also the largest in Latin America in terms of number of affiliates and the second largest in terms of assets under management, after the Brazilian company Previ. Provida was also the most international firm in the industry. At the turn of the 20th century, Provida's senior management was considering how to extend the company's position in a rapidly expanding international marketplace. Describes the firm's internationalization process in terms of timing, geographic choices, and modes of entry. Also discusses Chilean special conditions for the pension fund industry, including local factors, context for strategy and rivalry, demand conditions, and related and supporting industries. Allows for the discussion of the origins of clusters in developing economies as well as the sources of international competitive advantage. Also provides an interesting evaluation of Provida's strategic choices and the sustainability of its international leadership. INCAE's case collection.