José Luis Manzano It embodies a rare syncretism in which two very dissimilar cultures coexist: that of political power and that of capital. He navigated these worlds as superimposed layers that enhanced each other over five decades. He was first a national deputy at the age of 27, and at the age of 35 he already held the strategic Ministry of the Interior during the first government of Carlos Menem. Since then – and until his current 69 years – he has dedicated the second half of his life to becoming one of the most influential and transversal businessmen in the country and the region, with investments in energy, media, mining, telecommunications, construction and even gastronomy.
In that journey, forged between Congress, the corridors of the Pink House and the corporate offices, Manzano configured an almost unique business profile in Argentina: that of someone who not only knows the State from the inside, but also learned to navigate international markets with ease. He is, in that sense, a figure comparable to few exponents of the Argentine economic establishment such as Héctor Magnetto or Paolo Rocca, who had a political training prior to their foray as businessmen.
Liberperonist. Manzano always knew how to get close to the fire without getting burned. With Peronist DNA, he had affinity with all the governments that allowed him to grow. In the ’90s it was one of Menem’s small table, over time it was updated to the K story and during the governments of De la Rúa and Macri He did not lose territory or business. With Milei, much less.
The Mendoza businessman maintains a network of contacts with the libertarian government that does not appear in the organizational charts. In his style, silent and efficient, he went in from the sides. From the beginning he collaborated with the Lighthouse Foundationthe powerhouse of ideas that responds to Santiago Caputo. At the first fundraising dinner, Manzano contributed, as if it were a campaign event.
But the links don’t end there. Matilde Guardiaknown in the business world as Bettina Bulgheroni -Manzano’s lifelong friend in Mendoza-, was secretary of Carlos Corach during Menemism and today has a direct line with Karina Milei. Karina is also reached through another, more direct route: Santiago Viola, the main judicial advisor to the President’s sister. He worked with Manzano because his mother, Claudia Balbin, He did it too.
Thanks to that contact, Manzano set up a meeting in the United States with Milei and Daniel Jaeggi, co-founder of Mercuria, the Swiss fund that finances a good part of his projects. The meeting took place at the Marriott Marquis in Miami, lasted less than an hour, and was coordinated by Viola himself, who is also the legal representative of La Libertad Avanza. Jaeggi’s presence was not decorative: he wanted to see Milei up close.
What was discussed at that meeting borders on mining geopolitics: investments in lithium, potassium, Jujuy and Catamarca deposits, and the famous Potasio Río Colorado deposit in Mendoza, where Integra – Manzano’s holding company – has a stake. It was also Luis Caputothe Minister of Economy, who does not miss a beat when it comes to tempting the markets. The talk was brief, discreet and left everyone satisfied.
An issue that interests the Government regarding Manzano is the recent acquisition of Telefe, the most viewed channel in the country. He America Group in full, composed of himself Manzano, Daniel Vila, Claudio Belocopit and Gustavo Scaglionebought the channel from the North American company Paramount. Before, they had already acquired the Telefe repeaters in Entre Ríos and Mar del Plata, and two months ago they had already bought Telefe Neuquén from Marcelo Fígoli, with whom they competed to keep the main channel in Buenos Aires. Figoli was discouraged in the competition for Telefe because the person carrying out the sale was the economist’s consulting firm Quantum. Daniel Marx who is president of Edenor, owned by Manzano. It demoralized him to think that he was competing against the commissioner’s horse.
Two days after the meeting in Miami, Manzano flew to La Paz to attend the inauguration of the new Bolivian president, Rodrigo Paz. They are united by a friendship of years and, more than a protocol gesture, the trip was a sign. The man from Mendoza also wants to start playing in Bolivia, where he is interested in exploring the mining business. These bonds are cultivated over time, and he has already started watering.
History. Manzano’s career is a metamorphosis in itself. In 1983, at just 27 years old, he was elected national deputy for Mendoza and then reelected in 1987. In 1991 Carlos Menem anointed him Minister of the Interior, making him one of the youngest and most powerful officials in his cabinet. His brazen style earned him both media prominence and controversy: a phrase attributed to him and that he always denied having said was recorded in political culture: “I steal for the crown.” The catchphrase was printed in a book by the journalist Horacio Verbitsky. That scandal accelerated his departure from the government in 1992 and marked the end of his first public life.
What followed was a strategic self-exile. In 1993 Manzano took refuge in the United States to reinvent himself away from the Buenos Aires flashes. He settled as a visiting scholar at universities in California and Georgetown, where he dedicated himself to perfecting English and international relations. At the age of 40, the former Peronist official became a dedicated student, convinced that mastering languages and understanding the world was the new key to power. “Chupete” – a nickname left over from his youth – returned bilingual and with a diploma in North American politics, obsessed by the idea that “language is power.” Not only did he perfect his English: years later he would add notions of French and even Chinese, encouraging his children and collaborators to train abroad. In Mendoza he founded the Universidad de Congreso, which controls a language academy. Those years outside the country refined his international profile and marked the turning point: Manzano would go from Creole politics to global business, without losing his skills as an operator.
Business. Installed again in Argentina in 1996, he no longer sought elective positions but rather investment opportunities. Next to Daniel Vila -another bold native of Mendoza- co-founded Grupo América, which over the years became the second multimedia company in the country. They began by purchasing TV channels in Mendoza, San Juan and La Rioja, until acquiring América TV in Buenos Aires, its A24 news signal, La Red radio and a network of regional newspapers. Today Grupo América competes with Grupo Clarín in media influence. This relationship went through ups and downs. There were moments of great tension with intersecting legal cases and media accusations. Moments of peace and even indifference. It is not known in the future, but the power struggle with Hector Magnetto It marked the way Manzano developed in the business world. For example, it does not integrate business chambers, especially those in which the Clarín Group could have some degree of interference, because the influence of multimedia would prevail. Manzano prefers his persuasion skills hand-to-hand.
But communication is only one leg of their conglomerate. Through Integra Capital – a holding company he founded in Washington in 1995 – he put together an impressive portfolio of assets. In energy, Manzano was one of the founders of Andes Energía, a pioneer in exploring Vaca Muerta, and ended up partnering with Mercuria (Swiss commodities trader) to expand its domains. Today he is a shareholder in Phoenix Global Resources, an oil company with 24 concessions in Argentina, of which several are in Vaca Muerta. Also, together with Mercuria, it controls Integra Gas Distribution, a vehicle with which it purchased a significant portion of Metrogas, the largest gas distributor in Buenos Aires. In electricity, in addition to Edenor in Capital and GBA, it owns Edemsa (the Mendoza distributor) and the Ameghino hydroelectric plant in Chubut. The list goes on: wine fields (Altus winery in Tunuyán), agricultural ventures and even technology. Recently Edenor – where Manzano and Vila are main shareholders – modified its corporate purpose to venture into artificial intelligence, mining and telecommunications, anticipating a broader game in the Milei era. The last deal he did with the Government was to sell his shareholding in the Refinor refinery to YPF, allowing him to have full control of the company. As a result of the productive explosion at Vaca Muerta, most of the country’s oil fields are suffering a slowdown in their production, which is why the productive capacity of this refinery decreased. In 2022, Manzano had bought the 50 percent that belonged to Pampa Energía and Pluspetrol for 10 million dollars and then sold it to YPF for 25 million dollars. The state oil company already owned the other 50. The explanation for the price increase is because the Integra fund would have invested about 7 million dollars and also cleaned up part of the company’s accounts.
The mining chapter deserves separate mention. Manzano owns, according to estimates, more than 60 percent of the lithium areas developed in Jujuy and Catamarca, a key positioning now that Argentina seeks to be a power in that mineral. Integra Capital landed in La Rioja with lithium explorations (through Litios del Oeste) and operates traditional mines: for example, it acquired Mina El Aguilar in Jujuy, a rich deposit of lead, silver and zinc. And in 2023 he made the leap abroad: he bought 55 percent of the voting shares of Volcán Compañía Minera in Peru, one of the largest silver producers in the world. This move, made for just US$20 million – a bargain that many attributed to his negotiating expertise – was the key to his next coup: the acquisition of Telefónica del Perú. Through Integra Tec, Manzano took control of the Peruvian subsidiary of Telefónica for just 900,000 euros, but with debts that would amount to 1.2 billion dollars.
Not even the gastronomic field is foreign to him. He owns the VIP Roldán grill in Palermo and also the Rashomon sushi restaurant in Recoleta. These gourmet ventures, although smaller compared to his mega investments, demonstrate Manzano’s versatility for business… and his taste for good living. Last summer he inaugurated his olive oil production in Punta del Este: Lot 8. Because if there is something that characterizes the character, it is his sumptuous lifestyle: mansions, luxury cars and even a yacht appear in his personal inventory. “Chupete” learned to play as a global tycoon and diversified his portfolio from oil to Malbec, from TV to haute cuisine, always with the premise of not just betting on a number.
Helvetic. At 69 years old, Manzano lives a third life with international projection. Some time ago he established his main residence in Switzerland, far from the Argentine public radar. His mansion in Barrio Parque is for sale (although deep down he doesn’t want to sell it). In Geneva, the global center of commodity trading, it has offices close to its Mercuria partners, allowing it to manage its investments comfortably. He only visits Argentina a few times a year, generally for specific business reasons or strategic events. So far in 2025, it was only there for 30 days throughout the year. However, his physical absence does not imply disconnection: he maintains daily communication with his teams in Buenos Aires and Mendoza.
Many see him as a “bridge man” who brings foreign capital to Argentina and opens doors abroad. “I have the knowledge of the State and the logic of the market,” he likes to say in private as a way of self-presentation. That cocktail has allowed it to surf the changes of era without losing relevance. Over the years he left the Peronist dogma and became more pragmatic.
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