Throughout Latin America, particular business conglomerates have begun to sponsor their own political parties, building those parties on their own corporate assets. These “corporation-based parties” represent a new wave of highly particularized conservative representation in the region. Indeed, corporation-based parties have become a regular—though largely unrecognized—feature of contemporary Latin American party systems. This article develops a theory of how and why particular business conglomerates sponsor their own parties, provides substantial evidence for the existence of corporation-based parties across much of Latin America, and uses a case study of a party built on a Panamanian supermarket chain to demonstrate how such parties are organized. In closing, it discusses the possible future for these parties in the region.