Although Peru’s political system has long been depicted as a “democracy without parties,” several recent studies have suggested that Fujimorismo might posses the assets to become the sole Peruvian political party. In this chapter, we evaluate this proposition using the conceptual framework set out by volume’s editors. We find that Fujimorismo is a loose electoral coalition that, in vertical terms, lacks the stable social links required to aggregate interests. In horizontal terms, Fujimorismo can only coordinate politicians to a limited degree. Finally, our study suggests that even when Fujimorismo performs both horizontal and vertical functions, it is a party that has shown a tendency to use its organizational assets to erode democracy and not to strengthen it.