The purpose of this research was to analyze the performance of subnational governments in the management of public investment in Peru. The study was of a basic, non-experimental type, with a qualitative approach, it was developed through the documentary review of various sources relevant and relevant to the research object. The results indicate that subnational governments present an inadequate performance in the management of public investments, due to diverse factors such as management capacity, since there are notorious gaps in the execution of investment spending, inadequate personnel and political interests that affect the level of execution in non-electoral years. Regional governments present worse performance of investment management than local government, since the decrease is 5.53% and 1.30% respectively.