Conditional Cash Transfer (CCT) programmes have spread across Latin America since the late 1990s. They constitute one of the major changes in social policy in Latin America in the last twenty years (Barrientos, 2009). This innovation has significantly influenced the welfare mix (Esping-Andersen, 1990). Those who examine the welfare mix from a feminist perspective (Orloff, 1996; Martínez, 2008) insist that it is necessary to take into account the gender consequences of changing this mix. Based on a qualitative analysis of CCT programmes in Peru and Bolivia, this article makes two arguments. First, CCT programmes demonstrate that instead of being purely liberal or even neoliberal, the actions of the state in the production of welfare are now grounded from the perspective of social investment. Second, in Peru and Bolivia, the gendered impacts of this new state orientation nonetheless reinforce maternalistic and coercive practices.