Not be confused with the National University of San Marcos, known colloquially as the "University of Lima' from 1551 until 1946.The University of Lima (Spanish: Universidad de Lima) is a private university in Lima, the capital of Peru. It was founded in 1962. The decision to create the University of Lima was made in the early 1960s by a group of university professors, along with commerce and industry representatives. It was after two years of effort that they managed to start it.