In 1531 he set out from Panama to conquer the Inca empire in Peru. Crossing the mountains, he defeated the Incas and in 1533 executed their emperor Atahualpa (born 1502) setting up an Inca puppet monarchy at Cuzco and building his own capital at Lima (1535). He was assassinated in Lima by supporters of his rival Diego de Almagro (1475–1538).