CAMBÉ PREVIDÊNCIA

Andréia Cristina da Silva serves as Director-President, the fund's chief executive. Investment decisions are executed under the oversight of a municipal pension council, following the strict asset-allocation rules of Brazil's CMN Resolution 4,963. The fund does not operate with an independent third-party CIO structure — common among small RPPS — meaning Ms. da Silva and her internal committee are the ultimate decision-makers on manager selection and asset allocation.

Unlike most pension funds that acquire real estate for investment returns, Cambé Previdência holds land and commercial properties transferred to it via dação em pagamento — a legal settlement where municipal debtors transfer property titles to extinguish obligations. These assets come from local tax, fee, or other municipal debts owed to the Cambé government, which then assigns the properties to the pension fund. This creates an idiosyncratic, locally concentrated real estate portfolio that requires active management and periodic appraisal.

Cambé Previdência holds a concentrated portfolio of Brazilian public bonds, primarily Tesouro Direto securities, and high-grade corporate credit. As a sub-scale RPPS, the fund primarily accesses these via regulated investment funds rather than direct bond holdings. These allocations are chosen for their alignment with actuarial liability-matching requirements and the conservative risk framework imposed by Brazilian pension law.

The fund does not engage in private co-investments or direct alternative-asset commitments. Its small scale and regulatory constraints — RPPS entities must follow pre-approved asset-class ceilings and face limitations on illiquid exposures — keep Cambé Previdência firmly in liquid Brazilian fixed-income and equity funds. There is no record of commitments to venture capital, private equity, or international strategies.

The fund is a member of ABIPEM, the national association of Brazilian municipal and state pension institutions, and APEPREV, its Paraná state counterpart. These associations provide training, advocacy, and benchmarking services. Membership signals that Cambé Previdência participates in the broader ecosystem of small-to-midsize RPPS seeking governance best practices and regulatory updates, though it does not confer any special co-investment access or deal flow.