# CBS Previdência CBS Previdência is a Pension Fund based in Sao Paulo, Brazil. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Sao Paulo, Brazil - **Region:** South America - **Address:** Av. DOUTOR CARDOSO DE MELO 1855 ANDAR 7 EDIF FRANCISCO LOPES VILA OLIMPIA - **Founded:** 1961 - **Assets under management:** 1.34B (Altss estimate) - **Website:** www.cbsprev.com.br ## Regulatory record - **Reports private funds:** No ## About CBS Previdência was launched in 1961 as the supplementary pension vehicle for the employees of Companhia Siderúrgica Nacional (CSN), the Brazilian steel conglomerate privatized in 1993. The fund remains tightly linked to the CSN ecosystem but operates as a separate closed-end pension entity supervised by PREVIC, Brazil’s national pension regulator. Monica Garcia Fogazza Rego serves as president of both CBS Previdência and Fundação CSN, the sponsor’s philanthropic foundation, creating an unusual dual governance role that spans retirement assets and social programming. The fund’s investment portfolio is weighted toward Brazilian fixed-income and public equities consistent with local pension mandates, but it is distinguished by a meaningful direct real estate allocation concentrated in Volta Redonda, the industrial city in Rio de Janeiro state where CSN’s main steel plant operates. Holdings include Sider Shopping, the Vila Business Hotel, and four office buildings — Edifício CBS ‘A’, Edifício CBS ‘B’, Edifício Milênio, and Edifício Santa Cecília — giving the pension scheme direct operational exposure to commercial property in a company-town economy. On the credit side, CBS runs an internal participant loan portfolio marketed on its website for its below-market rates, a feature that functions as both a member benefit and an internal fixed-income sleeve. The plan serves more than 39,000 participants and beneficiaries across four distinct pension plans, paying out roughly R$ 445 million in benefits annually. The fund’s website promotes employer-matched contributions and a tax deduction of up to 12% of taxable income under Brazil’s complete tax declaration framework. In operational terms, May 2024: CBS Previdência published its Relatório Anual 2025 summarizing plan-level financial performance and actuarial standing (per CBS Previdência, May 2024). The fund is an active member of ABRAPP, the Brazilian closed-end pension association, and holds membership in Abrasce, the shopping center trade group tied to its Sider Shopping asset. What differentiates CBS Previdência structurally is the degree to which it operates as a captive financial utility for a specific company town. Rather than outsourcing real estate and credit functions to external managers, the fund directly holds and operates commercial properties in Volta Redonda and runs an internal loan book for its own members. This vertical integration of pension assets with local economic infrastructure mirrors the sponsor’s historic relationship with the municipality but creates a governance challenge distinct from diversified institutional peers: the fund’s member economics, real estate values, and sponsor health all correlate tightly with the same industrial base. ## Sectors - Real Estate - Private Credit - Public Equities - Fixed Income ## People - Monica Garcia Fogazza Rego — President - Bruno Tetner — Investment Director - Ana Lucia Barboza Seabra de Oliveira — Director of Administration and Security ## Questions ### Who sponsors CBS Previdência and what is its relationship to Companhia Siderúrgica Nacional? Companhia Siderúrgica Nacional (CSN) is the primary industrial sponsor and founder of CBS Previdência, established in 1961 to provide supplementary retirement benefits to its workforce. The fund remains closely tied to CSN but is legally constituted as a closed-end pension entity regulated by PREVIC. The same president, Monica Garcia Fogazza Rego, also leads Fundação CSN, the sponsor's philanthropic arm. ### What does CBS Previdência invest in beyond Brazilian government bonds? The fund holds a concentrated real estate portfolio in Volta Redonda, the industrial city housing CSN's main plant. Known properties include the Sider Shopping center, Vila Business Hotel, and multiple office buildings. It also operates an internal participant loan portfolio structured as below-market credit, and it has historically executed block trades of CSN equity in coordination with Valia, Vale's pension fund. ### How large is CBS Previdência in US dollar terms? CBS Previdência discloses its total assets as R$ 6.7 billion. At prevailing exchange rates in mid-2026, that converts to roughly US$1.34 billion (Altss estimate). The fund does not publish a USD-denominated AUM figure directly. ### Who makes investment decisions inside CBS Previdência? Investment oversight falls to Bruno Tetner, the fund's Investment Director (per Altss research). Overall executive leadership sits with President Monica Garcia Fogazza Rego. The fund does not disclose an internal investment committee structure publicly. ### Are CBS Previdência's pension plans open to the general public? No. As a closed-end supplementary pension entity, the fund's four plans are restricted to employees of the sponsoring group, Companhia Siderúrgica Nacional, and their beneficiaries. It is not a retail product. ### What is the connection between CBS Previdência and Fundação CSN? Both entities share the same president, Monica Garcia Fogazza Rego. Fundação CSN serves as the philanthropic arm of the CSN group and acts as a co-sponsor of the pension plans alongside the industrial company, though the two entities maintain separate operational mandates and asset pools. ## Related profiles - [Colgate University Endowment](https://altss.com/profile/colgate-university-endowment) - [Heavy & General Laborers' Local Unions 472 & 172 of NJ Annuity Plan](https://altss.com/profile/heavy-general-laborers-local-unions-472-172-of-nj-annuity-plan) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/cbs-previd-ncia Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology