# Derminas

Derminas is a Pension Fund based in Belo Horizonte, Brazil.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Belo Horizonte, Brazil
- **Region:** South America
- **Address:** Avenida do Contorno, 4480, 1º e 2º andares, Funcionários, Belo Horizonte - MG, 30110-042, Brazil
- **Founded:** 1981
- **Assets under management:** $127M (Altss estimate)
- **Website:** derminas.org.br
- **LinkedIn:** https://www.derminas.org.br

## Regulatory record

- **Reports private funds:** No

## About

Founded in 1981 in Belo Horizonte, Derminas — formally Derminas Sociedade Civil de Seguridade Social — exists to provide complementary retirement and pension benefits to the workforce of DER/MG, the Minas Gerais state roads and transport authority. The fund's long-time Director Superintendente, Luiz Gonzaga Chaves Campos, presides over an entity whose sole sponsor relationship to DER/MG and adjacent civil-service bodies like IPSEMG means its growth is tied to the demographics of one public-sector workforce, not to capital-raising cycles. Derminas deploys across a mix of real assets, timber, and publicly traded Brazilian REIT quotas. Its known positions include direct commercial real estate — the Derminas Headquarters on Avenida do Contorno and the Edifício Derminas nearby in Belo Horizonte's Funcionários district — alongside a land parcel in Ubá, Minas Gerais, and a managed portfolio of securities. The fund also holds a residual claim against the failed Banco Santos estate in São Paulo, a legacy position that dates to that bank's 2004 collapse. No venture, private equity, or international co-investment commitments have been observed. The fund operates with a lean governance structure. Campos and Director Maria da Gloria Rabelo Quintino represent the named leadership, and Derminas maintains no disclosed offices outside Belo Horizonte. Through its membership in ABRAPP, the national association for closed Brazilian pension funds, it participates in industry advocacy but does not appear in any disclosed co-investment clubs, Tiger 21, or R360 memberships. Adjacent entities — the credit cooperative CoopCREDER and the consumer cooperative COOPEDER — serve the same DER/MG employee base but are structurally separate from the pension fund. Derminas's structural differentiator is its uncommonly narrow sponsor mandate. Most Brazilian closed pension funds serve multi-employer consortiums or have opened to new sponsors; Derminas remains linked exclusively to DER/MG, making its liability stream unusually predictable and its investment policy conservative by necessity — a posture that limits volatility but also constrains the fund's ability to pursue the illiquidity premiums available to larger, diversified asset owners.

## Sectors

- Natural Resources
- Timber
- Real Estate
- Infrastructure

## People

- Luiz Gonzaga Chaves Campos — Director Superintendente
- Maria da Gloria Rabelo Quintino — Director

## Questions

### How is Derminas related to DER/MG and IPSEMG?

DER/MG — the Departamento de Edificações e Estradas de Rodagem de Minas Gerais — is Derminas's primary sponsor and the source of its member base. IPSEMG, the state civil-service pension institute, holds the formal sponsor relationship for the complementary benefits Derminas pays, making Derminas a closed, single-workforce fund serving a specific subset of Minas Gerais public employees.

### Where does Derminas's capital come from?

The fund's capital originates from mandatory contributions by DER/MG employees and the sponsoring entity itself under Brazil's closed pension fund regime. As a single-sponsor fund, it does not raise capital from outside entities or individual high-net-worth participants outside the DER/MG ecosystem.

## Related profiles

- [Firelands Regional Medical Center Retirement Plan](https://altss.com/profile/firelands-regional-medical-center-retirement-plan)
- [Corpus Christi College, Cambridge](https://altss.com/profile/corpus-christi-college-university-of-cambridge)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/derminas-sociedade-civil-de-seguridade-social

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology