# FAPES

FAPES is a Pension Fund based in Rio de Janeiro, Brazil.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Rio de Janeiro, Brazil
- **Region:** South America
- **Address:** Av. República do Chile nº 230 8º andar, Rio de Janeiro, RJ, Brazil
- **Founded:** 1974
- **Assets under management:** 2.6B (Altss estimate)
- **Website:** fapes.com.br
- **LinkedIn:** https://www.linkedin.com/company/fapes-bndes

## Regulatory record

- **Reports private funds:** No

## About

FAPES was established in 1974 as the pension and health benefits provider for the BNDES group. Its primary sponsor remains BNDES itself along with BNDESPAR and FINAME. The fund operates as a closed entity limited to employees and retirees of those organizations. The portfolio allocates roughly 70 percent to Brazilian Treasury bonds for liability matching. Additional exposure includes private equity through FIP vehicles, with commitments to Pátria Real Estate III and multiple Neo Capital Mezanino funds. Real estate holdings have included minority stakes in Barra Shopping and Morumbi Shopping, both since divested, plus direct ownership of the FAPES headquarters building and the BNDES headquarters building. Geographic focus stays within Brazil, centered on Rio de Janeiro and São Paulo assets. The organization employs 51 professionals and maintains membership in ABRAPP and ABVCAP. In November 2024 FAPES participated as a speaker at the Fórum de Investimentos Sustentáveis, addressing private equity programs and sustainable infrastructure. External service providers include KPMG as auditor and Bradesco BBI for financial advisory. FAPES maintains a direct relationship with its founding sponsor BNDES that shapes both governance and investment constraints. This sponsor structure limits participation to a defined participant base and channels a portion of capital toward Brazilian development-related opportunities.

## Sectors

- Diversified
- Energy & Utilities
- Information Technology
- Media

## People

- Jason Nogueira — Superintendent Director
- Leonardo Mandelblatt — Director of Investments

## Questions

### Who runs investment decisions at FAPES?

Jason Nogueira serves as Superintendent Director and Leonardo Mandelblatt serves as Director of Investments. Both appear in the firm's relationship records as key operational contacts.

### How does FAPES source proprietary deal flow?

The fund participates in FIP structures and works with external managers including Navi Capital and Truxt Investimentos. It also maintains direct real estate holdings and internal mandates.

### Does FAPES participate in fund commitments or only direct deals?

FAPES commits to funds such as Pátria Real Estate III and Neo Capital Mezanino vehicles while also holding direct real estate assets and government bonds.

### What investment stages does FAPES typically target?

The fund lists exposure across buyout, growth, mezzanine, venture, and early-stage strategies according to its recorded strategy tags.

### What is FAPES's known posture on co-investments alongside external GPs?

The fund has executed limited partner commitments through FIP vehicles alongside other Brazilian investors but no specific co-investment activity is recorded.

## Related profiles

- [Previdenza Cooperativa](https://altss.com/profile/previdenza-cooperativa)
- [Tsinghua University Education Foundation](https://altss.com/profile/tsinghua-university-education-foundation)

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

Canonical page: https://altss.com/profile/fapes

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