FORLUZ

FORLUZ

Founded in 1971, Forluz — formally Fundação Forluminas de Seguridade Social — operates as the non-profit pension vehicle for employees of the Cemig group and associated sponsors Gasmig and Invest Minas. Its dual mandate manages participant contributions alongside company allocations, functioning within Brazil's closed supplementary pension framework to provide long-term financial security. Forluz allocates across a mix of asset classes, with a pronounced emphasis on direct real estate that distinguishes it from peers. The portfolio includes the Edifício Aureliano Chaves, a commercial tower on Avenida Barbacena in Belo Horizonte housing primary tenant Cemig and major lessee Banco Inter across multiple floors, plus the Rua Conde de Linhares, 77 commercial property in the Cidade Jardim district. A broader mixed-use portfolio, the Plano A Real Estate Portfolio, adds residential and commercial exposure. Beyond physical assets, the fund deploys capital into domestic fixed-income securities, public equities, and alternative investments, maintaining a highly localized Brazilian posture. Forluz participates in ABRAPP, the national association for closed pension entities, and holds the ABRAPP Governance Seal for both Investment and Corporate Governance. The fund's investment committee operates under Director Emílio Luiz Cafaro, who oversees the allocation framework alongside President Magalhães. While headcount figures are not publicly disclosed, the firm's scale — ranking among Brazil's ten largest pension funds by participant base — implies a dedicated internal team managing external manager selection, direct property oversight, and actuarial governance. Forluz's structural differentiator lies in its real estate-centric liability matching: rather than outsourcing property exposure entirely to fund managers, it directly owns and operates significant commercial assets leased back to its key sponsors. This alignment creates a natural hedge, as Cemig's corporate health simultaneously drives contribution flows and underpins the tenancy of the Aureliano Chaves tower, tightening the feedback loop between sponsor performance and investment returns in a way few Brazilian pension funds replicate.