# Fundo De Pensões Aberto Futuro XXI

Fundo De Pensões Aberto Futuro XXI is a Pension Fund based in Lisboa, Portugal.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Lisboa, Portugal
- **Region:** Europe
- **Address:** Lisboa, Portugal
- **Assets under management:** Undisclosed
- **Website:** www.futuro-sa.pt

## Regulatory record

- **Reports private funds:** No

## About

Futuro – Sociedade Gestora de Fundos de Pensões, S.A. manages Fundo De Pensões Aberto Futuro XXI, an open pension fund structured for Portuguese individuals and companies building retirement assets. The fund manager is majority-owned (76.78%) by Montepio Geral Associação Mutualista, a mutual association, with minority stakes held by ANA, S.A. (Aeroportos de Portugal) at 3.89% and a relationship with Vista Alegre Atlantis, S.A., whose employee pension plans Futuro administers. The fund reflects a conservative asset mix centered on Portuguese domestic holdings. Known positions are concentrated in the Property Core Real Estate Fund, a mixed-use vehicle operating in Portugal, and in cash and liquidity instruments. The structure is a pooled open pension fund, meaning it accepts ongoing contributions rather than functioning as a closed institutional mandate. There is no disclosed allocation to international equities, venture capital, or private credit in publicly available materials. Futuro SA participates in the national pension-fund association APFIPP and maintains a link to Fundação Montepio, the philanthropic foundation tied to its majority owner. No public data on total professionals, fund inflows, or assets under management are published by the manager, leaving its overall scale unconfirmed in the public record. The fund's structural differentiator is its ownership architecture: a mutual association as dominant shareholder, with minority industrial partners including the national airport operator. This creates a governance layer distinct from bank-owned or pure independent pension managers in the Portuguese market, though the investment mandate itself remains constrained to domestic real estate and liquidity.

## Sectors

- Real Estate
- Cash & Liquidity

## Questions

### What does the fund actually hold?

Confirmed positions include the Property Core Real Estate Fund, a Portuguese mixed-use real estate pool, alongside cash and liquidity instruments. The firm does not disclose international equity, fixed-income, or alternative-asset commitments in its public materials.

### How is the pension fund structured — single mandate or pooled vehicle?

It is structured as an open pension fund, meaning it accepts ongoing contributions from multiple individual and corporate participants rather than serving a single institutional sponsor. This makes it a retail-accessible pooled retirement product under Portuguese pension law.

### Who owns the fund manager, Futuro SA?

Montepio Geral Associação Mutualista holds 76.78%, making it the controlling shareholder. ANA, S.A. (Aeroportos de Portugal) holds a 3.89% minority stake. The remaining shares are not itemized in the public ownership register.

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

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