INDAPREV

INDAPREV

INDAPREV was established in 2005 by Complementary Law of Indaial nº 64/2005, replacing the previous pension fund FAPEN. Salvador Bastos, a long-term public servant, serves as President of the autarchy, which manages the retirement system for the effective public servants of the municipality of Indaial, Santa Catarina. The institution also works in tandem with FASSPI, the health plan fund for the same public servants. The fund's investment strategy is anchored in a distinctly local mandate. The portfolio is concentrated in Brazilian fixed-income instruments and a strategic allocation to natural resources — a reflection of the region's economic base in agriculture and related industries. Real estate investments within the state of Santa Catarina also feature in the asset mix. As a municipal RPPS (Regime Próprio de Previdência Social), INDAPREV operates under strict federal regulatory guidelines that govern its investment limits and actuarial targets, constraining its ability to pursue illiquid or foreign assets. Jefferson José Carlini chairs the Investment Committee, which steers the portfolio for the fund's beneficiaries. INDAPREV maintains active memberships in state and national municipal pension associations, including ASSIMPASC in Santa Catarina and ABIPEM at the national level. These associations serve as crucial conduits for sharing investment strategies and operational best practices among small to mid-sized Brazilian municipal pension funds. INDAPREV's core structural differentiator is its focus on a natural resources allocation, which is uncommon among its peer municipal RPPS funds that typically default to broad fixed-income and large-cap equity strategies. This sector bias, coupled with its small total asset base, requires the investment committee to operate with extremely cautious liquidity management to meet ongoing pension payroll obligations for the municipality's workforce.