# IPASP IPASP is a Pension Fund based in Piracicaba, Brazil. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Piracicaba, Brazil - **Region:** South America - **Address:** Av. Dr. Paulo de Moraes, 266, Castelinho, Piracicaba, SP, 13400-853, Brazil - **Assets under management:** Undisclosed - **Website:** ipasppiracicaba.sp.gov.br - **LinkedIn:** https://linkedin.com/company/ipasp ## Regulatory record - **Reports private funds:** No ## About IPASP is the social security and pension institute for the public servants of Piracicaba, a major city in the interior of São Paulo state. While its founding date is not readily identifiable from available public documents, the fund exists as a statutory entity funded by contributions from municipal employees and the Municipality of Piracicaba itself. Its legal mandate is to provide retirement security and social assistance, making it a classic defined-benefit style public pension fund within Brazil's fragmented subnational social security system. The fund's investment portfolio is managed to cover long-term actuarial liabilities, deploying capital across multiple asset classes permissible under Brazilian pension regulation. The primary allocation is fixed income, anchored by Brazilian government bonds, which forms the core of most municipal pension portfolios. IPASP also allocates to public equities, real estate, and increasingly to alternative assets such as infrastructure and private credit funds. Direct investments and fund commitments are guided by the investment team led by manager Graziella Mansani, subject to oversight by governance boards. The geographic focus is overwhelmingly domestic, with capital deployed in Brazilian markets and assets. Despite its local scope, IPASP participates in professional networks that shape state and national pension fund policy. The fund is an active member of APEPREM, the São Paulo state association of pension entities, and ABIPEM, the national association for state and municipal pension funds. These affiliations provide access to shared manager due diligence, regulatory advocacy, and investment forums. The most recent administration under Schiavon was extended for the 2026-2028 term, signaling continuity in governance. The fund's headquarters remains at Avenida Dr. Paulo de Moraes, 266, in the city's Castelinho district. IPASP's structural differentiator is its integral relationship with the municipal government. Unlike independent funds, it is closely tied to Piracicaba's fiscal health and civil service payroll. The risk of unfunded liabilities is directly backstopped by the municipal treasury, creating a distinct credit profile compared to private-sector pension funds. This interlocking structure means that while IPASP operates as an institutional allocator, its ultimate risk-bearer is the city's budget itself, a common but underappreciated characteristic of Brazilian regional pension systems. ## Sectors - Public Equities - Fixed Income - Real Estate - Infrastructure - Private Credit ## People - Antonio Carlos Schiavon — President - Graziella Mansani — Investment Manager ## Questions ### Who runs investment decisions at IPASP? The pension fund is legally overseen by a president, a role held by Antonio Carlos Schiavon since at least 2023, with his mandate recently extended to cover 2026–2028. Day-to-day investment management is handled by an internal team including at least one named investment manager, Graziella Mansani. All investment decisions are subject to the governance structure prescribed by Brazilian pension law, including oversight committees that ensure compliance with prudential limits. ### What are IPASP's primary investment constraints? As a municipal pension fund regulated by Brazilian legislation, IPASP must adhere to asset allocation ceilings defined by the National Monetary Council. These regulations heavily favor local fixed-income securities, with capped exposures to equities, real estate, and alternatives. Liquidity requirements are driven by ongoing pension disbursements to retired municipal employees, making highly illiquid or foreign-invested positions difficult to justify for a fund of this scale. ### Which industry associations does IPASP belong to? IPASP is a member of APEPREM, the São Paulo state-level association of public pension entities, and ABIPEM, the national Brazilian association for state and municipal pension institutions. These memberships offer access to pooled data on fund performance, joint negotiations with service providers, and platforms for regulatory advocacy, extending IPASP's influence beyond the scope of a single-city fund. ### What is the relationship between IPASP and SEMAE Piracicaba? SEMAE Piracicaba is the municipality's autonomous water and sewage service. The relationship is administrative: employees of SEMAE are public servants covered under the municipal social security umbrella, and their pension contributions flow into IPASP. SEMAE itself is not an investment vehicle of the pension fund, but rather a participating employer alongside the main prefeitura. ## Related profiles - [IPASEMAR](https://altss.com/profile/ipasemar) - [IPI Wealth Management](https://altss.com/profile/ipi-wealth-management) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/ipasp Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology