IPMH

IPMH operates under Brazil's Regime Próprio de Previdência Social (RPPS) rules, governed by the Ministry of Social Security and the Conselho Monetário Nacional. Resolution CMN 4.963/2021 sets asset-allocation brackets for RPPS funds, heavily restricting exposure to foreign assets, private equity, and alternative vehicles. Most capital is mandated into domestic sovereign bonds, investment-grade corporate credit, and large-cap listed equities.

Brazilian RPPS rules permit limited allocations to local private-equity funds, infrastructure vehicles, and real estate funds, but the caps are low — typically a single-digit percentage of total AUM. There is no public record of IPMH participating in any private-fund commitment or direct co-investment outside its legacy real estate holding at its municipal headquarters.

As a municipal RPPS, IPMH is overseen by a board of trustees comprising representatives from the Prefeitura Municipal de Holambra and contributing civil servants. Its investment committee, if formally constituted, operates under the authority of the mayor's office and the municipal finance secretary. Publicly available minutes and board composition details are not published online.

There is no publicly disclosed ESG policy for IPMH. Brazilian RPPS funds are not subject to the same disclosure norms that apply to publicly traded corporations. Any environmental or governance overlay would be incidental to the fund's statutory duty to meet actuarial targets on an inflation-adjusted basis.

No. IPMH is a closed statutory pension regime that only serves municipal employees of Holambra. It does not manage third-party capital or operate as a multi-employer plan.