# IPSMI

IPSMI is a Pension Fund based in Itaquaquecetuba, Brazil.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Itaquaquecetuba, Brazil
- **Region:** South America
- **Address:** Rua Evangélio Quadrangular, 134, Vila Virgínia, Itaquaquecetuba, SP, Brazil
- **Founded:** 1992
- **Assets under management:** Undisclosed
- **Website:** itaquaprev.com.br
- **LinkedIn:** https://linkedin.com/company/instituto-de-previdência-dos-servidores

## Regulatory record

- **Reports private funds:** No

## About

IPSMI is the social security authority for the Municipality of Itaquaquecetuba, part of metropolitan São Paulo's sprawling eastern periphery. It was established to receive monthly payroll deductions from active municipal employees and disburse retirement and pension benefits to inactive civil servants. Unlike voluntary pension systems, IPSMI operates under a statutory framework where contribution rates, benefit formulas, and the very existence of the fund are governed by local legislation and federal social security norms. Its governance sits with a Board appointed by the Mayor — currently Eduardo Boigues Queroz — and supervised by a Superintendent reporting to that Board. Investment policy is constrained primarily by Brazilian pension fund regulations, which prescribe eligible asset classes and concentration limits. Liquidity management dominates: IPSMI must meet a monthly pension payroll that is predictable but non-negotiable. There is no disclosed deployment pace or venture allocation. No private-market co-investments, named venture positions, or international manager relationships have been made public. The geographic focus is axiomatically domestic. The fund maintains a rented headquarters in Vila Virgínia and has disclosed plans for a new headquarters project in Itaquaquecetuba. IPSMI participates in APEPREM, the São Paulo state association of municipal pension entities, which provides benchmarking, legal-policy coordination, and professional training. It has also utilized APEPREV, the Paraná-based municipal pension association, for specialized Comprev courses — continuing-education programs tied to Brazil's national social security competency certification regime. Structurally, IPSMI is not a classic institutional allocator in the endowment-model sense. Its defining feature is its captive liability stream: the fund cannot walk away from its beneficiaries, cannot meaningfully alter contribution rates without legislative action, and cannot absorb long-duration illiquidity that would imperil payroll. This makes it closer in operational logic to an insurance general account than to a pension fund with sponsor flexibility. Succession risk is political — the Mayor appoints the board and the Superintendent serves at their pleasure, making investment continuity subject to municipal electoral cycles.

## People

- Daniela Almeida Eras — Superintendent
- Eduardo Boigues Queroz — Mayor of Itaquaquecetuba
- Ricardo Marcos Nogueira — Board Member
- Eliane Patrícia Gomes de Amorim — Board Member
- Laércio Lourenço Dias — Board Member

## Questions

### What is IPSMI's legal mandate?

IPSMI is a Municipal Authority charged with administering the Itaquaquecetuba municipal social security system (RPPS). It collects monthly payroll contributions from active civil servants and pays retirement and pension benefits to inactive employees, operating under Brazil's federal social security laws and local municipal statutes. It does not manage voluntary savings.

### How is IPSMI governed?

Governance rests with an Administrative Council appointed by the Mayor of Itaquaquecetuba. The Council includes named members Ricardo Marcos Nogueira, Eliane Patrícia Gomes de Amorim, and Laércio Lourenço Dias. The Superintendent, Daniela Almeida Eras, leads day-to-day management and executes investment policy subject to Board and mayoral oversight.

### What asset classes can IPSMI invest in?

Under CMN Resolution 4,963, Brazilian municipal pension funds are permitted to invest in federal government bonds, fixed-income instruments, domestic equities, multi-market funds, and limited real estate and private equity funds that meet regulatory criteria. IPSMI's actual allocation is not publicly disclosed; however, liquidity for payroll obligations is the binding constraint, favoring short-duration fixed income.

### Is IPSMI related to any other municipal pension funds?

IPSMI is a member of APEPREM, the São Paulo state association of municipal pension entities, and has participated in training through APEPREV, its Paraná-state counterpart. These are industry associations for benchmarking and education, not pooled investment vehicles or shared-balance-sheet arrangements.

## Related profiles

- [IPSM](https://altss.com/profile/ipsm)
- [Ipswich Investment Management Company](https://altss.com/profile/ipswich-investment-management-company)

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Last updated: 2026-08-11T02:43:31.692Z

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