Updated:
PRECE Previdência Complementar
PRECE, a $350M single-sponsor pension fund for Rio’s CEDAE water utility, is directed by Antonio Carneiro Alves with a portfolio heavy in Brazilian real...
PRECE Previdência Complementar
Founded in 1983, PRECE Previdência Complementar operates as the closed pension fund for employees of Companhia Estadual de Águas e Esgotos (CEDAE), Rio de Janeiro’s state water and sewage utility. The plan also covers staff of the Caixa de Assistência dos Servidores da CEDAE (CAC), the utility’s health-benefits arm. This sponsor relationship supplies a steady participant base typical of Brazilian public-service pension entities. The fund’s strategy concentrates on domestic hard assets and fixed-income instruments. Its directly held commercial property portfolio includes the PRECE headquarters building in Benfica, an annex to the Municipal Theater of Rio de Janeiro, a commercial lot in Nova Friburgo, and a stake in Shopping Vitória in Espírito Santo state. Alongside physical real estate, the fund commits to local credit vehicles — confirmed positions include Fundo de Investimento Lameirão Multimercado Crédito Privado and Fundo de Investimento Sarapuí Multimercado Crédito Privado, both Brazilian multimarket credit funds. Geographic exposure is national, with properties in the states of Rio de Janeiro and Espírito Santo. PRECE operates from a single headquarters in Rio de Janeiro’s Benfica district, with total assets estimated at roughly $350M. The Director President, Antonio Carneiro Alves, serves concurrently as Coordinator of the Investment Commission at Abrapp, the national association of closed pension funds — a role that embeds PRECE within the governance and policy debates shaping Brazil’s pension-fund industry. In 2026, the fund participated in the Abrapp Encontro Regional Leste + Sudeste to align its directives with evolving sector practices. What distinguishes PRECE is its pure single-sponsor, single-state architecture. Unlike multi-employer funds that aggregate diverse plan sponsors, PRECE’s liabilities and asset strategy are tightly bound to the fortunes and workforce rhythm of one utility — CEDAE — making it a concentrated reflection of that sponsor’s economic cycle and Rio de Janeiro’s public-sector pension dynamics.
General information
Firm type
Pension Fund
Year founded
1983
AUM
$350M (Altss estimate)
Location
Region
Latin America
Country
Brazil
City
Rio de Janeiro
Corporate office
Rua Prefeito Olímpio de Melo, 1676, Benfica, Rio de Janeiro, RJ, Brazil
Principals
Antonio Carneiro Alves
Director President
Sector focus
Frequently asked questions
Who is the sponsor of PRECE and what does that mean for its investment strategy?
PRECE is entirely sponsored by Companhia Estadual de Águas e Esgotos (CEDAE), the water and sewage utility for the state of Rio de Janeiro. The fund also serves the employees of CEDAE’s health-benefit arm, CAC. This single-sponsor structure concentrates liability risk and asset allocation heavily toward the economic health of one public-sector entity, resulting in a conservative portfolio of domestic Brazilian real estate and credit that matches the sponsor’s stable, long-dated workforce obligations.
How is PRECE’s real estate portfolio structured?
The fund owns commercial properties directly rather than through external fund commitments. Known holdings include its own headquarters building in Benfica, an annex to the Municipal Theater of Rio de Janeiro in Centro, a commercial lot in Nova Friburgo, and a stake in the Shopping Vitória mall in Espírito Santo. This direct-ownership approach gives PRECE full control over lease management and capital expenditure decisions.
What private credit exposure does PRECE hold?
PRECE allocates to local Brazilian multimercado credit funds. Two confirmed positions are the Fundo de Investimento Lameirão Multimercado Crédito Privado and the Fundo de Investimento Sarapuí Multimercado Crédito Privado. These vehicles invest across domestic private credit instruments, supplying a yield component that does not rely on publicly listed equity or offshore risk.
Who sets the investment policy at PRECE?
Antonio Carneiro Alves, the Director President, leads the fund. He simultaneously coordinates the Investment Commission at Abrapp, the Brazilian association of closed pension entities, placing him at the center of regulatory and strategic conversations that inform PRECE’s policy. Day-to-day investment decisions operate under the governance framework required by PREVIC, Brazil’s pension regulator.
Does PRECE invest outside Brazil?
All known investments — both real estate properties and credit funds — are domestic Brazilian. The fund’s sponsor, CEDAE, is a Rio de Janeiro state entity, and the investment mandate appears squarely focused on local-currency assets that match its BRL-denominated pension liabilities. No offshore allocations have been publicly identified.
What is PRECE’s relationship with Abrapp?
PRECE is an active member of Abrapp, Brazil’s national association for closed pension funds. The Director President, Antonio Carneiro Alves, holds the formal role of Coordinator of the Investment Commission at Abrapp — a position that shapes industry-level investment guidelines and provides PRECE with direct access to regulatory and peer best-practice forums.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: