# PREVEXTREMA

PREVEXTREMA is a Pension Fund based in Extrema, Brazil.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Extrema, Brazil
- **Region:** South America
- **Address:** Av. Delegado Waldemar Gomes Pinto, 1624, Praça dos Três Poderes, Extrema, MG, 37640-000, Brazil
- **Assets under management:** $20M–$50M (Altss estimate)
- **Website:** prevextrema.mg.gov.br

## Regulatory record

- **Reports private funds:** No

## About

PREVEXTREMA — the Instituto de Previdência do Município de Extrema — operates as the municipal social security fund for public servants in Extrema, a small but fiscally notable city in southern Minas Gerais state. The fund belongs to Brazil's RPPS system, a fragmented network of over 2,000 locally managed pension vehicles that collectively oversee more than R$300 billion in assets. Superintendent and resource manager Ataide Santana Junior leads a compact internal team alongside an investment committee that includes Marcos Cassiano Alves, Dalila Xavier dos Santos Camargo, and retiree representative Kelsen Luiz Rodrigues Gonçalves. Strategy flows from Resolution CMN 4,963, the Brazilian National Monetary Council rule that dictates RPPS asset allocation. Brazilian RPPS funds generally allocate 60–80% to fixed income, with remaining sleeves in equities, real estate funds (FIIs), and private credit vehicles. Direct private-equity exposure is rare at this size, though participation in infrastructure debentures has grown across the RPPS universe. PREVEXTREMA maintains memberships in ABIPEM and APEPREM, the national and São Paulo–state associations for public pension entities. These groups provide pooled investment analysis, regulatory advocacy, and manager-access days — effectively a shared due-diligence layer for small funds that cannot sustain large internal investment staffs. The fund's fiscal council, which includes Thiago Luan de Souza Gonçalves, adds a layer of oversight mandated by Brazilian public pension law. Operating from a single location in Extrema, the fund's footprint remains entirely local, though its investment manager relationships span São Paulo and Rio de Janeiro financial centers. PREVEXTREMA's structural distinction lies in scale and governance. Unlike Brazil's massive state-level RPPS funds — such as São Paulo's SPPrev (over R$30 billion) — municipal funds like PREVEXTREMA rely heavily on externalized investment analysis through industry associations and regulated fund structures. This creates a layered principal-agent relationship: the investment committee selects among pre-approved managers and vehicles rather than constructing portfolios from scratch, a constraint that both limits downside and caps the potential for active alpha generation.

## Sectors

- Fixed Income
- Real Estate
- Private Credit
- Infrastructure

## People

- Ataide Santana Junior — Superintendent and Resource Manager; Member of the Investment Committee
- Kelsen Luiz Rodrigues Gonçalves — Superintendent; Representative of the Retirees
- Marcos Cassiano Alves — Member of the Investment Committee
- Dalila Xavier dos Santos Camargo — Member of the Investment Committee
- Thiago Luan de Souza Gonçalves — Member of the Fiscal Council

## Questions

### Who oversees investment decisions at PREVEXTREMA?

Superintendent and resource manager Ataide Santana Junior leads the investment function, supported by an investment committee that includes Marcos Cassiano Alves and Dalila Xavier dos Santos Camargo. A separate fiscal council, with member Thiago Luan de Souza Gonçalves, provides statutory oversight. Kelsen Luiz Rodrigues Gonçalves serves as a superintendent representing retiree interests.

### How does PREVEXTREMA's investment portfolio compare to other Brazilian RPPS funds?

With an estimated R$150 million in assets, PREVEXTREMA is a small municipal RPPS. Most peers at this scale run concentrated fixed-income portfolios built around Tesouro Direto sovereign bonds. Larger state-level RPPS funds, by contrast, build direct equity exposure and internal investment teams. PREVEXTREMA accesses alternative asset classes primarily through publicly traded real estate funds and regulated infrastructure credit.

### What regulatory framework governs PREVEXTREMA's asset allocation?

Resolution CMN 4,963, issued by Brazil's National Monetary Council, sets the mandatory allocation limits for all RPPS funds. The resolution caps equity exposure, mandates a minimum share of federal government bonds, and restricts foreign-currency investments. Individual RPPS funds must also adopt a formal Investment Policy Statement annually, approved by their governance boards.

### What role do ABIPEM and APEPREM play for PREVEXTREMA?

ABIPEM (the national association of municipal and state pension institutions) and APEPREM (the São Paulo–state counterpart) provide legal analysis, manager due-diligence support, and collective advocacy on RPPS regulation. For a small fund without an internal analyst team, these associations effectively serve as a shared research and compliance function, making manager-access days and educational workshops central to PREVEXTREMA's investment process.

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

Canonical page: https://altss.com/profile/prevextrema

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