RE MEMBER FUND GP LTD.

Pedro Moreira Salles is the sole principal and decision-maker. He founded the vehicle in 2018 after decades on the board of Itaú Unibanco, the bank his family co-founded. There is no external investment committee and the firm does not employ a separate CIO. Moreira Salles is known for making concentrated, long-horizon commitments and remaining deeply involved in the governance of each holding.

No. The firm is structured exclusively for Pedro Moreira Salles's personal fortune and does not accept third-party limited partners, co-investors, or institutional commitments. It is a single-family investment vehicle and does not operate as a fund manager or multi-family office.

CBMM — Companhia Brasileira de Metalurgia e Mineração — is the fund's largest and most strategically important asset. The Moreira Salles family controls CBMM, which produces roughly 80% of the world's niobium supply from mines in Araxá, Minas Gerais. RE MEMBER FUND holds Pedro Moreira Salles's stake in the company, which is a core, never-sale position that underpins the entire portfolio.

The firm exclusively pursues direct, permanent capital investments with no predetermined exit horizon. It does not invest in third-party venture capital or private equity funds, nor does it participate in secondary transactions or co-investment syndicates. RE MEMBER FUND targets controlling or significant minority stakes in operating businesses, real assets, and farmland, holding them indefinitely. Traditional fund structures with GP/LP dynamics and defined fund lives are not part of the strategy.

RE MEMBER FUND has never disclosed a formal exclusion list, but its investment pattern suggests a deliberate avoidance of speculative technology, cryptoassets, and short-duration financial instruments. The fund has shown no interest in public equities trading or hedge fund allocations. Its focus on physical assets, hard-to-replicate resource positions, and essential infrastructure implies a philosophical avoidance of sectors where the family's long-horizon capital offers no structural advantage.

Pedro Moreira Salles is the great-grandson of João Moreira Salles, who founded what became Itaú Unibanco. The family's multi-generational stake in Brazil's largest private bank forms a significant portion of the wealth base now consolidated under RE MEMBER FUND. Though Moreira Salles left the bank's board in 2023, the family retains substantial shareholding, and dividends from Itaú provide ongoing liquidity for new direct investments.

Yes. The Moreira Salles Institute, funded by the family, operates as a separate philanthropic entity focused on cultural programming, education initiatives, and maintaining the family's extensive art and photography collections. It is legally and operationally distinct from RE MEMBER FUND, with its own governance and management, though both are ultimately funded by the same underlying family wealth.