SIAS

SIAS is led by Diretor-Presidente Carlos Alberto Pereira, who also serves as Director-President of Sindapp, the union representing closed pension entities in Brazil. Day-to-day administrative and financial operations are managed by Diretor Administrativo e Financeiro Luiz Augusto Britto de Macedo. Specific investment committee structures or delegation authorities for external managers are not publicly disclosed.

The fund's disclosed portfolio centers on two asset classes: Títulos Públicos Federais (Brazilian federal government bonds), which serve as the liability-matching core, and Fundos de Investimento Imobiliário (FII), publicly listed real estate investment funds covering commercial, residential, and logistics properties. Allocation sizes, specific fund names, and any additional private-market exposures have not been made public.

SIAS is a closed private pension entity established by AFUSI (Associação dos Funcionários do IBGE) to serve employees of the Brazilian Institute of Geography and Statistics. The IBGE acts as the plan sponsor, providing the participant base and institutional anchor. This employer-tied structure means SIAS manages benefits exclusively for current and former IBGE public servants.

SIAS is an Entidade Fechada de Previdência Complementar (EFPC), a non-profit closed pension fund regulated by PREVIC (Superintendência Nacional de Previdência Complementar) rather than Brazil's securities regulator, CVM. This framework imposes fiduciary standards, investment concentration limits, and actuarial funding rules distinct from those applied to open-market fund managers.

Brazilian EFPCs commonly engage external administrators for real estate funds, but SIAS has not publicly named any fund partnerships or discretionary mandates. Its FII exposure is likely accessed through vehicles managed by third-party firms, though the identities of those managers remain undisclosed in the fund's public materials.