Telos

Claro S.A. is the primary sponsor of Telos. The fund was originally established by Embratel in 1975 when it operated as Brazil's state-owned long-distance telecommunications monopoly. Following Brazil's telecom privatization in 1998, Embratel was acquired by Telmex (now part of América Móvil) and later consolidated with NET and Claro under the Claro brand. The sponsor relationship transferred through these corporate restructurings, with Claro assuming responsibility as the main plan sponsor.

Telos operates under the standard Brazilian closed pension fund governance model, with an Executive Board handling day-to-day management and a Deliberative Council providing oversight. Roberto Durães de Pinho serves as President of the Executive Board, while Carlos Henrique Moreira presides over the Deliberative Council. Brazilian closed pension entities are regulated by Previc and must comply with investment rules set by the Conselho Monetário Nacional.

Telos maintains a portfolio concentrated in Brazilian real estate, participant loans, and fixed-income instruments. The real estate holdings include its Rio de Janeiro headquarters, income-generating properties leased back to Claro and Embratel, and a precatório-linked land asset in Osasco, São Paulo. The participant loan book extends credit directly to plan members secured against their retirement balances. Public equities and external fund commitments have not been disclosed.

No. Telos is a closed private pension entity, meaning its participant base is limited to employees who met eligibility criteria during specific enrollment periods — originally Embratel employees and later those of successor entities. Closed plans do not admit new members, and the participant pool gradually declines through retirements and attrition.

Telos holds a portfolio of commercial properties, many of which are leased back to the sponsoring companies Claro and Embratel. This creates a direct economic link between the fund's investment returns and the sponsor's ongoing operations. The fund's headquarters building on Avenida Presidente Vargas in central Rio de Janeiro represents a significant asset, and additional properties are located across Brazil. The Osasco precatório land parcel represents a different category — a claim arising from a government legal obligation rather than a conventional real estate investment.