# Telos

Telos is a Pension Fund based in San Diego, Brazil.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** San Diego, Brazil
- **Region:** Latin America
- **Address:** Av. Presidente Vargas, 290 - 10º andar, Centro, Rio de Janeiro, RJ, Brazil
- **Founded:** 1975
- **Assets under management:** Undisclosed
- **Website:** www.fundacaotelos.com.br
- **LinkedIn:** https://www.linkedin.com/company/telos-ai-pm

## Regulatory record

- **CRD number:** 149108
- **SEC file number:** 801-69837
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/149108

## About

Fundação TELOS is the Fundação Embratel de Seguridade Social. It is aimed at collaborators of Claro and other sponsors. The site serves participants, retirees, and pensioners under plans including PCV I and PBD.

## Sectors

- Real Estate
- Private Credit

## People

- Roberto Durães de Pinho — President of the Executive Board
- Carlos Henrique Moreira — President of the Deliberative Council

## Questions

### Who is the primary sponsor of Telos today, and how did that relationship evolve?

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.

### What is the governance structure of Telos?

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.

### What are Telos's primary asset classes?

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.

### Is Telos open to new participants?

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.

### How does Telos's real estate strategy work?

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.

## Related profiles

- [Tellone Management Group](https://altss.com/profile/tellone-management-group)
- [Telstra](https://altss.com/profile/telstra)

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Last updated: 2026-08-11T15:08:18.003Z

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

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