SovereignWealthFunds.comForum of Brazilian Sovereign Funds (FFSB)
FFSB: what it invests in
Geography Mainly domestic
FFSB: how big it is, and on what basis
FFSB: what it publishes
Published 2 · Partly 2 · Not published 6
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Forum of Brazilian Sovereign Funds (FFSB) is a network, not a fund. Since 2022 it has linked the oil royalty funds of Niteroi, Marica, Ilhabela and the State of Espirito Santo to share practice, set common principles and inform legislation on sub-national funds. It is an IFSWF associate member, and its 10-point Brazilian Principles charter covers legal basis, governance and accountability. S1 S3 S5 S2
Key points
- Four members: Niteroi's FER, the Marica fund, Ilhabela's FSMI and Espirito Santo's FUNSES. S3
- Holds no assets; the Marica fund alone reported R$ 2.105 billion in May 2026. S6
- Brazilian Principles: 10 guidelines on legal structure, governance and management, and accountability. S5
- Incubated by Universidade Federal Fluminense, the Jain Family Institute and member governments. S1
- Associate member of the International Forum of Sovereign Wealth Funds. S2
- Held a seminar in Curitiba with the Parana state and city governments in March 2026. S7
Interesting facts
Mandate and goals
Promote good practice among Brazil's sub-national sovereign funds, with an agenda of sustainable local development, and feed into laws on how such funds are run. S1
How it invests
| Industries | Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Not published S3 |
| Stages | Not published S3 |
| Geography | Mainly domestic. Network of Brazilian sub-national funds S3 |
| Direct / through funds / co-invest | No / No / No S1 |
| Ticket size | Not applicable; the Forum does not invest. S1 |
| External managers | None S1 |
| Co-investment programme | None S1 |
Published criteria
- Members commit to investment policies with allocation limits and market best practice. S5
Past investments
The fund has not published a list of investments.
Case studies
The Brazilian Principles S5 S9
- What: Wrote a 10-point charter with the four member funds and launched it at the second seminar.
- When: 2022
- Size: Not published
- Why: Give young municipal and state funds a shared standard for legal basis, governance and disclosure.
- Outcome: Launched 30 November 2022 and used as the Forum's reference framework.
Investment process
Representatives of the member funds agree positions by consensus; directors from partner institutions run the secretariat and events. S5 S4
- Members share practice through seminars and working groups. S9
- Common principles are adopted by consensus. S5
- Proposals are offered to lawmakers. S1
How to approach: The website lists contact routes for governments and researchers. S8
Size and returns
Leadership
Governance and transparency
- Legal basis: Voluntary network of member governments; no statute of its own S1
- Oversight: Member fund representatives S5
- Supporters named include the Instituto Clima e Sociedade and the Open Society Foundations. S1
Transparency score: 3.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The Forum does not invest; investors would deal with the member funds directly. S1
Reports
- Carta de Principios Brasileiros: https://fundos-soberanos.org.br/principios-brasileiros/ S5
Common questions
Is the FFSB a fund?
No. It is a network of Brazilian sub-national sovereign funds. S1
Who are the members?
Niteroi, Marica, Ilhabela and the State of Espirito Santo. S3
Is it part of the IFSWF?
Yes, as an associate member. S2
Related profiles
- Marica Sovereign Fund Brazil (Marica, Rio de Janeiro) · R$ 2.10B
- Fundo de Equalizacao da Receita de Niteroi Brazil (Niteroi, Rio de Janeiro state) · BRL 1.75B
- Ilhabela Sovereign Fund Brazil (Ilhabela, Sao Paulo) · Not disclosed, estimate
- Pension Reserve Fund (Fondo de Reserva de Pensiones) Chile · USD 10.71B
- Budgetary Income Stabilization Fund Mexico · MXN 136.6B
- Heritage and Stabilisation Fund (Trinidad and Tobago) Trinidad and Tobago · USD 6.25B
All sovereign wealth funds in Latin America and Caribbean · All sub-national permanent funds · All funds in Brazil
Sources
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
