SovereignWealthFunds.comFundo de Equalizacao da Receita de Niteroi
Fundo de Equalizacao da Receita de Niteroi: what it invests in
Geography Mainly domestic
Fundo de Equalizacao da Receita de Niteroi: how big it is, and on what basis
In US dollars: about USD 0.339B. BRL 5.1718 per USD, 31 August 2026
Return 2025 14.61% (102% of CDI)
Fundo de Equalizacao da Receita de Niteroi: what it publishes
Published 8 · Partly 2 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
- Oil share savedS3
- 10% (Of special participation)
At a glance. The FER is Niteroi's municipal oil savings fund. It sets aside 10 percent of the city's offshore oil special participation each quarter to smooth revenue when oil income drops and to save for future generations. It held BRL 1.75 billion (about USD 339 million) at 31 August 2026, all in Brazilian fixed income funds picked by a city investment committee. S6 S1
Key points
- BRL 1.75 billion at 31 August 2026, about USD 339 million. S6 S7
- Up from BRL 1.24 billion at end 2024 and BRL 1.55 billion at end 2025. S8
- Returned 14.61 percent in 2025, about 102 percent of the CDI rate. S8
- Entirely in fixed income funds from seven Brazilian banks and managers. S6
- Funded by 10 percent of oil special participation plus BRL 300 million of one-off transfers. S3
- BRL 198 million was drawn for pandemic relief in 2020 and 2021. S9
Interesting facts
Mandate and goals
Even out municipal revenue when oil special participation falls, and build public savings for future generations under safety, solvency, liquidity and transparency rules. S1 S4
How it invests
| Industries | Financial services S6 |
|---|---|
| Asset classes | Fixed income, Private credit S6 |
| Stages | Public markets, Credit S6 |
| Geography | Mainly domestic. Foreign investment limit is set at zero S6 |
| Direct / through funds / co-invest | No / Yes / No S4 |
| Managed in house | 100 percent S4 |
| Ticket size | Holdings range from BRL 23M to BRL 376M; no single fund may exceed 20 percent of the FER, except exclusive funds. S6 |
| Deal sizes seen | BRL 23M to 376M |
| External managers | Banco do Brasil, Itau, Caixa, Banestes, BTG Pactual, Safra and SPX funds S6 |
| Co-investment programme | None S4 |
Asset mix: Fixed income funds 59.8%, Private credit fixed income funds 20.4%, Government bond only funds 19.8% (as of 2026-08-31) S6
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2026 | BB Corporate FIC Renda Fixa LP. Fixed income fund; 21.48 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 376.4M |
| 2026 | Itau Institucional FI Renda Fixa Referenciado DI. Fixed income fund; 15.17 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 266.0M |
| 2026 | Caixa Brasil Matriz FIF Renda Fixa. Fixed income fund; 12.39 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 217.2M |
| 2026 | Banestes Soberano FIF Renda Fixa Simples. Government bond fund; 9.96 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 174.6M |
| 2026 | BB Corporate Bancos FIF CIC Renda Fixa LP. Fixed income fund; 7.44 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 130.5M |
| 2026 | Itau Institucional Janeiro FIF CIC Renda Fixa LP. Government bond fund; 5.42 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 95.0M |
| 2026 | BB Titulos Publicos FI Renda Fixa Referenciado DI LP. Government bond fund; 4.52 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 79.3M |
| 2026 | Safra Vitesse FI Renda Fixa Credito Privado. Credit (CP) fund; 3.92 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Credit | BRL 68.6M |
| 2026 | BTG Pactual Credito Corporativo I FIC Renda Fixa CP LP. Credit (CP) fund; 3.82 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Credit | BRL 66.9M |
| 2026 | BTG Pactual Capital Markets FI Renda Fixa. Fixed income fund; 3.15 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Public markets | BRL 55.2M |
| 2026 | SPX Seahawk Advisory FIF CIC Renda Fixa CP LP. Credit (CP) fund; 2.48 percent of the FER at 31 August 2026. S6 | Fund commitment | Multi-sector | Credit | BRL 43.5M |
Case studies
Pandemic relief drawdown S9
- What: A 2020 amendment let the city use the fund to soften the pandemic's effects.
- When: 2020 to 2021
- Size: BRL 198M
- Why: To protect city services during the health emergency.
- Outcome: Fund rebuilt through later transfers and returns.
Extraordinary top-ups S3
- What: The city added one-off transfers on top of the 10 percent oil share.
- When: Dec 2021 and Dec 2022
- Size: BRL 300M
- Why: To accelerate savings from high oil receipts.
- Outcome: Balance passed BRL 1.5 billion by end 2025.
Wait-and-see on equities S6
- What: The 2026 policy allows a 10 percent multimarket sleeve, but trustees kept the fund in fixed income.
- When: 2026
- Size: Not published
- Why: Market volatility at home and abroad.
- Outcome: Portfolio remains 100 percent fixed income.
Investment process
The Management Council sets policy; the Investment Committee, staffed by finance, planning, administration and pension officials, picks funds. S5 S4
| Committee | Role |
|---|---|
| Conselho Gestor (Management Council) | Approves policy and oversees the fund S5 |
| Investment Committee | Selects and monitors fund positions S4 |
- Annual investment policy approved each January. S6
- Quarterly oil share transferred in. S3
- Committee allocates within segment limits. S6
- Consultant checks compliance every four months. S6
- Annual accountability report published. S10
How to approach: No external capital or co-investment programme; contact via the fund's website. S4
Size and returns
- Headline size: BRL 1.75B (Net assets or equity, as of 2026-08-31) S6
- In US dollars: about USD 0.339B. BRL 5.1718 per USD, 31 August 2026
- Balance at 31 December 2025: BRL 1.55B (about USD 283M) (Net assets or equity, as of 2025-12-31) S8
- Return, 2025: 14.61 percent (102.05 percent of CDI) S8
- Size over time (BRL million): Dec 2024 1,239.7, Dec 2025 1,549.7, Aug 2026 1,752.6 S6 S8
Leadership
| Name | Title |
|---|---|
| Cesar Augusto Barbiero | Council Chair; Municipal Finance Secretary S5 |
| Heitor Pereira Moreira | Council member; President of Niteroi Previdencia S5 |
| Salomao de Souza Neto | Council member S5 |
| Elissa Tourinho Rasma | Council member S5 |
| Thiago Marino Leao Cardoso | Council member S5 |
| Marcilene Fernandes de Souto | Council member S5 |
| Rodrigo Neves Barreto | Mayor of Niteroi S5 |
Governance and transparency
- Legal basis: Organic Law art. 149-A (Amendment 41/2019), Decree 13.215/2019 and Law 3.633/2021 S1
- Oversight: Management Council plus an outside investment consultant's compliance reports S5 S6
- Policy follows national monetary council rules for pension investments. S6
- Minutes and rules are posted online. S5
Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2019 | Amendment 41/2019 and Decree 13.215/2019 create the FER. S1 |
| 2020 | Amendment 43/2020 allows pandemic use. S9 |
| 2021-09-15 | Law 3.633 regulates the fund. S1 |
| 2021-12 | BRL 200M extraordinary transfer. S3 |
| 2022-12 | BRL 100M extraordinary transfer. S3 |
| 2025-12 | Balance reaches BRL 1.55B. S8 |
| 2026-01 | New investment policy approved. S6 |
| 2026-08 | Balance reaches BRL 1.75B. S6 |
For family offices
A domestic, fixed income only city fund with no co-investment route. Relevant mainly to Brazilian fund managers serving public investors. S4
Reports
- Compliance report May to August 2026: https://www.niteroidofuturo.niteroi.rj.gov.br/wp-content/uploads/2026/09/Enquadramento-FER-2Q2026.pdf S6
- Accountability report 2025: https://www.niteroidofuturo.niteroi.rj.gov.br/wp-content/uploads/2026/03/PRESTACAO-DE-CONTAS-2025-FER-2_compressed.pdf S8
- Monthly, quarterly and annual reports: https://www.niteroidofuturo.niteroi.rj.gov.br/relatorios/ S10
Common questions
How big is the FER?
BRL 1.75 billion at 31 August 2026, about USD 339 million. S6
Where does its money come from?
10 percent of Niteroi's oil special participation, plus one-off transfers. S3
What does it invest in?
Brazilian fixed income and credit funds only. S6
Who runs it?
A Management Council chaired by the Finance Secretary and an Investment Committee. S5
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Sources
- S1Niteroi do Futuro, FER website
- S2IFSWF, members list
- S3Niteroi do Futuro, contributions
- S4Niteroi do Futuro, investment policy
- S5Niteroi do Futuro, governance
- S6FER compliance report, May to August 2026
- S7Frankfurter, USD/BRL 31 August 2026
- S8FER accountability report 2025
- S9Niteroi do Futuro, withdrawals
- S10Niteroi do Futuro, reports
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