SovereignWealthFunds.comMarica Sovereign Fund
Marica Sovereign Fund: what it invests in
Geography Mainly domestic
Marica Sovereign Fund: how big it is, and on what basis
In US dollars: about USD 0.418B. Converted at BRL 5.0324 per US dollar, the ECB rate for 15 May 2026.
Marica Sovereign Fund: what it publishes
Published 3 · Partly 3 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
- FoundedS1
- 2017
At a glance. The Marica Sovereign Fund saves part of the oil royalties of Marica, a coastal city in Rio de Janeiro state. Created in 2017, it held R$ 2.10 billion on 15 May 2026, about USD 418 million, mostly with public banks. A 2026 law also lets it buy and lease property. S3 S6 S4 S7
Key points
- Balance of R$ 2,104,695,483.29 on 15 May 2026. S3
- Marica received R$ 1.907 billion of royalties from January to July 2026. S4
- Places money with Caixa Economica Federal and Banco do Brasil, prioritising safety, liquidity and capital preservation. S7
- A law of April 2026 added buying, managing and leasing real estate, after technical study. S7
- Publishes technical notes every one to two months, plus portfolio and risk reports. S3 S8
- Audit reports by the state audit court TCE-RJ are posted on its site. S3
Interesting facts
Mandate and goals
The city created the fund for macroeconomic reasons: to manage royalties and other revenue from natural resources such as oil, saving for the time when oil income falls. S3 S9
How it invests
| Industries | Real estate S7 |
|---|---|
| Asset classes | Fixed income, Cash and money markets, Real estate S7 |
| Stages | Public markets, Real estate S7 |
| Geography | Mainly domestic. Brazilian public banks; property in Marica S7 |
| Direct / through funds / co-invest | Yes / Yes / No S7 |
| Ticket size | No ticket size is published. S3 |
| External managers | Caixa Economica Federal and Banco do Brasil S7 |
| Co-investment programme | No co-investment. S3 |
Past investments
Case studies
Widening the fund's toolkit S7 S9
- What: The city council passed a law allowing the fund to buy, manage and lease real estate, after a 2025 proposal to broaden its uses.
- When: April 2026
- Size: R$ 2.10B fund
- Why: To put royalty savings to work in the local economy while keeping a reserve.
- Outcome: Each property deal needs a prior technical study.
Investment process
A Conselho Diretor issues resolutions; an investment committee, a risk and compliance committee and a fiscal council support it. Investment follows a published investment policy. S3 S5
| Committee | Role |
|---|---|
| Conselho Diretor | Governing council; latest resolution 27 August 2025 S3 |
| Investment Committee | Investment decisions under the policy S3 |
| Risk and Compliance Committee | Risk oversight S3 |
How to approach: The fund takes no outside proposals; contact is through its website. S3
Size and returns
Leadership
| Name | Title |
|---|---|
| Washington Quaqua | Mayor of Marica S9 |
Governance and transparency
- Legal basis: Lei 3.341 of 15 June 2023, amended by Lei 3.504 of 2024 and an April 2026 law S1 S7
- Oversight: Conselho Diretor, fiscal council and the state audit court TCE-RJ S3
- Publishes a code of ethics, governance and internal control reports. S5
Transparency score: 4.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund keeps its money with public banks and has no co-investment route. S7
Reports
- Investment analysis reports (Portuguese): https://fundosoberano.marica.rj.gov.br/relatorios-analiticos-de-investimentos/ S8
Common questions
How big is the Marica fund?
R$ 2.10 billion on 15 May 2026, about USD 418 million. S3
Where does the money come from?
A share of the city's oil royalties and special participations. S3
How is it invested?
Mostly with public banks; since April 2026 it may also hold real estate. S7
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All sovereign wealth funds in Latin America and Caribbean · All sub-national permanent funds · All funds in Brazil
Sources
- S1Fundo Soberano de Marica, legislation (Portuguese)
- S2Fundo Soberano de Marica, founding law (Portuguese)
- S3Fundo Soberano de Marica, home page (Portuguese)
- S4LSM Noticias, Marica royalties in 2026 and the sovereign fund (Portuguese)
- S5Fundo Soberano de Marica, appointments (Portuguese)
- S6Frankfurter, ECB reference rate USD/BRL for 15 May 2026
- S7LSM Noticias, Marica fund may invest in real estate (Portuguese)
- S8Fundo Soberano de Marica, investment reports (Portuguese)
- S9Jovem na Midia, plan to widen use of the Marica fund (Portuguese)
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