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Fundo Soberano do Estado do Rio de Janeiro

Brazil · Latin America and Caribbean · Founded 2022 · Strategic development fund · Not an IFSWF member

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Focus

Fundo Soberano do Estado do Rio de Janeiro: what it invests in

Infrastructure and utilitiesTransport and logisticsReal estateRenewables and climate
Fixed incomeCash and money marketsInfrastructure

Geography Mainly domestic

Scale

Fundo Soberano do Estado do Rio de Janeiro: how big it is, and on what basis

R$ 2.07B
Fund market valueAs of

In US dollars: about USD 0.4B. R$ 2.07 billion at the ECB rate of 5.1784 reais per US dollar on 30 June 2026.

Transparency

Fundo Soberano do Estado do Rio de Janeiro: what it publishes

3.0 of 10 Band 2 of 5

Published 1 · Partly 4 · Not published 5

Our 10 item score. It measures what is public, not how well a fund is run.

Reported balanceS2
R$ 2.07B (June 2026)
As of
In US dollarsS3
About USD 400M
As of
Savings floorS1
20%
As of
Projects approved, Sept 2026S4
R$ 636.4M (46 projects)
As of
Expected new inflowsS4
R$ 600M (By end 2026)
As of
Transparency scoreS1
3 of 10
As of

At a glance. Rio de Janeiro's state sovereign fund was created in 2022 to save part of the state's oil and gas income and fund development. It is a special fund inside the state budget, with no website of its own. Press reports put its balance at R$ 2.07 billion (about USD 400 million) in June 2026, and its council approves spending on state infrastructure projects. S1 S2 S3

Key points

  • Balance of about R$ 2.07 billion in June 2026, per press reports. S2
  • At least 20 percent must stay as savings; up to 80 percent may be invested. S1
  • Fed by 30 percent of the year-on-year rise in royalties and special participations. S1
  • In September 2026 the council approved R$ 636.37 million for 46 infrastructure projects. S4
  • The council keeps a mandatory reserve of R$ 873 million. S4

Interesting facts

  • Its balance peaked at R$ 3.42 billion at the end of 2023. S2
  • Since 2023 it may fund education, health, transport, housing and energy transition. S1 S5
  • The law requires public hearings in the state legislature twice a year. S1

Mandate and goals

The fund builds public savings from oil and gas income, dampens swings in royalties, supports fiscal sustainability and pays for economic and social development. S1

  • Build public savings from oil and gas revenue. S1
  • Reduce the volatility of royalty flows to the budget. S1
  • Fund infrastructure and, since 2023, social and energy transition projects. S1 S5
  • Spending rule: Minimum 20 percent savings and up to 80 percent investment under LC 214/2023 S1

How it invests

IndustriesInfrastructure and utilities, Transport and logistics, Real estate, Renewables and climate S4 S1
Asset classesFixed income, Cash and money markets, Infrastructure S1
StagesInfrastructure S1
GeographyMainly domestic S1
Direct / through funds / co-investYes / No / Not published S1
Ticket sizeNo ticket size; council approves state projects case by case. S4
External managersNot published S1
Co-investment programmePublic-private partnerships allowed since LC 205/2022 S1

Published criteria

  • State infrastructure and development uses defined in the law. S1

Past investments

YearInvestmentTypeSectorStageAmount
20262026 to 2027 infrastructure programme. Council approval for 46 projects; R$ 1.96B of earlier allocations withdrawn at the same meeting. S4Direct investmentInfrastructure and utilitiesInfrastructureR$ 636.37M
2026Paving, signage and slope works. Projects approved by the council in March 2026. S6Direct investmentTransport and logisticsInfrastructureR$ 730M

Case studies

Saving a share of oil windfalls S1 S2

  • What: The law sends 30 percent of any rise in royalties and special participations, plus auction proceeds, into the fund.
  • When: 2022 onward
  • Size: Peak balance R$ 3.42B (end 2023)
  • Why: Smooth oil revenue and keep savings for the future.
  • Outcome: Balance of about R$ 2.07B in June 2026, with a R$ 873M mandatory reserve.

Investment process

A management council meets at least quarterly, approves an annual investment plan and allocates money to projects. Accounts go to the state audit court, and the legislature holds hearings twice a year. S1

CommitteeRole
Fund management councilApproves the investment plan and project allocations S1

How to approach: Spending goes to state projects through public procurement; acts are posted by the State Finance Secretariat. S1

Size and returns

  • Headline size: R$ 2.07B (Fund market value, as of 2026-06-30) S2 S3
  • In US dollars: about USD 0.4B. R$ 2.07 billion at the ECB rate of 5.1784 reais per US dollar on 30 June 2026.
  • Mandatory reserve: R$ 873M (Fund market value, as of 2026-09-17) S4
  • Returns: the fund does not publish a return figure.
  • Size over time (BRL billion): 2022-12 3.05, 2023-12 3.42, 2024-12 2.59, 2025-12 2.06, 2026-06 2.07 S2

Leadership

The fund does not publish named leaders.

Governance and transparency

  • Legal basis: Complementary Law 200/2022, amended by LC 205/2022, LC 214/2023 and LC 218/2024 S1
  • Oversight: Management council, State Audit Court (TCE-RJ) and the legislature budget committee S1
  • The council must publish an annual investment plan and its acts. S1
  • Transfers to the RioPrevidencia pension fund are allowed since 2023. S1

Transparency score: 3.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

  • Published: governance and mandate documents. S1
  • Partly published: total assets, asset allocation, holdings or deal list, named leadership. S1 S2 S4
  • Not published: annual return, long-term returns, geographic or sector split, audited financial statements, regular reporting schedule. S1

History

DateEvent
2022-03-02Complementary Law 200 creates the fund. S1
2022-07-01Public-private partnerships allowed (LC 205). S1
2023-11-07Uses widened; 20 percent savings floor (LC 214). S5
2024-03-21Council and revenue rules updated (LC 218). S1
2026-09-17R$ 636.37M approved for 46 projects. S4

For family offices

The fund is a state budget instrument with no investor-facing programme; private firms meet it only as contractors or PPP partners. S1

Reports

Common questions

How big is the Rio de Janeiro sovereign fund?

About R$ 2.07 billion in June 2026, per press reports; about USD 400 million. S2

How must the money be split?

At least 20 percent savings and up to 80 percent investment. S1

What does it fund?

State infrastructure projects; 46 projects worth R$ 636.37 million were approved in September 2026. S4

All sovereign wealth funds in Latin America and Caribbean · All strategic development funds · All funds in Brazil

Sources

  1. S1Complementary Law 200/2022 of Rio de Janeiro, consolidated (LegisWeb)
  2. S2G1 (Globo), royalty savings fund balances (12 August 2026)
  3. S3ECB reference rate via Frankfurter, USD/BRL on 30 June 2026
  4. S4Tempo Real RJ, council approves infrastructure investments (17 September 2026)
  5. S5ALERJ, news on Complementary Law 214/2023
  6. S6G1 (Globo), council composition and March 2026 approvals (21 April 2026)

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.

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