Overview
- The Procuradoria-Geral do Estado do Rio de Janeiro filed three lawsuits on Thursday seeking to recover roughly R$641.4 million that Rioprevidência invested in funds tied to Grupo Master.
- One case asks a court to force payment of a R$481.4 million redemption from the Revolution fund and says the fund’s portfolio is under secrecy while holding private credit that paid up to 180% of the CDI and has a 185-day redemption term.
- A second suit targets Texas I FIA after the fund lost more than 90% of its value, falling from a R$150 million investment to about R$14.8 million, and links the collapse to an alleged coordinated purchase that inflated Ambipar share prices.
- The PGE asks courts to freeze and seize assets of Master Corretora, the fund managers (including Acura and Axor), Trustee DTVM and named directors, seeking precautionary blocks up to R$616.6 million and the use of Sisbajud to effectuate freezes; one of the actions is under secrecy and another demands an independent audit of Texas I FIA.
- The filings raise direct risks for Rio’s public pensioners by alleging opaque, high‑yield private credit bets and possible market manipulation, and they set up near‑term court rulings and audits that will determine if the state can recover funds and tighten oversight of complex pension investments.