Fundo de Estabilização Financeira da Segurança Social (FEFSS)
Reserve fund managed by Instituto de Gestão de Fundos de Capitalização da Segurança Social, I.P. (IGFCSS)
Also known as FEFSS, Social Security Financial Stabilisation Fund, IGFCSS, Instituto de Gestão de Fundos de Capitalização da Segurança Social
Portugal's social security reserve fund, created in 1989 and managed by the public institute IGFCSS; €35.9B at end-2024, mainly sovereign bonds and listed equities.
- HEADQUARTERS
- Lisbon, Portugal
- FOUNDED
- 1989
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- —
Focus
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Public equitiesReal estate
- GEOGRAPHY
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Overview
The FEFSS is the capitalisation reserve of the Portuguese public social security system, created in 1989 with an initial endowment of €216M and managed by the Instituto de Gestão de Fundos de Capitalização da Segurança Social (IGFCSS), a public institute. At 31 December 2024 it held €35,878.5M, after a 5.87% return. Its management rules require at least 50% in Portuguese public debt; the rest is split between a benchmark portfolio of large-cap OECD equities and OECD sovereign bonds, a complementary portfolio of small caps, investment-grade corporate bonds and real estate, and a small strategic reserve of long-term holdings.
PORTFOLIO (2)
- FNRE – Fundo Nacional de Reabilitação do Edificado, Imomadalena sub-fund (750,000 units)since 2019
- FNRE – Fundo Nacional de Reabilitação do Edificado, Imoaveiro sub-fund (152,379 units)since 2019
Links
Frequently asked questions
Fundo de Estabilização Financeira da Segurança Social (FEFSS) is a institutional investor based in Lisbon, Portugal, founded in 1989.
Yes. Fundo de Estabilização Financeira da Segurança Social (FEFSS) invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Fundo de Estabilização Financeira da Segurança Social (FEFSS)'s investments include FNRE – Fundo Nacional de Reabilitação do Edificado, Imomadalena sub-fund (750,000 units) and FNRE – Fundo Nacional de Reabilitação do Edificado, Imoaveiro sub-fund (152,379 units).
No. Fundo de Estabilização Financeira da Segurança Social (FEFSS) invests its own capital and does not raise money from outside investors.