Rioprevidência allocated R$ 431 million to a private credit fund that invested in illiquid securities with very long maturities and linked to companies suspected of irregularities.
This refers to the Revolution FI RF LP CP RL fund, managed by Grupo Master and administered by Acura Gestora de Recursos. Investments were made between May and August 2025.
Just days after its creation, Revolution began concentrating billions of reais in debentures from securitization companies and, later, in Real Estate Receivables Certificates (CRIs) backed by operations linked to companies identified by the Central Bank (BC) as suspected of having received loans with evidence of irregularities from Master.
According to data from CadPrev obtained by NeoFeed through the Access to Information Law (LAI), added to consultations with the databases of the Securities and Exchange Commission (CVM) and B3, a significant portion of these CRIs (Real Estate Receivables Certificates) shows very low financial execution, long maturities (some securities until 2045) and a lack of trading in the secondary market.
NeoFeed identified 16 of the 17 CRIs ( Real Estate Receivables Certificates) registered in the portfolio. Generally speaking, these securities are linked to transactions involving four business groups: WAM Hotéis, Bloko Desenvolvimento, S&J Consultoria e Incorporação, and Renogrid. All of them are mentioned in reports by Valor Econômico and Folha de S.Paulo that reproduced a list from the Central Bank about companies suspected of irregularities in transactions with Master.
The bonds were issued between 2023 and 2024, before the creation of Revolution. Searches conducted at NeoFeed 's request in B3's systems did not locate any movement of these securities in the secondary market.
Furthermore, Revolution reports a cumulative return equivalent to 180% of the CDI (Brazilian interbank deposit rate), since its creation on May 9, 2025. The regulations stipulate a redemption period of 180 days. Without a secondary market to buy these bonds and with a long redemption period, the tendency is for this return to become worthless.
The financial flow structure is also noteworthy. The WHR CRI, intended for companies in the WAM group, for example, issued R$ 307.62 million in September 2023 and was scheduled to mature in 2027.
Until June 2024, it had received only R$ 112,000. Data from the CVM indicates that by December 2025, the credits received totaled R$ 161,500.
Most of the scheduled payments are allocated over periods exceeding 361 days. This structure allows the security to remain formally compliant even with reduced financial execution in the short term.
There are also CRIs (Real Estate Receivables Certificates) with maturities scheduled for 2040, 2045, and between 2034 and 2038, with returns between IPCA+7.5% and IPCA+8% - close to the values paid by government bonds.
The case raises questions about the quality and liquidity of the assets backing the resources of the state of Rio de Janeiro's own pension scheme (RPPS). The central point is not the existence of proven fraud, but the fiduciary challenge of reporting extraordinary performance in assets with limited liquidity and long maturities.
Revolution is not a small fund. As of February 23, 2026, the fund declared net assets of R$ 5.126 billion and only two shareholders, one of which is Rioprevidência.
Rioprevidência made its first investments registered with the CVM (Brazilian Securities and Exchange Commission) – two contributions of R$ 50 million – on May 23 and 26 of last year. 48 hours later, on May 28, a new investor, not identified in public systems, made a contribution of R$ 3.12 billion.
By the end of October 2025, Revolution's assets were approaching R$ 5 billion. Exposure to CRIs (Real Estate Receivables Certificates) reached R$ 2.82 billion.
Revolution is one of four funds managed by Master that received investments from Rioprevidência. In total, the pension fund for civil servants of the State of Rio de Janeiro invested a total of R$ 2.9 billion in the bank's products, with R$ 970 million invested directly in Master's financial instruments.
This crisis, triggered by the billion-dollar investment, led to the dismissal of Pedro Leal from the presidency and nine other employees for authorizing and maintaining Rioprevidência's investments in Master, which is being investigated for fraud against the financial system and money laundering.
Debentures issued by securitization companies
Before shifting the majority of its portfolio to CRIs (Real Estate Receivables Certificates), Revolution's largest exposure was in debentures from securitization companies – at the end of May, the amount reached R$ 2.915 billion.
The largest positions were in debt from Confianza (R$ 903.7 million) and Base (R$ 844.6 million). There were also R$ 406.1 million in Blum debentures, R$ 335.5 million in Lever, R$ 313.9 million in Humaitá, and R$ 112.1 million in Leads.
Among them, Lever is on the list of 36 companies identified by the Central Bank as suspected of having received loans considered fraudulent from the Master Group, according to reports by Valor Econômico and Folha de S. Paulo.
Initially, the CRIs (Real Estate Receivables Certificates) had Planner, Trustee, and Reag Investimentos as fiduciary agents. In June 2025, there was a mass transfer to Qore Investimentos.
The securitizations of the CRIs (Real Estate Receivables Certificates) invested in by Revolution were carried out by the same firms whose debentures were in the fund's portfolio in the first few months: Base, Fortesec, Confianza, and Lever.
Corporate connections
Although the central focus of Revolution is the assets backing the RPPS (Regime Próprio de Previdência Social - Public Sector Pension Scheme), which have no history of trading on the secondary market and are concentrated in issuers under investigation, the network of corporate relationships is noteworthy.
Documents obtained by NeoFeed show that Revolution also held shares in Brazil Realty FII, which invests in MG I Desenvolvimento Imobiliário SPE.
According to records from the Federal Revenue Service, the company is headed by Natalia Bueno Vorcaro Zettel, sister of Daniel Vorcaro, controller of the Master Group, and wife of Fabiano Zettel , who is linked to Moriah Asset.
The fund also held a stake in FIDC Moriah, which was later renamed Sinai Multi in a meeting held on the same day that Zettel was arrested by the Federal Police.
Since the removal of directors from Rioprevidência due to investments related to Master, some of the structures have been dismantled. Revolution, however, remains active.
Contacted by NeoFeed , Rioprevidência, Grupo WAM, Lever, Confianza, Reag, and Master did not respond. Acura, Bloko, Base, Qore, and Fortesec provided the following statements:
"Acura Gestora de Recursos Ltda. informs that it operates in strict compliance with applicable laws and regulations, the rules of the Securities and Exchange Commission (CVM), and the fiduciary duties inherent in the professional management of third-party resources, fully observing best market practices. Investment decisions are based on technical, legal, and financial criteria, in accordance with the investment policy and regulations of each fund, within a formal governance structure, internal controls, and risk management."
"Out of respect for confidentiality obligations and the protection of the unit holders' interests, the asset manager does not comment on specific transactions, individual assets, or internal analyses."
"Acura reaffirms its commitment to technical independence, proper management of conflicts of interest, and the highest standards of the Brazilian capital market."
Bloko, for its part, stated that "it did not participate in the structuring of the aforementioned financial operations, nor did it participate in the management of the Revolution FI RF LP CP RL fund or in the investment decisions of its shareholders. Our participation in the cited operations is limited to being a contractual party linked to the corresponding projects, under the terms of the duly signed instruments. The funds raised followed the allocation foreseen in the documentation of the respective operations. Bloko does not hold any equity stake in securitization companies responsible for issuing the aforementioned CRIs. It also does not form part of an economic group with the companies mentioned, and there is no corporate or structural link that characterizes this condition."
Base stated that neither it nor its directors "have ever been convicted in criminal or sanctioning proceedings by the CVM" and "that all the company's operations, as well as its contractual and corporate relationships, are carried out in strict compliance with applicable laws and resolutions of the CVM, the body that regulates our commercial activity." "Base Securitizadora does not comment on the positions of its investors in accordance with constitutionally protected banking secrecy. All information will be provided to the authorities when and if judicially requested, in the competent court. Any presumption of irregularity is premature, illegal, and unwarranted."
Qore, on the other hand, stated that it "acts exclusively as a fiduciary agent for certain CRI issuances, in accordance with applicable regulations" and that "its role is limited to representing the holders and overseeing compliance with the obligations set forth in the respective deeds."
Qore further stated that it "does not play any role in the management or administration of the Revolution fund, does not participate in investment decisions, and maintains no corporate or operational ties with its manager, administrator, or the companies mentioned." "Any transfers of the fiduciary function are standard market procedures and do not constitute a relationship with investors or with the allocation strategy of funds holding the securities sold in the secondary market."
In a statement sent to the news outlet, Fortesec affirmed that it "does not engage in the distribution of securities, and therefore, the distribution of its issued CRIs (Real Estate Receivables Certificates) to investors is carried out exclusively by financial institutions contracted by the debtors of the issuances." "The CRIs are also freely traded on the secondary market among investors, without any interference from the Securitization Company. Therefore, Fortesec has no connection or relationship with the Revolution FI RF LP CP RL fund, its shareholders, or any other investors in its CRIs, nor does it have any participation or influence in the autonomous investment decisions of the investors and their managers."
Fortesec also stated that "all its issuances include due diligence and legal opinions from leading law firms, attesting to the legality and validity of the CRIs (Real Estate Receivables Certificates) and the underlying credits, and the documents and information regarding its issuances are made publicly available, in accordance with current legislation."
"Fortesec confirms that it has no corporate relationship, partners or administrators in common, or any kind of connection with the companies mentioned or any of the assignors, debtors, and guarantors of its issued transactions. Finally, Fortesec emphasizes that it will rigorously monitor the dissemination of any information about it, taking appropriate legal action in the event of the dissemination of false or untrue information, or information that may constitute an attempt to tarnish its reputation or cause harm to the company."
