{"id":24261,"date":"2025-12-11T10:16:09","date_gmt":"2025-12-11T13:16:09","guid":{"rendered":"https:\/\/www.idis.org.br\/en\/?p=24261"},"modified":"2025-12-17T18:12:58","modified_gmt":"2025-12-17T21:12:58","slug":"2024-endowment-performance-yearbook-highlights-brl-2-6-billion-approximately-usd-473-million-allocated-to-public-interest-causes-and-the-consolidation-of-endowments-in-brazil","status":"publish","type":"post","link":"https:\/\/www.idis.org.br\/en\/2025\/12\/11\/2024-endowment-performance-yearbook-highlights-brl-2-6-billion-approximately-usd-473-million-allocated-to-public-interest-causes-and-the-consolidation-of-endowments-in-brazil\/","title":{"rendered":"Endowment Performance Yearbook reports USD 473 million allocated to causes by Brazilian endowments in 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Endowments are stronger than ever in Brazil. This is what the 2024 Endowment Performance Yearbook shows, launched by <strong><a href=\"https:\/\/www.idis.org.br\/en\/about\/\" target=\"_blank\" rel=\"noopener\">IDIS \u2013 Institute for the Development of Social Investment<\/a><\/strong> \u2013 and the <strong><a href=\"https:\/\/www.idis.org.br\/en\/social-impact-projects\/endowments\/\" target=\"_blank\" rel=\"noopener\">Coalition for Philanthropic Endowments<\/a><\/strong>. With 92 participating funds and <span style=\"color: #35389e;\"><strong>BRL 139 billion (approximately USD 25.3 billion)<\/strong><\/span> in total assets, the study indicates the consolidation of these structures as instruments of sustainability for causes and organizations in the country. Lawyer and professor Heleno Torres, Head of the Department of Economic, Financial and Tax Law at the University of S\u00e3o Paulo Law School, wrote the foreword.<\/span><\/p>\n<p><a href=\"https:\/\/www.idis.org.br\/en\/2025\/12\/11\/2024-endowment-performance-yearbook-highlights-brl-2-6-billion-approximately-usd-473-million-allocated-to-public-interest-causes-and-the-consolidation-of-endowments-in-brazil\/endowments-1-2\/\" rel=\"attachment wp-att-24265\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-24265 aligncenter\" src=\"https:\/\/www.idis.org.br\/en\/wp-content\/uploads\/sites\/3\/2025\/12\/ENDOWMENTS-1.png\" alt=\"\" width=\"583\" height=\"448\" srcset=\"https:\/\/www.idis.org.br\/en\/wp-content\/uploads\/sites\/3\/2025\/12\/ENDOWMENTS-1.png 583w, https:\/\/www.idis.org.br\/en\/wp-content\/uploads\/sites\/3\/2025\/12\/ENDOWMENTS-1-300x231.png 300w, https:\/\/www.idis.org.br\/en\/wp-content\/uploads\/sites\/3\/2025\/12\/ENDOWMENTS-1-390x300.png 390w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><\/a><\/p>\n<blockquote><p><span style=\"color: #35389e;\"><strong>\u201cIn a context of consolidation of endowment in Brazil, the Yearbook\u2019s historical data series from 2019 offers parameters to support managers\u2019 decision-making\u201d, says Andrea Hanai, IDIS project manager.<\/strong><\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">From the management of an accumulated asset base, only the earnings are used to fund social, environmental, cultural, scientific, or educational projects, ensuring the continuity of initiatives. According to the Yearbook, the main cause supported by the Brazilian funds is education (63%), followed by research and knowledge (27%) and social assistance (23%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fourth edition of the publication presents information on cash flow, allocation, returns, responsible investment policy and governance. The figures show growth in fundraising (BRL 770 million \u2013 approximately USD 140 million, +48% vs. 2023), BRL 2.6 billion (approximately USD 473 million) allocated to causes, and advances in governance, with 77% of funds having formalized investment policies and 71% undergoing external audits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, challenges remain: more than 80% of endowments are concentrated in only two states of the country &#8211; S\u00e3o Paulo e Rio de Janeiro, and diversity in boards are quite low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fourth edition of the publication reinforces<span style=\"color: #35389e;\"><strong> the importance of endowments as drivers of long-term impact<\/strong><\/span> and was made possible with Master support from <span style=\"color: #35389e;\"><strong><a style=\"color: #35389e;\" href=\"https:\/\/fundacao.bradesco\/\" target=\"_blank\" rel=\"noopener\">Funda\u00e7\u00e3o Bradesco<\/a><\/strong>, <strong><a style=\"color: #35389e;\" href=\"https:\/\/www.fundacaoitau.org.br\/\" target=\"_blank\" rel=\"noopener\">Funda\u00e7\u00e3o Ita\u00fa<\/a><\/strong><\/span> and <strong><a href=\"https:\/\/movimentobemmaior.org.br\/en\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #35389e;\">Movimento Bem Maior<\/span><\/a><\/strong>, as well as support from <span style=\"color: #35389e;\"><strong><a style=\"color: #35389e;\" href=\"https:\/\/1618investimentos.com\/en\/\" target=\"_blank\" rel=\"noopener\">1618 Investimentos<\/a><\/strong>, <strong><a style=\"color: #35389e;\" href=\"https:\/\/asatransforma.org.br\/asa\/\" target=\"_blank\" rel=\"noopener\">ASA \u2013 Associa\u00e7\u00e3o Santo Agostinho<\/a><\/strong>, <strong><a style=\"color: #35389e;\" href=\"https:\/\/fundacaogrupovw.org.br\/\" target=\"_blank\" rel=\"noopener\">Funda\u00e7\u00e3o Grupo Volkswagen<\/a><\/strong>, <strong><a style=\"color: #35389e;\" href=\"https:\/\/fundacaojles.org.br\/n\/\" target=\"_blank\" rel=\"noopener\">Funda\u00e7\u00e3o Jos\u00e9 Luiz Set\u00fabal<\/a><\/strong>, <strong><a style=\"color: #35389e;\" href=\"https:\/\/fundacaomariacecilia.org.br\/en\/\" target=\"_blank\" rel=\"noopener\">Funda\u00e7\u00e3o Maria Cec\u00edlia Souto Vidigal<\/a><\/strong>, <strong><a style=\"color: #35389e;\" href=\"https:\/\/www.mattosfilho.com.br\/en\/\" target=\"_blank\" rel=\"noopener\">Mattos Filho<\/a><\/strong><\/span>, <strong><span style=\"color: #35389e;\"><a style=\"color: #35389e;\" href=\"https:\/\/www.pragmabr.com\/\" target=\"_blank\" rel=\"noopener\">Pragma Gest\u00e3o de Patrim\u00f4nio<\/a><\/span><\/strong> and <span style=\"color: #35389e;\"><strong><a style=\"color: #35389e;\" href=\"https:\/\/www.wright.capital\/en\/\" target=\"_blank\" rel=\"noopener\">Wright Capital Wealth Management<\/a><\/strong><\/span>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #35389e;\"><b>EXECUTIVE SUMMARY<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Drawing on information from 92 endowments, the 2024 Endowment Performance Yearbook presents a portrait of the field based on a significant sample that is 24% larger than in the previous edition. Bringing together a six-year historical data series (2019\u20132024), the survey confirms trends and introduces new insights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the aim of offering not only a snapshot of endowment funds in Brazil, but also a reference point for managers, in some cases the analyses were carried out by grouping endowments according to their asset size:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Bracket 1: assets below BRL 10 million<\/span><\/p>\n<p>&#8211; Bracket 2: assets from BRL 10 to 100 million<\/p>\n<p>&#8211; Bracket 3: assets from BRL 100 to 500 million<\/p>\n<p>&#8211;\u00a0 Bracket 4: assets above BRL 500 million<\/p>\n<p><span style=\"font-weight: 400;\">This executive summary presents the key highlights.<\/span><\/p>\n<p><span style=\"color: #35389e;\"><b>1. Sample Profile<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Record number of participants: 92 funds, representing 76% of the mapped universe (121 funds as of Dec 2024).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Total assets of BRL 139 billion \u2014 almost 12 times the amount reported in the 2021 Yearbook.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Prevalence of small and medium-sized funds (76% up to BRL 100 million).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Strong geographic concentration: S\u00e3o Paulo and Rio de Janeiro host more than 80% of funds; no responses from the Northeast region.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Majority established without an initial lump-sum contribution and with ongoing fundraising (46.7%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Accelerated expansion after Law 13.800, from 2019, with new funds concentrated in the smaller brackets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Low formal adherence to Law 13.800\/19: only 22% are structured under this framework, despite the regulatory milestone already in place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Beneficiaries: 47% of funds support the managing institution itself; education is the predominant cause (63%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Still marginal participation in the budget of supported institutions \u2014 for most, the endowment accounts for less than 10% of revenues.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #35389e;\"><b>2. Cash Flow<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Fundraising on the rise: BRL 770.4 million in 2024 (+48% vs. 2023).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Extreme concentration: Top 5 funds receive 79% of donations; Top 10, more than 91%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Average adjusted donation rate stable in 2024 (12.8%), but with strong disparities across brackets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Redemptions increasing: BRL 2.8 billion in 2024 (+33% vs. 2023).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Most redemptions are directed to causes (92%), with only 8% covering overhead.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Efficiency rises with size: larger funds direct more than 90% to causes; smaller funds, 44%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Average redemption rates are higher among smaller funds (19.8% mean, 4% median) \u2014 indicating some aggressive redemption behaviors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Redemption rules: predominance of \u201creal-return\u201d rules (45%); more sophisticated rules, such as the Yale model, are still incipient (5 funds).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Compliance with redemption rules is high (87%), but 13% failed to comply, generally those using real-return rules.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #35389e;\"><b>3. Financial Management<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Return targets: only 47% of funds have explicit targets; the majority still operate without them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Benchmark basis: IPCA (consumer inflation index) predominates (71%), reflecting a focus on preserving the real value of assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Achievement of targets is inconsistent: only 29% met their targets in 2024 (a sharp drop from 72% in 2023).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Average return in 2024: 64% of CDI, equivalent to IPCA +2.19% (down from IPCA +6.17% in 2023).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Bracket 1 posted the best performance (8.8%); Bracket 4, the worst (3.5%, below inflation).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Portfolio allocation: predominance of fixed income not indexed to CDI (55%), low international diversification (less than 2%), and a near absence of impact investments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Larger funds are more sophisticated, but more exposed to volatility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Liquidity: 54% of assets can be converted within 30 days; larger funds lock in a higher share over longer horizons.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #35389e;\"><b>4. Responsible Investment<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Only 26% of funds have a fully implemented responsible investment policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; ESG integration is the most common practice (21 funds).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Impact investing is nascent: 6 funds invest indirectly, 5 directly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Blended finance is almost non-existent (1 fund).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Reasons for non-adoption: lack of priority (18 funds) and operational barriers (returns, lack of products, shortage of managers).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Investment policy explicitly tied to the fund\u2019s cause: only 13% apply such an approach; 23% report that there are no products aligned with their causes.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #35389e;\"><b>5. Governance<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Governance structures are widely adopted: Boards of Directors (73%), Investment Committees (67%), Audit Committees\/Boards (65%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; General assemblies: high average number of members (19.5), with the presence of independent members (84%), women (31%) and a still very low share of Black, Brown, and Indigenous people (PPI) (11%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Boards of Directors: strong independence (79%), women (37%), PPI (19%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Investment Committees: independence (78%), but low diversity (women 29%, PPI 31%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Audit Committees\/Boards: independence (85%), women (44%), PPI (13%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Formalized investment policy in 77% of funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Management models: predominance of in-house management (55%), while large funds rely more on external management (67%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; External management is mostly non-discretionary (63%), keeping final decisions with the fund.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; External auditing is present in 70% of funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Returns by management model: in 2024, in-house management outperformed external management (8.6% vs. 4.4%).<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #35389e;\"><b>6. Outlook<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Fundraising in 2025: 51% expect an increase; optimism is concentrated among smaller funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Disbursements in 2025: 44% expect to increase; 22% do not plan to disburse anything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Returns in 2025: 64% expect higher returns; only 1 fund forecasts a decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Risk in 2025: 80% expect to maintain current risk levels; only 3% project an increase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Main challenges: fundraising (62%) is the dominant concern, especially for smaller funds. Larger funds are more concerned with returns, the regulatory environment, and strategic disbursements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Expectations vs. reality: the optimistic forecasts made in 2023 did not materialize in 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; <\/span>Fundraising: only 39% raised more or maintained levels, versus 78% expected.<\/p>\n<p><span style=\"font-weight: 400;\">&#8211; <\/span>Disbursements: only 55% increased or maintained levels, versus 78% expected.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.idis.org.br\/publicacoesidis\/anuario-de-desempenho-de-fundos-patrimoniais-2024\/\"><span style=\"font-weight: 400;\">Download the full publication here<\/span><\/a><span style=\"font-weight: 400;\"> (available in Portuguese only)<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Note: values in US dollars were calculated using an approximate exchange rate of\u00a0 USD 1.00 = BRL 5.50 .<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Endowments are stronger than ever in Brazil. This is what the 2024 Endowment Performance Yearbook shows, launched by IDIS \u2013 Institute for the Development of Social Investment \u2013 and the Coalition for Philanthropic Endowments. With 92 participating funds and BRL &hellip; <a href=\"https:\/\/www.idis.org.br\/en\/2025\/12\/11\/2024-endowment-performance-yearbook-highlights-brl-2-6-billion-approximately-usd-473-million-allocated-to-public-interest-causes-and-the-consolidation-of-endowments-in-brazil\/\">Continue lendo <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[29],"tags":[121,39],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Endowment Performance Yearbook reports USD 473 million allocated to causes by Brazilian endowments in 2024<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.idis.org.br\/en\/2025\/12\/11\/2024-endowment-performance-yearbook-highlights-brl-2-6-billion-approximately-usd-473-million-allocated-to-public-interest-causes-and-the-consolidation-of-endowments-in-brazil\/\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Endowment Performance Yearbook reports USD 473 million allocated to causes by Brazilian endowments in 2024\" \/>\n<meta property=\"og:description\" content=\"Endowments are stronger than ever in Brazil. This is what the 2024 Endowment Performance Yearbook shows, launched by IDIS \u2013 Institute for the Development of Social Investment \u2013 and the Coalition for Philanthropic Endowments. 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This is what the 2024 Endowment Performance Yearbook shows, launched by IDIS \u2013 Institute for the Development of Social Investment \u2013 and the Coalition for Philanthropic Endowments. 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