LEMA

What LEMA does

LEMA Economia & Finanças is a Brazilian investment consultancy founded in 2011 and headquartered in Fortaleza, Ceará, that exclusively serves Regimes Próprios de Previdência Social (RPPS) — the public pension funds operated by Brazilian municipal and state governments. CVM-registered and independent of any financial institution, LEMA delivers investment advisory services across 20 distinct solutions covering policy elaboration, accreditation, regulatory reporting (DAIR, DPIN), ALM analysis, audit support, and investment committee participation. The company has built a client base of 260+ RPPS entities across 21 Brazilian states and all five regions of the country, served by a team of more than 30 collaborators (43 per firmographic data).

The core technology platform is UNO, a proprietary portfolio management system developed internally with a 100% dedicated team. UNO is designed for RPPS-specific workflows, including automated DAIR generation, automatic APR form population after monthly movement entries, and direct integration with the National Financial System, with emphasis on information security and configurability. The company also operates LEMA Edu, a wholly-owned educational subsidiary founded in 2020 that trained 2,367 RPPS professionals across 76 classes in 2023, functioning as both a brand-building authority channel and a secondary revenue stream with exclusive client discounts.

LEMA monetizes through professional-services consulting retainers with multi-year contracts under custom (non-publicly priced) engagements, supplemented by UNO subscription access and LEMA Edu training fees. Go-to-market is direct enterprise field sales with on-site participation in RPPS Council and Investment Committee meetings, supported by thought-leadership content (Panorama Econômico, Boletim Econômico, Análise Técnica) and a post-sale client community called LEMA Prime. The company has been externally audited for five consecutive years, is a signatory of the Instituto Ethos anti-corruption pact, and holds multiple ANBIMA certifications (CEA, CFG, CGA, CFP, TOTUM, CNPI) across its leadership team.

Name

LEMA

Legal name

LEMA Economia & Finanças

Website

https://lemaef.com.br

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

LEMA is a Brazilian CVM-registered investment consultancy founded in 2011 that exclusively serves RPPS (public pension funds) via advisory services, proprietary portfolio management platform UNO, and education arm LEMA Edu, across 260+ clients in 21 states.

Ownership category

akta.pro rank

Product category

Pension Fund Investment Consulting

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAAACAG

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions)

Financial & Insurance/Asset & Wealth Management/Registered Investment Advisors (RIAs) & Independent Wealth Managers

SECONDARYFSAEABAE

Employer Retirement Plan Advisory (401(k)/Pension)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Wealth & Retirement Advisory

SECONDARYFSAEAAAB

Investment Management Advisory (RIA)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Investment Advisory & Financial Planning

Keywords

• Pension fund consulting
• Investment advisory
• Portfolio management software
• Public pension funds
• Regulatory compliance reporting

Headquarters

HQ city

Fortaleza

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Investment Consulting Services for RPPS: Consulting fees for providing investment advisory services to Regimes Próprios de Previdência Social (public pension funds). Services include investment policy elaboration, portfolio management support, compliance assistance, and regulatory reporting. Revenue derived from professional service contracts with government pension entities.
2. LEMA Edu Education Services: Educational and training services for RPPS professionals including online and in-person courses, with exclusive discounts for LEMA clients. Capacitated over 2,300 professionals in 2023 across 76 classes.
3. UNO System Access/Licensing: Exclusive access to the UNO portfolio management system for RPPS clients, which includes automated report generation, document management, and investment tracking capabilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

LEMA provides specialized investment consulting services to RPPS (Regimes Próprios de Previdência Social) — Brazilian public pension funds — offering 20 distinct solutions that cover the entire investment management lifecycle, including investment policy elaboration, regulatory reporting (DAIR, DPIN), ALM analysis, audit support, and committee participation. The firm supplements advisory with UNO, a proprietary portfolio management system built internally, and LEMA Edu, an education and training arm for RPPS professionals.

Product overview

LEMA offers a unified consultancy platform for RPPS investment management, combining proprietary technology with specialized advisory services. The core offering consists of UNO, an internally-developed portfolio management system, complemented by LEMA Edu for professional training, and a comprehensive suite of 20 investment solutions covering accreditation, compliance, reporting, and governance. The company operates independently from financial institutions and is registered with CVM.

Differentiator

Problem solved

Functional benefit

Brands

• LEMA Edu: Educational arm of LEMA, authority in education and training for RPPS professionals. In 2023, it trained more than 2,300 RPPS professionals across 76 classes throughout Brazil.
• UNO

Products and services

• UNO - Sistema de Gestão de Carteiras An exclusive portfolio management system developed internally by LEMA with a 100% dedicated team. It is designed to provide an intuitive, modern, and secure experience for RPPS investment management, featuring automated DAIR generation, automatic APR form population after monthly movement entries, document management, and direct integration with investment operations and the National Financial System. It is offered to RPPS clients as part of LEMA's consulting engagement.
• LEMA Edu The educational arm of LEMA, offering exclusive online and in-person courses and training for RPPS professionals. In 2023, it trained over 2,300 professionals across 76 classes throughout Brazil, covering topics related to investments, pensions, and financial management. LEMA consulting clients receive exclusive discounts on LEMA Edu courses.
• Consultoria de Investimentos para RPPS Investment advisory services for Brazilian RPPS entities, comprising 20 distinct solutions covering the entire investment management lifecycle: investment policy elaboration, accreditation assistance, regulatory compliance (DPIN, DAIR), investment committee participation, ALM reports, compliance support, audit/auditor support, and staff education. Sold as multi-year custom consulting packages tailored to each RPPS client.

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Instituto EthosmoderateOthers · 1 January 2020LEMA is a signatory of the Corporate Pact for Integrity and Against Corruption of Instituto Ethos, committed to building a more socially just world. This demonstrates the company's commitment to corporate integrity and compliance culture, representing a significant ethical positioning in the market.

Scale indicators5 records

Recent moves10 records

Expansion highlights6 records

Emerging players

• JGP Gestão de Recursos: JGP is a Brazilian independent asset manager with strong institutional and pension fund presence, particularly in credit and macro strategies. While primarily an asset manager, JGP competes with LEMA for institutional pension mandates and could expand into pure advisory.
• Genial Investimentos: Genial is a Brazilian investment platform with growing institutional capabilities, including pension fund advisory and asset management. As an emerging digital-first platform, Genial competes for RPPS mandates using technology and lower fee structures.

Others

• Mais Retorno: Mais Retorno is a Brazilian fintech platform that aggregates investment advisor and wealth manager content/tools. While not a direct RPPS competitor, it is an adjacent ecosystem participant that serves the same professional audience as LEMA Edu and could enable or threaten LEMA's education and thought-leadership positioning.

Broad incumbents

• Itaú Asset Management: Itaú AM is one of the largest asset managers in Latin America and serves Brazilian pension funds with managed products and advisory. It is a broader incumbent whose bundled offerings and balance-sheet strength pose a competitive threat to LEMA's independent advisory positioning.
• Vinci Partners: Vinci is a leading Brazilian alternative asset manager and wealth platform with significant institutional and pension fund relationships. While broader than LEMA, Vinci competes for RPPS mandates through asset management mandates and competes for the same clients as LEMA, though typically as a portfolio manager rather than a pure advisor.
• BTG Pactual (Asset Management): BTG Pactual is Brazil's largest independent investment bank with a sizable asset management arm that serves institutional and pension fund clients. Although far broader than LEMA, BTG offers RPPS-facing services that can substitute for LEMA's consulting offering at scale.

Direct peers

• Brain Consultoria: Brain is one of the most established Brazilian investment consulting firms historically focused on RPPS and institutional clients, offering portfolio advisory, ALM studies, and regulatory reporting — the same core services LEMA provides and competing for the same government pension fund clients across Brazil.
• ADITUS Consultoria Financeira: ADITUS is a Brazilian investment consulting firm specialized in RPPS that delivers investment policy elaboration, portfolio management support, ALM analyses, and CVM/TCE compliance — directly comparable to LEMA's 20-solution advisory offering.
• Referência Gestão e Risco: Referência is a Brazilian consultancy focused on RPPS risk management and investment advisory. It directly overlaps with LEMA on portfolio consulting, regulatory compliance, and committee participation for public pension funds.
• Lumens RPPS (Lumens Auditores e Consultores): Lumens is a Brazilian consultancy serving RPPS clients with investment advisory, compliance, and audit-support services. It competes directly with LEMA for municipal and state pension fund mandates and overlaps on Pró-Gestão certification support and regulatory reporting (DAIR/DPIN).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lemaef

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LEMA