Throughout Brazilian history, it is clear that a fine line marks the relationship between the public and the private sectors. In infrastructure investment, as the literature points out, the public presence is still the majority, with little expressiveness of the private sector. The private sector emerges as a supporting player, having its investments conducted from the mobilization of resources from the treasury and having in its portfolio fundamentally the execution of essentially governmental infrastructural policies. In an attempt to attract and increase private participation, the Investment Fund of the Guarantee Fund for Length of Service (FI-FGTS) was
created, responsible for contributing to the policy of investments in infrastructure in Brazil. However, even with the efforts undertaken, it is believed that most of the investees have state participation. This research aims to elucidate the application of FI-FGTS resources and provide a panorama of the network of organizational relationships involved. Based on an exploratory analysis, using the techniques of the multi-method approach, descriptive statistics and triangulation, the results showed that, in fact, the investments have been directed to state-owned companies or with state participation. The findings are emblematic, since in addition to the FIFGTS organizational relationship chain having considerable public sector participation, discontinuity of the companies involved and possible management failures.
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