ALZM11 — Alianza Multi-strategy FII

(CLOSED - Merged into ALZC11)

Segment: Multi-strategy (FoF + CRI) · Price R$ 6.4 · P/BV 0.8499 · BV/unit R$ 7.53 · Net assets R$ 114 Mi · 12,195 unitholders

What is ALZM11

ALZM11 (Alianza Multi-strategy FII) is a Brazilian REIT in the Multi-strategy (FoF + CRI) segment. (CLOSED - Merged into ALZC11)

Fund closed in Apr/2025, merged into ALZC11 — invested in units of other real estate funds (warehouses, office buildings, shopping malls) and loans with real estate guarantee (CRIs (real estate receivables certificates)), managed by Alianza. Unitholders received ALZC11 units automatically upon closing.

This page gathers the factual snapshot of ALZM11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.

ALZM11 numbers in 2026

  • Net assets: R$ 114 Mi
  • Book value per share: R$ 7.53
  • Number of shareholders: 12,195

Portfolio composition

  • Real Estate Funds: 45.6%
  • CRIs: 43.1%
  • Caixa: 11.3%

Fees

  • Management Fee: 0,80% a.a.
  • Performance Fee: 20%
  • Custody Fee: 0%

Manager

Management: Alianza Gestão de Recursos.

Alianza Gestão de Recursos is a manager specialized in FIIs headquartered in São Paulo. It currently manages funds ALZR11 (real estate income) and ALZC11 (real estate credit, which absorbed ALZM11 and ALZT11). The decision to merge ALZM11 into ALZC11 aimed at scale gains, higher liquidity and focus on the high yield real estate credit strategy, with combined NAV exceeding R$ 213M. Alianza has expertise in proprietary structuring of CRIs.
  • Active Alianza Funds: ALZR11, ALZC11
  • ALZC NAV (post-merger): R$ 213+ Mi
  • ALZM IPO Total Return: 17,0%

See our analysis of Alianza Gestão de Recursos →

Price, P/BV and book value

Last trade at a 15% discount to BV (fund already closed)

last close R$ 6.4 · all-time low R$ 5.65 · high R$ 8.89 · book value per unit R$ 7.53.

ALZM11 track record

ALZM11 operated for almost 5 years (Mar/2020 to Feb/2025) as a multi-strategy fund from Alianza, investing in FIIs (Brazilian REITs) and CRIs (real estate receivables certificates). The total return of 17% exceeded IFIX (Brazilian REIT index) (11.8%) in the period. In Oct/2023, it merged QAMI11 (R$ 75.7M). The fund was merged into ALZC11 in Feb/2025 aiming for scale gains, higher liquidity, and focus on high-yield real estate credit strategy. The Closing Term was formalized in Apr/2025 by BTG Pactual.
PeriodWhat happened
IPOStart of operations for Alianza Multi-strategy FII (Brazilian REIT). Focus on total return above IFIX (Brazilian REIT index) via FIIs and CRIs (real estate receivables certificates).
CRESCIMENTOPortfolio expansion, start of stock exchange trading (Jul/2021) and merger of QAMI11 (Oct/2023).
MATURAÇÃODiversified portfolio with ~30 assets between FIIs (Brazilian REITs) and CRIs (real estate receivables certificates). Competitive DY of 13-15% p.a., exceeding the median of FoFs in IFIX (Brazilian REIT index).
APROVAÇÃO FUSÃOAGE aprova incorporação ao ALZC11 em 29/11/2024. Último dia de negociação em 20/12/2024. Venda de FIIs líquidos para preparar incorporação.
INCORPORAÇÃOIncorporação concluída em fev/2025. Cotistas recebem cotas ALZC11 + amortização de caixa em 20/02/2025.
ENCERRAMENTO FORMALLeilão de frações concluído em março/2025. Termo de Encerramento formalizado em 10/04/2025. Processo de baixa no CNPJ e CVM em andamento.

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