Infrastructure and Energy Investment Fund in Equity Interests (FIP-IE) — income tax exemption on distributions for individual investors (Law 12.431/2011 and 13.043/2014). Portfolio predominantly composed of tax-advantaged infrastructure/energy debentures issued by special purpose entities (SPEs).
Segment: FIP-IE / Infrastructure and Energy (private credit) · Price R$ 97.92 · P/BV 0.9952 · BV/unit R$ 98.39 · Net assets R$ 419,4 Mi · 7,465 unitholders
AZIN11 (AZ Quest Infra-Yield II FIP-IE) is a Brazilian REIT in the FIP-IE / Infrastructure and Energy (private credit) segment. Infrastructure and Energy Investment Fund in Equity Interests (FIP-IE) — income tax exemption on distributions for individual investors (Law 12.431/2011 and 13.043/2014). Portfolio predominantly composed of tax-advantaged infrastructure/energy debentures issued by special purpose entities (SPEs).
A fund that lends money to power plants and renewable energy projects in Brazil and distributes the interest as monthly income, tax-free for individual investors. Note: because yields track benchmark economic interest rates (CDI), a drop in the Selic rate reduces your monthly payouts.
This page gathers the factual snapshot of AZIN11 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.
Management: AZ Quest Investimentos.
AZ Quest Investimentos (managed via AZ Quest Infra Ltda.) is an independent asset manager with a strong tradition in fixed income, private credit, and multi-asset funds. For AZIN11, it structured a FIP-IE vehicle that essentially functions as an infrastructure credit fund, allocating to tax-advantaged energy SPE debentures with tax exemption benefits. Administration and custody are handled by Banco Daycoval. Execution in 2025 showed consistent recurring income from debentures, but the structure charges a performance fee over the CDI, and the manager holds broad discretion over distributions and (pending unitholders' meeting approval) conflict-of-interest transactions.Portfolio predominantly composed of tax-advantaged infrastructure/energy SPE debentures — composition from audited financial statements dated Feb 28, 2025 (net assets of R$ 242.6M at the time; currently R$ 419.4M following subsequent offerings)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| AXS Energia Unidade 10 SPE S.A. | — | — | — |
| Athon Energia S.A. | — | — | — |
| Quaresmeira Energia S.A. | — | — | — |
| Autogeração Solar Participações VIII S.A. | — | — | — |
| Platão Capital S.A. | — | — | — |
| Dix Empreendimentos S.A. | — | — | — |
| Dourados Energia S.A. | — | — | — |
| Emap Alimentos Ibiapaba S.A. | — | — | — |
| SPE Dourados II Energia S.A. | — | — | — |
| Autogeração Solar Participações VI Holding S.A. | — | — | — |
| Carangola Participações em Energia S.A. | — | — | — |
| Brazil Tower Cessão de Infra-Estruturas S.A. | — | — | — |
last close R$ 97.92 · all-time low R$ 80.89 · high R$ 107.95 · book value per unit R$ 98.39.
Average daily volume (21 sessions) of R$ 1,280,000.
Moderate-to-low liquidity (~R$ 1.3M/day) with a base of 7,465 unitholders in a slight decline. Suitable for small to medium positions; caution is warranted for large allocations.
| Period | What happened |
|---|---|
| INÍCIO DAS ATIVIDADES | Fund commenced operations on Oct 31, 2023. First offering raised ~R$ 101.3M (1.01M units). |
| 1º EXERCÍCIO AUDITADO | Net assets reached R$ 242.6M (2.45M units). Net income for the fiscal year R$ 32.5M (earnings per unit R$ 13.25). Portfolio already dominated by debentures (~67%). |
| AGE DE CONFLITO DE INTERESSE | Unitholders' meeting called (Apr 17) to delegate approval of Potentially Conflicted Asset transactions to the manager under predefined criteria. Lacked quorum, extended until Jul 20, 2026. |
| SITUAÇÃO ATUAL | Net assets of R$ 419.4M, 7,465 unitholders, nominal DY ~19%. Unit price practically at NAV (P/BV 1.01). |