Recommendation: LIQUIDADO · Rating 0.0/10
This is a historical/educational analysis. BARI11 was liquidated on Sept 9, 2025, and can no longer be purchased. The thesis here is threefold: (1) record the history for investors who held the fund to the end, (2) document the unit swap transaction for those who need to calculate income tax for the 2025 fiscal year, and (3) guide investors seeking the BARI11 strategy today toward its natural successor, PCIP11, which fully absorbed the 40-CRI portfolio.
BARI11 delivered an average DPU of ~R$ 0.90/unit over the past 24 months (DY of 12–15% p.a.) with a predominantly IPCA+-indexed pulverized portfolio providing a real inflation hedge. The total return of +65.7% over 7 years outperformed the IFIX (+29.5%) and virtually tied with the gross CDI (+66.3%) — delivering a tight risk premium, but without a real loss of nominal capital for those who held from the IPO.
Our current reading of BARI11 is LIQUIDADO, with a score of 0.0/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
17th of 17. LIQUIDATED fund — stopped trading on B3 on July 22, 2025, and had its units extinguished in Sep/2025, with a liquidation value 8.1% below the previous day's book value. Kept in the bucket solely as a historical record; no longer investible.
Safety in a REIT is not yes or no — it is how much risk you accept. BARI11 has a alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 1.5 |
| Price volatility | 3.5 |
| Distribution volatility | 3.0 |
| Liquidez | 4.0 |
| Underlying asset risk | 4.0 |
| Financial risk/leverage | 1.0 |
The main 'hidden risk' that materialized was the manager's decision to consolidate funds. Investors who bought BARI11 expecting a 'perpetual fund' discovered in June/2025 that Pátria intended to liquidate it. A General Unitholder Meeting with a 33.12% quorum approved the transaction.
Unitholders who remained received PCIP11 units without a real value cut — the 8.1% nominal loss vs BV was partially offset by the DY received between the announcement (Jun/25) and liquidation (Sep/25).
Unitholders who did not submit the Average Cost Declaration between July 28 and August 22, 2025, had their basis set at the historical minimum price (R$ 87.15/unit — corrected; the initial Material Fact Notice mentioned R$ 57.15 and was rectified). Since the liquidation value was R$ 78.49, the R$ 87.15 basis implies a loss, with no income tax. However, had the basis been R$ 57.15, there would have been a gain of R$ 21.34/unit × 20% = R$ 4.27/unit in withholding income tax — nearly the entire Tranche B in cash.
Unitholders who submitted a Declaration with their actual cost (generally > R$ 87) nullified the withholding tax. Those who left it blank and had a cost > R$ 87 did NOT pay tax. But confusion arose from the initial version of the Material Fact Notice — generating doubt.
Pátria-VBI manages both BARI11 and CVBI11. BARI's assets were transferred to CVBI at book value—without a third-party valuation. The value per unit (R$ 78.49) was calibrated to CVBI's market price (R$ 84.76), not its book value. CVBI unitholders also did not vote, as the meeting was restricted to BARI.
B3, CVM, and ANBIMA approved the transaction under standard regulatory procedures. CVBI/PCIP11 is now BARI's "de facto successor"—unitholders technically received units rather than taking a loss.
9.4% of the final net assets were in CRIs structured by Virgo, a securitization company whose governance (reserve accounts) was called into question in 2025. Pátria-VBI stated that the CRIs themselves remained current on payments, but the operational risk followed the portfolio to PCIP11.
Pátria-VBI monitored the situation alongside the indenture trustees. By May 2026 (already under PCIP11), the issue had not escalated.
| Scenario | Description |
|---|---|
| Ex-unitholder who held until the end and keeps PCIP11 | Received 0.8743 PCIP11 units + R$ 4.38 in cash. PCIP11 currently trades at R$ 81.72—a gross equivalent of R$ 71.46 + R$ 4.38 = R$ 75.84. Even so, it maintained a monthly dividend yield of ~13% throughout the transition. The hold recommendation remains valid as long as PCIP11 maintains a rating ≥ 7. |
| Investors looking to enter BARI11 today can buy PCIP11 at a lower price | PCIP11 at R$ 81.72 (P/BV of 0.88) vs. BARI's R$ 78.49 at the time of liquidation. The portfolio is essentially the same, but housed in a larger fund with a lower fee (1.05% vs. 1.305%) and 7× higher liquidity. |
| Unitholders paid higher taxes due to cost-basis reporting errors | Investors who failed to submit their Cost Basis Declaration and had a low average cost (< R$ 87.15) may have paid proportional income tax. No refunds are possible, as the administrator warned it would not restitute funds. |
| Investors who sold at the lows (R$ 57–65) between Nov/24 and Feb/25 | A -32% drawdown prior to the announcement prompted some unitholders to exit near the bottom. The June 2025 announcement (already at R$ 70+) recovered part of the loss, but those who sold low locked in a loss compared to the upcoming R$ 78.49 liquidation value. |
| Escalating Virgo risk within PCIP | 9.4% of the inherited net assets remain tied to Virgo. If any CRI defaults or a reserve account is seized, the impact will fall on investors holding PCIP11. |
The BARI11 was LIQUIDATED on September 9, 2025, concluding a cycle of nearly 7 years as an actively managed CRI fund. From original Barigui (Dec/2018) to VBI (2020) and Pátria (2022–2024), the fund delivered a total return of +65.7%, outperforming the IFIX (+29.5%) and virtually tying with the gross CDI rate (+66.3%) over the same period.
The liquidation was part of a broader consolidation of Pátria FIIs. Alongside PLCR11, BARI fed into CVBI11 — which on September 24, 2025, was renamed to PCIP11 (Pátria Crédito Imobiliário Índice de Preços FII). PCIP11 currently holds R$ 1.58B in net assets, 107 CRIs across 14 segments, and a DPU of R$ 0.85–0.89 per unit — making it the natural successor for those seeking the BARI11 thesis.
BARI11's final portfolio (40 CRIs + 7 satellite FIIs) was 80% indexed to IPCA+ inflation, with an average mark-to-market carry rate of 17.2% p.a., a duration of 3.2 years, and an average LTV of 60% on pulverized assets. Extreme pulverization (HHI of 0.026) with 1,582 active contracts. 90+ day delinquency at 6%. Geographic concentration in SP (41.9%), DF (21.2%), and PR/RS (~9% each). All of this passed intact to PCIP11.
The Liquidation Value was R$ 78.485 per unit: R$ 74.10 in CVBI11 units (using a 0.8742803 ratio at a price of R$ 84.76 per unit) + R$ 4.38 in cash. BARI's book value on the eve of liquidation was R$ 85.37 — an 8.1% difference driven by using CVBI's market price rather than its book value. Unitholders who entered at the IPO at R$ 100 per unit exited with a minor nominal capital loss, more than offset by ~7 years of received distributions.
Current recommendation: LIQUIDADO. Rating 0.0/10. This fund was wound up on Sept 9, 2025 — its units were extinguished and BARI11 can no longer be purchased. While it existed, the fund lent money to the real estate market through CRIs (Brazilian real-estate receivables certificates — contracts where developers and companies pay…
Our current read on BARI11 is “LIQUIDADO”. Rating 0.0/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for FII VBI Rendimentos Imobiliários I (formerly Barigui Recebíveis) include: LIQUIDATED FUND — no longer tradable; Liquidation value 8.1% below previous day's book value; Withholding income tax retained at liquidation for those who did not declare cost basis; Same manager on both sides (potential conflict of interest).
BARI11 is suitable for: This fund no longer exists — historical/educational analysis only Former unitholder who held until liquidation: see the 'Conclusion' tab for 2025 income tax Seeking the same strategy today: PCIP11 (formerly CVBI11) fully absorbed this portfolio