Pioneer among Brazilian FoFs (Jan/2010). Liquidated on Dec 23, 2024, and consolidated into BTHF11. It was the market's largest FoF: R$ 1.84B in NAV, 356k unitholders, 64 FIIs + 13 CRIs.
Segment: FoF · Fund of Funds · Price R$ 7.34 · P/BV 0.88 · BV/unit R$ 9.12 · Net assets R$ 1,84 Bi · 356,269 unitholders
BCFF11 (BTG Pactual Fund of Funds FII) is a Brazilian REIT in the FoF · Fund of Funds segment. Pioneer among Brazilian FoFs (Jan/2010). Liquidated on Dec 23, 2024, and consolidated into BTHF11. It was the market's largest FoF: R$ 1.84B in NAV, 356k unitholders, 64 FIIs + 13 CRIs.
Fund wound down in Dec/2024 — combined units of dozens of FIIs under BTG Pactual management; consolidated into BTHF11.
This page gathers the factual snapshot of BCFF11 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: BTG Pactual Asset Management.
BTG Pactual is Brazil's largest FII manager, with over R$ 40B under management in the real estate segment (HGRE, HGLG, HGCR, BPML, BTCI, BTHI, BTLG, BTHF, etc.). BCFF11 pioneered the FoF segment (Jan/2010) and was the market's largest for 14 years. Management delivered expressive FFO growth (R$ 0.039 in 2H20 → R$ 0.081 in 1H24, +108%) and led the liquidation transparently, providing a detailed schedule, active communication, and deadline extensions for submitting average cost bases. Legacy points of attention: weight in in-house funds (BTCI, BPML, BTHI, BTLG among top positions) and a 1.25% fee above the FoF median (competitor HFOF11 charges 0.60%).| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| BTG Pactual Crédio Imobiliário FII | — | 9.9% | — |
| Ez Tower FII | — | 7.6% | — |
| RE Prime FII (invests in EZTB) | — | 7.3% | — |
| Iridium Recebéveis Imobiliários FII | — | 6.9% | — |
| Índice de Preços Kinea FII | — | 6.6% | — |
| BTG Pactual Shoppings FII | — | 4.4% | — |
| BTG Pactual Hotel FII | — | 4.3% | — |
| cri-gru-log-2024 | — | 4.1% | — |
| Votorantim Logística FII | — | 3.6% | — |
| cri-duque-2024 | — | 3.6% | — |
| BC Fund FII (corporate offices) | — | 2.5% | — |
| RBR Hedge FoF FII | — | 2.4% | — |
| Iridium Recebéveis Imobiliários FII | — | 2.0% | — |
| cri-rzk-energia-2024 | — | 1.9% | — |
| BTG Pactual Logística FII | — | 1.9% | — |
| Capitânia Securities II FII | — | 1.9% | — |
| Logistics FII (non-BTG manager) | — | 1.8% | — |
| Mauá Capital Recebéveis Imobiliários FII | — | 1.7% | — |
| RBR Rendimento High Grade FII | — | 1.6% | — |
| RBR Logistics FII | — | 1.5% | — |
HHI 0.027 — baixa.
Final P/BV (Sep/2024): 12% simple discount. Considering the look-through of invested REITs, the double discount reached 24.4%. Total amortization of R$ 8.76 delivered a gain of 8.5% over the last quote of R$ 8.07.
book value per unit R$ 9.12.
| Period | What happened |
|---|---|
| PIONEIRO | Launched as BCFF11B in Jan/2010, the first relevant real estate FoF in the Brazilian market. Strategy: buy units of other FIIs + CRIs. |
| CONSOLIDAÇÃO | Maturation period. On Feb 16, 2016, the management fee was temporarily cut from 1.50% to 1.10% (later made permanent). |
| EXPANSÃO | Multiple offerings. Expressive growth in the unitholder base (retail FII boom). |
| PANDEMIA + RECUPERAÇÃO | COVID-19 pandemic drops IFIX in Mar/2020. BCFF recovers with the low Selic cycle (2020-2021). |
| MATURIDADE + SPLIT | Selic hike cycle (4.25% → 13.75%) stalls capital gains. NAV peaks at R$ 1.84B. 1:8 split democratizes access. |
| LIQUIDAÇÃO | BTG decides to consolidate BCFF11 + new resources into BTHF11 (multi-strategy, lower fee). Operation executed in 4 months. |