BDIF11 — BTG Pactual Dívida Infra FIC FI-Infra

BTG PACTUAL DÍVIDA INFRA FUNDO DE INVESTIMENTO FINANCEIRO EM COTAS DE FUNDOS INCENTIVADOS DE INVESTIMENTO EM INFRAESTRUTURA RENDA FIXA — FI-Infra structured as a fund-of-funds (FIC): invests at least 95% of net assets in in-house FI-Infra units (BTG Infra Master), which in turn hold infrastructure tax-incentive debentures (Law 12,431/2011). Managed by BTG Pactual Asset Management. Distributions are exempt from income tax for individual investors.

Segment: FI-Infra · FI-Infra fund-of-funds (master-feeder) — infrastructure tax-incentive debentures · Price R$ 68.34 · P/BV 0.8551 · BV/unit R$ 79.92 · Net assets R$ 1,45 Bi · 33,248 unitholders

What is BDIF11

BDIF11 (BTG Pactual Dívida Infra FIC FI-Infra) is a Brazilian REIT in the FI-Infra · FI-Infra fund-of-funds (master-feeder) — infrastructure tax-incentive debentures segment. BTG PACTUAL DÍVIDA INFRA FUNDO DE INVESTIMENTO FINANCEIRO EM COTAS DE FUNDOS INCENTIVADOS DE INVESTIMENTO EM INFRAESTRUTURA RENDA FIXA — FI-Infra structured as a fund-of-funds (FIC): invests at least 95% of net assets in in-house FI-Infra units (BTG Infra Master), which in turn hold infrastructure tax-incentive debentures (Law 12,431/2011). Managed by BTG Pactual Asset Management. Distributions are exempt from income tax for individual investors.

It pools capital from investors and lends to major infrastructure companies (energy, sanitation, telecom) via tax-favored debentures, delivering tax-free monthly income for individual investors. Note: it invests through two in-house master funds, leaving you two layers away from the underlying securities.

This page gathers the factual snapshot of BDIF11 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.

BDIF11 numbers in 2026

Net assets: R$ 1,45 Bi
Book value per share: R$ 79.92
Number of shareholders: 33,248

Fees

Management Fee: 0,75% a.a.
Performance Fee: 20% over excess return
Custody Fee: 0%

Manager

Management: BTG Pactual Asset Management.

Characterized by BTG Pactual Asset Management as one of Latin America's largest asset managers, with over R$ 500B under management and a dedicated private credit and infrastructure team. In BDIF11, the firm establishes a master-feeder structure: the listed fund (feeder) invests in 2 in-house FI-Infra master funds that hold the tax-incentive debentures. The financial statements as of March 31, 2026 (audited by EY) show positive earnings, no provision for losses, and no pending lawsuits. The total fee of 0.75% p.a. (capped at 0.8%) is competitive within the FI-Infra peer set.

AuM Asset: R$ 500+ Bi
CNPJ Fundo: 40.502.607/0001-94
BDIF Net Assets: R$ 1,46 Bi
Taxa de adm: 0,75% a.a.

See our analysis of BTG Pactual Asset Management →

BDIF11 portfolio: what the fund invests in

FIC — 100% of NAV in 2 BTG FI-Infra master funds (debentures reside in the masters)

Asset	Location	% of NAV	Occupancy
BTG Infra Master II RF — Infrastructure Tax-Incentive Investment Fund	—	76.1%	—
BTG Infra M IV FIRF — Infrastructure Tax-Incentive Investment Fund	—	24.0%	—

Concentration and diversification

HHI 0.63 — high (at the feeder level).

Breakdown	Share
By index	IPCA+ 90.0% · CDI / caixa 10.0%

Price, P/BV and book value

Fund's P/BV (unit price R$ 71.31 / book value R$ 80.63).

last close R$ 68.34 · all-time low R$ 69.01 · high R$ 104.00 · book value per unit R$ 79.92.

Liquidity and trading

Average daily volume (21 sessions) of R$ 2,600,000 · 12-month average of R$ 2,400,000.

Reasonable liquidity for retail. A R$ 100k position exits the same day; R$ 1M takes ~2 business days without moving the price. Typical retail investors (R$ 10k-50k) face no friction. Institutional positions > R$ 3M require tranching over ~3 weeks.

BDIF11 track record

BDIF11 was launched in April 2021 and grew through 4 offerings over 5 years (Oct/23 R$ 581M + Mar/24 R$ 592M being the main ones), establishing itself as one of the largest Brazilian FI-Infras (R$ 1.51B). No relevant negative events — no declared defaults, manager changes, or liquidity crises occurred. The year 2024 was challenging (-6.05%) due to adverse mark-to-market amid a high real interest rate cycle — but the fund rebounded in 2023 (+17.99%) and 2025 (+9.71%), delivering a cumulative return of +44.89% since IPO. DPU fluctuates due to the mark-to-market of long-term debentures (~5-year duration), but the trailing 12-month carry (R$ 9.60/unit) delivers a consistent dividend yield of 13%.

Period	What happened
IPO	Launch of BDIF11 on B3 as an actively managed BTG Pactual FI-Infra focused on multi-sector tax-incentive debentures.
CRESCIMENTO INICIAL	Fund grows through additional offerings and stabilizes monthly distributions.
ANO DE OURO (+17,99%)	Return of +17.99% in 2023 + 3rd offering of R$ 581.5M in October 2023.
4ª EMISSÃO	Follow-on of R$ 591.9M (6.58M new units) consolidates NAV above R$ 1B.
ANO DIFÍCIL (-6,05%)	Adverse mark-to-market amid a rising real interest rate curve pulls return down to -6.05% for the year .
RECUPERAÇÃO (+9,71%)	Return of +9.71% in 2025 . NAV reaches R$ 1.5B with dozens of debentures (held in the masters).
ADAPTAÇÃO À RES. CVM 175	On June 23, 2025, the bylaws were adapted to CVM Resolution 175: the fund transitioned to a single class with limited liability .
DPS ESTÁVEL (6 MESES)	DPU stabilizes at R$ 0.85/unit for 6 consecutive months (Feb-Jul/26).