INTER INFRA FIC FI-INFRA RENDA FIXA CRÉDITO PRIVADO — An infrastructure-incentivized investment fund (Law 12.431/2011) structured as a fund of funds (FIC) (FIC): audited financial statements (Deloitte, fiscal year ended May 31, 2025) show that 99.94% of net assets are invested in units of TWO master funds (Inter Infra Master and Inter Infra Master II), which in turn hold the incentivized debentures. In other words, it is a feeder vehicle managed by Inter Asset — unitholders do not have direct exposure to the debentures, but rather indirect exposure via the master funds. A small-cap fund (R$ 208M audited NAV) with a dividend yield among the highest in the FI-Infra peer set. Adapted to CVM Resolution 175 on May 20, 2025 (single class of units).
Segment: FI-Infra · master-feeder FIC (99.94% in units of two Inter Infra Master funds that hold the debentures) · Price R$ 74.0 · P/BV 0.8868 · BV/unit R$ 83.45 · Net assets R$ 208,3 Mi · 12,173 unitholders
BIDB11 (Inter Infra FIC FI-Infra Renda Fixa Crédito Privado) is a Brazilian REIT in the FI-Infra · master-feeder FIC (99.94% in units of two Inter Infra Master funds that hold the debentures) segment. INTER INFRA FIC FI-INFRA RENDA FIXA CRÉDITO PRIVADO — An infrastructure-incentivized investment fund (Law 12.431/2011) structured as a fund of funds (FIC) (FIC): audited financial statements (Deloitte, fiscal year ended May 31, 2025) show that 99.94% of net assets are invested in units of TWO master funds (Inter Infra Master and Inter Infra Master II), which in turn hold the incentivized debentures. In other words, it is a feeder vehicle managed by Inter Asset — unitholders do not have direct exposure to the debentures, but rather indirect exposure via the master funds. A small-cap fund (R$ 208M audited NAV) with a dividend yield among the highest in the FI-Infra peer set. Adapted to CVM Resolution 175 on May 20, 2025 (single class of units).
An Inter Asset fund that lends to infrastructure companies and passes on interest as monthly tax-exempt income to individual investors. Note: portfolio securities reside in two master funds and are not publicly disclosed—requires complete trust in the manager.
This page gathers the factual snapshot of BIDB11 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: Inter Asset Management.
Inter Asset Management is the asset manager of Banco Inter (B3: BIDI11), with estimated AuM exceeding R$ 30B. Compared to BTG Pactual Asset (R$ 500+ B) or Kinea/Itaú Asset (R$ 100+ B), it is a smaller and newer house in the private credit/infrastructure segment — but with a competitive track record in BIDB11 since its IPO in Sep/2021. Differentiators: captive distribution via Banco Inter (12k unitholders came primarily from Inter's retail base), allocation agility due to a small NAV base, and recent performance above the peer set (+24.47% in 2025 vs. +9.71% for BDIF11). Points of attention: a newer team in the FI-Infra segment, lower transparency via public management reports, and operational dependence on the Banco Inter ecosystem (Inter DTVM acts as administrator). For retail unitholders, the bet involves trusting the firm's selectivity during stress moments that have not yet been fully tested across a complete macroeconomic cycle.FIC (fund of funds): 99.94% of NAV in units of two Inter Infra master funds (Master ~82.8% + Master II ~17.1%) + 0.06% in reverse repo agreements. The incentivized debentures reside within the master funds — underlying portfolio not disclosed in the feeder's financial statements. Structure confirmed by audited financial statements (Deloitte, May 31, 2025).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Inter Infra Master Fundo de Investimento Incentivado em Infraestrutura Renda Fixa Crédito Privado | — | 82.8% | — |
| Inter Infra Master II Fundo de Investimento Financeiro Incentivado de Investimento em Infraestrutura Renda Fixa | — | 17.1% | — |
| Reverse repurchase agreements (backed by NTN-B maturing 01/01/2027) | — | 0.1% | — |
HHI 0.71 — high (feeder level).
| Breakdown | Share |
|---|---|
| By index | IPCA+ (via master funds, estimated) 87.0% · CDI/Selic 8.0% · Fixed-rate (estimated) 5.0% |
Fund's P/BV.
last close R$ 74.0 · all-time low R$ 68.50 · high R$ 98.95 · book value per unit R$ 83.45.
Average daily volume (21 sessions) of R$ 223,900 · 12-month average of R$ 200,000.
Liquidity is BIDB11's primary operational constraint. A typical retail position of R$ 10k–50k takes from hours to 1 day to exit without moving the price. Positions of R$ 100k take ~half a business day. R$ 500k = ~2 days. R$ 1M = ~5 business days with a visible impact. High-net-worth investors (>R$ 100k in FI-Infra) should prefer BDIF11 or KDIF11.| Period | What happened |
|---|---|
| IPO | Launch of BIDB11 on B3 as an actively managed FI-Infra by Inter Asset focused on multi-sector tax-favored debentures. |
| PRIMEIRO ANO COMPLETO (+4,71%) | The fund's first full year delivers a modest return of +4.71% amid an environment of rapidly rising Selic rates. |
| ANO POSITIVO (+13,51%) | Return of +13.51% in 2023 with a stabilized Selic rate and the beginning of the easing cycle. |
| EXCEPTIONAL YEAR (+17.61%) — stands out from the peer set | Return of +17.61% in 2024 — +23.66 pp above BDIF11 (-6.05%) — a divergence that sets it apart from peers. |
| ANO RECORD (+24,47%) | Return of +24.47% in 2025 — +14.76 pp above BDIF11 (+9.71%) — consolidating its outperformance narrative. |
| DPS ACELERA | DPS accelerates significantly — R$ 4.00 distributed in 5 months (average R$ 0.80/month) , with the latest at R$ 1.00 (May/26). |