(LIQUIDATED FUND — trading ended on August 18, 2025; liquidation on October 15, 2025, with delivery of RVBI11 units and/or cash to unitholders)
Segment: Fund of Funds (FoF) — brick-and-mortar + paper · Price R$ 54.52 · P/BV 0.78 · BV/unit R$ 70.06 · Net assets R$ 314.75M · 20,101 unitholders · 50 assets
BPFF11 (Brasil Plural Absoluto Fundo de Fundos FII) is a Brazilian REIT in the Fund of Funds (FoF) — brick-and-mortar + paper segment. (LIQUIDATED FUND — trading ended on August 18, 2025; liquidation on October 15, 2025, with delivery of RVBI11 units and/or cash to unitholders)
Fund closed in October 2025 — invested unitholders' capital in units of dozens of other Brazilian REIT-style funds (FIIs) (a mix of physical property funds and real estate credit funds), redistributing income monthly. Unitholders received RVBI11 units upon liquidation.
This page gathers the factual snapshot of BPFF11 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: Plural Gestão de Recursos Ltda..
BPFF11 was managed by Plural Gestão de Recursos Ltda., part of the Brasil Plural/Genial group, with administration by Banco Genial S.A. (Genial Investimentos CVM) and auditing by Deloitte. The manager chose to wind down the vehicle (dissolution approved in Jun/2024 and concluded in Oct/2025), migrating unitholders to RVBI11 rather than maintaining a sub-scale FoF in an unfavorable cycle for real estate funds. This was a portfolio rationalization decision by the administrator rather than a collapse due to default — but it locked in capital losses for those who entered during the initial offerings.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| fii-kncr11 | — | 6.5% | — |
| fii-knip11 | — | 6.3% | — |
| fii-btlg11 | — | 4.7% | — |
| fii-hgru11 | — | 4.5% | — |
| fii-xplg11 | — | 4.0% | — |
| fii-hgcr11 | — | 3.6% | — |
| fii-spaf11 | — | 3.6% | — |
| fii-visc11 | — | 3.4% | — |
| fii-btci11 | — | 3.3% | — |
| fii-xpml11 | — | 3.0% | — |
| fii-hgre11 | — | 2.9% | — |
| fii-jsre11 | — | 2.8% | — |
| fii-brcr11 | — | 2.7% | — |
| fii-cvbi11 | — | 2.6% | — |
| fii-hgbs11 | — | 2.4% | — |
| fii-vgip11 | — | 2.2% | — |
| cri-redeDor | — | 0.7% | — |
On the final trading session (August 18, 2025), the market unit price was R$ 54.52 against a book value per unit of R$ 70.06 — P/BV 0.78 (22% discount). The chronic discount was one of the reasons for the decision to liquidate.
book value per unit R$ 70.06.
BPFF11 was one of the market's oldest FoFs (2013–2025), managed by Plural. It built a diversified, high-quality portfolio (~49 FIIs, 50% paper / 50% brick-and-mortar) and paid consistent monthly distributions. However, the high interest rate cycle of 2022–2025 depressed the unit prices of the invested FIIs, generating accumulated losses of R$ 89.8M and a chronic market price discount (P/BV 0.78). Consequently, unitholders approved dissolution in Jun/2024, trading was halted in Aug/2025, and the fund was liquidated on October 15, 2025, with unitholders migrating to RVBI11.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO / IPO | Fund launched on April 8, 2013, as Brasil Plural Absoluto FoF, with an offering unit price of R$ 100.00. Managed by Plural Gestão, administered by Banco Genial. |
| EMISSÕES E EXPANSÃO | Multiple offerings brought paid-in capital to R$ 409.0M. Net assets reached ~R$ 350M in 2023. |
| EROSÃO PATRIMONIAL | High Selic rate cycle depresses FII unit prices. Accumulated losses jump from R$ 44.1M (2023) to R$ 89.8M (2024). Market price trades at a growing discount to book value. |
| AGE APROVA DISSOLUÇÃO | On June 12, 2024, the unitholders' meeting approved the dissolution and liquidation of the fund. Management signaled a future migration to another vehicle. |
| ADAPTAÇÃO RCVM 175 | On June 18, 2025, the bylaws were adapted to CVM Resolution 175/2022 ('Limited Liability' suffix and single class). |
| BLOQUEIO DA NEGOCIAÇÃO | Material Fact Notice dated August 12, 2025, details the liquidation schedule. Unit trading was halted at the close of the session on August 18, 2025. Net assets R$ 314.75M, BV/unit R$ 70.06, market price R$ 54.52 (P/BV 0.78). |
| CONVERSÃO EM RVBI13 | Structured Quarterly Report of September 30, 2025, shows assets (~R$ 269M) converted into RVBI13 units (RVBI11 class). Net assets R$ 279.2M, BV/unit R$ 62.15 after a 0.96% principal repayment. |
| LIQUIDAÇÃO | Final liquidation principal repayment of R$ 2.238627/unit paid on October 14, 2025 (in addition to the distribution of R$ 0.67 paid on October 7). Fund liquidated on October 15, 2025, with delivery of RVBI11 units and/or cash. |
| ATUAL (REGISTRO HISTÓRICO) | BPFF11 is no longer traded. This page is maintained solely as a historical record of the fund. |