Structural successor to BCFF11 (liquidated on Dec 23, 2024). CNPJ 45.188.176/0001-57. Listed on B3 since Dec 16, 2024 — previously traded on CETIP (4770023FII).
Segment: Real Estate Hedge Fund (multi-strategy: FIIs + CRIs + real assets + equities) · Price R$ 8.53 · P/BV 0.8731 · BV/unit R$ 9.77 · Net assets R$ 2,01 Bi · 313,907 unitholders · 1 assets
BTHF11 (BTG Pactual Real Estate Hedge Fund FII) is a Brazilian REIT in the Real Estate Hedge Fund (multi-strategy: FIIs + CRIs + real assets + equities) segment. Structural successor to BCFF11 (liquidated on Dec 23, 2024). CNPJ 45.188.176/0001-57. Listed on B3 since Dec 16, 2024 — previously traded on CETIP (4770023FII).
Invests in dozens of real estate funds and real estate credit instruments, with active management by BTG Pactual and monthly distributions.
This page gathers the factual snapshot of BTHF11 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 Gestora de Recursos.
BTG Pactual Gestora de Recursos is Brazil's largest manager of listed FIIs (R$ 40B+ under management), featuring a comprehensive platform covering logistics (BTLG11), offices (BRCR11), shopping malls (BPML11), credit (BTCI11, BTYU11), hospitality (BTHI11), and the multi-strategy BTHF11. The team demonstrated aggressive execution in 2025: R$ 429M in FII divestments, full exit from EZ Tower with a R$ 46M capital gain, the SYNE3 trade yielding an IRR of 63% p.a., and the consolidation of BCFF11 into BTHF11 in Dec/2024 — which raised projected net asset value distributions per unit by 11-16% and lowered fees from 1.25% to 1.05%.
Positive highlights: transparent guidance (R$ 0.100-0.105/unit in 1H26), detailed reports, active communication. Points to monitor: intra-house conflicts (16% of NAV in BTG funds) and execution complexity (controlled single-asset FIIs, tactical equities, shorts) — which require complete trust in the manager.
Portfolio post-BCFF11 merger (Dec/2024) — BTG multi-strategy: 46 FIIs + 37 CRIs + 2 real assets + 2 tactical equities
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| BTG Pactual Renda Urbana FII | — | 10.5% | — |
| BTG Pactual Hotéis FII | — | 5.9% | — |
| Hotel Maxinvest FII | — | 4.2% | — |
| BTG Pactual Shoppings FII | — | 2.6% | — |
| Inter Logística FII | — | 2.0% | — |
| Guardian Real Estate FII | — | 1.8% | — |
| Tellus Rio Bravo Logística FII | — | 1.5% | — |
| BTG Pactual Corporate Office Fund | — | 1.4% | — |
| BTG Pactual Logística FII | — | 1.0% | — |
| FII Anhanguera Educacional | — | 1.0% | — |
| Iridium Recebíveis Imobiliários FII | — | 10.5% | — |
| BTG Pactual Crédito Imobiliário FII | — | 2.9% | — |
| Inter Opportunity FII (senior tranche) | — | 2.2% | — |
| BTG Pactual You Inc. FII | — | 1.8% | — |
| Itaú Log CP — mezzanine units | — | 1.5% | — |
| Rio Bravo Crédito Imobiliário High Grade | — | 1.5% | — |
| Capitânia Securities II FII | — | 0.7% | — |
| Pátria Special Situations FII | — | 0.6% | — |
| Other brick-and-mortar FIIs (aggregated by manager) | — | 7.4% | — |
| Other paper FIIs (aggregated by manager) | — | 2.3% | — |
| EZ Tower Tower B | São Paulo — SP | 0.6% | 0.91% |
| cri-emergent-cold | — | 1.4% | — |
| cri-ggrc11 | — | 1.9% | — |
| cri-you-corporativo | — | 1.3% | — |
| cri-rede-duque-s1 | — | 1.1% | — |
| cri-patriani-ii | — | 0.8% | — |
| cri-patriani-iv | — | 0.7% | — |
| cri-rede-duque-s2 | — | 0.9% | — |
| cri-emergent-cold-ii | — | 0.8% | — |
| cri-higienopolis-si | — | 0.7% | — |
| cri-you-corporativo-si | — | 0.7% | — |
| cri-campinas-shopping | — | 1.6% | — |
| cri-latam | — | 0.5% | — |
| cri-rzk-solar-portfolio | — | 1.5% | — |
| cri-souza-cruz | — | 0.4% | — |
| cri-reserva-prado-portfolio | — | 0.5% | — |
| cri-passione-portfolio | — | 0.2% | — |
HHI 0.025 — baixa.
last close R$ 8.53 · all-time low R$ 7.23 · high R$ 9.43 · book value per unit R$ 9.77.
Average daily volume (21 sessions) of R$ 4,610,000 · 12-month average of R$ 3,700,000.
High liquidity for an FII — R$ 500k entry/exit is instantaneous. R$ 1 million exits in less than 1 day. Within the IFIX, it attracts institutional and ETF flows.
Over 3 years, BTHF11 evolved from a structured fund in the CETIP over-the-counter market (R$ 360M, ~14 thousand unitholders) into one of Brazil's largest listed real estate hedge funds (R$ 2.11B in net assets, 320 thousand unitholders). The primary leap came from the consolidation of BCFF11 in Dec/2024 — a transaction that absorbed a base of 356 thousand unitholders, R$ 1.84B in net assets, and most of the REIT portfolio. The listing on B3, the Brazilian exchange (Dec 16, 2024) and entry into IFIX, Brazil's listed real-estate fund index (May/2025) cemented the fund as an institutional vehicle. Active management delivered +31% in 2025 vs +26% for IFIX, realizing part of the book-value discount closing thesis inherited from BCFF11.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Established on Nov 25, 2022, with operations commencing on Jan 31, 2023. A BTG off-the-shelf fund traded on CETIP (code 4770023FII) with a small unitholder base (~10k in 2022, 14k in 2023). |
| PRATELEIRA CETIP | Portfolio construction period outside the exchange. NAV grows gradually to ~R$ 588M via private offerings. DPU stabilizes at R$ 0.092/unit. |
| AGE BCFF | BCFF11 unitholder meeting on Sep 13, 2024, approves the BCFF→BTHF consolidation with 84% approval and a 35% quorum. Initiation of the process that would transform BTHF. |
| FUSÃO BCFF11 | BCFF11 (R$ 1.84B NAV, 356k unitholders) is merged into BTHF11 on Oct 10, 2024. Unitholders receive BTHF units (0.80 factor) + R$ 0.56 in cash. BTHF NAV jumps from R$ 588M to R$ 2B. |
| 1º ANO LISTADO | First month listed on B3. ADTV grows rapidly. DPU increases to R$ 0.097. |
| ENTRADA NO IFIX | Inclusion in the IFIX after ADTV and governance meet index criteria. Entry generates additional buying flow from ETFs. |
| TRADE EZ TOWER | Aggressive divestment of EZ Tower Tower B (formerly 7-10% of NAV) with R$ 46M in capital gains . Only 0.6% of the position remains. |
| GESTÃO ATIVA | February records R$ 187M in secondary operations (including a R$ 60M short position in XPML11 for follow-on arbitrage). Result: R$ 3M from this trade alone. |