(Clave Índices de Preços Fundo de Investimento Imobiliário Responsabilidade Limitada — ISIN BRCLINCTF007)
Segment: Paper (CRI) — High-Grade Credit FII indexed to IPCA · Price R$ 83.99 · P/BV 0.8501 · BV/unit R$ 98.8 · Net assets R$ 429 Mi · 10,991 unitholders · 31 assets
CLIN11 (Clave Índices de Preços FII) is a Brazilian REIT in the Paper (CRI) — High-Grade Credit FII indexed to IPCA segment. (Clave Índices de Preços Fundo de Investimento Imobiliário Responsabilidade Limitada — ISIN BRCLINCTF007)
Lends money to real estate developments via real-estate-backed securities adjusted for inflation, paying monthly tax-exempt income — managed by Clave/BTG, with a zero-default portfolio since inception. Note: unit prices fluctuate with real interest rates, not credit failures.
This page gathers the factual snapshot of CLIN11 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: Clave (BTG Pactual Asset Management).
Management of CLIN11 originated at Clave Alternativos, a boutique specialized in private and real estate credit founded by former executives of major institutions. In 2025, Clave was acquired by BTG Pactual — which already held a stake — becoming part of BTG Pactual Asset Management while preserving its team and mandate, and combining its origination strength and credit analysis framework with one of Latin America's largest asset managers.
Fiduciary administration is provided by BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23), with custody at Banco BTG Pactual. Its track record since the IPO (Jul/2023) demonstrates consistent distributions, disciplined allocation into structural CRIs, and a 100% current portfolio — a meaningful differentiator in the paper segment. The combination of 'boutique origination + bank balance sheet and governance' is a core strength of the investment thesis.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-dialogo | — | 7.0% | — |
| cri-vilabrasil | — | 6.4% | — |
| cri-jhsf-cidadejardim | — | 6.2% | — |
| cri-metrocasa | — | 5.4% | — |
| cri-dialogo-corp | — | 5.3% | — |
| cri-patiomalzoni | — | 5.3% | — |
| cri-xplg | — | 5.0% | — |
| cri-ibl | — | 4.9% | — |
| cri-direcional-carteira | — | 4.8% | — |
| cri-hgru11 | — | 4.6% | — |
| cri-mrvflex-inst | — | 4.3% | — |
| cri-gd-elleven | — | 2.9% | — |
| cri-tradimaq | — | 2.8% | — |
| cri-cj-shops | — | 2.5% | — |
| cri-solfacil | — | 2.3% | — |
| cri-direcional-corp | — | 2.2% | — |
| cri-tenda-prosoluto | — | 2.1% | — |
| cri-souzacruz1 | — | 1.5% | — |
| cri-souzacruz2 | — | 1.5% | — |
| cri-urba | — | 1.4% | — |
| cri-hum-energia | — | 1.3% | — |
| cri-mrvflex6 | — | 1.0% | — |
| cri-saocarlos | — | 1.0% | — |
| cri-amora | — | 1.0% | — |
| cri-helbor-idua | — | 0.7% | — |
| cri-dialogo2 | — | 0.7% | — |
| cri-mrvflex1 | — | 0.6% | — |
| cri-mrvflex3 | — | 0.4% | — |
| cri-cj-shops2 | — | 0.3% | — |
| cri-tenda-prechaves | — | 0.3% | — |
| cri-cashme2 | — | 0.1% | — |
HHI 0.0285 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/MG/RJ) 62.0% · Miscellaneous (national portfolios) 27.0% · Midwest (GO) 9.0% · Sul (RS) 3.0% |
| By index | IPCA 97.0% · Pré-fixado 3.0% |
Unit price of R$ 92.04 (June 1, 2026) versus book value per unit of R$ 98.69 (April/2026 reference), representing a P/BV ratio of 0.93 — a discount of ~7%. For a high-grade paper real-estate fund with a 100% current portfolio and Clave/BTG management, this discount offers a margin of safety and potential convergence toward book value in a yield curve compression scenario.
last close R$ 83.99 · all-time low R$ 72.10 · high R$ 104.00 · book value per unit R$ 98.8.
To liquidate a R$ 100k position without moving the price (using the 20% ADTV/day limit), it takes just half a business day. A R$ 1M position takes ~5 business days. Comfortable liquidity for the asset class.
O CLIN11 estreou em jul/2023 como o FII de crédito imobiliário da Clave, boutique de crédito que em 2025 foi incorporada pela BTG Pactual Asset Management. Diferente de fundos que trocam de marca por instabilidade, aqui a transição foi de fortalecimento — equipe e mandato preservados, somando o balanço e a governança do BTG.
A trajetória de preço foi marcada pela marcação a mercado da carteira IPCA+: da estreia perto de R$ 100 caiu até R$ 72,60 em dez/2024 (vale do ciclo de juros reais) e recuperou para ~R$ 92 em 2026. A carteira nunca deixou de ser 100% adimplente — o risco do CLIN11 sempre foi de curva de juros, não de calote. Hoje, com 31 CRIs, spread médio IPCA+10,3% e desconto de ~7% sobre o VP, é uma das teses mais consistentes de papel high grade do mercado.
| Period | What happened |
|---|---|
| IPO | CLIN11 began trading in July/2023 under the management of Clave Alternativos, a credit boutique. Objective: a diversified portfolio of CRIs predominantly in real interest rates (IPCA+), focused on the Southeast region and the residential, logistics, and commercial sectors. |
| 2ª EMISSÃO | Closure of the 2nd unit offering on October 4, 2023, expanding the unitholder base and NAV. From this point forward, the fund's accumulated distribution tally is referenced to this milestone. |
| VALE DO CICLO DE JUROS | With the steepening of the real interest rate curve throughout 2024, the market unit price hit a low of R$ 72.60 (December 19, 2024) — a mark-to-market effect on the long-duration IPCA+ portfolio, with no credit event. |
| INCORPORAÇÃO PELO BTG ASSET | Clave Alternativos is acquired by BTG Pactual Asset Management, which already held a stake. Team and mandate preserved, combining boutique origination with the infrastructure of Latin America's largest investment bank. |
| ALTERAÇÃO DE REGULAMENTO | Private Instrument Amending the Bylaws on February 6, 2026 (ID 1118103), governance and CVM Resolution 175 adaptations. No changes to the investment policy or fees. |
| HELBOR RECOMPRA UNIDADES | At the end of Feb/2026, Helbor repurchased the 18 remaining units of the Autonomous Units FII (IDUA11), in which CLIN11 subscribed 100% of the units. Only units not yet paid off remain in the fund, servicing normally. |
| ATUAL (DATA ANÁLISE) | Unit price R$ 92.04 (June 1, 2026), P/BV 0.93, distribution of R$ 0.95/unit on May 18, 2026 (reference Apr/26). 12m DY ~12.6%. 85.9% of NAV in 31 current CRIs, 14.3% in cash / fixed income. NAV R$ 429.0M, BV/unit R$ 98.69. |