Infrastructure-Focused Investment Fund (FI-Infra under Law 12,431/2011) managed by Capitânia Investimentos. It invests in tax-exempt infrastructure debentures for individual investors, featuring a multi-sector portfolio (power generation, toll roads, telecom, sanitation). It holds 94 credit assets with a 4.45-year duration and an average rating of AA-.
Segment: FI-Infra · Multi-sector (power generation + toll roads + telecom + sanitation) · Price R$ 81.9 · P/BV 0.9036 · BV/unit R$ 90.64 · Net assets R$ 1,23 Bi · 41,647 unitholders
CPTI11 (Capitânia Infra FIC FI-INFRA RF CP) is a Brazilian REIT in the FI-Infra · Multi-sector (power generation + toll roads + telecom + sanitation) segment. Infrastructure-Focused Investment Fund (FI-Infra under Law 12,431/2011) managed by Capitânia Investimentos. It invests in tax-exempt infrastructure debentures for individual investors, featuring a multi-sector portfolio (power generation, toll roads, telecom, sanitation). It holds 94 credit assets with a 4.45-year duration and an average rating of AA-.
A Capitânia fund that finances large infrastructure projects (power generation, toll roads, telecom, and sanitation) and distributes the interest as tax-exempt monthly income to individual investors. Note: unit prices fluctuate with interest rates—in periods of high rates, market value falls.
This page gathers the factual snapshot of CPTI11 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: Capitânia Investimentos.
Capitânia Investimentos is an independent asset manager based in São Paulo recognized as a benchmark in private credit and structured finance in Brazil. In CPTI11, it manages a broad and diversified portfolio—94 incentivized infrastructure debentures, an average exposure of 0.97% per asset, and a maximum below 5%—with a focus on capital preservation and real income generation. The management report shows a selective stance in the current cycle (prioritizing credit quality and avoiding the primary market in May/26). Fiduciary administration is provided by BTG Pactual.Portfolio of 94 incentivized infrastructure debentures (Law 12,431) + cash, across 14 sectors. Average exposure of 0.97% per asset, maximum below 5% — high diversification. 4.45-year duration, AA- average rating, IPCA+9.86% gross carry. Data from Capitânia's May/2026 Management Report.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Power Generation incentivized debentures | — | 25.1% | — |
| Toll Roads incentivized debentures | — | 20.2% | — |
| Telecom incentivized debentures | — | 17.8% | — |
| Basic Sanitation incentivized debentures | — | 15.4% | — |
| Other incentivized debentures | — | 6.2% | — |
| Ports incentivized debentures | — | 2.9% | — |
| Mass Transit incentivized debentures | — | 2.9% | — |
| Public Lighting incentivized debentures | — | 2.2% | — |
| Sugar and Ethanol incentivized debentures | — | 2.0% | — |
| Tower Companies (Telecom Towers) incentivized debentures | — | 1.7% | — |
| Reverse repurchase agreements and cash for liquidity | — | 1.5% | — |
| Environmental Infrastructure incentivized debentures | — | 1.4% | — |
| Oil and Gas incentivized debentures | — | 50.0% | — |
| Transmission incentivized debentures | — | 10.0% | — |
HHI n/d — High diversification — 94 assets, average exposure of 0.97% and maximum below 5% per asset..
| Breakdown | Share |
|---|---|
| By index | IPCA+ · CDI+ · Cash (CDI/Selic) |
last close R$ 81.9 · all-time low R$ 71.42 · high R$ 89.24 · book value per unit R$ 90.64.
Average daily volume (21 sessions) of R$ None · 12-month average of R$ None.
ADTV of ~R$ 2.7M/day and monthly turnover of 4.5% — reasonable liquidity for its size, suitable for individual investors.
| Period | What happened |
|---|---|
| FORMAÇÃO | Fund launched on January 29, 2021 at R$ 100/unit. In 2022, with the Selic rate rising sharply, IPCA+ carry and mark-to-market yielded a 19.4% dividend yield for the year. |
| MATURAÇÃO | Portfolio matures and diversifies. DPU drops to ~R$ 1.00-1.13/unit. Dividend yield 13.3% (2023) and 16.9% (2024). |
| CONSERVADORISMO | In an environment of historically high real interest rates, management maintained a distribution of R$ 1.00/unit throughout the year. Book value per unit advanced 1.7% (total return adjusted for distributions of 15.67%). |
| JANELA ATUAL | Distribution guidance raised to R$ 1.10-1.15/unit; the fund has been paying R$ 1.15 (top of the range). Conversely, April and May brought a widening of incentivized debenture spreads and a strong wave of outflows in the industry (~R$ 15B net in May), putting pressure on valuations: book value per unit fell to R$ 90.64 and the market unit price to ~R$ 86.3. |