Former VBI CRI FII — renamed in Sep/2025 following consolidation with PLCR11 + BARI11. New ticker PCIP11 since Sep/2025 (CVBI11 maintained as a legacy name).
Segment: Paper — IPCA-indexed High Grade CRI · Price R$ 82.0 · P/BV 0.8925 · BV/unit R$ 91.88 · Net assets R$ 1,56 Bi · 113,555 unitholders
CVBI11 (Pátria Crédito Imobiliário Índice de Preços FII) is a Brazilian REIT in the Paper — IPCA-indexed High Grade CRI segment. Former VBI CRI FII — renamed in Sep/2025 following consolidation with PLCR11 + BARI11. New ticker PCIP11 since Sep/2025 (CVBI11 maintained as a legacy name).
Fund renamed to PCIP11 in September 2025, after absorbing two other Pátria funds. While it existed as CVBI11, it lent money to real estate projects via real estate credit agreements (CRIs), indexed to inflation, and distributed interest as monthly income.
This page gathers the factual snapshot of CVBI11 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: Pátria - VBI Securities.
Management is conducted by Pátria - VBI Securities Ltda., resulting from the integration between VBI Real Estate (founded in 2006 by Rodrigo Abbud and Ken Wainer) and Pátria Investimentos, completed in 2024. Pátria acquired 50% of VBI in Jun/2022 and the remaining 50% throughout 2023-2024, preserving the original team.
Pátria is one of Latin America's largest alternative asset managers, with global operations across 4 continents and R$ 289 billion in total AuM. Its Real Estate platform totals R$ 38 billion, standing as Brazil's largest independent FII manager with 30+ listed funds. Total management fee of 1.0% p.a. on market value (with 0.90% passed on to the manager), with no performance fee.
Portfolio post-consolidation PCIP+PLCR+BARI (Aug/2025): 107 CRIs + 4 structured ops, predominantly IPCA+ high grade, across 14 segments.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| FII Renda Preferencial GPA | — | 5.4% | — |
| cri-airport-town | — | 4.9% | — |
| cri-cidade-matarazzo-ipca-b | — | 4.2% | — |
| cri-cogna-venâncio | — | 3.3% | — |
| cri-bari-ipca-sr. | — | 3.1% | — |
| cri-buriti | — | 2.8% | — |
| cri-cortel | — | 2.6% | — |
| cri-yduqs-rj | — | 2.5% | — |
| cri-visconde-icarai-b | — | 2.1% | — |
| cri-gsfi | — | 2.0% | — |
| cri-boa-vista | — | 2.0% | — |
| cri-cidade-matarazzo-ipca-a | — | 1.6% | — |
| cri-gtis | — | 1.6% | — |
| Brasil Incorporação FII EBM | — | 1.6% | — |
| cri-mateus-trx | — | 1.5% | — |
| cri-invert-c | — | 1.5% | — |
| cri-bari-igpm-sr. | — | 1.5% | — |
| cri-new-sun-sr. | — | 1.4% | — |
| cri-figueiras-do-parque | — | 1.3% | — |
| cri-rosewood-ii | — | 1.3% | — |
| Tranche Senior FII Patria Health | — | 1.3% | — |
| cri-bari-ipca-sub. | — | 1.2% | — |
| cri-sao-benedito-ip | — | 1.2% | — |
| cri-salinas-premium-sr | — | 1.2% | — |
| cri-catuai-a | — | 1.2% | — |
| cri-catuai-b | — | 1.2% | — |
| cri-carrefour | — | 1.1% | — |
| cri-hot-beach-sr | — | 1.1% | — |
| cri-tocantins-ii | — | 1.1% | — |
| cri-brdu | — | 1.1% | — |
| MVBI11 | — | 3.1% | — |
| Guardian Renda Urbana | — | 1.2% | — |
| Vortx Renda Fixa | — | 0.9% | — |
| Mauá Capital Recebíveis | — | 0.8% | — |
| Helios Recebíveis | — | 0.7% | — |
| REC Recebíveis | — | 0.4% | — |
| SPX Stone Recebíveis | — | 0.3% | — |
| Cyrela Recebíveis | — | 0.3% | — |
HHI 0.0171 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 62.0% · Centro-Oeste 12.0% · Sul 9.0% · Nordeste 8.0% · Norte 6.0% · Pulverizado 3.0% |
| By index | IPCA 90.0% · CDI 6.0% · IGP-M 3.0% · PreFixado 1.0% |
The current P/BV of 0.88 represents a 12% discount relative to the book value per unit (R$ 93.16). Historically, the fund has traded between 0.85 and 1.05 since its IPO, with the deepest discounts during interest rate stress periods (2022–2023, 2025) and on the eve of corporate events (2025 consolidation, pending 2026 merger). Net assets incorporate the mark-to-market of CRIs (MTM rate of 16.1% p.a.), reflecting the real spread available in the market.
last close R$ 82.0 · all-time low R$ 80.04 · high R$ 88.71 · book value per unit R$ 91.88.
Average daily volume (21 sessions) of R$ 3,000,000 · 12-month average of R$ 2,900,000.
High liquidity—a R$ 1M position exits in ~2 business days. An ADTV of R$ 3-4M/day places the fund among the most liquid in the Paper - HG bucket.
Since its IPO in Aug/2019 at R$ 100/unit, the fund has completed eight unit offerings, navigated a full interest rate cycle (Selic 2% in 2020 → 15% in 2024), undergone integration with Pátria Investimentos (2022-2024), and in Sep/2025 consolidated the portfolios of PLCR11 and BARI11 into a single platform. The cumulative total return since IPO is +93.5% (11.0% p.a. with dividends reinvested), well above the CDI over the period (~78.9%).
The Pátria-VBI management has demonstrated the capacity to navigate multiple cycles: the 2020 pandemic (no significant defaults), the 2021-2023 rate hike cycle (portfolio repriced to IPCA+10.5%), and isolated credit events (Cortel restructured in 2025, Invert/Gafisa restructured in Jul/2025, GPA under out-of-court reorganization in 2025) managed with credit enhancement. The retained earnings reserve of R$ 0.40/unit and the average spread of 2.3% p.a. over NTN-B support resilient monthly distributions.
| Period | What happened |
|---|---|
| IPO | Launch as VBI CRI FII at R$ 100/unit. First distribution in Aug/2019 (R$ 0.65/unit). VBI Real Estate management, focusing on IPCA-indexed CRIs. |
| PANDEMIA + DEFLAÇÃO IPCA | Low IPCA cycle (IPCA closed 2020 at 4.5% after monthly lows) puts pressure on distributions. DPU fluctuates R$ 0.40–0.75/unit. 2nd offering raises NAV to R$ 353M. |
| EXPANSÃO | 3rd and 4th offerings raise additional capital. Inflation accelerates (IPCA closes 2021 at 10.06%), distributions rise to R$ 0.80-1.00/unit. |
| PÁTRIA ADQUIRE 50% VBI | Pátria Investimentos acquires 50% of VBI Real Estate, keeping the original team. Manager renamed to 'Pátria - VBI Securities'. |
| SELIC NO TETO | Selic reaches 13.75% (Aug/2022), climbs to 15% (2024-2025). Unit price drops to R$ 85-90 (P/BV 0.85-0.95). Portfolio reprices to an MTM rate of ~17% p.a. |
| INTEGRAÇÃO PÁTRIA | Pátria completes 100% acquisition of VBI. Real Estate platform exceeds R$ 38B in AuM, becoming Brazil's largest independent FII manager. |
| CONSOLIDAÇÃO + NOVO TICKER | 8th offering raises R$ 555.8M to incorporate PLCR11 + BARI11 portfolios. Fund is renamed: 'CVBI11 → PCIP11 (Pátria Crédito Imobiliário Índice de Preços)'. |
| 4-FII MERGER ANNOUNCED | Pátria signals in Feb/2026 MR the intention to consolidate PCIP + RBRR + RPRI + VCJR into a single IPCA+ high-grade vehicle. Approval requires an unitholders' meeting with a qualified quorum scheduled for 1H/2026. |
| ATUAL | Unit price at R$ 82.00 with P/BV of 0.88 and annualized DY of 12.2%. 107 CRIs + 4 structured ops at an MTM rate of 16.1% p.a. (IPCA+10.5%). Selic at 14.5% with cuts starting in Apr/2026. |