Single-class investment fund in units of FI-Infra (master-feeder FIC) — allocates ≥95% of NAV into units of Sparta's own master funds (Master I and Master II), which hold long-term IPCA+-indexed infrastructure debentures. CNPJ 58.390.457/0001-30
Segment: FI-Infra (incentivized debentures FIC — master-feeder structure) · Price R$ 92.96 · P/BV 0.9524 · BV/unit R$ 97.61 · Net assets R$ 1,0 bi · 11,854 unitholders
DIVS11 (Sparta Infra Inflação Longa FIC FI-Infra) is a Brazilian REIT in the FI-Infra (incentivized debentures FIC — master-feeder structure) segment. Single-class investment fund in units of FI-Infra (master-feeder FIC) — allocates ≥95% of NAV into units of Sparta's own master funds (Master I and Master II), which hold long-term IPCA+-indexed infrastructure debentures. CNPJ 58.390.457/0001-30
Buys debt from highway, airport, and energy companies adjusted by the IPCA and distributes interest every month as tax-free income for individual investors. Watch out: it charges a fee in two layers and long-term securities cause unit prices to fluctuate significantly when rates rise.
This page gathers the factual snapshot of DIVS11 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: Sparta Administradora de Recursos Ltda..
Sparta is a manager specialized in fixed income and private credit, with a consolidated track record in the Brazilian market. DIVS11 is the listed entry point (feeder) for the firm's infrastructure strategy: it invests in units of the Sparta Infra Inflação Longa Master I and Master II masters, which hold long-duration IPCA+ incentivized debentures. Concentrating the entire chain (feeder + masters) in the same manager is consistent with Sparta's credit expertise, but reduces management diversification and adds a fee layer. The DPU of R$ 1.20/unit stable for 14 months suggests good execution on carry.See our analysis of Sparta Administradora de Recursos Ltda. →
Master-feeder FIC structure: ~101% of net assets in units of two Sparta master funds (09/30/2025). The IPCA+ incentivized debentures live in the masters, not in the feeder's report.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Sparta Infra Inflação Longa Master II FI-Infra RF | — | — | — |
| Sparta Infra Inflação Longa Master I FI-Infra RF | — | — | — |
| Breakdown | Share |
|---|---|
| By index | IPCA+ (mandate — via debentures in masters) 100.0% |
last close R$ 92.96 · book value per unit R$ 97.61.
Average daily volume (21 sessions) of R$ 950,000.
Reasonable liquidity for the FI-Infra segment, reinforced by hiring XP as market maker in Jul/2026. A R$ 100k position exits in less than 1 business day; R$ 1M takes ~1 business day.
| Period | What happened |
|---|---|
| INÍCIO DAS OPERAÇÕES | Start of DIVS11 operations as a single class (master-feeder FIC). Initial offering of 300,000 units at R$ 100.00 (R$ 30M). |
| 2ª EMISSÃO | 2nd unit offering: R$ 400M (3,978,517 new units) at R$ 100.54 + fee 2.41% = R$ 102.96/unit, coordinated by Itaú BBA. Boosts net assets toward R$ 1.0B. |
| 1º EXERCÍCIO | End of first fiscal year. Net assets of R$ 278.3M (2,771,633 units at R$ 100.42). Period result -R$ 348 thousand — management fee exceeded unit returns during ramp-up. Financial statements approved automatically (meeting without quorum in Jan/2026). |
| FORMADOR DE MERCADO | Hiring of XP Investimentos as market maker (replacing Banco Fator), to foster unit liquidity on the B3. |