Limited Liability Real Estate Fiagro (FIAGRO-Imobiliário) — CNPJ 42.405.905/0001-91. Reorganized into a Limited Liability Fiagro (FIAGRO RL) pursuant to CVM Resolution 175.
Segment: Fiagro — Credit (Sugarcane and Bioenergy CRAs) · Price R$ 7.8 · P/BV 0.8219 · BV/unit R$ 9.49 · Net assets R$ 424 Mi · 53,070 unitholders
FGAA11 (FG/Agro Fundo de Investimento nas Cadeias Produtivas Agroindustriais) is a Brazilian REIT in the Fiagro — Credit (Sugarcane and Bioenergy CRAs) segment. Limited Liability Real Estate Fiagro (FIAGRO-Imobiliário) — CNPJ 42.405.905/0001-91. Reorganized into a Limited Liability Fiagro (FIAGRO RL) pursuant to CVM Resolution 175.
Finances sugar and ethanol mills and other agribusiness companies by purchasing sector debt securities (CRAs), passing on the interest as tax-exempt monthly distributions. Note: the portfolio is concentrated in the sugar-energy sector, and one borrower has been paying interest out of the fund's reserve.
This page gathers the factual snapshot of FGAA11 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: FG/A Gestora de Recursos Ltda..
FG/A Gestora de Recursos is an independent asset manager headquartered in Ribeirão Preto (SP), with an office in Itaim Bibi (São Paulo). It has been authorized by the CVM since 2011 and has 21+ years of experience in agribusiness, having structured over R$ 30 billion in CRAs, CPRs, and CDCAs. It specializes in corporate sugar and ethanol credit, serving companies with revenues between R$ 500M and R$ 1B.
The fund is administered by BRL Trust DTVM (part of the Apex Group). The responsible director is Marcelo Vieira Francisco (who took office on September 2, 2024), with a background at Kanastra and Santander SSS. Auditor: BDO RCS Auditores (replacing the previous auditor). Proprietary origination accounting for 83.9% of the portfolio is its clearest differentiator — the manager does not buy ready-made CRAs from third parties.
Agribusiness corporate credit Fiagro: 17 borrowers, 30 securities, 100% current on payments, 55% sugar and ethanol, 84% proprietary origination.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| grupo-frt-25k03388894 | — | 9.5% | — |
| sertran-cra024007ep | — | 8.5% | — |
| lins-cra022002mh | — | 6.2% | — |
| wd-agroindustrial-cra02200bqb | — | 5.7% | — |
| jalles-machado-cra022008cb | — | 5.5% | — |
| grupo-abba-cra02300ngk | — | 5.4% | — |
| alcoeste-cra02300jah | — | 4.9% | — |
| wd-agroindustrial-cra02200bq9 | — | 4.3% | — |
| batatais-cra022001p6 | — | 4.0% | — |
| solinftec-cra02300koh | — | 3.8% | — |
| sonora-cra022009q3 | — | 3.7% | — |
| alcoeste-cra022007kj | — | 3.6% | — |
| uisa-cra0230099d | — | 3.6% | — |
| alcoeste-cra02200ffl | — | 3.5% | — |
| cibra-22k1802248 | — | 3.5% | — |
| sonora-cra022009q4 | — | 3.2% | — |
| grupo-frt-26b02309445 | — | 2.5% | — |
| alcoeste-cra022000ma | — | 1.7% | — |
| pisani-cra023001jl | — | 1.7% | — |
| café-brasil-cra022009vm | — | 1.7% | — |
| santa-fé-cra024002mm | — | 1.6% | — |
| zinho-25g05447255 | — | 1.5% | — |
| zinho-25g05447329 | — | 1.5% | — |
| zinho-25g05447338 | — | 1.5% | — |
| zinho-25g05446249 | — | 1.5% | — |
| wd-agroindustrial-cra02200bqc | — | 1.4% | — |
| zinho-25g05447530 | — | 1.3% | — |
| wd-agroindustrial-cra02200bqa | — | 1.1% | — |
| batatais-cra022001p7 | — | 0.5% | — |
| pluma-cra021002y8 | — | 0.0% | — |
| FIF Itaú Soberano Renda Fixa Simples LP | — | 1.5% | — |
HHI 0.083 — baixa.
| Breakdown | Share |
|---|---|
| By index | PreFixado 9.5% · CDI 88.9% · IPCA 0.0% · Caixa 1.5% |
Moderate discount: units around R$ 8.50–8.81 vs a book value of R$ 9.46 (a 7% to 10% discount). The discount reflects sector concentration, a borrower representing ~5% of net assets currently undergoing renegotiation, and the expectation of a declining DPU as the Selic rate falls.
last close R$ 7.8 · all-time low R$ 7.12 · high R$ 10.14 · book value per unit R$ 9.49.
Average daily volume (21 sessions) of R$ 1,207,122 · 12-month average of R$ 1,021,993.
Good liquidity for a Fiagro. A R$ 100k position exits in ~0.41 business days; R$ 1M in ~4.1 days. The manager cites FGAA11 as one of the most liquid Fiagros (volume-to-NAV ratio).
FGAA11 was launched in Jan/2022 as one of the pioneer Fiagro (Brazilian agribusiness fund) vehicles following CVM resolution 39/2021, coordinated by XP. Across two offerings (2022 and 2023), the fund grew from R$ 87M to R$ 431M in net assets, establishing itself as FG/A's vehicle for agribusiness corporate credit with a heavy concentration in the sugar-and-ethanol sector.
2025 was a year of governance milestones: change of responsible director (BRL Trust → Apex), change of auditor (BDO RCS), and the identification of the misuse of segregated asset reserve funds by Virgo Securitizadora, which resulted in a formal audit qualification on ~R$ 70M (16% of net assets). The case has been resolved: the Riza group assumed control of the securitizer on Nov 10, 2025 (renamed Riza Securitizadora S.A. in Dec/2025), the FIF Allocation resources returned to their origin accounts adjusted by the CDI, and BDO reissued the report on May 6, 2026, without qualification. Management responded to the price discount with a unit buyback program (launched Aug/2025, running through Sept/2026) and adjusted the dividend from R$ 0.12 to R$ 0.115 and subsequently to R$ 0.11 in May/2026, amid the Selic, Brazil's policy rate, easing cycle. The portfolio remains 100% current on cash-flow payments, with one borrower representing ~5% of net assets still under close monitoring.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO E IPO | Fund established on January 4, 2022, as a Real Estate Fiagro (FIAGRO-Imobiliário). Primary offering (1st issuance) coordinated by XP Investimentos under CVM Instruction 400, R$ 10.00/unit, minimum amount of R$ 70M. |
| 2ª EMISSÃO E EXPANSÃO | 2nd issuance (up to R$ 200M at R$ 9.60/unit). Capital expanded to R$ 327M by June 2023. Units jumped from 9M to 34M. |
| 3ª EMISSÃO ENCERRADA | Closing announcement of the 3rd issuance on September 5, 2023: 10.98 million new units, totaling an additional R$ 107M. Units outstanding reach 45M. |
| TROCA DE DIRETOR RESPONSÁVEL | Marcelo Vieira Francisco takes over as Responsible Director for BRL Trust DTVM on September 2, 2024, amid BRL Trust's absorption by the Apex Group. |
| PROGRAMA DE AMORTIZAÇÃO | On March 11, 2025, the Manager recommended a partial amortization plan (art. 63 of the bylaws), paid in 4 installments. The program was suspended on June 26, 2025, after CVM Resolution 214/2025 authorized unit buybacks with cancellation. |
| RECOMPRA APROVADA | Formal consultation approved by qualified quorum on August 29, 2025: inclusion of buybacks in the bylaws, alignment with CVM Instruction 214, and expansion of the mandate to include Financial CPRs and CDCAs. |
| INCIDENTE VIRGO | In August 2025, management identifies allocations of segregated asset reserve funds in Virgo CRAs within FIF Allocation (managed by the same manager). Formal notification sent to Virgo and the CVM on August 28, 2025. |
| INÍCIO DA RECOMPRA | On September 11, 2025 (material fact notice), the manager announces the intention to begin buybacks on September 26, 2025, lasting up to 12 months (scheduled completion on September 24, 2026). |
| BDO AUDIT QUALIFICATION (later reversed) | BDO RCS (new auditor) issues a QUALIFIED opinion on September 29, 2025, on the financial statements ended June 30, 2025, due to the inability to audit 5 Virgo CRAs (CRA022001P6, CRA022002MH, CRA022007KJ, CRA02200BQA, CRA024007EP). |
| CASO VIRGO RESOLVIDO — RIZA ASSUME | Indirect sale of Virgo's control to Riza Securitizadora Holding is completed on Nov 10, 2025; Compliance Director elected on Nov 19, 2025; corporate name changed to Riza Securitizadora S.A. at the EGM on Dec 12, 2025. The reserve fund resources invested in FIF Allocation are reallocated to their origin accounts, adjusted by the CDI, Brazil's interbank reference rate. With the financial statements |
| CURRENT — DPU R$ 0.11 | Reserves R$ 0.122 | Net assets of R$ 425.6M, 17 borrowers, 100% current on cash-flow payments. DPU at R$ 0.11/unit since May/2026 (paid June 15). Retained earnings reserves at R$ 0.122/unit and buyback accumulating ~R$ 1.47M in canceled units. In May/26, management liquidated its position in UISA (R$ 15.9M) and sold R$ 17.0M of Alcoeste, closing the month with ~R$ 42M in cash and ~R$ 35M in proprietary originations t |