HGFF11 — Patria Multi FoF FII

(formerly CSHG Fundo de Fundos)

Segment: Fund of Funds · Price R$ 62.38 · P/BV 0.7716 · BV/unit R$ 80.85 · Net assets R$ 231,5 Mi · 14,789 unitholders

What is HGFF11

HGFF11 (Patria Multi FoF FII) is a Brazilian REIT in the Fund of Funds segment. (formerly CSHG Fundo de Fundos)

Fund closed in October/2025 — invested in units of dozens of other real estate funds, covering all market segments, with active curation by Patria Investimentos. Unitholders received units of PSEC11 (Pátria Securities) upon liquidation.

This page gathers the factual snapshot of HGFF11 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.

HGFF11 numbers in 2026

  • Net assets: R$ 231,5 Mi
  • Book value per share: R$ 80.85
  • Number of shareholders: 14,789

Portfolio composition

  • FII de CRI: 23%
  • Shoppings: 19.8%
  • Log./Industrial: 15%
  • Lajes Corp.: 14.5%
  • Varejo: 10.2%
  • FoF: 5.4%
  • Agências: 5.4%
  • Outros: 6.7%

Fees

  • Management fee: 0,80% a.a.
  • Performance fee: 20%
  • Custody fee: 0%

Manager

Management: Patria Investimentos.

Active management with diversified allocation across FII segments. Patria's Real Estate team (formerly CSHG) managed the fund with consistent recurring earnings (average FFO of R$ 0.68-0.72/unit). The decision to consolidate with RVBI11 aimed at cost reduction and strategy expansion.
  • Início: Ago/2019
  • Patrimônio: R$ 231 Mi
  • Invested FIIs: 36

See our analysis of Patria Investimentos →

Price, P/BV and book value

Last P/BV before liquidation: 23% discount to book value

last close R$ 62.38 · all-time low R$ 49.88 · high R$ 124.98 · book value per unit R$ 80.85.

HGFF11 track record

HGFF11 operated for 6 years (Aug/2019 to Oct/2025), transitioning from CSHG FoF to Patria Multi FoF. The fund distributed consistent monthly distributions of R$ 0.68/unit and concluded with its consolidation into RVBI11, enabling a partial unlocking of the book discount for unitholders. The cumulative return of the adjusted book unit value was +33.8% since inception.
PeriodWhat happened
IPOLaunched in August/2019 as CSHG Fundo de Fundos by Credit Suisse Hedging-Griffo. Focused on active management of FII units.
CRESCIMENTOPortfolio consolidation period with diversification across segments. Good relative performance against the IFIX.
SELIC ALTAInterest rate hike cycle pressures brick-and-mortar funds. HGFF maintains distributions through active management and CRI allocations.
TRANSIÇÃO PATRIAFollowing Patria's acquisition of CSHG, the fund undergoes rebranding. Extraordinary distribution in Dec/2024 (R$ 1.35/unit).
LIQUIDAÇÃOAGE approves dissolution and consolidation with RVBI11 (VBI Reits Multiestratégia). Trading ceased on Aug 18, 2025.
ENCERRAMENTO FORMALLegal-accounting closure completed: final bylaws amendment and Financial Statements for Activities Termination filed with CVM. RVBI11, which inherited the portfolio, trades as PSEC11 (Pátria Securities).

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