Kinea Infra — Investment Fund in Quotas of Tax-Incentivized Infrastructure Investment Funds (Fixed Income Private Credit), managed by Kinea Investimentos
Segment: FI-Infra · Multi-sector (infrastructure) · Price R$ 112.75 · P/BV 0.9462 · BV/unit R$ 119.16 · Net assets R$ 2.80 billion · 42,791 unitholders
KDIF11 (Kinea Infra FIC FI-Infra) is a Brazilian REIT in the FI-Infra · Multi-sector (infrastructure) segment. Kinea Infra — Investment Fund in Quotas of Tax-Incentivized Infrastructure Investment Funds (Fixed Income Private Credit), managed by Kinea Investimentos
A Kinea fund (backed by Itaú) that lends money to dozens of infrastructure projects — sanitation, solar energy, and toll roads — distributing monthly income exempt from income tax for individual investors. Note: in a high-interest-rate environment, exchange-traded prices fluctuate.
This page gathers the factual snapshot of KDIF11 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: Kinea Investimentos Ltda..
Kinea Investimentos is one of Brazil's largest and most respected alternative asset managers, controlled by Itaú Unibanco. Founded in 2007, it operates across real estate funds, private equity, structured credit, and multi-market funds. In the FI-Infra segment, it possesses extensive expertise in structuring and analyzing incentivized debentures, with privileged access to sanitation, energy, transmission, and toll road transactions. KDIF11 is the largest FI-Infra in the Brazilian market, with R$ 2.80 billion in NAV and ~42.8 thousand unitholders, reflecting the firm's distribution power and reputation.Portfolio of 67 incentivized infrastructure debentures — sanitation, solar generation, transmission, and toll roads. Detailed composition per Kinea management report (Apr/2025); headers updated Jul/2026.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Portocem Geração de Energia S.A. | — | — | — |
| Rio+ Saneamento BL3 S.A. | — | — | — |
| Transmissora Aliança de Energia (Taesa) | — | — | — |
| Rodovias do Sul de Minas (EPR) | — | — | — |
| Tropicália Transmissora de Energia | — | — | — |
| Coromandel Photovoltaic Power Plant | — | — | — |
| Eco135 Concessionária de Rodovias | — | — | — |
| Transmissora José Maria de Macedo | — | — | — |
| Ayrton Senna/Carvalho Pinto Toll Roads | — | — | — |
| V2i Energia S.A. | — | — | — |
| Breakdown | Share |
|---|---|
| By state | Brazil (diversified) 100.0% |
| By index | IPCA+ 92.0% · CDI+ 8.0% |
last close R$ 112.75 · all-time low R$ 107.0 · high R$ 128.36 · book value per unit R$ 119.16.
Average daily volume (21 sessions) of R$ 2,850,000.
High liquidity — ~R$ 2.85M/day, one of the highest in the FI-Infra segment.
| Period | What happened |
|---|---|
| CRIAÇÃO | KDIF11 registered with CVM on Apr 27, 2017 (CNPJ 26.324.298/0001-89). Kinea structured an FI-Infra to invest in incentivized infrastructure debentures (Law 12.431/2011), with secondary trading commencing in 2018. |
| CRESCIMENTO | Fundraising and asset growth phase. The fund benefits from a favorable environment and growing demand for tax-exempt infrastructure assets. |
| CONSOLIDAÇÃO | Portfolio maturation in a high-Selic environment. KDIF11 maintains consistent distributions and demonstrates the resilience of the infrastructure credit model. |
| LIDERANÇA | KDIF11 solidifies its position as the LARGEST FI-Infra in Brazil, with an NAV of R$ 2.80 billion and ~42.8 thousand unitholders. Portfolio features 67 issues, a 5.6-year duration, and an IPCA+ ~10.2% carry. |