KEVE11 — Even II Kinea FII

Even II Kinea Fundo de Investimento Imobiliário — a closed-end residential development real estate fund (FII) targeting qualified investors (CNPJ 32.317.313/0001-64)

Segment: Development / Residential · Price R$ 525.0 · P/BV 1.4312 · BV/unit R$ 366.82 · Net assets R$ 54,2 Mi · 416 unitholders

What is KEVE11

KEVE11 (Even II Kinea FII) is a Brazilian REIT in the Development / Residential segment. Even II Kinea Fundo de Investimento Imobiliário — a closed-end residential development real estate fund (FII) targeting qualified investors (CNPJ 32.317.313/0001-64)

Returns concentrated on residential unit sales — no rental income, fixed term, near-zero liquidity

This page gathers the factual snapshot of KEVE11 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.

KEVE11 numbers in 2026

Net assets: R$ 54,2 Mi
Book value per share: R$ 366.82
Number of shareholders: 416

Fees

Management fee: 1,45% a.a.
Performance fee: Not disclosed
Gestão: Passiva

Manager

Management: Kinea Investimentos Ltda..

Kinea Investimentos is the asset management arm of Itaú Unibanco and one of Brazil's largest and most respected alternative asset managers. With estimated AUM of around R$ 100 billion, Kinea is a benchmark in real estate funds, private equity, credit, and multi-market strategies. KEVE11 is one of Kinea's residential development products in partnership with Even Construtora, a listed developer (EVEN3) with a long track record in middle-upper-income residential real estate in São Paulo. The manager's financial strength reduces execution risk — Kinea has a robust track record managing FIIs — but does not eliminate the risks inherent to real estate development (sales velocity, construction costs, market conditions).

Controladora: Itaú Unibanco
AuM total: ~R$ 100 Bi
Market reputation: Top-3 Brazilian FII managers

See our analysis of Kinea Investimentos Ltda. →

KEVE11 portfolio: what the fund invests in

Residential development fund in partnership with Even — portfolio composed of residential units under development for sale

Asset	Location	% of NAV	Occupancy
Even II Project — Residential Development	—	100.0%	—

Concentration and diversification

HHI 1.0 — alta.

Price, P/BV and book value

last close R$ 525.0 · all-time low R$ 456.30 · high R$ 1184.95 · book value per unit R$ 366.82.

Liquidity and trading

Near-zero trading volume — fund with only 424 unitholders and audience restricted to qualified investors. Exiting via the secondary market is very difficult. Consider the investment illiquid for the fund's term.

KEVE11 track record

KEVE11 follows the classic logic of a residential development fund: capital raised from unitholders is allocated to the project, units are built and sold, and proceeds are distributed. Kinea provides management credibility and Even contributes construction expertise. The core risk is that returns depend entirely on the project's commercial success — sales velocity, price levels, and construction costs.

Period	What happened
CRIAÇÃO	Establishment of KEVE11 by Kinea Investimentos in partnership with Even Construtora to develop a residential project.
INCORPORAÇÃO	Development, construction, and commercialization phase of the residential units.
DISTRIBUIÇÃO RECENTE	Last distribution: R$ 10.83 per unit on June 30, 2026.
LIQUIDAÇÃO	Fund termination at the end of the fixed term, with liquidation of remaining assets and return of capital to unitholders.