KOPA11 — Kinea Oportunidades Agro I

Fixed-term paper Fiagro (Brazilian agribusiness fund) — agro-industrial receivables portfolio (CRA, Fiagro FIDC) with a set maturity. CNPJ 51.475.461/0001-51

Segment: Fiagro · Paper / Agribusiness Receivables · Price R$ 222.22 · P/BV 0.8641 · BV/unit R$ 257.17 · Net assets R$ 91,2 Mi · 3,473 unitholders

What is KOPA11

KOPA11 (Kinea Oportunidades Agro I) is a Brazilian REIT in the Fiagro · Paper / Agribusiness Receivables segment. Fixed-term paper Fiagro (Brazilian agribusiness fund) — agro-industrial receivables portfolio (CRA, Fiagro FIDC) with a set maturity. CNPJ 51.475.461/0001-51

A Kinea (Itaú) fund that lends money to agribusiness via receivables certificates, distributing interest and capital monthly until winding down in August 2029. Be aware: nearly half the portfolio is concentrated in a single debtor, fuel distributor Monte Carlo.

This page gathers the factual snapshot of KOPA11 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.

KOPA11 numbers in 2026

Net assets: R$ 91,2 Mi
Book value per share: R$ 257.17
Number of shareholders: 3,473

Fees

Management Fee: 2,00% a.a.
Performance Fee: 20% of the excess over CDI + 5.00% p.a.
Custody Fee: n/d

Manager

Management: Kinea Investimentos Ltda..

Kinea Investimentos is one of the largest and most respected alternative asset managers in Brazil, belonging to the Itaú Unibanco group. With broad expertise in structured credit, Brazilian REIT-style funds (FIIs), Fiagros, and infrastructure funds, Kinea has a consistent track record of managing receivables portfolios. In the agribusiness sector, the manager structures CRA (Brazilian agribusiness receivables certificate), CPR (Rural Product Note), and other debt instruments tied to Brazilian agribusiness, a sector representing a significant share of national GDP with growing demand for structured financing.

Grupo: Itaú Unibanco
Especialidade: Credit / Alternatives
Tier: Tier-1 Brazil

See our analysis of Kinea Investimentos Ltda. →

KOPA11 portfolio: what the fund invests in

CRA and agribusiness FIDC portfolio with an average rate of CDI + 8.41% p.a. — data from the Jun/2026 management report

Asset	Location	% of NAV	Occupancy
Indigo Mezzanine A FIDC	—	27.9%	—
SuperFrio II CRA	—	23.8%	—
Monte Carlo CRA (GY series)	—	19.8%	—
Monte Carlo CRA (GX series)	—	19.6%	—
Monte Carlo 2 CRA	—	4.3%	—

Price, P/BV and book value

last close R$ 222.22 · book value per unit R$ 257.17.

Liquidity and trading

Average daily volume (21 sessions) of R$ 163,130.

Average daily trading volume of R$ 159–163 thousand (data from the Jun/2026 management report). Reduced liquidity — exiting a meaningful position may impact price or take multiple days.

KOPA11 track record

The KOPA11 was structured as an agricultural credit vehicle with a defined investment horizon. Kinea assembled the receivables portfolio, and the fund is progressively returning capital to unitholders as assets mature. The 12-month dividend yield of 33.75% is attractive in nominal terms, but investors must understand that part of this distribution is a return of principal, not net income on capital. Maturing in August 2029, the fund has a remaining useful life of ~3 years, during which it is expected to continue monthly distributions until final liquidation.

Period	What happened
CONSTITUIÇÃO	Creation and structuring of KOPA11 by Kinea Investimentos, with initial capital raising and assembly of the agro-industrial receivables portfolio.
AMORTIZAÇÃO EM CURSO	Fund in advanced amortization phase — 69.63% of base net assets already returned. Portfolio rate of CDI + 8.41%. Indigo FIDC matures Jul/2026.
ENCERRAMENTO	Fund maturity — liquidation of remaining receivables and return of residual capital to unitholders.