Renamed in 2025 to 'Life Capital Partners Fundo de Investimento Imobiliário Responsabilidade Limitada'. CNPJ 39.753.295/0001-02. ANBIMA classification: Multi-strategy / Residential / Hybrid Active Management — though in practice it is a pulverized real estate credit Brazilian REIT-style fund (FII) focused on residential development in the South region.
Segment: Hybrid (Pulverized Real Estate Credit — residential development) · Price R$ 6.85 · P/BV 0.7011 · BV/unit R$ 9.77 · Net assets R$ 388 Mi · 20,952 unitholders
LIFE11 (Life Capital Partners FII) is a Brazilian REIT in the Hybrid (Pulverized Real Estate Credit — residential development) segment. Renamed in 2025 to 'Life Capital Partners Fundo de Investimento Imobiliário Responsabilidade Limitada'. CNPJ 39.753.295/0001-02. ANBIMA classification: Multi-strategy / Residential / Hybrid Active Management — though in practice it is a pulverized real estate credit Brazilian REIT-style fund (FII) focused on residential development in the South region.
Finances residential subdivision projects from mid-sized developers in the South of Brazil via CRIs, True Sale, and FIDCs, featuring 17 operations and a real IPCA+12 spread exceeding what high-grade credit funds deliver. Caution: the position in the Residence Club FIDC (10% of net assets) entered formal restructuring in June 2026.
This page gathers the factual snapshot of LIFE11 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: LCP Gestora de Recursos.
LCP Gestora de Recursos is headquartered in Curitiba (PR) and its partners bring over 10 years of experience in the southern real estate sector. The investment thesis is coherent: leverage regional relationship networks to originate subdivision CRIs and True Sales that major managers (focused on the Southeast/Midwest) do not serve. Execution has been consistent: 152.8% of the net CDI since the IPO (March 2022), stable DPU of R$ 0.12 over the last 9 months, and distribution coverage via real earnings (R$ 67.8M in 2025 vs R$ 55.3M distributed). The weak spot is the FIDC Residence Club position (fractional ownership), which deviates from the core subdivision mandate and suffered a markdown in Feb/26.Pulverized real estate credit portfolio — 8 CRIs + 1 FIDC + 7 True Sale SPEs + Home Equity, focused on southern subdivisions
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| EMA CRI (Barra Loft) | — | 6.7% | — |
| Vectra CRI (Sky Residence + Reserva Saltinho) | — | 2.9% | — |
| QSJRN CRI (Quintas São José do Rio Negro) | — | 9.0% | — |
| CRI Mirante | — | 10.1% | — |
| CRI Vanvera | — | 1.3% | — |
| ABecker II CRI | — | 0.6% | — |
| CRI Poehma | — | 1.2% | — |
| Mirante 2 CRI | — | 1.4% | — |
| FIDC Residence Club | — | 10.0% | — |
| Home Equity 2 | — | 1.6% | — |
| Maragogi SPE (True Sale) | — | 12.2% | — |
| Green Portugal II SPE (True Sale) | — | 9.1% | — |
| One II SPE (True Sale) | — | 11.6% | — |
| Marmet SPE (True Sale) | — | 16.3% | — |
| Open K Ativos e Recebíveis Imobiliários FII | — | 0.6% | — |
HHI 0.084 — baixa.
| Breakdown | Share |
|---|---|
| By state | South (PR/SC/RS) 61.0% · North (AM/RO) 10.0% · Midwest (GO/MT) 20.0% · Northeast (SE) 7.0% · Caixa/Outros 2.0% |
| By index | IPCA 62.0% · CDI 27.0% · IGP-M 6.0% · Caixa-CDI 5.0% |
A P/BV of 0.89 indicates an 11% discount to net assets — moderate. The subsegment median is 0.62, placing LIFE11 above the peer average (TGAR11 0.59, HCTR11 0.19).
last close R$ 6.85 · all-time low R$ 7.89 · high R$ 10.99 · book value per unit R$ 9.77.
Average daily volume (21 sessions) of R$ 1,080,000 · 12-month average of R$ 950,000.
Medium-high liquidity for a granular credit FII. A R$ 100k position can be exited the same day; R$ 500k in ~2 days; R$ 1M in ~5 business days. Suitable for typical retail investors.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund constituted but not yet operating — initial fundraising in structuring phase. |
| IPO | Commenced operations with net assets of R$ 22M and 3 unitholders (1 non-resident). |
| PRIMEIRAS EMISSÕES | Growth via 2nd, 3rd, and 4th offerings — structuring of the CRI portfolio. |
| EXPANSÃO | 5th offering and entry into the IFIX — first round of True Sales. |
| CONSOLIDAÇÃO | 6th offering (R$ 250M at R$ 10.03) and expansion of the True Sale model. |
| PADRONIZAÇÃO | Management decides to normalize DPU at R$ 0.12 starting Jul/2025 — semiannual guidance. |
| AJUSTE PORTFÓLIO | Markdown of FIDC Residence Club in Feb/2026 and quote decline amid an IFIX rally. |