LPLP11 — Lago da Pedra FII

Lago da Pedra - Fundo de Investimento Imobiliário — CNPJ 37.262.752/0001-30 — Residential Real Estate Development for Sale (Riza Real Estate)

Segment: Residential / Development for Sale · Price R$ 225.0 · P/BV 0.7976 · BV/unit R$ 282.08 · Net assets R$ 226 Mi · 33 unitholders

What is LPLP11

LPLP11 (Lago da Pedra FII) is a Brazilian REIT in the Residential / Development for Sale segment. Lago da Pedra - Fundo de Investimento Imobiliário — CNPJ 37.262.752/0001-30 — Residential Real Estate Development for Sale (Riza Real Estate)

Closed-end vehicle for qualified investors — returns via progressive principal repayment, not current income

This page gathers the factual snapshot of LPLP11 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.

LPLP11 numbers in 2026

Net assets: R$ 226 Mi
Book value per share: R$ 282.08
Number of shareholders: 33

Fees

Management fee: 0,10% a.a.
Performance fee: n/d
Custody fee: n/d

Manager

Management: Riza Real Estate Gestora de Recursos Ltda..

Riza Real Estate is the real estate arm of Riza Asset Management, an independent asset manager founded in 2019. Riza has a consolidated track record in alternative strategies, and its real estate division specializes in real estate development structures — a high-risk segment with asymmetric return potential. LPLP11 reflects a closed-end/private fund strategy targeted at qualified investors willing to participate in the residential development cycle. The management fee of only 0.10% p.a. is exceptionally low, suggesting that the manager's compensation may be supplemented by other structures (performance fees, participation in development results).

Administrador: Oliveira Trust DTVM
Segmento: Residential Development
Público: Qualificado

Price, P/BV and book value

last close R$ 225.0 · all-time low R$ 191.00 · high R$ 560.00 · book value per unit R$ 282.08.

Liquidity and trading

Average daily volume (21 sessions) of R$ 3,040.

Critical liquidity — practically nonexistent. Exiting a R$ 10 thousand position takes ~3 days; R$ 100 thousand takes over 1 month. Incompatible with any strategy requiring minimal liquidity.

LPLP11 track record

LPLP11 operates under the classic development FII for sale model: the fund finances residential real estate development, sells the units, and progressively returns capital to unitholders via principal repayments. The drop in the unit price does not indicate deterioration — it reflects the natural reduction in book value as capital is returned. The fund is essentially closed-end (34 unitholders) and inaccessible to retail investors.

Period	What happened
CONSTITUIÇÃO	Fund incorporation and initial capital raising with qualified investors.
DESENVOLVIMENTO	Execution phase of residential development — construction and unit sales.
RETORNO DE CAPITAL	Advanced phase of capital return via principal repayments — unit price structurally declines as capital is returned.