MÉRITO CEMITÉRIOS FII – REAL ESTATE INVESTMENT FUND WITH LIMITED LIABILITY — death-care mandate: cemeteries, crematoriums, and funeral services; CNPJ 46.157.247/0001-17
Segment: Death care / Public Concession — ANBIMA others segment · Price R$ 26.97 · P/BV 0.9694 · BV/unit R$ 27.82 · Net assets 95000000 · 228 unitholders
MCEM11 (Mérito Cemitérios FII) is a Brazilian REIT in the Death care / Public Concession — ANBIMA others segment segment. MÉRITO CEMITÉRIOS FII – REAL ESTATE INVESTMENT FUND WITH LIMITED LIABILITY — death-care mandate: cemeteries, crematoriums, and funeral services; CNPJ 46.157.247/0001-17
This page gathers the factual snapshot of MCEM11 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: Mérito Investimentos S.A..
Mérito Investimentos S.A. is MCEM11's manager and also controls the administrator via Mérito DTVM — a concentrated governance structure. The manager spearheaded the creation of a pioneering fund in the Brazilian funeral sector, but faces severe external obstacles (municipal bureaucracy) and internal obstacles (OTC delisting, distribution suspension). Communication with unitholders has been transparent regarding delays from the City of São Paulo, yet the OTC delisting in Jun/2026 represents a significant deterioration in the fund's profile.100% concentrated in the concession of 5 São Paulo cemeteries via SPE Consórcio Cortel SP — ANBIMA others segment multi-strategy fund
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| SPE Consórcio Cortel SP (Voting + Non-Voting) | São Paulo, SP | 98.9% | — |
| Mérito M01 FII | — | 1.1% | — |
last close R$ 26.97 · all-time low R$ 26.97 · high R$ 66.26 · book value per unit R$ 27.82.
Average daily volume (21 sessions) of R$ 16,000.
Virtually nonexistent liquidity. With R$ 16k/day in average volume, exiting a R$ 100k position would take over 6 trading days. Any meaningful position is virtually impossible to liquidate without destroying the price. Even worse on the OTC market where price discovery is precarious.
| Period | What happened |
|---|---|
| CRIAÇÃO | Establishment of MCEM11 — Brazil's first real estate fund (FII) with an exclusive death-care sector mandate. |
| OPERAÇÃO INICIAL | Start of operations with irregular distributions and construction of the cemetery base. |
| DIVIDENDO CUMULATIVO | Start of the fixed cumulative distribution regime of R$ 0.67/month. |
| SUSPENSÃO DE DIVIDENDOS | Break: fund suspends distributions due to insufficient cash flow — City of São Paulo fails to approve maintenance fee. |
| TOMBAMENTO AO BALCÃO | Critical event: compulsory migration from B3 to the OTC over-the-counter market. |
| CATALISADOR PENDENTE | The thesis's sole catalyst: approval of the maintenance fee by the City of São Paulo. |