Formerly VBI CRI (CVBI11) — renamed on Sep 24, 2025 following consolidation with PLCR11 and BARI11. CNPJ 28.729.197/0001-13. On Aug 21, 2026: General unitholders' meeting formally called to absorb RBRR11, VCJR11, and RPRI11 (combined net assets of ~R$ 4.9B).
Segment: Paper — High Grade IPCA+ CRI · Price R$ 72.2 · P/BV 0.781 · BV/unit R$ 92.45 · Net assets R$ 1,57 Bi · 113,625 unitholders
PCIP11 (Pátria Crédito Imobiliário Índice de Preços FII) is a Brazilian REIT in the Paper — High Grade IPCA+ CRI segment. Formerly VBI CRI (CVBI11) — renamed on Sep 24, 2025 following consolidation with PLCR11 and BARI11. CNPJ 28.729.197/0001-13. On Aug 21, 2026: General unitholders' meeting formally called to absorb RBRR11, VCJR11, and RPRI11 (combined net assets of ~R$ 4.9B).
Comprises over one hundred credit contracts with major corporations and distributes interest payments every month, with the portfolio almost entirely protected against inflation via IPCA. Note: the manager has called a general meeting to merge the fund with three others, creating a ~R$ 4.9B platform — the exchange ratio has not yet been disclosed.
This page gathers the factual snapshot of PCIP11 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: Pátria - VBI Securities.
Pátria Investimentos is one of Latin America's largest alternative asset managers, with +R$ 289B under management and operations across 4 continents. The Real Estate unit manages +R$ 38B across +30 listed real estate funds, making it Brazil's largest independent real estate fund manager. PCIP11 is the firm's primary high-grade IPCA+ paper vehicle, created through the consolidation of CVBI, PLCR, and BARI in August 2025. Management boasts a solid track record of 11.7% p.a. since its 2019 IPO (vs. IFIX 6.0%, CDI 9.5%, IMA-B 6.6%) and acted decisively by consolidating funds to reduce risk and increase liquidity. Commentary and watchlists are detailed, reflecting high transparency regarding distressed CRIs.Post-consolidation BARI+PLCR portfolio (Aug 2025): 107 CRIs + 4 structured ops + 8 real estate funds across 14 segments, 90% IPCA+
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-rp-gpa-fii | — | 5.4% | — |
| cri-airport-town | — | 4.8% | — |
| cri-cidade-matarazzo-b | — | 4.2% | — |
| cri-cogna-venancio | — | 3.3% | — |
| cri-bari-ipca-sr | — | 3.3% | — |
| cri-buriti | — | 2.8% | — |
| cri-cortel | — | 2.6% | — |
| cri-yduqs-rj | — | 2.6% | — |
| cri-visconde-icarai-b | — | 2.1% | — |
| cri-gsfi | — | 2.0% | — |
| cri-boa-vista | — | 2.0% | — |
| cri-cidade-matarazzo-a | — | 1.6% | — |
| cri-gtis | — | 1.6% | — |
| cri-fii-brasil-incorp | — | 1.6% | — |
| cri-bari-igpm-sr | — | 1.5% | — |
| cri-mateus-trx | — | 1.5% | — |
| cri-invert-c | — | 1.5% | — |
| cri-new-sun-sr | — | 1.4% | — |
| cri-figueiras-parque | — | 1.3% | — |
| cri-rosewood-ii | — | 1.3% | — |
| cri-fii-patria-health | — | 1.3% | — |
| cri-bari-ipca-sub | — | 1.2% | — |
| cri-salinas-premium-sr | — | 1.2% | — |
| cri-sao-benedito | — | 1.2% | — |
| cri-catuai-a | — | 1.2% | — |
| cri-catuai-b | — | 1.2% | — |
| cri-hot-beach-sr | — | 1.1% | — |
| cri-tocantins-ii | — | 1.1% | — |
| cri-carrefour | — | 1.1% | — |
| cri-brdu | — | 1.1% | — |
| cri-cortel-ii-sub-a | — | 0.5% | — |
| cri-cortel-ii-sub-b | — | 0.5% | — |
| cri-cortel-ii-sr-a | — | 0.4% | — |
| cri-invert-d | — | 0.6% | — |
| cri-invert-b | — | 0.5% | — |
| MVBI Renda Imobiliária | — | 3.1% | — |
| Guardian Real Estate | — | 1.3% | — |
| Vértice Multistratégia | — | 0.9% | — |
| MCRE FII | — | 0.9% | — |
| Hectare Recebíveis | — | 0.7% | — |
HHI 0.022 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (São Paulo) 44.0% · Nordeste/Pulverizado 21.0% · Sul 7.0% · Centro-Oeste 7.0% · Norte 6.0% · Outros 15.0% |
| By index | IPCA 90.0% · CDI 6.0% · IGPM 2.0% · PreFixado 2.0% |
A P/BV of 0.92 reflects an 8% discount to the book value of R$ 93.16. For a post-consolidation high-grade IPCA+ FII, this pricing is consistent with peers (median 0.91).
last close R$ 72.2 · all-time low R$ 78.0 · high R$ 86.45 · book value per unit R$ 92.45.
Average daily volume (21 sessions) of R$ 4,300,000 · 12-month average of R$ 4,400,000.
Good liquidity — among the top 10 credit FIIs in the market. A R$ 1M position can be exited in ~1 business day without moving the price; R$ 10M in ~12 days. Compatible with significant positions.
| Period | What happened |
|---|---|
| IPO | Launched as VBI CRI (CVBI11) raising R$ 83.5M at R$ 100/unit. |
| EMISSÕES | Sequence of 5 offerings expanding net assets to R$ 1B. |
| CONSOLIDAÇÃO MAT. | Operational maturation and beginning of mark-to-market asset revaluations. |
| JUROS ALTOS | Selic at 13.75% and portfolio growth via reallocation. |
| REPRECIFICAÇÃO | Mark-to-market pressure on IPCA+ CRIs amid an opening yield curve. |
| CONSOLIDAÇÃO BARI+PLCR | Largest structural event in the fund's history — consolidation of the 3 Pátria paper real estate funds. |
| MARCO PCIP | Operational stabilization and active management of the consolidated portfolio. |