(Electric power transmission FIP-IE — managed by Perfin Administração de Recursos)
Segment: FIP-IE · Electric Power Transmission · Price R$ 61.9 · P/BV 0.5717 · BV/unit R$ 108.27 · Net assets 1830000000 · 4,317 unitholders
PFIN11 (Perfin Apollo Energia Fundo de Investimento em Participações em Infraestrutura) is a Brazilian REIT in the FIP-IE · Electric Power Transmission segment. (Electric power transmission FIP-IE — managed by Perfin Administração de Recursos)
Owner of equity stakes in seven electric power transmission companies that receive a guaranteed regulated revenue from ANEEL, passed through as dividends. Be aware: payments are irregular — the fund may go months without distributing and concentrate payouts entirely on asset sales.
This page gathers the factual snapshot of PFIN11 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: Perfin Administração de Recursos.
Perfin Administração de Recursos is an independent Brazilian asset manager with a consolidated track record in equities and real assets/infrastructure. With PFIN11, the firm has built a portfolio of 7 electric power transmission companies spanning roughly 2,000 km of transmission lines under availability contracts regulated by ANEEL—a segment that delivers one of the most predictable cash flows in the economy (contracted RAP indexed to inflation, with low correlation to the actual volume of energy transmitted).
Its key strength lies in sector specialization: structuring and managing equity stakes in transmission SPVs requires technical regulatory expertise, knowledge of ANEEL auctions, line CapEx, and project finance structures. The management fee of 0.60% p.a. is competitive for an actively managed infrastructure equity vehicle. The trade-off is the nature of the product: distributions to unitholders depend on divestment events (the sale of transmission assets), which makes earnings more lumpy and the management harder to evaluate quarter-over-quarter compared to a traditional Brazilian REIT-style fund (FII). The 7.0 rating reflects a competent, specialized manager running a niche product whose performance will ultimately be judged by the quality and timing of asset sales.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| TME — Transmission Company (Mato Grosso) | — | — | — |
| EDTE — Transmission Company (Bahia) | — | — | — |
| ETB — Transmission Company (Bahia) | — | — | — |
| TPE — Transmission Company (Bahia / Minas Gerais) | — | — | — |
| TCC — Transmission Company (Minas Gerais / Espírito Santo) | — | — | — |
| TSM — Transmission Company (Rio de Janeiro / São Paulo) | — | — | — |
| CGI — Transmission Company (Paraíba / Pernambuco) | — | — | — |
Market price (R$ 61.90, June 17, 2026) versus book value per unit (R$ 108.27) = P/BV of 0.57x, a 43% discount. This is one of the steepest discounts on the exchange among real asset vehicles. However, note that a FIP-IE's book value is a fair value mark-to-market of its holdings (discounted cash flow appraisal of permitted annual revenues), not an immediate liquidation price. Part of the discount reflects underlying asset illiquidity, uncertainty regarding the fund's lifespan, and a minuscule unitholder base (4,317). Unlocking value depends on concrete events — selling transmission assets close to appraised value, as suggested by the May/26 special distribution of R$ 28.14.
last close R$ 61.9 · all-time low R$ 47.99 · high R$ 65.36 · book value per unit R$ 108.27.
Average daily volume (21 sessions) of R$ 2,100,000 · 12-month average of R$ 2,100,000.
LOW liquidity. A R$ 1 million position takes ~0.5 business day of average volume to liquidate, but with only 4,317 unitholders, the actual price impact may be much higher than theoretical calculations suggest.
Since its CVM registration in November 2019, PFIN11 has built a portfolio of 7 power transmission companies with ~2,000 km of lines, delivering a total return of +36.01% and ~30% over the last 12 months (average of divergent sources). Total volatility of 19.76% and a negative Sharpe ratio (-0.26) reflect the behavior of a chronically discounted, low-liquidity unit. The major recent milestone was the special distribution of R$ 28.14 per unit in May/2026, signaling the start (or continuation) of a divestment cycle — the event underpinning the thesis of capital amortization at a discount to book value.
| Period | What happened |
|---|---|
| REGISTRO CVM | Establishment and CVM registration of Perfin Apollo Energia FIP-IE, managed by Perfin Administração de Recursos, with an objective to invest predominantly in electric power transmission (up to 30% in generation). |
| PRIMEIRAS DISTRIBUIÇÕES | Inception of the distribution cycle to unitholders, including the first principal repayment (R$ 0.60 in Sep/2021) and regular payments as transmission assets enter operations and generate RAP. |
| DISTRIBUIÇÕES ELEVADAS | Year of robust distributions: R$ 3.87 per unit in Jun/2022 and R$ 3.00 per unit in Oct/22 — signs of meaningful cash generation from fully operational transmission lines and/or realized gains. |
| REGIME DE CRUZEIRO | More moderate and spaced-out distributions (R$ 0.90 to R$ 2.10), reflecting the irregular, event-driven nature typical of FIP-IEs — RAP is stable, but unitholder distributions depend on realization timing. |
| DISTRIBUIÇÃO ESPECIAL R$ 28,14 | Extraordinary payment of R$ 28.14 per unit (ex-date May 4, paid May 11) — ~45% of the unit price. Most probable interpretation: sale of one of the portfolio assets or partial divestment, with distribution of proceeds. Inflated the 12-month dividend yield to 51.10%. |
| ATUAL | Unit price at R$ 61.90 vs book value of R$ 108.27 (P/BV of 0.57, 43% discount). Net assets of R$ 1.83B, 16.94 million units, only 4,317 unitholders. Portfolio of 7 transmission companies with ~2,000 km of lines under ANEEL RAP. |