Infrastructure Private Equity Fund (FIP-IE) focused on equity stakes in electric power projects (generation and transmission) — a finite-term legal structure, not a traditional Brazilian REIT-style fund (FII)
Segment: Infrastructure Private Equity Fund (FIP-IE) · Price R$ 32.75 · P/BV 0.23 · BV/unit R$ 142.11 · Net assets R$ 1,08 Bi · 2,716 unitholders
PICE11 (Pátria Infraestrutura Energia Core FIP Infra) is a Brazilian REIT in the Infrastructure Private Equity Fund (FIP-IE) segment. Infrastructure Private Equity Fund (FIP-IE) focused on equity stakes in electric power projects (generation and transmission) — a finite-term legal structure, not a traditional Brazilian REIT-style fund (FII)
PICE11 does not lease properties or lend money: it acquires equity stakes in power plants and electric transmission lines in Brazil, managed by Pátria Investimentos. Investor returns come when these projects mature and are sold — not from monthly dividends. With a finite termination date and very light daily trading volume (R$ 67 thousand), it is an asset for those who can wait years without needing access to their capital.
This page gathers the factual snapshot of PICE11 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 Investimentos Ltda.
Pátria Investimentos is one of Latin America's largest alternative asset managers, with recognized expertise in private equity, infrastructure, and credit. In the energy segment, Pátria has a history of structuring and managing generation and transmission projects. However, the specific track record of PICE11 — how much value has been created or destroyed since capital raising — was not examined in this lite analysis and requires reading the fund's CVM documents for a complete assessment.| Breakdown | Share |
|---|---|
| By asset class | Participações em projetos de energia (FIP-IE) |
A P/BV of 0.23 means the market pays R$ 23 for every R$ 100 of stated net assets. For finite-term private equity funds, a discount of this magnitude is common and reflects: (1) structural vehicle illiquidity, (2) uncertainty regarding NAV realizability, (3) project execution risk, and (4) uncertainty regarding divestment timing. A low P/BV in a FIP-IE is not necessarily an opportunity — it may be the correct pricing of risk.
last close R$ 32.75 · all-time low R$ 23.11 · high R$ 103.19 · book value per unit R$ 142.11.
Average daily volume (21 sessions) of R$ 67,110.
Extremely low liquidity. A R$ 100k position takes ~1.5 business days to exit without moving the price; R$ 500k takes over a week. Practically illiquid for meaningful positions.
This analysis is based on public market data. To understand the fund's complete trajectory — capital raising, completed investments, divestment timeline, and NAV evolution — reviewing the fund's management reports and filings available on CVM is required.
| Period | What happened |
|---|---|
| CRIAÇÃO | Pátria Infraestrutura Energia Core FIP Infra established under CNPJ 34.027.597/0001-80, raising capital for equity investments in electric power projects (generation and transmission). |
| SITUAÇÃO ATUAL | Fund trading at an extreme 77% discount to stated NAV. Cumulative distribution of R$ 0.50/unit over 12 months. Daily liquidity of R$ 67 thousand. |