Formerly VBI Reits FOF (RVBI11) — renamed on October 24, 2025 following the consolidation with BPFF11 and HGFF11. CNPJ 35.507.457/0001-71. Multi-strategy fund (FII + CRI + cash) managed by Pátria - VBI Securities Ltda.
Segment: Multi-strategy (FoF + Credit) · Price R$ 50.92 · P/BV 0.7044 · BV/unit R$ 72.29 · Net assets R$ 1,33 Bi · 81,706 unitholders
PSEC11 (Pátria Securities FII) is a Brazilian REIT in the Multi-strategy (FoF + Credit) segment. Formerly VBI Reits FOF (RVBI11) — renamed on October 24, 2025 following the consolidation with BPFF11 and HGFF11. CNPJ 35.507.457/0001-71. Multi-strategy fund (FII + CRI + cash) managed by Pátria - VBI Securities Ltda.
Born from the merger of three funds managed by Pátria, it brings together units of dozens of FIIs (shopping malls, warehouses, offices) and dozens of real estate loans (CRIs) in a diversified portfolio. Pay attention: two CRIs have payments under monitoring and may pressure distributions.
This page gathers the factual snapshot of PSEC11 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 Ltda. (subsidiary of Pátria Investimentos).
Pátria Investimentos is Latin America's largest independent alternative asset manager, with R$ 289B under management and over 37 years of history. Its Real Estate division is a benchmark for FIIs in Brazil, with over 30 funds listed on the B3 and R$ 38B in FIIs, including PVBI11, PCIP11, VCJR11, VVRI11, and the former VBI fund now renamed.
In Aug/2024, Pátria completed the acquisition of VBI Real Estate (RVBI11's original manager), and in Dec/2024, fund management was formally transferred to Pátria - VBI Securities. The consolidation brought economies of scale and improved governance, but also the challenge of unifying three funds with different mandates (pure FoF RVBI11, BPFF11 FoF, HGFF11 FoF) into a single multi-strategy vehicle. Institutional reputation is excellent, but PSEC11's post-consolidation track record is still short (6 months) and investors are learning the new mandate in real time.
See our analysis of Pátria - VBI Securities Ltda. (subsidiary of Pátria Investimentos) →
FII-to-CRI rotation accelerating: 79 FIIs + 38 CRIs, distributable earnings R$ 0.69/unit in Apr/26 (target 40-50% CRI by Dec/26)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Units of Pátria group FIIs (PVBI11, VCJR11, etc.) | — | 14.2% | — |
| TG Core FII Units | — | 6.5% | — |
| FII units managed by BRL | — | 6.1% | — |
| FII units managed by XP | — | 5.3% | — |
| FII units managed by TRX | — | 4.9% | — |
| FII units managed by Valora | — | 4.8% | — |
| FII units managed by Mauá | — | 4.4% | — |
| FII units managed by Kinea | — | 4.3% | — |
| FII units managed by More Invest | — | 4.1% | — |
| FII units managed by RBR | — | 3.7% | — |
| FII units managed by Hedge Investments | — | 2.5% | — |
| FII units managed by BTG Pactual | — | 1.9% | — |
| FII units managed by Tivio | — | 1.6% | — |
| CRI WTC | — | 4.6% | — |
| Carrefour CRI | — | 1.8% | — |
| Cabreúva CRI | — | 1.1% | — |
| Colmeia Prime CRI | — | 0.7% | — |
| CRI Conx | — | 0.7% | — |
| Embraed-Alaia CRI | — | 0.7% | — |
| Melhoramentos CRI | — | 0.6% | — |
| CRI Primato | — | 0.6% | — |
Fund's P/BV.
book value per unit R$ 72.29.
| Period | What happened |
|---|---|
| IPO as VBI REITS FOF (RVBI11) | Operations began on Feb/04/2020 with 1,440,000 units at R$ 100 each (NAV R$ 144M). Original mandate: invest primarily in units of other FIIs. Original manager: VBI Real Estate Gestão de Carteiras. |
| Stable FoF phase | Fund operates as a pure FoF with NAV close to R$ 130M. DPU rises gradually from R$ 0.33 (May/2020) to R$ 0.75 (Jul/2021), stabilizing there until Dec/2023. Unitholders grow from 9k to 12k. |
| Massive 2nd offering and mandate change | Completes 2nd offering raising ~R$ 720M and increasing NAV from R$ 124M to R$ 876M (+606%). Changes name to 'VBI REITS MULTIESTRATÉGIA' and expands mandate to include CRI, LCI, LIG, FIDC. Unitholders jump from 12k to 42k. |
| Pátria acquires VBI Real Estate | Announcement of Pátria Investimentos' acquisition of VBI Real Estate — manager joins Latin America's largest alternative asset platform (R$ 289B AuM). |
| Spin-off and transfer of management to Pátria-VBI Securities | Partial spin-off of VBI Real Estate; fund management transferred to newly created PÁTRIA - VBI SECURITIES LTDA., a subsidiary of Pátria. Bylaws amendment published on Dec/06/2024 (ID 796573). |
| Adoption of CVM 175 (Limited Liability) | On Jun/04/2025, fund migrates to CVM Resolution 175 regime with unitholder limited liability. Name changes to 'VBI REITS MULTIESTRATÉGIA FII - RL' (ID 917917). |
| BPFF11 + HGFF11 consolidation approved | In Aug/2025, unitholder meetings of the 3 FoFs (RVBI11, BPFF11, HGFF11) approve the consolidation. Portfolio assets of BPFF and HGFF are transferred to RVBI11 on Sep/30/2025, forming a combined portfolio of 110 FIIs + 19 CRIs. |
| 3rd offering (R$ 603M) and ticker change to PSEC11 | On Oct/01/2025, completes 3rd offering (R$ 603.3M) — receipts begin trading as PSEC11 starting Oct/16/2025. On Oct/24/2025, name changes to 'PATRIA SECURITIES FII - RL' and B3 ticker to PSEC11. Units jump from 10.28M to 18.40M (+79%). |
| Beginning of CRI rotation | Pátria initiates selective liquidation of non-strategic listed FIIs. CRIs grow from 3.5% to 14.9% of NAV in 4 months. DPU reduced from R$ 0.70 to R$ 0.65 in Nov/2025. |
| DPS cut to R$ 0.55 | Manager announces temporary DPU cut from R$ 0.65 to R$ 0.55 (-15.4%) starting Apr/2026, maintaining it through at least Jun/2026. Rationale: real recurring level is ~R$ 0.60 and reserves were supporting the payout. Portfolio goes from 118 to 83 FIIs (target: 40-50 funds by the end of 2026). |
| Apr/2026 results — CRI carry elevates distributable earnings to R$ 0.69/unit | Distributable earnings of R$ 0.69/unit, 25% above the DPU of R$ 0.55. CRIs contributed R$ 0.23/unit. 7 new CRIs allocated (R$ 76M). 79 FIIs in portfolio (target 40-50 by Dec/26). Accumulated reserves recovered to R$ 0.18/unit. Management signals expectation of raising DPU in the second half. |
| Current analysis (Rico aos Poucos) | Current position: 18.40M units, 84,072 unitholders, NAV R$ 1.364B, BV R$ 74.12, DPU R$ 0.55, P/BV 0.78, DY 11.4% (based on unit price R$ 58.04). 79 FIIs + 38 CRIs in portfolio. |