FDO. INVEST. IMOB. RB CAPITAL I FUNDO DE FUNDOS — B3 trading ticker 'FII RB CFOF'. Managed by RB Asset Management Ltda., administered by BRL Trust DTVM, CNPJ 34.027.774/0001-28, IPO February 28, 2020. WARNING: fund in formal liquidation process following spin-off into FRBC11 (November 3, 2025) and full sale of remaining assets to REME11 (proposal dated January 20, 2026).
Segment: Fund of Funds / Absorbed by REME11 · Price R$ 64.49 · P/BV 153.55 · BV/unit R$ 0.42 · Net assets R$ 54,19 Mi · 3,285 unitholders
RFOF11 (RB Capital I Fundo de Fundos FII) is a Brazilian REIT in the Fund of Funds / Absorbed by REME11 segment. FDO. INVEST. IMOB. RB CAPITAL I FUNDO DE FUNDOS — B3 trading ticker 'FII RB CFOF'. Managed by RB Asset Management Ltda., administered by BRL Trust DTVM, CNPJ 34.027.774/0001-28, IPO February 28, 2020. WARNING: fund in formal liquidation process following spin-off into FRBC11 (November 3, 2025) and full sale of remaining assets to REME11 (proposal dated January 20, 2026).
Fund closed in January 2026—it was a Fund of Funds that invested in units of other FIIs, combining several real estate segments into a single vehicle managed by RB Asset. Unitholders approved the liquidation and the assets were absorbed by REME11, with units converted into a stake in the new fund.
This page gathers the factual snapshot of RFOF11 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: RB Asset Management Ltda. (RB Capital).
RB Asset Management (a subsidiary of RB Capital) is an independent asset manager active in the FII market with a track record dating back to the 2010s. In the FoF segment, RFOF11 (originally RB Capital I) was the firm's pioneer strategy, launched on February 28, 2020. The manager also operates brick-and-mortar property FIIs (RBLG11 — logistics) and credit FIIs (RBIR11). The administrator is BRL Trust DTVM — independent of RB Capital, which reduces governance conflicts of interest. Risk/limitation: in 2025, the firm proposed the merger between RFOF11 and RRCI11 (another fund managed by the firm) and subsequently structured the spin-off into FRBC11 + sale to REME11 — a sequence of intra-group transactions signaling that RFOF11's original thesis is no longer supported by its own manager. RB Capital has grown more in CRIs (receivables) and development — FoFs are not the firm's strategic focus, which helps explain the decision to wind down the vehicle.See our analysis of RB Asset Management Ltda. (RB Capital) →
REDUCED portfolio post-spin-off (November 3, 2025) — 4 main FIIs + assets in REME11 (receivables converted into units) + CRIs + cash (3.88%). Transitional composition — fund in liquidation.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| More Real Estate FOF FII | — | 13.4% | — |
| BTG Pactual Fundo de Fundos FII | — | 9.0% | — |
| Navi Imobiliário Total Return FII | — | 1.6% | — |
| Valora Hedge Fund FII | — | 0.5% | — |
HHI 0.342 — alta.
Unit price at R$ 63.84 vs. book value of R$ 70.63 = P/BV of 0.90x (10% discount). In line with the FoF segment median (0.88x), but WITHOUT CONSIDERING the conversion gap risk into REME11 units—serious investors discount an additional 5% to 10% to reflect this risk.
last close R$ 64.49 · book value per unit R$ 0.42.
Average daily volume (21 sessions) of R$ 173,508 · 12-month average of R$ 200,000.
VERY LOW liquidity—R$ 173 thousand/day. A R$ 500 thousand position takes 14 business days to liquidate while absorbing 20% of volume. Unitholders considering an exit must plan ahead or accept slippage.
| Period | What happened |
|---|---|
| IPO on February 28, 2020 — the firm's first FoF offering | RB Capital I Fund of Funds debuts on B3 at R$ 100.00 per unit. Initial asset base grows rapidly — the fund takes advantage of pandemic-discounted IFIX to actively allocate in the following months. |
| Covid shock — DPU starts at R$ 0.18 (first full month) | Inception coincides with the pandemic. DPU starts at R$ 0.18 (Mar/20) and grows through 2020 — R$ 0.28 (Jun), R$ 0.50 (Sep), R$ 0.75 (Dec/20). An upward curve reflecting portfolio ramp-up. |
| DPU stabilizes at R$ 0.63–0.66 — fund matures | Following the 2020 ramp-up, DPU stabilizes in the R$ 0.63–0.66 range for 12 months. The fund operates with 50+ diversified FIIs under RB Asset management. |
| DPU reaches R$ 0.72 — peak carry following Selic rate hikes | In December 2022 (Selic at 13.75% after a rate-hike cycle), DPU reaches R$ 0.72–0.73. The fund benefits from high carry in its credit FII portfolio. |
| Extra distribution of R$ 1.00 in June — strong mid-year | Extraordinary distribution of R$ 1.00 in Jun/2023 — capital gains from sales of appreciated positions. |
| DPU begins to fall — R$ 0.73 to R$ 0.69 (Jun–Dec/2024) | After peaking at R$ 0.74 (Jan–May/2024), DPU gradually falls to R$ 0.69 throughout 2024. Pressure from invested FIIs in a high Selic rate environment. |
| DPU stabilizes at R$ 0.65 — level maintained for 16 months | In January 2025, DPU stabilizes at R$ 0.65/unit and remains firm through Apr/2026 — 16 consecutive months without fluctuation. Longest stability streak in fund history. |
| Formal consent solicitation approves spin-off — August 18, 2025 | Unitholders approve RFOF11's partial spin-off and remaining asset sales structure in a formal consent solicitation. The decision triggers the liquidation schedule unfolding over subsequent months. |
| FRBC11 spin-off executed — 28.84% of assets exit on November 3, 2025 | On November 3, 2025, the spin-off is executed. The new vehicle FRBC11 receives 28.84% of RFOF11's assets. Unitholders of record receive FRBC11 units proportionally. RFOF11 retains 71.16% of initial assets. |
| REME11 proposal — January 20, 2026 — full acquisition of remaining assets | RFOF11 receives a formal proposal from REME11 (Multiestratégia Imobiliária FII) for the full acquisition of remaining assets (~R$ 55M). Proposal accepted. RFOF11 participates in REME11's offering by contributing its assets and holds receivables. In the final stage, RFOF11 will be LIQUIDATED with unit amortization via delivery of REME11 units to unitholders. |
| Current status — awaiting final conversion of receivables into REME11 units | In May/2026, RFOF11 maintains a DPU of R$ 0.65 while awaiting the completion of the transaction. Net assets R$ 54.2M, 767,207 units, 3,284 unitholders. Reduced portfolio (4 FIIs + REME11 receivables + cash). No public schedule for the final amortization date — depends on the closure of REME11's offering. |