Riff Infraestrutura FI-Infra, managed by Paramis Capital and administered by S3 Caceis Brasil DTVM S.A. Structurally, it is a master-feeder FIC: the exchange-traded vehicle (CNPJ 54.895.184/0001-24) invests practically 100% of its net assets in units of the "RIFF Master Classe Incentivada de Investimento em Infraestrutura Renda Fixa" (as of the May 2025 financial statements, 101.08% of NAV), and this master fund directly holds the portfolio of tax-incentivized debentures, diversified across more than 100 private issuers spanning transportation, utilities/sanitation, energy, and infrastructure-related financial services. The focus is on generating monthly income exempt from income tax for individual investors (Law 12.431/2011 and Law 14.801/2024), with a majority exposure to IPCA-indexed securities. It is a young fund (inception in Jul/2024) and small (NAV ~R$ 137M), with low secondary liquidity and units trading at a steep discount to book value.
Segment: FI-Infra · Multi-sector · Price R$ 7.07 · P/BV 0.8001 · BV/unit R$ 8.8365 · Net assets 132548085.58 · 5,200 unitholders
RIFF11 (Riff Infraestrutura FI-Infra) is a Brazilian infrastructure fund (FI-Infra) in the FI-Infra · Multi-sector segment. Riff Infraestrutura FI-Infra, managed by Paramis Capital and administered by S3 Caceis Brasil DTVM S.A. Structurally, it is a master-feeder FIC: the exchange-traded vehicle (CNPJ 54.895.184/0001-24) invests practically 100% of its net assets in units of the "RIFF Master Classe Incentivada de Investimento em Infraestrutura Renda Fixa" (as of the May 2025 financial statements, 101.08% of NAV), and this master fund directly holds the portfolio of tax-incentivized debentures, diversified across more than 100 private issuers spanning transportation, utilities/sanitation, energy, and infrastructure-related financial services. The focus is on generating monthly income exempt from income tax for individual investors (Law 12.431/2011 and Law 14.801/2024), with a majority exposure to IPCA-indexed securities. It is a young fund (inception in Jul/2024) and small (NAV ~R$ 137M), with low secondary liquidity and units trading at a steep discount to book value.
A fund that lends to over a hundred infrastructure companies — highways, energy, and sanitation — and passes monthly tax-exempt interest income on to unitholders. Note: a young fund (2024) with a qualified audit and very low liquidity, presenting notable risks until it gains scale.
This page gathers the factual snapshot of RIFF11 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: Paramis Capital Gestão de Recursos Ltda.
Independent Brazilian boutique asset manager focused on private credit, real estate funds, and infrastructure. The investment process is multifaceted: quantitative balance sheet/cash flow analysis, proprietary rating model, qualitative governance analysis, legal analysis of collateral, and ESG screening. The diversification across 100+ issuers in RIFF11 demonstrates credit diversification discipline. Points of attention: smaller firm, with a short public track record and relatively young products (RIFF11 debuted in 2024; it also manages FII PMIS11). It lacks an independent history proving performance across a full cycle.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Equatorial Pará | — | 4.3% | — |
| Equatorial Pará | — | 4.3% | — |
| EQUATORIAL PARA DISTRIBUIDORA DE ENERGIA | — | 4.2% | — |
| PAX INVESTIMENTOS EM AEROPORTOS | — | 3.8% | — |
| Rumo Malha Paulista | — | 3.8% | — |
| PAX Investimento em Aeroportos S.A. | — | 3.7% | — |
| PAX Investimento em Aeroportos S.A. | — | 3.7% | — |
| RUMO MALHA PAULISTA | — | 3.7% | — |
| Iguá | — | 3.3% | — |
| Iguá | — | 3.3% | — |
| IGUA RIO DE JANEIRO | — | 3.3% | — |
| ENAUTA PARTICIPACOES | — | 3.2% | — |
| UTE GNA | — | 3.2% | — |
| UTE GNA | — | 3.2% | — |
| AUTOPISTA LITORAL SUL | — | 3.2% | — |
| Autopista Litoral Sul | — | 3.2% | — |
| Barueri Energia Renovável | — | 3.2% | — |
| Barueri Energia Renovável | — | 3.2% | — |
| Brava Energia | — | 3.2% | — |
| Brava Energia | — | 3.2% | — |
| Guarulhos Luz | — | 3.2% | — |
| Guarulhos Luz | — | 3.2% | — |
| UTE GNA I GERACAO DE ENERGIA | — | 3.1% | — |
| UTE GNA I GERACAO DE ENERGIA | — | 3.1% | — |
| Terminal Porto Ponta do Felix | — | 3.1% | — |
| Terminal Porto Ponta do Felix | — | 3.0% | — |
| GUARULHOS LUZ SPE | — | 3.0% | — |
| VPORTS AUTORIDADE PORTUÁRIA | — | 3.0% | — |
| VPORTS AUTORIDADE PORTUÁRIA | — | 3.0% | — |
| AES BRASIL OPERACOES | — | 2.9% | — |
| Auren Operações (AES Brasil) | — | 2.9% | — |
| Auren Operações (AES Brasil) | — | 2.9% | — |
| PRS AEROPORTOS | — | 2.9% | — |
| VPorts | — | 2.9% | — |
| VPorts | — | 2.9% | — |
| AGUAS DO RIO 4 SPE | — | 2.6% | — |
| AUTOPISTA FERNAO DIAS | — | 2.4% | — |
| CONCESSIONARIA ROTA DAS BANDEIRAS | — | 2.3% | — |
| COPEL DISTRIBUICAO | — | 2.1% | — |
| CONCESSIONARIA DAS LINHAS 8 E 9 DO SISTEMA DE TRENS METROPOLITANOS DE SAO PAULO | — | 2.0% | — |
HHI 0.0473 — low.
Units trade at a 17% discount to book value (R$ 7.59 versus a book value of R$ 9.12). The gap shrank from 20% to 17%, but NOT because units appreciated: book value per unit dropped from R$ 9.63 to R$ 9.12 (-5.3% in ~45 days), reflecting the mark-to-market valuation of IPCA+ debentures in an environment of still-elevated real interest rates. This discount may persist as long as the fund fails to gain scale and liquidity.
last close R$ 7.07 · all-time low R$ 6.40 · high R$ 10.10 · book value per unit R$ 8.8365.
| Period | What happened |
|---|---|
| Jul/2024 | Fund inception on July 3, 2024, with fundraising to build an initial portfolio of tax-incentivized debentures diversified across multiple infrastructure sectors. |
| Out/2024 | Units began trading on the exchange on October 4, 2024. Target audience: general investors, with income tax exemption for individuals. |
| 2025 | Return of only 8.32% for the year, trailing established FI-Infras (BODB11 achieved ~23%). Units trade at a steep discount to book value amid elevated real interest rates and low liquidity/visibility for the fund. |
| Set-Nov/2025 | The Financial Statements for the fiscal year ended May 31, 2025 (audited by E&Y) received a QUALIFIED opinion due to limitations in the audit of the master fund (spillover impact of 5.59% of NAV). The AGM called for September 29, 2025, to vote on these accounts was not convened due to the absence of unitholders (term of non-installation dated October 9, 2025). |
| 2026 (YTD) | The 12M variation reaches ~+14.6% and monthly distributions remain regular around R$ 0.09/unit (Jun/2026 R$ 0.0922). Despite the 2025-2026 recovery, units pulled back from ~R$ 7.71 to ~R$ 7.54 in recent weeks, total return since IPO remains negative (-3.67%), and the P/BV stands at 0.83x. |