Multi-strategy: CRI + structured credit + securitization (8 Riza desks)
Segment: Paper — Multi-strategy CRI (Real Estate, Infrastructure, Securitization, Granular) · Price R$ 76.19 · P/BV 0.8661 · BV/unit R$ 87.97 · Net assets R$ 775 Mi · 43,854 unitholders
RZAK11 (Riza Akin FII) is a Brazilian REIT in the Paper — Multi-strategy CRI (Real Estate, Infrastructure, Securitization, Granular) segment. Multi-strategy: CRI + structured credit + securitization (8 Riza desks)
Lends to companies by purchasing CRIs (real estate-backed debt securities) and units of other funds, ranging from real estate developers to solar energy projects, under active management by Riza, generating monthly income. Be aware: a small portion linked to Starbucks stores has been under court-supervised reorganization for over two years.
This page gathers the factual snapshot of RZAK11 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: Riza Asset Management.
A Riza Asset (ex-Riza Capital) é uma gestora independente focada em crédito imobiliário, sale-leaseback e estratégias estruturadas. O RZAK11 é o maior fundo de papel da casa — 8 núcleos de gestão (Real Estate, Infra, Securitização, Agro, Direct Lending, Allocation, Renda Fixa) coexistem em um único portfólio sob gestão ativa. Em jun/2025 a Riza fez cisão parcial e a gestão do fundo passou para a Riza Allocation Gestora de Recursos (CNPJ 47.138.945/0001-38), com a mesma equipe-chave.
A casa tem track record sólido em RZAT11 (sale-leaseback, nota 7,8), RZAG11 (CRA), RZTR11 (terras agrícolas) e RZLC11 (logística). A originação proprietária via 8 núcleos é o diferencial competitivo do RZAK11 — o fundo tem acesso a CRIs e FIIs que outros gestores não originam.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Evolua | — | 6.7% | — |
| Mitre Capote Valente CRI | — | 5.6% | — |
| Genial Solar CRI | — | 5.5% | — |
| CRI AXS | — | 5.1% | — |
| Direcional Headquarters CRI | — | 5.0% | — |
| Direcional CRI — Senior | — | 4.4% | — |
| Urba CRI (MRV) | — | 4.1% | — |
| MRV 1 CRI — Senior | — | 3.1% | — |
| CRI CFL II | — | 3.0% | — |
| CRI YouInc | — | 2.9% | — |
| FGR Incorporações CRI | — | 2.6% | — |
| CRI Norsk | — | 2.4% | — |
| ProSoluto V CRI — Senior | — | 2.4% | — |
| Allegra Pacaembu II CRI | — | 2.3% | — |
| Órigo CRI — Senior | — | 2.2% | — |
| Tenda CRI — Senior | — | 2.2% | — |
| Galleria CRI — Senior | — | 2.2% | — |
| Colonial CRI | — | 2.0% | — |
| NM Ksm Log CRI | — | 2.0% | — |
| Alfa Ipiranga CRI | — | 1.6% | — |
| MonteCarlo II CRI | — | 1.1% | — |
| CRI CFL | — | 1.1% | — |
| Porto Ponta Félix CRI | — | 1.0% | — |
| NM Ksm Log II CRI | — | 1.0% | — |
| CRI Axis | — | 0.9% | — |
| CRI JAUAPERI | — | 0.9% | — |
| Helbor Portfolio CRI — Senior | — | 0.9% | — |
| HBR Aviation CRI | — | 0.7% | — |
| ProSoluto IV CRI — Senior | — | 0.4% | — |
| CRI Splice | — | 0.4% | — |
| Starbucks III CRI | — | 0.4% | — |
| CRI MRV 1 | — | 0.3% | — |
| Starbucks IV CRI | — | 0.3% | — |
| Galleria CRI — Mezzanine | — | 0.2% | — |
| Starbucks V CRI | — | 0.2% | — |
| Riza Viseu FII Subclass B | — | 7.2% | — |
| Riza Lecci FII Sub — Subordinated | — | 3.1% | — |
| Lago da Pedra FII | — | 2.2% | — |
| BRL Direcional FII — Senior | — | 2.0% | — |
| Riza Kalithea FII | — | 1.9% | — |
| Breakdown | Share |
|---|---|
| By state | São Paulo 42.0% · Minas Gerais 18.0% · Rio de Janeiro 10.0% · Sul 8.0% · Norte/Nordeste/Centro-Oeste 22.0% |
Fund P/BV ratio.
last close R$ 76.19 · all-time low R$ 69.81 · high R$ 90.01 · book value per unit R$ 87.97.
| Period | What happened |
|---|---|
| Fund IPO | Riza Akin Imobiliário (RZAK11) began operations on December 21, 2020 , with an initial NAV of R$ 289.7M and 3.001 million units (book value per unit of R$ 96.50). Original focus: Riza real estate CRIs. |
| CRI portfolio ramp-up | The fund grew from an NAV of R$ 289M (Dec/2020) to ~R$ 290M (Dec/2021) as initial CRI portfolios were assembled. Monthly distributions ranged between R$ 0.50 and R$ 1.32. Cash dropped from R$ 203M to R$ 4M as deployment progressed. |
| First supplemental offering | Offering expands units from 3.0M to 3.4M. NAV rises to R$ 322M. |
| Second offering — reaching R$ 446M | Offering adds ~1.3M units (total 4.76M). NAV rises to R$ 446M. Unitholders double from 14k to 25k. |
| Third offering — effective IPO at current scale | Units jump from 4.76M to 8.807M (final). NAV reaches R$ 819M (up 84%). Unitholders double from 25k to 45k. This marks the fund's current scale, with no new offerings since. |
| Court-supervised reorganization of Starbucks CRIs | In December 2023 , SRC 6 Participações (operator of the Starbucks brand in Brazil until 2023) entered court-supervised reorganization. RZAK11 held R$ 50.2M in Starbucks CRIs III, IV, and V. Today (May/2026), R$ 6.54M remains in outstanding balance , undergoing negotiations for an installment agreement. |
| Zamp acquires Starbucks Brazil operations | Zamp acquires 100% of Café Pacífico (operator of Starbucks Brazil) for R$ 101.8M. Starbucks CRIs were NOT included in the scope — proceeds went to labor and supplier debts. Residual collateral: ~R$ 3M in credit card receivables held under court injunction. |
| Spin-off of Riza Gestora | Riza Gestora de Recursos é parcialmente cindida. A gestão do RZAK11 passa para a Riza Allocation Gestora de Recursos (CNPJ 47.138.945/0001-38), com a mesma equipe-chave. Mudança formal sem impacto operacional. |
| Stable DPU of R$ 1.15→R$ 1.10/unit | Distributions remained stable throughout the year: R$ 1.15/month from May to September, R$ 1.10 starting in October 2025. Annual result: R$ 12.55/unit distributed (R$ 110.5M) against R$ 12.24/unit generated (R$ 107.8M). Payout 102.5% (consumed R$ 0.31/unit of reserves). |
| Settlement and re-issuance of Allegra Pacaembu CRI | On February 12, 2026 , the original Allegra CRI (22D0378281) was fully settled, with an additional premium payable throughout 2026. A new operation, Allegra II (25L3133633), entered the portfolio in a senior structure with 30% subordination, sized at 1/3 the previous issuance (R$ 17.5M vs. ~R$ 53M). |
| NAV R$ 778M, 12m Dividend Yield 16.0% | Current position: R$ 778M NAV, 8.807M units, 45,103 unitholders, 35 CRIs + 9 FIIs. Net cash (item 9 of the Monthly Report): R$ 23.1M. Gross leverage: 102.87% of NAV. Market price (Jun/2026) R$ 83.39 (P/BV 0.94). |
| Regulatory update — ANBIMA fee transparency | On May 21, 2026 , RZAK11's bylaws were updated by administrator BTG to replace the "Remuneration Summary" with the ANBIMA Tool (Fee Transparency Platform) , pursuant to CVM Circular Letter No. 1/2025. No changes were made to the fees charged to unitholders — the modification is purely a formatting and disclosure update. |