Vectis Juros Real Fundo de Investimento Imobiliário (CNPJ 32.400.250/0001-05) — managed by Pátria-VBI Securities since Jul 31, 2025, following the absorption of Vectis Gestão by Pátria. Administrator: INTRAG DTVM (Itaú).
Segment: Paper Fund — Hybrid CRI (96% IPCA+) Multi-Category · Price R$ 67.26 · P/BV 0.728 · BV/unit R$ 92.39 · Net assets R$ 1,36 Bi · 29,420 unitholders
VCJR11 (Vectis Juros Real FII) is a Brazilian REIT in the Paper Fund — Hybrid CRI (96% IPCA+) Multi-Category segment. Vectis Juros Real Fundo de Investimento Imobiliário (CNPJ 32.400.250/0001-05) — managed by Pátria-VBI Securities since Jul 31, 2025, following the absorption of Vectis Gestão by Pátria. Administrator: INTRAG DTVM (Itaú).
Lends to companies in sectors such as residential real estate, retail, and hotels using real estate as collateral, receiving inflation-adjusted interest and distributing it as monthly income; portfolio managed by Pátria-VBI. Note: the manager plans to merge the fund with three others on the platform.
This page gathers the factual snapshot of VCJR11 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. (formerly Vectis Gestão).
VCJR11 has been managed by Pátria-VBI Securities Ltda. (CNPJ 17.054.901/0001-69) since July 31, 2025, when the former manager, Vectis Gestão de Recursos, was fully absorbed by Pátria. The consolidation is part of Pátria-VBI's strategy to unify its real estate platform, which currently includes 30+ FIIs listed on B3, the Brazilian exchange, and R$ 38 billion under management.
In Feb/2026, Pátria signaled in its management report an intention to consolidate 4 high-grade paper funds: PCIP11, VCJR11, RBRR11, and RPRI11. In Apr/2026, the firm reaffirmed the timeline: "convening the unitholder meeting within this semester." The transaction will require approval at a general unitholder meeting (AGE) with a qualified quorum.
VCJR11's track record since 2019: 67.8% cumulative return (8.7% p.a.) vs. IFIX at 27.1% (4.0% p.a.) and CDI, Brazil's interbank reference rate, at 80.1% (10.0% p.a.). In 2026, the fund delivered a cumulative 3.5% year-to-date return vs. IFIX at 4.1%.
See our analysis of Pátria-VBI Securities Ltda. (formerly Vectis Gestão) →
40 CRIs (96% IPCA+) + 1 FII (CYCR11) + 7.6% cash — High-Grade Multi-Category
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI_CIDADE_MATARAZZO_IPCA_A | — | 7.5% | — |
| CRI_ALMEIDA_JR_I | — | 6.3% | — |
| CRI_COTEMINAS | — | 5.6% | — |
| CRI_JFL_JARDINS | — | 5.5% | — |
| CRI_ORIGO_ENERGIA | — | 5.1% | — |
| CRI_JFL_ALTO_NACOES_B | — | 4.2% | — |
| CRI_JFL_ALTO_NACOES_C | — | 4.2% | — |
| CRI_HOTEL_FASANO_A | — | 3.8% | — |
| CRI_HOTEL_FASANO_B | — | 3.8% | — |
| CRI_PPP_HABITACIONAL_A | — | 2.8% | — |
| CRI_PPP_HABITACIONAL_B | — | 2.8% | — |
| CRI_GLOBAL_REALTY_A | — | 2.7% | — |
| CRI_URBA | — | 2.5% | — |
| CRI_ATHON_VIVO | — | 2.4% | — |
| CRI_CIDADE_MATARAZZO_IPCA_B | — | 2.2% | — |
| CRI_MOREIAS | — | 1.8% | — |
| CRI_ATHON_BRK | — | 1.7% | — |
| CRI_MRV_24_SUB | — | 1.7% | — |
| CRI_PLANO_E_PLANO | — | 1.4% | — |
| CRI_ALMEIDA_JR_II | — | 1.4% | — |
| CRI_UNACORP | — | 1.4% | — |
| CRI_VERDE_URBANISMO | — | 1.3% | — |
| CRI_PACAEMBU_II | — | 1.3% | — |
| CRI_DAHMA_B | — | 1.1% | — |
| CRI_JFL_REBOUCAS_A | — | 0.9% | — |
| CRI_JFL_REBOUCAS_B | — | 0.9% | — |
| CRI_JFL_REBOUCAS_C | — | 0.9% | — |
| CRI_JFL_REBOUCAS_D | — | 0.9% | — |
| CRI_JFL_REBOUCAS_E | — | 0.9% | — |
| CRI_JFL_REBOUCAS_F | — | 0.9% | — |
| CRI_GLOBAL_REALTY_B | — | 0.8% | — |
| CRI_COWORKING_ALLIANZ | — | 0.8% | — |
| CRI_VISCONDE_ICARAI_B | — | 0.7% | — |
| CRI_JFL_LORENA | — | 1.8% | — |
| CRI_SERPASA | — | 0.3% | — |
| CRI_MRV_24_SR | — | 0.3% | — |
| CRI_DAHMA_A | — | 0.3% | — |
| CRI_CREDITAS_SR | — | 0.1% | — |
| CRI_CREDITAS_MEZ | — | 0.0% | — |
| CRI_UNACORP_SUB | — | 0.0% | — |
HHI 0.0483 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA 97.0% · CDI 2.0% · PreFixado 2.0% |
VCJR11 trades at R$ 80.79 against a book value per unit of R$ 94.42, reflecting a P/BV of 0.86 — a discount of ~14% vs net assets. For the HG paper segment, this discount is significant (category median: 0.92).
last close R$ 67.26 · all-time low R$ 72.3 · high R$ 110.0 · book value per unit R$ 92.39.
Average daily volume (21 sessions) of R$ 2,300,000 · 12-month average of R$ 2,600,000.
Reasonable liquidity for the segment. ADTV of R$ 2.3M/day (2026). Positions of up to R$ 500k can be exited in ~1 business day without moving the price.
| Period | What happened |
|---|---|
| Vectis Juros Real IPO | Debuted on B3 on Oct 9, 2019. Initial NAV of R$ 231M with 2.3M units. Mandate: IPCA+ CRIs with the objective of returning NTN-B + 1-3% p.a. |
| 1st Offering and portfolio formation | Additional capital raising bringing NAV to R$ 577M. First distribution of R$ 0.18/unit in Nov/19, reaching R$ 1.21 in Feb/2020 as allocations accelerated. |
| Pandemic and second offering | Despite COVID, the fund maintained solid dividends (R$ 0.55-0.75). The 2nd offering in Feb/2021 doubled NAV: 11.6M units, R$ 1.14B NAV. |
| Consolidation of current scale | 3rd offering totals 14.72M units (scale maintained to date). NAV reaches R$ 1.38B. Average DPU of R$ 1.00/month in 2022 amid peak inflation (IPCA at 12%). |
| Mature carry period | NAV stable at R$ 1.40B. Average DPU of R$ 0.92/month. Coteminas enters court-supervised reorganization in 2024, under monitoring. Unitholders grow from 26k (Dec/23) to 33k (Jun/24). |
| Vectis Gestão absorbed by Pátria | On Jul 31, 2025, Vectis Gestão de Recursos Ltda is fully absorbed by Pátria-VBI Securities Ltda. Management of VCJR11 transferred automatically. Announced on Jul 10, 2025 and effective Jul 31, 2025. |
| Serpasa CRI in default | Early redemption declared on Sep 16, 2025 due to delinquency. Company enters court-supervised reorganization. Out-of-court collateral — foreclosure underway. Position: R$ 4.9M (0.4% of NAV). |
| Pátria signals PCIP+VCJR+RBRR+RPRI consolidation | In the Feb/2026 management report, Pátria-VBI declares its intention to consolidate the firm's 4 high-grade paper funds (PCIP11, VCJR11, RBRR11, and RPRI11) — "focusing on ensuring each fund's NAV reflects mark-to-market pricing prior to the transaction." No timeline provided. Unitholders' meeting (AGE) requires >25% quorum. |
| Redemption of Pacaembu CRI | Full redemption of R$ 40M from the Pacaembu CRI (CDI+5%) on Feb 13, 2026. Premium agreed between Oct/25 and Feb/26 at CDI+5%. Tactical reallocation into Pacaembu II (subordinated CDI+4%), Plano e Plano (IPCA+9.6%), and JFL Lorena (IPCA+10.5%). Impact of -R$ 0.15/unit in Feb. |
| Awaiting consolidation | Market price of R$ 80.79, P/BV of 0.86, 12-month dividend yield of 13.1%. NAV of R$ 1.39B. Accumulated reserves of R$ 1.08/unit (18+ months of coverage). Next milestone: calling the consolidation unitholders' meeting (AGE) by Jun/26. |
| Pátria reaffirms consolidation schedule | In the Apr/2026 management report, Pátria-VBI confirms "calling the unitholders' meeting within this semester" for the PCIP+VCJR+RBRR+RPRI merger. Accumulated reserves rise to R$ 1.08/unit — building a cushion for the pre-consolidation window. DPU of R$ 1.00 with distributable earnings of R$ 1.11. |