VCRI11 — Vinci Credit Securities FII

VINCI CREDIT SECURITIES FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA (CNPJ: BRVCRICTF007 / ISIN: BRVCRICTF007)

Segment: Securities and Equities (Paper Fund — CRIs + units of FIIs) · Price R$ 7.42 · P/BV 0.7786 · BV/unit R$ 9.53 · Net assets R$ 196 Mi · 12,545 unitholders

What is VCRI11

VCRI11 (Vinci Credit Securities FII) is a Brazilian REIT in the Securities and Equities (Paper Fund — CRIs + units of FIIs) segment. VINCI CREDIT SECURITIES FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA (CNPJ: BRVCRICTF007 / ISIN: BRVCRICTF007)

Managed by Vinci Partners, it lends to the real estate market by purchasing CRIs and investing in credit FII units managed by firms like Kinea and Navi. Note: by holding FIIs within an FII, investors bear two layers of management fees.

This page gathers the factual snapshot of VCRI11 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.

VCRI11 numbers in 2026

Net assets: R$ 196 Mi
Book value per share: R$ 9.53
Number of shareholders: 12,545

Fees

Management fee: up to 0.95% p.a.
Performance fee: Not identified
Prazo: Indeterminado

Manager

Management: Vinci Gestora de Recursos Ltda..

Vinci Partners is one of Brazil's most prominent independent asset managers, operating across private equity, credit, real estate, and capital markets. In the FII segment, Vinci boasts extensive experience in real estate credit and active management of CRI portfolios. VCRI11 is part of the manager's strategy to provide exposure to high-quality real estate credit backed by active risk management. The inclusion of direct CRIs combined with positions in paper FIIs managed by other respected firms (Kinea, Navi, Valora) points to an intentional diversification strategy.

CNPJ: 13.838.015/0001-75
PL VCRI11: R$ 196 Mi
Reputação: Established manager

VCRI11 portfolio: what the fund invests in

Mixed portfolio of direct CRIs + credit FII units (2025 Annual Report)

Asset	Location	% of NAV	Occupancy
FII Kinea Rendimentos Imobiliários	—	—	—
FII Kinea Índice de Preços	—	—	—
FII Kinea Securities	—	—	—
FII Kinea High Yield CRI	—	—	—
FII Kinea Unique HY CDI	—	—	—
Navi Crédito Imobiliário FII	—	—	—
RBR Rendimento High Grade FII	—	—	—
Valora Índice de Preços FII	—	—	—
Valora CRI III FII	—	—	—
Kilima Volkano FII	—	—	—

Concentration and diversification

Breakdown	Share
By index	CDI/Selic + IPCA (mixed)

Price, P/BV and book value

last close R$ 7.42 · all-time low R$ 5.95 · high R$ 9.05 · book value per unit R$ 9.53.

Liquidity and trading

Average daily trading volume is not available in this lite analysis. With net assets of R$ 196M and ~12,991 unitholders, limited liquidity is expected — typical of small-to-midsize paper funds. Checking ADTV on B3 is recommended before establishing a meaningful position.

VCRI11 track record

VCRI11 follows a trajectory free of major documented adverse events within this analytical window. Management by Vinci and diversification into quality credit FIIs (Kinea, Navi, Valora) lend credibility to the portfolio. The 24% discount to book value is the core consideration for investors: it represents both an opportunity (high dividend yield) and implied risk (the market prices in declining yields as the Selic rate normalizes). Lite analysis — complete historical data since the IPO was not mined.

Period	What happened
IPO	VCRI11 commenced operations on May 12, 2021, as a CRI fund under active management by Vinci.
CONSOLIDAÇÃO	Portfolio construction combining direct CRIs and positions in paper FIIs managed by respected firms (Kinea, Navi, Valora).
MATURIDADE	Consolidated fund with 20.5M units, 12,991 unitholders, and accounting earnings of R$ 25.9M.
CENÁRIO ATUAL	Depressed unit price (R$ 7.30 vs. book value R$ 9.54), resulting in a high 15.21% dividend yield and a P/BV of 0.76.