Multi-strategy hybrid REIT (paper + brick-and-mortar + real-estate equities). Manager: Valora Imobiliário e Infraestrutura Ltda. (renamed in Jun/2025, formerly Valora Gestão de Investimentos Ltda.). CNPJ 36.771.692/0001-19.
Segment: Hybrid / Multi-strategy (Paper-REIT-Brick) · Price R$ 6.0 · P/BV 0.7034 · BV/unit R$ 8.53 · Net assets R$ 1.40 Bn · 378,185 unitholders
VGHF11 (Valora Hedge Fund FII) is a Brazilian REIT in the Hybrid / Multi-strategy (Paper-REIT-Brick) segment. Multi-strategy hybrid REIT (paper + brick-and-mortar + real-estate equities). Manager: Valora Imobiliário e Infraestrutura Ltda. (renamed in Jun/2025, formerly Valora Gestão de Investimentos Ltda.). CNPJ 36.771.692/0001-19.
Portfolio of 137 assets (CRI 29.5% + REIT 57.4% + SPE 14.8%) — extreme dispersion, active management, structural exposure to funds of the Valora family (14.6%)
This page gathers the factual snapshot of VGHF11 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: Valora Imobiliário e Infraestrutura Ltda..
Valora Investimentos is an independent house founded in 2008, with more than R$ 5 Bn under management and a family of REITs recognized in the paper-fund segment: VGIR11 (CRI CDI), VGIP11 (CRI IPCA), Valora CRI Pré, Valora CRI Infra, Valora FOF, VGRI11 (Valora Renda Imobiliária). In Jun/2025 the vehicle was adapted to CVM Resolution 175 and the manager's name was changed to Valora Imobiliário e Infraestrutura Ltda., reflecting an expansion into infrastructure. Weak point: ~14.6% of VGHF11's net assets is allocated to funds of the house itself — a combination accepted by the regulation, but one that captures a fee twice (0.90% in VGHF + the fees of the invested funds).See our analysis of Valora Imobiliário e Infraestrutura Ltda. →
137 assets spread across CRI (29.5%), REIT (57.4%), SPE (14.8%), FIDC (1.0%) and Equities (0.7%) — the portfolio migrated from SPE to CRI in April, increasing carry.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Scala Datacenter 2S | — | 2.4% | — |
| CRI João Dias (Helbor) | — | 2.2% | — |
| CRI Matarazzo 451S | — | 2.0% | — |
| CRI Helbor 86E (NEW POSITION) | — | 1.7% | — |
| CRI Manhattan 161S | — | 1.7% | — |
| CRI Realiza | — | 1.4% | — |
| CRI Selina (4 series: 128S, 162S, 163S, 164S) | — | 0.0% | — |
| Unit Acquisition REIT (unlisted) | — | 7.1% | — |
| Valora CRI Pré Subordinada (Receivables REIT - same house) | — | 5.1% | — |
| Valora FOF (same house) | — | 4.8% | — |
| BGR Cidade Jardim REIT | — | 3.8% | — |
| Planta Retrofit REIT (Development) | — | 3.4% | — |
| Valora Renda Imobiliária | — | 2.3% | — |
| BTG Pactual Corporate Office Fund | — | 2.1% | — |
| JS Real Estate | — | 2.0% | — |
| Valora CRI Infra (same house) | — | 1.7% | — |
| Valora CRI Índice de Preços | — | 0.6% | — |
| Valora CRI CDI (position REDUCED in Apr/26) | — | 0.1% | — |
| SPE VLR01 | — | 3.8% | — |
| SPE Oscar Freire | — | 2.9% | — |
| SPE BM Varejo S.A | — | 2.3% | — |
| SPE Retail Cidade Matarazzo | — | 1.6% | — |
HHI 0.045 — high_diversification.
last close R$ 6.0 · all-time low R$ 5.63 · high R$ 10.48 · book value per unit R$ 8.53.
Very good liquidity. The fund is among the 30 most-traded REITs on B3 (R$ 3.1 M/day average over 30d, 378 thousand unitholders).
| Period | What happened |
|---|---|
| FOUNDING | VGHF11 begins operations with initial net assets of R$ 165 M and a DPS of R$ 0.07. |
| RAPID EXPANSION | 4 consecutive offerings took net assets from R$ 165 M to R$ 670 M in 18 months. |
| B3 NOTICE (atypical fluctuation) | B3 questions the atypical fluctuation in the units amid the widening of the NTN-B curve. |
| 5th OFFERING – DOUBLE THE NET ASSETS | The 5th offering raised ~R$ 800 M; net assets jump from R$ 690 M (Jun/23) to R$ 1.54 Bn (Dec/23). |
| SELINA DEFAULT | 4 Selina CRIs enter default and are marked at R$ 0. |
| TRANSITION TO REITs | Increases exposure to REIT units, reduces the weight of the direct CRI portfolio. |
| CVM RES. 175 + MANAGER RENAMED | Adaptation to CVM Resolution 175 and renaming of the manager to Valora Imobiliário e Infraestrutura. |
| DPS R$ 0.07 STABLE (7 months) | DPS falls to R$ 0.07/unit and stabilizes for 7 consecutive months (Nov/25 to May/26). |
| NAV PLUNGES + UNITHOLDERS LEAVE | NAV per unit falls to R$ 8.53 (-2.5% in 4 months) and the fund loses 5,272 unitholders in 1 month. |
| 6th OFFERING ANNOUNCED | The manager announces a 6th offering of up to R$ 1.2 Bn at R$ 9.19/unit. |