Brazil's largest Fiagro by unitholder count (174k) — an agricultural credit fund managed by Valora, with R$ 1.03B in net assets allocated across 42 Brazilian agribusiness CRAs, CPR-Fs, debentures, and FIDCs.
Segment: Fiagro · Paper (Agribusiness CRAs) · Price R$ 8.42 · P/BV 0.8734 · BV/unit R$ 9.64 · Net assets R$ 1,02 Bi · 175,535 unitholders
VGIA11 (Valora CRA Fiagro) is a Brazilian REIT in the Fiagro · Paper (Agribusiness CRAs) segment. Brazil's largest Fiagro by unitholder count (174k) — an agricultural credit fund managed by Valora, with R$ 1.03B in net assets allocated across 42 Brazilian agribusiness CRAs, CPR-Fs, debentures, and FIDCs.
Lends to agribusiness by purchasing CDI-indexed receivables from cooperatives, rural producers, and distributors, passing on interest as tax-exempt monthly income. Note: four debtors representing one-fifth of the portfolio are experiencing credit events — with one cooperative already in liquidation.
This page gathers the factual snapshot of VGIA11 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 Investimentos.
Valora Gestão de Investimentos Ltda. (CNPJ 07.559.989/0001-17) is an independent asset manager headquartered in São Paulo, specializing in structured credit and agribusiness credit. It manages real estate funds and Fiagros with over R$ 5B in assets under management. VGIA11 is its flagship Fiagro product and the market leader in individual investor base: 174k unitholders, ranking ahead of even RURA11 (98k) and BTAL11. The responsible management team has 15+ years of market experience in structured credit. Key differentiators: proprietary origination, focus on CDI+spread with robust collateral (fiduciary lien on land + fiduciary assignment of receivables + personal guarantees), and transparent communication — the monthly Management Report includes a comprehensive portfolio table broken down by asset. Administration and custody are handled by BTG Pactual, with Ernst & Young acting as auditor.Portfolio of 42 operations: CRAs, CPR-Fs, debentures, FIDCs — 100% CDI. Two active credit events: Languiru (12.3% of net assets) and Belagrícola (3.1% of net assets).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cra-fiagril-vi | — | 9.9% | — |
| cra-languiru | — | 6.2% | — |
| cra-irmaos-walker | — | 6.7% | — |
| cra-belmiro-catelan | — | 6.4% | — |
| cra-cotrisoja | — | 5.2% | — |
| cpr-rizzi | — | 4.2% | — |
| deb-pantanal | — | 4.2% | — |
| cra-belagricola-ii | — | 3.6% | — |
| cra-languiru-ii | — | 3.4% | — |
| cra-ilmo-da-cunha | — | 3.6% | — |
| cra-languiru-iii | — | 2.8% | — |
| cra-cotriba | — | 3.2% | — |
| cra-cotrisul-iii | — | 3.1% | — |
| cra-ubyfol | — | 2.9% | — |
| cra-fiagril-i | — | 2.9% | — |
| cra-coopermil | — | 2.7% | — |
| cra-fiagril-iii | — | 2.7% | — |
| cra-agro-norte | — | 2.5% | — |
| cra-fiagril-ii | — | 2.2% | — |
| cra-mano-julio | — | 1.8% | — |
| cra-usina-santa-fe-ii | — | 1.8% | — |
| cra-rodoil-2s | — | 1.8% | — |
| cpr-sergio-barzotto | — | 1.4% | — |
| cra-gt-foods-1s | — | 1.0% | — |
| cra-cotricampo | — | 0.8% | — |
| cpr-sergio-barzotto-iii | — | 0.7% | — |
| cra-coagril | — | 0.6% | — |
| cra-nater-coop | — | 0.5% | — |
| cra-copagril | — | 0.3% | — |
| cra-cotrisel-ii | — | 0.2% | — |
| FIDC Agroforte - Senior | — | 1.7% | — |
| FIDC Agroforte - Mezzanine | — | 0.2% | — |
| Cash and Cash Equivalents (Fixed Income FIFs + LFTs) | — | 12.2% | — |
HHI 0.0578 — baixa.
| Breakdown | Share |
|---|---|
| By state | South (RS/PR/SC) 36.0% · Midwest (MT/GO/MS) 25.0% · Northeast (BA/PI) 16.0% · Southeast (SP/MG/RJ) 10.0% · Multiple states 13.0% |
| By index | CDI 100.0% |
VGIA11 trades at a P/BV of 0.87 — a 12.6% discount to its book value of R$ 9.50 (ex-distributions). The discount reflects two active credit events (Languiru and Belagrícola) and the price drop following the July 2026 material fact notice. This aligns with healthy peers in the segment, suggesting the market is not penalizing it beyond already-known risks.
last close R$ 8.42 · all-time low R$ 8.85 · high R$ 10.4 · book value per unit R$ 9.64.
Average daily volume (21 sessions) of R$ 2,050,000 · 12-month average of R$ 1,900,000.
Reasonable liquidity for a large Fiagro with 174k unitholders: a R$ 100k position exits in <1 day, R$ 1M in 2-3 days, R$ 10M in ~24 trading days. Compatible with retail individual investors.| Period | What happened |
|---|---|
| IPO | Fund inception on November 24, 2021, with BTG Pactual as administrator and Valora as manager. Initial unit price R$ 10.00. |
| PRIMEIRA EXPANSÃO | 2nd offering raised R$ 200M. DPU rose from R$ 0.13 up to R$ 0.17 amid high Selic rates. |
| REGIME ESTÁVEL | 3rd offering strengthens portfolio. DPU fluctuates between R$ 0.10-0.145 amid falling Selic rates. |
| REESTRUTURAÇÃO LANGUIRU | Restructuring of the Languiru CRAs (an agricultural cooperative from Rio Grande do Sul) featuring maturity extensions and enhanced collateral. DPU drops to R$ 0.0875 in Feb/2024. |
| RECUPERAÇÃO + ALOCAÇÃO | Languiru resumes amortization payments in August 2025. DPU gradually rises from R$ 0.11 to R$ 0.15 throughout the year. |
| 5ª EMISSÃO + R$ 1 BI | 5th offering closes with R$ 41M in preemptive subscriptions. Net assets exceed R$ 1B for the first time. DPU stabilizes at R$ 0.14-0.145. |
| BELAGRÍCOLA EM RE | Belagrícola out-of-court reorganization approved. 3.12% of net assets at risk. |
| 2ª INADIMPLÊNCIA LANGUIRU | Languiru misses interest payment on 07/07. OPEA Material Fact Notice 07/14. Agreement on 07/29 WITH NO principal loss. BTG calls buyback General Unithholders' Meeting. |