Paper real-estate fund 100% indexed to inflation, holding 50 CRIs and actively managed by Valora. Focused on IPCA, with only a residual IGP-M exposure in the portfolio (0.6%).
Segment: Paper - IPCA+ CRI · Price R$ 74.04 · P/BV 0.8168 · BV/unit R$ 90.65 · Net assets R$ 1,07 Bi · 82,245 unitholders
VGIP11 (Valora CRI Índice de Preços FII) is a Brazilian REIT in the Paper - IPCA+ CRI segment. Paper real-estate fund 100% indexed to inflation, holding 50 CRIs and actively managed by Valora. Focused on IPCA, with only a residual IGP-M exposure in the portfolio (0.6%).
It lends money to real estate projects across nine segments — hotels, warehouses, residential, and offices — and distributes interest adjusted for inflation as monthly income. Note: two large issues mature in 2026, and management will need to reallocate this capital.
This page gathers the factual snapshot of VGIP11 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 Gestão de Investimentos.
Valora Investimentos is one of Brazil's leading independent structured credit asset managers, with over R$ 13 billion under management. Its expertise in originating and structuring CRIs allows VGIP11 to access differentiated transactions that do not reach retail channels. Management is truly active: in January 2026, it sold R$ 92.5M in CRIs (Tecnisa 397S and São Gonçalo 179E) yielding IPCA+7% and reinvested R$ 82.1M across 4 CRIs with an average coupon of IPCA+9.6% — increasing portfolio carry into the final stage of the high-interest-rate cycle. In 2025, it generated R$ 22.9M in capital gains through CRI rotation.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI Mabu 402S | — | — | — |
| CRI JSTX | — | — | — |
| CRI Matarazzo 451S | — | — | — |
| CRI VFDL | — | — | — |
| CRI Matarazzo 545S | — | — | — |
| CRI Cemara | — | — | — |
| CRI Raposo Shopping | — | — | — |
| CRI Realiza | — | — | — |
| CRI Choice | — | — | — |
| CRI CashMe 31E Senior | — | — | — |
| CRI Villa XP | — | — | — |
| CRI GJA | — | — | — |
| CRI Fashion Mall 339S | — | — | — |
| CRI Fashion Mall 340S | — | — | — |
| CRI GTLG | — | — | — |
| CRI EAB | — | — | — |
| CRI Manhattan 196S | — | — | — |
| CRI SGGC | — | — | — |
| CRI Blue 23E | — | — | — |
| CRI Axis | — | — | — |
| CRI General Shopping | — | — | — |
| CRI Dot | — | — | — |
| CRI Projetos Residenciais SP 1S | — | — | — |
| CRI HGLG Eletrolux | — | — | — |
| CRI AR Terrenos | — | — | — |
| CRI São Gonçalo | — | — | — |
| CRI Makro | — | — | — |
| CRI TJKB 2S | — | — | — |
| CRI Planta II 13E | — | — | — |
| CRI JSL Ribeira 261S | — | — | — |
| CRI JSL Ribeira 268S | — | — | — |
| CRI JL | — | — | — |
| CRI Sanema | — | — | — |
| CRI Rede Duque 443S | — | — | — |
| CRI Rede Duque 444S | — | — | — |
| CRI SER Educacional 284S | — | — | — |
| CRI Ditolvo 37E | — | — | — |
| CRI Rede D'Or 397S | — | — | — |
| CRI GPA 83S | — | — | — |
| CRI GPA 79S | — | — | — |
last close R$ 74.04 · all-time low R$ 62.54 · high R$ 115.42 · book value per unit R$ 90.65.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Establishment of Valora CRI Índice de Preço FII right at the start of the pandemic, focusing 100% on IPCA-indexed CRIs. |
| CRESCIMENTO INICIAL | First 4 offerings and portfolio construction. Net assets grew from R$ 100M to ~R$ 500M. |
| CONSOLIDAÇÃO | 5th and 6th offerings. Net assets exceed R$ 1 billion. Unitholder base reaches 80 thousand. |
| 7ª EMISSÃO | 7th offering completed at R$ 96.41/unit. Active management with high CRI rotation (R$ 22.9M in capital gains for the year). Trailing 12m DPU: R$ 11.42. |
| ROTAÇÃO PRÉ-CICLO | Aggressive rotation: sells IPCA+7% CRIs and buys IPCA+9.6% CRIs, increasing carry ahead of interest rate cuts. |
| COPOM CORTA 0,25PP | Selic rate drops to 14.50% p.a. in its 2nd consecutive cut. IFIX rising and paper sector surfs the cycle. |