Ex-VX XVI FII (renamed in 2022, under Vinci management) — managed since October 18, 2025 by BRL Trust / APEX Group, with advisory by Genesis Capital. CNPJ 30.982.974/0001-89.
Segment: Hybrid / Multi-strategy (Development brick-and-mortar + FoF + real estate special purpose vehicle) · Price R$ 790.0 · P/BV 1.5869 · BV/unit R$ 497.82 · Net assets R$ 238 Mi · 13 unitholders · 1 assets
VXXV11 (Genesis Multiestratégia FII) is a Brazilian REIT in the Hybrid / Multi-strategy (Development brick-and-mortar + FoF + real estate special purpose vehicle) segment. Ex-VX XVI FII (renamed in 2022, under Vinci management) — managed since October 18, 2025 by BRL Trust / APEX Group, with advisory by Genesis Capital. CNPJ 30.982.974/0001-89.
Structure used to receive real estate assets and SPEs tied to defaulted Habitasec CRIs via payment-in-kind. Pay attention: cash was practically depleted in Q2/26 (from R$ 19.1M to R$ 100), leaving only R$ 1.3M in fixed income to fund operations. Functions more as a structured workout special purpose vehicle than a listed income REIT-style fund (FII).
This page gathers the factual snapshot of VXXV11 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: Genesis Capital Gestora de Recursos Ltda. (under administration of BRL Trust / APEX Group since 10/18/2025).
Genesis Capital took over management in 2022, upon the renaming of VX XVI FII (Vinci) to Genesis Multiestratégia FII. Independent asset manager headquartered in Itaim Bibi/SP, focused on structured over-the-counter REIT-style funds (FIIs). Under its watch, the fund experienced two significant credit events: (i) receipt of 42% of BWP FII in May/2024 via payment-in-kind of Habitasec 250 CRI; (ii) receipt of SPE BW Diase Fortaleza in Dec/2025 via payment-in-kind of defaulted Habitasec 305 CRI. Profile: creditor with non-standard solutions — receives assets in lieu of defaulted debt, incompatible with a listed retail REIT-style fund (FII). Transfer to BRL Trust (APEX) on 10/18/2025 signals an ongoing reorganization.5 assets concentrated in 2 large blocks: real estate SPE in CE (64%) + logistics REIT-style fund (FII) units (27%) — the remainder are a stake in REC LOG 2, residual pricing of BWP/Multshop, and a vacant shopping property
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| BW Diase Business Park Fortaleza Ltda. | — | 69.9% | — |
| Kronolog Feeder REIT-style fund (FII) | — | 27.2% | — |
| Shopping Iguatemi São Carlos (50% ideal fractional share) | R. Passeio dos Flamboyants, 200 — São Carlos/SP | — | 0.1% |
| REC LOG 2 S.A. (closely held company) | — | — | — |
| Multshoppings RL REIT-style fund (FII) | — | 1.1% | — |
HHI 0.56 — extrema.
| Breakdown | Share |
|---|---|
| By state | Northeast (Fortaleza/Itaitinga/CE) 69.9% · Southeast (RJ) 17.0% · Southeast (São Carlos/SP) 2.4% · Brazil (FoF — dispersed) 28.3% |
| By tenant | No relevant tenant identified 100.0% |
| By index | Not disclosed 100.0% |
P/BV of 1.59 = 59% premium over book value. In a retail REIT, this would be extreme optimism; here, it is a residue of zero liquidity.
last close R$ 790.0 · all-time low R$ 673.00 · high R$ 1053.00 · book value per unit R$ 497.82.
Average daily volume (21 sessions) of R$ 1,200 · 12-month average of R$ 5,000.
Trading liquidity is essentially ZERO. Average volume is close to R$ 1k-5k/day. Exiting any meaningful position takes hundreds of trading sessions — there is no functional market.| Period | What happened |
|---|---|
| Formation as VX XVI FII (Vinci) | Closed-end fund formed on 06/22/2018. Family of Vinci institutional REIT-style funds (FIIs) ("VX" structures for qualified investors). |
| Start of operations + acquisition of REC LOG 2 | 1st capital call on 11/01/2019. On 11/19/2019 acquired 17.64% of REC LOG 2 S.A. (Edifício Cidade Nova/RJ) for R$ 35k. |
| Only distribution period in the entire history | Only distribution period. DPU from R$ 1.44 to R$ 10.76. Partial principal repayment of R$ 278.45/unit in Oct/2020. |
| Renaming to Genesis Multiestratégia | Change from VX XVI to Genesis Multiestratégia. Management migrates from Vinci to Genesis Capital. Documented in Q1/2022 IT (ID 304481). |
| Receipt of 42% of BWP FII (Habitasec CRI 250 in default) | On 05/22/2024 formalized Payment-in-Kind Instrument for Habitasec CRI 250th series. Debtors transferred 42% of BWP FII (R$ 146.3M). Trigger to become a FoF/workout vehicle. |
| Acquisition of Shopping Iguatemi São Carlos | On 09/10/2024 acquired 50% for R$ 4.89M. 70k sqm land, 35.1k sqm built area in São Carlos/SP. |
| Administration transfer to BRL Trust/APEX | On 10/18/2025 changed from Trustee DTVM to BRL Trust DTVM (APEX Group). 2025 financial statements split into two periods (pre- and post-transfer). |
| Receipt of SPE BW Diase Fortaleza (Habitasec CRI 305 in default) | On 12/09/2025 received 100% of the shares of BW Diase Business Park Fortaleza (R$ 158.9M — 64% of net assets) via payment-in-kind. Includes property deed 378/Itaitinga/CE under fiduciary lien. |
| Current status: 15 unitholders, net assets R$ 227M, no income | 15 unitholders (all institutional; 1 with 57%). Net assets fell to R$ 227M (-26% in 3 months). Has not distributed for 17 months. Cash rose to R$ 20.4M. |