Alianza Gestão de Recursos

Alianza Gestão de Recursos is an independent institutional real estate manager founded in 2011, headquartered in Itaim Bibi (São Paulo) and authorized by CVM as a resource manager since 2015. Led by partners with a strong background in the real estate sector — notably Rogério Cardoso (former CEO of Prologis Brasil, former Pátria and former BR Properties) alongside Fabio Figueiredo Carvalho and Ricardo Munaretti Madeira —, the firm manages around R$ 3.7 billion in real estate assets and has managed over 745 thousand m² since its foundation. Its base totals over 180 thousand individual investors, alongside funds of funds, pension entities, family offices, and global institutional investors. In the listed FII market, Alianza appears with 4 funds under analysis (ALZR11, ALZC11, ALZM11, and AURB11) and a consolidated rating of 7.0 (GOOD).

Track record and governance

Alianza's reputational backing lies in ALZR11, its flagship fund listed since January 2018, with an equity value of around R$ 1.35 billion and over 200 thousand unitholders. The fund has accumulated relevant milestones: inclusion in the FTSE EPRA Nareit Global Real Estate Index (Dec/2025), a 1:10 split in May/2025 (which expanded the base by +36 thousand investors), and the 8th issuance concluded in Apr/2026 (~R$ 447 mi). The provider structure is top-tier: administration and custody by BTG Pactual, auditing by Ernst & Young, and a dedicated compliance/risk area. The firm also carries 3 ANBIMA codes of conduct and 6 professional certifications.

The counterpoint is recent and material. The general meeting (AGE) of 12/05/2026 for ALZR11 brought a controversial agenda: increasing the limit in FIIs of the group itself from 20% to up to 50% of the net asset value, authorized capital of up to R$ 10 billion without a new AGE, and the inclusion of a typical contract asset (Oscar Freire) that breaks the originally atypical mandate. The investor community raised conflict of interest concerns, comparing the move to the VGHF11 case — which justifies the fund's rating being adjusted to 7.5 with a governance reservation.

Strategy and funds under management

Viewed together, Alianza operates two complementary real estate fronts. The first is income brick-and-mortar, the firm's historical core, anchored in long-term atypical contracts (Built-to-Suit and Sale & Leaseback) with tenants of minimum A- rating or revenue above R$ 500 million/year. This is the thesis of ALZR11, which has been diversifying into data centers (Scala/RS and Sky/SP) and food retail (Assaí, Oba), as well as AURB11, focused on last-mile logistics (UrbanHub Guarulhos and Mauá). The second front is high yield real estate credit, consolidated in ALZC11.

ALZC11's trajectory illustrates the manager's willingness to reorganize vehicles: the fund started as SIGR11, was taken over by Alianza in Feb/2024, and, in Feb/2025, merged the funds ALZM11 and ALZT11, raising the net asset value from ~R$ 65 mi to ~R$ 195 mi and unifying the CRI strategy into a single vehicle. ALZM11 (multi-strategy, now closed) delivered a total return of 17% in almost 5 years, beating IFIX by 5.2 p.p. The quality dispersion among the funds is wide: ratings range from 8.0 (ALZR11) to 3.5 (AURB11), reflecting everything from a mature institutional fund to a small and niche vehicle. In dividends, ALZR11 runs a DY of ~9.5% (brick-and-mortar) and ALZC11 of ~15.5% (high yield paper), with the latter starting unit buybacks at a discount to NAV in Dec/2025 to generate equity value.

Strengths and points of attention

• Senior team with market pedigree — partners coming from Prologis, Pátria, and BR Properties bring real depth to the origination of logistics and corporate brick-and-mortar assets.
• Discipline in atypical contracts with robust credit tenants, coupled with international recognition (FTSE Nareit) that reinforces the liquidity and visibility of ALZR11.
• Active management of vehicles — mergers, splits, and buybacks show a firm that tinkers with the structure to create value, rather than just managing.

• Governance risk in 2026 — the loosening to 50% in group FIIs and the authorized capital of R$ 10 Bi without an AGE open room for conflicts of interest and dilute the atypical mandate that was the firm's trademark.
• Uneven shelf quality — below ALZR11, there are fragile funds: AURB11 has a net asset value of R$ 87.86 mi, leverage of R$ 88.5 mi in CRIs exceeding its own net asset value, and only 18 unitholders.
• Cycle-sensitive credit exposure in ALZC11 — 41% in housing developments and Fragnani and Casa & Vídeo CRIs in workout (~1.7% of net asset value).

Which investor it makes sense for

Alianza is a solid firm in the institutional brick-and-mortar core, but with a heterogeneous shelf. For income investors with a more conservative profile, ALZR11 is the natural entry door — a mature, liquid, and diversified fund —, provided that the outcome of the 2026 governance deliberations is closely monitored. For those seeking high DY and tolerating credit risk, ALZC11 can fit into a small slice, aware of the exposure to housing developments and ongoing workouts. Meanwhile, AURB11, due to its minimum size, high leverage, and base of 18 unitholders, has the profile of a qualified investor vehicle, not a retail FII. What to watch, in short: the result of the AGE on 12/05/2026 and potential increased exposure to group FIIs, the evolution of CRIs in workout at ALZC11, and the maintenance of atypical contract discipline that sustains the manager's reputation. Analytical coverage, without a buy recommendation.