Arch Capital

Arch Capital (formerly Autonomy Investimentos, rebranded in January 2025) is a real assets manager founded in 2007, with R$ 6.3 billion under management and operations 100% dedicated to the Brazilian market. Over 18 years, it has consolidated a real estate private equity platform covering four strategic segments: corporate slabs (AIEC11, its only exchange-listed FII), logistics (partnership with the Ontario Teachers' Pension Plan in Golgi), affordable residential (AVUR11, co-investment with MRV), and data centers (AC Data Centers Feeder I FIP). The rebranding to Arch Capital formalized a shift in institutional positioning, aligning the brand with the growing scope of the real assets platform.

Track record and governance

Arch Capital enters 2026 with one of the most robust track records in the high-end office segment in Brazil. Its track record in AIEC11 includes the active management of three consecutive voluntary exits in 18 months—Dow (Jan/2025), Seven (Aug/2025), and IBMEC (Dec/2025)—without the fund losing cash liquidity: contractual fines totaled approximately R$ 16.4 million gross. The immediate leasing of the Standard Building to Rede D'Or in Feb/2026 (60-month contract, 13.3% cap rate over net asset value) is a benchmark of execution in post-pandemic office management and demonstrates a real capacity to absorb vacancies in record time.

In governance, the manager approved at a unitholders' meeting a unit buyback program for AIEC11—one of the first real estate funds to implement the practice following the new CVM regulation, with a limit of 10% of NAV. The regulatory structure was adapted to CVM Resolution 175 in Jan/2025. The 0.75% management fee is competitive for the segment. The partnership with the Ontario Teachers' Pension Plan (OTPP), one of the world's largest pension funds, endorses the institutional credentials for co-investments with global capital.

Strategy and funds under management

Arch Capital's portfolio logic is to capture different real estate cycles, reducing dependence on a single segment. For retail investors, access is restricted to AIEC11, but the platform encompasses:

• Corporate slabs (AIEC11): two AAA assets—Rochaverá Torre D (Chucri Zaidan/SP, LEED Platinum) and Standard Building (Downtown/RJ, historic landmark). With a P/BV of 0.80 and a DY of 6.6%, the thesis is a gradual recovery of DPS from ~R$ 0.34 to ~R$ 0.45-0.55/month throughout 2026-2027, sustained by the leasing pipeline of 14,960 m² in Rochaverá and the maturation of the Rede D'Or contract.
• Logistics: partnership with OTPP in Golgi, positioning Arch in the segment with the highest structural demand in the Brazilian economy.
• Affordable residential: co-investment with MRV in AVUR11, capturing the cycle of the affordable segment with a large-scale operational partner.
• Data centers: AC Data Centers Feeder I FIP, positioning the manager in the highest-growth segment of digital infrastructure.

Strengths and points of attention

• Proven execution in leasing crises: three exits in 18 months managed with fine recovery and quick replacement of high-end tenants.
• Global institutional partnership (OTPP): validates governance and technical capacity for co-investments with international capital.
• Multi-segment platform: logistics, residential, data centers, and offices, diluting dependence on a single real estate cycle.
• Pro-unitholder initiative: unit buybacks at a time of significant discount (P/BV ~0.80) demonstrate alignment of interests.

• Concentration in AIEC11 for retail: the richness of the private portfolio (Golgi, AVUR11, data centers) is inaccessible to small investors, who remain exposed solely to the office cycle.
• DPS still compressed: ~R$ 0.34/month (DY 6.6%) below potential; recovery depends on the occupancy of Rochaverá and the maturation of contracts signed in 2026.
• Recent rebranding: the transition from Autonomy to Arch Capital is strategically positive, but still consolidating in market perception.
• Opacity of the private portfolio: logistics, residential, and data centers funds are not exchange-listed, making independent evaluation of the manager's complete track record difficult.

Which investor is this suitable for

Arch Capital, via AIEC11, is suitable for investors with a 2 to 3-year horizon willing to accept volatility in exchange for positive asymmetry: the fund trades at a 19-20% discount to net asset value in triple-A assets, with long-term contracts being signed. The ideal profile is an intermediate or advanced investor, familiar with the corporate office cycle and able to tolerate a currently compressed DPS while waiting for the recovery of Rochaverá's occupancy. The main risk is not the quality of the assets—it is the execution time of management in refilling each vacant square meter at the expected pace. Monitor monthly: the occupancy rate of Rochaverá Torre D, the evolution of distributed DPS, and any new leasing moves announced in the managerial reports.