Aroeira Asset Gestão de Recursos

Aroeira Asset Gestão de Recursos Ltda. is an independent asset manager based at Av. Pres. Juscelino Kubitschek, 1,600, in São Paulo (SP), authorized by the CVM in December 2023. Its ownership structure brings together two groups: Ouro Preto Gestão de Recursos S.A. — an award-winning boutique with over 13 years in the market, operating in FIIs, FIDCs, private equity, and multi-market funds — and RP Partners Participações e Apoio Operacional Ltda. This hybrid structure is the firm's main differentiator: Aroeira concentrates the origination and management of real estate credit assets, with the institutional and compliance backing of an already established partner. Consolidated AUM approaches R$ 109 million, distributed between EIRA11 (R$ 35.8 million) and a Multi-sector FIDC (R$ 73.5 million, 531 unitholders) — a portfolio that is still small, yet in consistent expansion.

Track record and governance

The management history is, for now, Aroeira Asset's primary limitation: EIRA11 began operations in February 2025, with just over a year of verifiable data. The multi-sector FIDC broadens the team's evaluation window, but without a consolidated public history available. On the positive side, the governance structure features PricewaterhouseCoopers auditing — a commitment to transparency unusual for a firm of this size. Administration and custody of EIRA11 migrated from Singulare CTVM to QI Tech in late 2025, a platform with robust infrastructure for structured funds. The direction of internal controls, risk, and AML/CFT is centralized in a single person (Edson Vicente Carminatti Junior), a concentration of roles that warrants monitoring in a small-sized firm. Positively, EIRA11's managerial reports present detailed macro analysis, complete income statements (DRE), and benchmark comparisons — a consistent signal of a qualified technical team beyond expectations for the manager's stage.

Strategy and funds under management

Aroeira Asset operates in two structured credit segments: real estate (EIRA11) and multi-sector (FIDC). EIRA11 focuses on construction financing CRIs — subdivisions and developments backed by collateral in the interior and region of São Paulo — targeting the Middle Market and Upper Middle Market segments, companies that lack full access to the traditional capital market. The portfolio closed April 2026 with 4 assets: 3 CRIs (Gran Lago — GO subdivision, CDI+4.85%; Aparecida Garden — GO subdivision, IPCA+12.50%; Botânica — SP development, CDI+4.00%) and a position in an FII (Mirante Realty, R$ 5.0 million). The 2nd issuance completed in March 2026 raised NAV from R$ 20.9 million to R$ 35.8 million and the unitholder base from 123 to 234, with 30.5% cash available for new contributions. The average carry is attractive: spread of IPCA+11.35% and CDI+2.34%, with an annualized DY of ~14–15% tax-exempt for individuals — performance that outperformed CDI and IPCA+7% in 2025. Portfolio concentration is a concern: about 44% of equity is allocated to subdivisions in Goiás originated by the same securitizer (Leverage), creating geographic and pipeline risks that are not diversified for a fund in the initial portfolio construction phase.

Strengths and points of attention

• Experienced partner: Ouro Preto Gestão (13+ years in the market, award-winning in multi-market) grants unusual institutional backing for such a young manager.
• Premium carry: Average IPCA+11.35% with a 100% performing portfolio, consistent return above benchmark references.
• Governance above its size: PwC auditing, QI Tech as administrator, and managerial reports of high technical quality.
• Ongoing growth: two successful issuances in less than 18 months of operation, with expanding AUM and available cash for diversification.

• Very short history: less than 18 months of track record — impossible to evaluate management behavior in stress or default cycles.
• Extreme concentration: 4 assets, two in subdivisions in the same state (GO) by the same securitizer, without real counterparty or geographic diversification.
• Almost zero liquidity: average daily volume of ~R$ 2 thousand in EIRA11's secondary market makes exiting extremely difficult in adverse scenarios.
• Small NAV: R$ 35.8 million and 234 unitholders limit future diversification capacity and make the fund dependent on new issuances to mature the portfolio.

Which investor is this suitable for

EIRA11 — and by extension Aroeira Asset — is suitable for the individual investor with a long-term horizon, high tolerance for concentration risk and minimal liquidity, and an interest in a tax-exempt premium carry. The ideal profile is someone who already holds a diversified position in larger FIIs and seeks a high-carry satellite in boutique structured real estate credit. It is not recommended for those who need liquidity or have low tolerance for concentrated credit risk. Points to watch: (i) maintenance of CRI performance, especially the two in Goiás; (ii) portfolio diversification pace in upcoming issuances; (iii) growth in NAV and secondary market liquidity; and (iv) evolution of the track record as the multi-sector FIDC gains auditable public history.