BlueMacaw Gestora de Recursos

BlueMacaw Gestora de Recursos is a real estate management boutique founded in 2019 by Marcelo Fedak — former Head of Real Estate for Latin America at Blackstone, and formerly with BTG Pactual and Goldman Sachs — following a spin-off from Blackstone. In 2020, it received a strategic investment from XP Inc., while remaining independent in its decision-making. With an active corporate taxpayer registry (CNPJ) since October 2018 and headquartered in São Paulo (Vila Leopoldina), the manager has a track record of over US$ 3 billion in equity allocated throughout the team's history, although assets under active management currently stand at approximately R$ 220 million — concentrated in BLMG11, its only active listed fund.

Track record and governance

BlueMacaw's track record is marked by a history of contrasts. The founding team brings solid credentials in structuring large real estate transactions, but the management of BLMG11 — its only listed product — has accumulated a sequence of negative events that have strained the manager-shareholder relationship: the termination of the contract with Baker Hughes for the Jandira warehouse (2023), a partnership with Oaktree that proved unsustainable (2022–2025), and the sale of a logistics portfolio under unfavorable market conditions, resulting in an IRR since IPO of -8.4% p.a. (versus +8.7% for the theoretical equity value). The recycling into GGRC11 in September 2025 concluded the logistics cycle, but did not erase the past. Regarding governance structure, administration is handled by Vórtx DTVM, and the publicly listed partners are Marcelo Fedak, Ariel Araújo de Almeida, Yuri Isser Kibel, and Caroline Miranda Ebel. There is no history of regulatory irregularities registered with CVM. In February 2026, the fund launched a buyback program for up to 467,454 units (10% of the total), with immediate cancellation, mediated by Mirae Asset and XP Investimentos — a significant signal that the manager believes in the current discount.

Strategy and funds under management

With 3 registered funds (1 active, 2 canceled), BlueMacaw currently operates as a single-portfolio manager. BLMG11 underwent a renaming and mandate expansion in 2025–2026: shifting from a pure logistics FII to a hybrid/multi-strategy fund, authorized to invest in properties across multiple segments, units of other FIIs, and financial instruments. With a net asset value (NAV) of R$ 221.5 million, P/NAV of 0.66, and a DY of 13.7%, the fund trades at a steep discount to its net asset value (NAV per unit of R$ 47.40). The management fee is 0.95% p.a. plus a 20% performance fee on returns exceeding IPCA+6% — a structure aligned with long-term incentives, though it will pressure results once the fund outperforms its benchmark again. Management is in active negotiations to acquire new assets via mixed structures (units + cash), with no publicly disclosed timeline.

Strengths and points of attention

• Founding team with a history of US$ 3 billion allocated to real estate in Latin America (Blackstone, BTG, Goldman Sachs) — origination capacity above sector average.
• High structural discount (P/NAV 0.66) + DY of 13.7% create a favorable asymmetry for buyers at current levels, especially with the active buyback program.
• Strategic partnership with XP expands distribution and access to real estate asset deal flow.

• Execution below expectations in the previous cycle: the negative IRR since IPO is an objective fact that requires scrutiny before any commitment.
• Portfolio in transition with no concrete assets announced: the multi-strategy mandate is still devoid of actual allocations — the fund relies entirely on the manager's future recycling capacity.
• Small shareholder base (13,385) and reduced NAV (R$ 221M) limit liquidity and access to scaled offerings.

For which investor it makes sense

BlueMacaw — via BLMG11 — makes sense for the deep value investor willing to accept high uncertainty in exchange for price asymmetry: those entering with a 34% discount to NAV and a 13.7% DY are buying a recovery option, not a stabilized asset. It is not suitable for investors seeking predictable income or needing a history of consistent distributions — the recent cycle was marked by volatility and restructuring. Monitoring management reports is mandatory: the moment the manager announces the acquisition of new assets will be the primary catalyst for a re-rating. Anyone who cannot tolerate ambiguity should wait for the new portfolio to materialize before allocating.