BRM Carbyne Gestão de Recursos

BRM Carbyne Gestão de Recursos S.A. (CNPJ 38.318.963/0001-00) is an independent asset manager founded in September 2020, headquartered in Vitória (ES) and structured as the asset management arm of the Apex Partners platform, led by CEO and founding partner Fernando Antonio Kulnig Cinelli. With an aggregate net asset value of approximately R$ 774 million under management and 30 funds registered with CVM (24 operational), Carbyne operates in Real Estate, Private Equity, Venture Capital, and Private Credit — a diversified portfolio that goes far beyond the single public FII under its name.

Track record and governance

Being a young asset manager — established in 2020 —, BRM Carbyne is still building its track record in the capital markets. Directors registered with CVM are Fernando Cinelli, Filipe D'Ochoa Pires Cerqueira Caldas (compliance), and Thompson Vieira Carneiro Alves (internal controls, risks, and AML/CFT). Fiduciary administration of the single public FII — APXM11 — is conducted by BTG Pactual Serviços Financeiros, with independent auditing by PwC, which ensures a robust layer of external governance despite the manager's relative inexperience.

In November 2025, three vehicles managed by BRM Carbyne (along with funds associated with Cinelli) acquired approximately 5.5% of CVC Brasil (CVCB3) shares, with Cinelli being elected to the company's Board of Directors in April 2026. This move reveals an appetite for restructuring assets and a strategy beyond the real estate market — but it also raises reputational risk if the CVC position becomes problematic.

Strategy and funds under management

In the FII universe, BRM Carbyne manages a single public product: APXM11 – Apex Malls, focused exclusively on regional shopping malls. Specialized real estate consulting is provided by Apex Nazca Investimentos e Participações, a boutique firm that lends its name to the fund and is part of the same Apex Partners ecosystem in Vitória. Concentration in 2 assets (Shopping Vitória and an indirect stake in Catuaí Cascavel, PR) reflects both Apex's dealflow capacity in regional markets and the difficulty of diversifying a fund with an equity base of R$ 298.5 million and restricted liquidity.

The 30 managed funds range from Real Estate to Private Credit, suggesting that APXM11 is just one of the manager's fronts — which can be positive (the manager does not depend on the FII to survive) or negative (the FII may not be a strategic priority if other business lines become more profitable).

Strengths and points of attention

• Solid administration and auditing: BTG Pactual as fiduciary administrator and PwC as independent auditor partially offset the manager's inexperience.
• Real assets with appreciation potential: Shopping Vitória is a mature and consolidated asset; the net asset value discount thesis (P/NAV ~0.75) can generate relevant returns if appraisal reports normalize.
• Cohesive regional ecosystem: Manager, real estate consultant, and a predominantly local (Espírito Santo) shareholder base create an alignment of interests with the main asset.

• Short track record: Manager founded in 2020, with no long-term history to evaluate management during adverse cycles.
• Concentration and low liquidity: Only 690 active unitholders in APXM11; sporadic trading makes entering and exiting difficult without price impact.
• Active position in CVC Brasil: Cinelli's direct involvement in CVC's Board of Directors represents a high-risk bet on a recovering tourism asset, with potential agenda conflicts with the real estate portfolio.
• Catuaí Cascavel appraisal report: Cascavel asset valuation suffered significant negative adjustments in 2024-2025; risk of further write-downs still present.

For which investor does it make sense

BRM Carbyne, via APXM11, is best suited for niche investors who accept concentration in 2 regional shopping malls in exchange for a significant net asset value discount, and who have a 3+ year horizon to await P/NAV compression. It is not suitable for those seeking liquidity, diversification, or a consolidated manager track record. The point to monitor is the evolution of the Catuaí Cascavel report and potential distractions of the manager with its other bets (CVC, Private Equity, VC) — which may reduce focus on the only public FII in the portfolio.