Canuma Capital

A Canuma Capital is an independent asset manager focused on real estate assets, originally founded in 2015 and effectively restarted in June 2021, when Marcelo Vainstein left his position as CIO at Brookfield — where he managed a portfolio of R$ 11 billion and transactions of R$ 8.25 billion between 2015 and 2021. Authorized by CVM (Resolution No. 21/21) and adhering to the ANBIMA Code for Third-Party Asset Management, the firm has BTG Pactual as a partner (approx. 30% of the business, with R$ 1 billion committed), but maintains, by agreement, "total independence" in management. In the listed FII market, Canuma currently manages two vehicles — CCME11 (flagship multi-strategy product) and CCVA11 (mall single-asset) — totaling close to R$ 720 million in visible exchange-traded equity, within a stated target of R$ 3 billion in AUM in five years from the IPO (by ~2027).

Track record and governance

Canuma's most tangible differentiator is human capital. In addition to Vainstein (CEO/founder, with stints at Deutsche Bank, JP Morgan, Morgan Stanley, and Brookfield), the team brings together Felipe Vaz (Managing Partner, former head of FII and REIT analysis at Santander, over 10 years of market experience), Ademilson Ribeiro (former head of research at Brookfield), and Eduardo Moraes (ex-Itaú BBA). It has an institutional and real estate credit background, not retail — which is reflected in the proprietary origination capacity for CRIs. The service provider structure is solid and standardized across the funds: administration and custody at BTG Pactual and auditing by PwC. In CCME11's track record since its IPO (Oct/2022, which raised R$ 250 million, the 2nd largest 476 of that year), the portfolio of FIIs and stocks accumulated +58.2% against +39.5% for the IFIX, beating the index in 97% of 36-month rolling windows. A noteworthy governance point is alignment: Canuma voluntarily waived 100% of the management fee on the amount that CCME11 allocates to CCVA11, eliminating double charging.

Strategy and funds under management

The firm's thesis is that of a multi-class real estate boutique, and CCME11 is where this truly materializes: it is described as the only multi-strategy fund that actually allocates simultaneously to CRIs, direct real estate, FIIs, and stocks. As of May 2026, the fund distributed its portfolio across 44% in 17 CRIs (average rate of CDI+2.6% and IPCA+9.5%, with robust real guarantees — Brookfield, HGBS mall, fragmented developers — and zero default), 26% in direct real estate (KASA Vila Olímpia and the Shopping Jardim Sul stake via CCVA11), 8% in seven FIIs, and 22% in cash. CCVA11, in turn, is not a standalone retail product: it is a single-quota access vehicle holding 10% of Shopping Jardim Sul (0% vacancy) and whose sole unitholder is CCME11 itself. In other words, the two funds do not compete — CCVA11 is a cog in CCME11's strategy. This relationship explains the dispersion of ratings (7.5 for CCME11 versus 6.0 for CCVA11): the flagship vehicle offers diversified active management and a DY of 11.65% over a R$ 8.74 share price, while the single-asset delivers a DY of ~6.8% and a P/BV close to 1.0, with no practical liquidity. Besides listed FIIs, the manager also operates an American REIT fund (Dec/2021) and a multi-market Pension fund on the BTG platform, highlighting platform ambition beyond the local exchange.

Strengths and points of attention

• Quality origination and credit: 17 internally structured CRIs, heavy real guarantees, and zero default — a direct result of the team's Brookfield/institutional DNA.
• Concrete alignment: full waiver of the fee on the CCME11→CCVA11 cross-position, something rare in the sector that signals above-average governance.
• Institutional seal: BTG as a capitalized partner and provider (admin/custody) combined with PwC auditing reduces operational risk.
• Strongly accelerating results: CCME11 net income jumped from R$ 14.01 mi (2024) to R$ 95.78 mi (2025), consistently outperforming IFIX.

• Lean and concentrated product line: only two listed FIIs, and the second (CCVA11) is practically an appendix of the first — little real vehicle diversification for the unitholder.
• Short history under current structure: the management engine dates back to 2021/2022; the track record, although strong, has not yet crossed a complete real estate credit cycle under stress.
• Key-person dependency: the thesis anchors heavily on Vainstein and proprietary origination — inherent key-person risk for boutiques.
• Inaccessible CCVA11 and illiquidity: single quota held by CCME11 and total concentration in a single mall make the vehicle unsuitable for retail.

For which investor it makes sense

In practice, meaningful exposure to Canuma occurs via CCME11 — CCVA11 is not a viable path for retail investors. CCME11 tends to make sense for the FII investor seeking a hybrid and actively managed vehicle, heavily backed by real estate credit (CRIs) and willing to accept the complexity of a multi-class portfolio in exchange for a double-digit DY and a double discount (share at P/BV ~0.83 and invested FIIs below BV). It is not a product of simplicity nor absolute income predictability: it requires monitoring. What to watch: (i) the default trajectory of the CRI portfolio in a potential adverse interest rate and real estate market cycle; (ii) the sustainability of the monthly distribution (R$ 0.084–0.088), since part of the recent result comes from capital gains and active management, not just carry; (iii) progress toward the R$ 3 billion AUM target, which may pressure origination for quality; and (iv) the maintenance of transparency and alignment levels as the firm grows.