Cartesia Investimentos e Gestão de Recursos

Cartesia Investimentos e Gestão de Recursos Ltda, known as Cartesia Capital, is an independent structured real estate credit manager founded in September 2013 and headquartered in Itaim Bibi, São Paulo (CNPJ 18.966.436/0001-03). Over 12 years of existence, it managed to structure 32 funds — but today it operates with only a single active fund: CACR11, with net assets of approximately R$ 464 million and 26,588 unitholders. The team of partners includes Richard Hoffmeister Sippli (responsible director), Paulo de Tarso Araújo Carneiro, Willian Mendonça Silva, and others, with declared experience of over 40 years in the credit market.

Track record and governance

Between CACR11's IPO and 2025, Cartesia built a solid operational track record: out of 769 credit operations analyzed, only 37 were approved — a selection rate of 4.8% — with average distribution around R$ 1.38/unit per month. Partners and family members held long-term units of the fund, a sign of alignment of interests. The active monitoring model via Power BI, on-site visits, and mystery shoppers in sales stands was presented as a market differentiator.

The collapse of May 2026, however, put this track record under suspicion. On 05/03/2026, the administrator BRL Trust communicated the full retention of R$ 1.24/unit referring to April — the first total suspension of dividends in the fund's history. In response to B3, the manager attributed the abstention of opinion on the 2025 financial statements to document delays by the previous administrator, stating regularization was underway. Investors, however, raised more serious questions: accusations that assets like CRI Santo André describe projects with non-existent licenses and protocols. CVM, criticized for apparent inertia during the period, was questioned, but until June 2026 there was no confirmation of the formal opening of an administrative proceeding. The episode exposes a severe governance failure: active management did not detect — or did not communicate — the problems sufficiently in advance.

Strategy and fund under management

Cartesia concentrates 100% of its activity in structured residential development credit — specifically high yield CRIs tied to projects under development. There is no diversification into warehouses, shopping malls, or corporate slabs. CACR11, the only active product, financed developments at multiple stages: construction financing, housing financing (repasses), home equity, and purchase of receivables with collateral.

In 2026, 100% of CACR11's portfolio was stressed, with a debit balance of R$ 468 million approximately equal to the entire NAV. The default of CRI Helvetia (balance of R$ 58.9 mi, high-end horizontal development in Indaiatuba/SP) was the immediate trigger for the suspension of dividends — but regulatory delays in projects in Bahia (Savoie, Viva) and São Paulo (Real Parque, Station) had been accumulating for over 20 months. The repositioning of projects to a GAV of R$ 1 billion (versus R$ 476 mi originally) was presented as positive, but happened reactively, not proactively.

Strengths and points of attention

• Rigorous historical selectivity: 4.8% approval rate across 769 analyzed operations demonstrates criteria.
• Declared alignment: partners and family members as long-term unitholders reduce, in theory, the risk of structural bad faith.
• Accumulated experience: team with decades in structured credit, passing through previous adverse market cycles.

• Extreme concentration: single active fund in a specific niche (residential high yield CRI) with no product or segment diversification.
• Acute open crisis: 31 funds cancelled throughout history; the single active one accumulates a 62–73% drop in 2026 and dividends suspended indefinitely.
• Active monitoring that failed: the operational differential (Power BI, visits, mystery shoppers) neither prevented nor proactively communicated the defaults.
• Audit abstention and regulatory questions: 2025 FS without auditor opinion and suspicions of inconsistencies in portfolio assets raise fiduciary risk.
• Recovery dependent on real estate execution: launches and transfers postponed to 2026; any new schedule frustration prolongs the suspension of dividends.

Which investor it makes sense for

In June 2026, Cartesia Capital is not suitable for any conservative or moderate investor profile. CACR11 traded at R$ 22–27 (P/NAV of 0.27–0.29) represents a binary speculative bet: either the net asset value of R$ 96/unit is recoverable over the next 3–5 years via launches and transfers, or the discount reflects real value destruction not yet recognized. For investors with high risk appetite, long horizon, and capacity to absorb additional losses, price asymmetry can be interesting — but only after regulatory clarity (CVM's response, new audit opinion) and effective resumption of construction schedules. Watch: any new material fact regarding the Bahian projects and the Station's Habite-se, in addition to any formal manifestation by CVM on unitholder complaints.