Clave

A Clave Capital is a multi-strategy boutique founded in 2021 by Rubens Henriques — former CEO of Itaú Asset Management, one of the largest asset managers in Latin America with over R$ 1 trillion under management. Right at inception, BTG Pactual entered as a minority partner (30%) with seed capital estimated at R$ 3 billion, anticipating the strategic alliance that would be consummated in December 2024, when the bank acquired 100% of the manager. At the time of the transaction, Clave managed around R$ 5.5–6 billion in assets and served over 25,000 unitholders, covering macro multi-market, private credit, and real estate credit (CRI). With the incorporation, the team — including Carolina Avancini, responsible for the real estate credit vertical — migrated to the partnership of BTG Pactual Asset Management, which totals about R$ 970 billion under management in Latin America.

Track record and governance

Clave was born with high-quality DNA: founded by a former asset CEO of a systemic bank, with a senior team formed in top-tier houses and anchor capital from BTG. The real estate fund CLIN11, launched in July 2023, reflects this genetics: since its IPO, it has maintained a 100% compliant portfolio — a relevant differential in a segment where defaults and non-performances dot the history of peers. Fiduciary administration is handled by BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23), with custody at Banco BTG Pactual — a structure that combines robust banking governance with the origination agility of a specialized boutique. The incorporation into BTG in Dec/2024 did not alter the mandate or the real estate credit team; it was a corporate control transition, not an operational disruption.

Strategy and funds under management

In the universe of listed FIIs on the website, Clave is represented by CLIN11 (Clave Índices de Preços FII) — a paper fund focused on high-grade CRIs indexed to IPCA+. The strategy is concentrated, but deliberate: 31 active CRIs, NAV of R$ 429 million (Apr/2026), average spread of IPCA+10.3% — a high level for the high-grade segment. Diversification by segment is real: residential (35%), real estate corporate (17%), retail (16%), logistics (15%), and office (6%). Debtors include names such as JHSF, MRV, Direcional, Tenda, Souza Cruz/BAT, São Carlos, and XPLG — a spectrum covering both developers and corporations with real estate assets as collateral. The DPS of R$ 0.95/share yields a 12m DY of ~12.6%, tax-exempt for individuals, with 14.3% of NAV in cash/Tesouro Selic as an operational buffer. The share traded at a P/BV of 0.93 in Apr/2026 — a discount to the net asset value of R$ 98.69.

Strengths and points of attention

• High-quality credit team: Carolina Avancini and the Clave team preserved at BTG Asset; origination that generated 31 CRIs with zero default since the IPO.
• Banking governance + boutique DNA: BTG DTVM administration with specialized credit origination agility — a rare combination in the segment.
• Above-average spread for high grade: IPCA+10.3% with 100% compliance positions the fund well on the risk/return frontier of the segment.
• Discounted share: P/BV of 0.93 offers a margin of safety relative to net asset value for those who believe in portfolio quality.

• High duration risk: 97% of the portfolio in IPCA+ and 27% with duration above 4 years — the asset value responds to variations in the real interest rate curve, as evidenced by the historical drop to R$ 72.60.
• Young fund and single fund: IPO in Jul/2023 is a short track record for a complete credit cycle; Clave does not have a second listed FII allowing for an evaluation of origination consistency across multiple products.
• BTG integration still consolidating: the Dec/2024 acquisition is recent; risks of priority realignment, departure of key people, or mandate conflicts with other BTG Asset credit FIIs have not been fully dissipated.

For which investor it makes sense

CLIN11 — and by extension the Clave/BTG Asset manager in the real estate segment — makes sense for investors focused on tax-exempt real income with a tolerance for asset share volatility during real interest rate opening cycles. The ideal profile seeks high-grade credit with above-average carry and comfort with significant duration. One should monitor: (i) the evolution of P/BV and potential share drops in scenarios of rising real interest rates; (ii) the maintenance of compliance and the real estate credit team post-BTG integration; (iii) new products the manager may launch, signaling the maturation of the real estate franchise within the bank. Risk-averse investors regarding duration or those needing greater liquidity should consider the fund's size (NAV R$ 429M, daily turnover ~R$ 1M) before sizing their position.