CY.Capital

CY.Capital Gestora de Recursos Ltda. (CNPJ 18.596.891/0001-56) is the real estate asset management platform controlled by Cyrela Brazil Realty (CYRE3), one of Brazil's largest developers. The idea was conceived in 2017 within Cyrela as a way to capitalize on real estate opportunities outside the developer's residential scope; in 2021, it became official with the admission of managing partners Bruno Ackermann (head of logistics, ex-Cyrela/Syn/Brookfield), Danny Gampel (head of credit, ex-Itaú/TRX), and Gustavo Rassi (private equity, ex-Cyrela). The manager reported close to R$ 4 billion in AUM and projects growth of 30–40% per year, positioning itself as a multi-sector house within real estate—structured credit, logistics, and residential development.

Track record and governance

Despite its still short history, CY.Capital has already accumulated concrete achievements that sustain its reputation. In the logistics segment, the first fund (Cy Log I, R$ 400 Mi) developed four warehouses in Greater São Paulo; the asset in Guarulhos was sold in April/2024 for R$ 126.5 Mi, generating an IRR of 54.2% and an MOIC of 1.47×—numbers that paved the way for Cy Log II, which raised R$ 833 Mi with an international sovereign wealth fund and Cyrela itself as anchor investors. The partnership with CPPIB (Canada's pension fund) for residential development, with R$ 2.8 Bi under management, reinforces its ability to attract qualified institutional capital.

In credit, CYCR11—the firm's only listed fund—is fiduciary-administered by Banco Genial S.A. and audited by Deloitte Touche Tohmatsu. Management has already signaled alignment with unitholders by smoothing/waiving part of the performance fee to preserve distributions during tight periods. Point of attention: the scale of the listed fund (NAV R$ 344 Mi, ~17 thousand unitholders) is still small by industry standards, with limited secondary liquidity, and the manager has not yet gone through a full real estate credit cycle—CYCR11 was launched in November/2021.

Strategy and funds under management

CY.Capital operates across three complementary vectors:

• Real estate credit (CYCR11): minimum policy of 67% of NAV in CRIs, with 77.8% proprietary origination via the Cyrela ecosystem. This grants access to operations with robust guarantees and spreads superior to the secondary market, in addition to close collaboration with developers and residential projects. IPCA+10.54% / CDI+4.32% average rate; 30 active CRIs, zero default.
• Logistics (Cy Log I and II — closed-end/institutional funds): model of development and sale of last-mile industrial warehouses (40–50 thousand m² each) in strategic regions—initially Greater SP; the second fund expands to Brasília, BH, and Rio de Janeiro. Target IRR above 25% p.a.
• Residential development (CPPIB fund): co-investment with international capital for residential projects off Cyrela's balance sheet, exploring the developer's land pipeline and relationships.

The combination of the three pillars creates a flywheel with Cyrela: the developer originates operations; the manager structures, distributes, and manages risk; third-party investors finance growth. CYCR11's portfolio mirrors this logic: 53% residential + 28.6% pulverized + 3.8% equity co-development with Somos. Geographic concentration in the Southeast (65.7%) is both a reflection of the Cyrela hub and a risk to monitor.

Strengths and points of attention

• Proprietary origination: privileged access to the Cyrela pipeline differentiates the quality of structured CRIs.
• Clean credit track record: 30 active CRIs, zero default, stable DPS at R$ 0.106/unit since July/2025 (DY ~14.5% p.a.).
• Institutional capital as thesis proof: the entry of CPPIB and a sovereign wealth fund into closed-end funds validates the manager's reputation with sophisticated capital.
• Multidisciplinary team: three partners with backgrounds in tier-1 asset managers in Brazil and within the Cyrela ecosystem itself, covering credit, logistics, and equity.

• Short history: CYCR11 only started trading in Nov/2021; no full credit stress cycle has been tested.
• Restricted secondary market liquidity: NAV of R$ 344 Mi and ~17 thousand unitholders generate low daily turnover, with a wider bid-ask spread than large credit FIIs.
• Sector and geographic concentration: 53% residential + 65.7% Southeast in CYCR11; little diversification among real estate segments.
• Equity risk in co-developments: 3.8% of NAV in equity/INCC+ with Somos brings construction, INCC, and liquidity risk that differs from the typical CRI profile.

Which investor it makes sense for

CY.Capital as a manager makes sense for those seeking real estate credit with differentiated origination, accepting lower secondary liquidity in exchange for higher yield (DY ~14.5% p.a.) and trusting the solidity of the Cyrela ecosystem as an originator. CYCR11 is suitable for retail investors with a medium-term horizon (2–4 years), who tolerate mark-to-market without panicking and understand that the portfolio is IPCA-dependent. What to watch: the evolution of default rates in residential CRIs as the interest rate cycle advances, the financial result of equity co-developments, and the fundraising of a potential CYCR12 (the second credit fund announced by the manager)—which could dilute the team's attention and human capital.