Em transição: Monte Bravo Asset Management

Monte Bravo Asset Management Ltda. (CNPJ 34.877.615/0001-12, formerly Kilima Gestão de Recursos Ltda.), headquartered in São Paulo/SP (Vila Nova Conceição), is the asset management arm of the Monte Bravo Group — an independent brokerage from São Paulo. Authorized by CVM, it was established on 09/16/2019 by a team formerly with Rio Bravo Investimentos. Under the leadership of Thiago Freitas Rodrigues (management) and Marcelo Halmel (compliance), it manages a diversified portfolio with R$ 2.09 billion under management (total AUM, Mais Retorno platform) — predominantly in fixed-income and private credit funds. In the real estate segment, two funds make up its shelf: KIVO11 and KISU11.

Track record and governance

The manager carries a history of rebranding: from Kilima to Monte Bravo Asset in 2023, consolidating under the group's brand. The distribution model is captive — the funds are mainly targeted at the client base of the Monte Bravo brokerage. The operational structure relies on solid partners: BTG Pactual (administration/custody), XP Inc., and S3 Caceis. The history of 51 registered funds — of which 27 have already been canceled and only 22 are active — reveals a manager that experimented extensively and wound down more than half of its vehicles, which is relevant to consider when assessing the solidity of the pipeline. On the FII front, KISU11, the house's most visible fund, left the manager's control in May 2026 following its merger into SNME11 approved at a unitholders' meeting (AGE).

Strategy and funds under management

Monte Bravo Asset's core thesis is fixed income and private credit, where it concentrates the bulk of its AUM (Kilima Bancos, Maji, Moto Prev funds). The real estate side has always been secondary. KISU11 — a rule-based FoF that replicated the Suno 30 FII Index, with a 0.60% p.a. fee and a stable DPS of R$ 0.07 for 17 months — was the most visible FII product, but it never became transformative for the manager's consolidated AUM. KIVO11 (a real estate credit fund, also under the Kilima brand) remains active, but with much lower public repercussion. The manager's true concentration lies in fixed-income products, not in the real estate thesis.

The winding down of KISU11, via merger into SNME11 under the management of Suno Gestora de Recursos, represents Monte Bravo's definitive exit from the retail real estate FoF universe. The transaction was approved with a quorum of 35.93% and 30.54% favorable votes — a narrow margin suggesting dissatisfaction among part of the unitholders.

Strengths and points of attention

• Integration with Monte Bravo Group: captive distribution to an established brokerage offers direct access to the client base, reducing customer acquisition costs.
• Solid partnership with BTG Pactual: a benchmark administrator and custodian, ensuring high-standard regulatory and operational infrastructure.
• Relevant AUM in fixed income: R$ 2.09 billion under management provides scale and institutional viability for the fixed-income operation.

• High discontinuation rate: 27 out of 51 registered funds were canceled — a sign of constant portfolio reinvention with low loyalty to launched products.
• Exit from the retail FII universe: with the winding down of KISU11, the manager loses its only widely distributed FII product, weakening its presence in the mainstream real estate market.
• Recent rebrand and identity under construction: the Kilima → Monte Bravo Asset transition (2023) has not yet consolidated with standout new FII products, and the "em-transicao" slug of this page literally reflects the manager's situation in the segment.

Which investor is it suitable for

In practice, Monte Bravo Asset is no longer a relevant option for FII investors at this moment. Its only retail FII (KISU11) is being liquidated and its unitholders migrated to SNME11/Suno. KIVO11 exists, but with very low visibility and liquidity. Anyone seeking exposure to Monte Bravo group real estate funds should, after the wind-down, look to SNME11 (Suno Gestora) as the natural heir vehicle. For fixed-income investors, the Kilima funds (Bancos, Maji, Moto Prev) are this manager's true core — but they fall outside the scope of this coverage. What to watch: any potential launch of a new FII by the manager post-transition, and the ultimate destination of KIVO11.