EQI Asset

EQI Asset (Euqueroinvestir Gestão de Recursos Ltda., CNPJ 32.288.914/0001-96) is the asset management arm of the Grupo EQI Investimentos, a brokerage founded in 2008 in Santa Catarina by Juliano Custodio — a former finance blogger who built one of the largest advisory offices in Brazil. In 2020, BTG Pactual acquired a 49% stake in the group, becoming a strategic partner and infrastructure partner. Authorized by CVM for portfolio management, EQI Asset currently manages R$ 4.27 billion in AUM, distributed across 78 operational funds and over 69 thousand unitholders — with private and structured credit accounting for roughly 50% of the total volume.

Track record and governance

In the real estate segment, the manager has operated EQIR11 since its IPO in August 2021 — and the five-year track record, although short, is positive: zero effective default in the CRI portfolio, with the sole stress event (Casa & Vídeo, 1.2% of NAV) being managed under judicial reorganization. Transparency is above average: detailed monthly managerial reports with mark-to-market per operation, collateral tables, and commentary videos from the management team. Fiduciary administration of EQIR11 is handled by BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23), with custody at Banco BTG Pactual — a structure that reinforces the fund's operational solidity, but creates a dual dependency relationship with the controlling group. There are no records of administrative proceedings or CVM penalties against the manager or the fund in available public data.

Strategy and funds under management

EQI Asset concentrates its expertise in structured credit — a segment that consumes greater analytical capacity and justifies focusing on a single real estate fund while expanding its fixed income portfolio (EQI Liquidez exceeds R$ 1.17 billion in NAV). EQIR11 reflects this specialization: a portfolio with 33 CRIs, an HHI of ~0.025, majority indexation to IPCA+ (75% of NAV) with a marked carry of IPCA+10.15%, and sectoral diversification in residential (47%), logistics (14%), corporate (13%), energy (12%), subdivisions (5%), retail (4%), and home equity (2%) across 10 states. Pulverization per operation (maximum 7.2%) and an active policy of participation in meetings distinguish the management from the middle-grade segment average. The NAV of R$ 105 million and average liquidity of ~R$ 73 thousand/day are low for an asset manager of EQI's group size — a reflection of its choice for scale via structured credit rather than larger FIIs.

Strengths and points of attention

• Zero effective default in nearly 5 years of EQIR11 operation — a solid track record for a middle-grade paper fund.
• Exemplary transparency: monthly reports with mark-to-market operation by operation, videos, and active communication with unitholders.
• Institutional backing from BTG Pactual (49% of the group): access to a robust regulatory structure, solid custodian, and a history of fundraising via the brokerage's network.
• Attractive DY (~13.84% in 12m, ~116% of gross CDI) with tax exemption for individuals (PF) and an IPCA+10.15% carry that protects against inflation.

• Small NAV (R$ 105M) and low liquidity (~R$ 73k/day): limits entry/exit of relevant positions and can amplify volatility in times of stress.
• Sectoral concentration in residential (47%): construction CRIs have a specific risk profile (long term, guarantees on properties under construction) and correlate with development cycles.
• Dependency on BTG in multiple functions: group shareholder (49%), fiduciary administrator, and custodian of the fund — a concentration of roles that can generate conflicts of interest in adverse situations.
• History limited to one cycle: manager founded after 2018, with EQIR11 launched during the peak of the paper FII cycle; resilience in a structurally higher interest rate cycle is still being tested.

Which investor is this suitable for

EQI Asset makes sense for investors seeking inflation-indexed tax-free monthly income with an acceptance of reduced liquidity. EQIR11, the manager's sole real estate product, is suitable for those who tolerate a small-cap fund (NAV ~R$ 105M) in exchange for a high carry (IPCA+10.15%), clean credit history, and transparent management. The 12% discount to NAV (P/BV 0.88) offers a margin of safety in a rate-normalization scenario, but requires a medium-term horizon. Not recommended for those who need high liquidity or have an aversion to residential real estate credit risk. Worth monitoring: the evolution of the residential portfolio (delivered construction vs. default), the outcome of the Casa & Vídeo case, and any potential launch of new FIIs by the manager — which would diversify operational risk currently concentrated in a single real estate product.