Fyto Capital Administradora de Recursos

Fyto Capital Administradora de Recursos is an independent structured credit manager whose origins trace back to NCH Capital Inc. (USA, founded in 1993 by George Rohr and Moris Tabacinic, with around $3 billion under management in emerging markets). The Brazilian operation was born in 2010 as NCH Brasil, under the leadership of James Gulbrandsen, who in 2023 acquired 99% of the control and renamed the house NextCap Partners, before reaching the current brand, Fyto Capital, in March 2025. Today the manager declares more than R$ 270 million in AUM and over 20 thousand shareholders, distributed across six vehicles: the two listed FIIs (FYTO11 and FTCA11) and four private credit funds (FYTO CASH, FYTO RENDA FIXA ATIVO, FYTO MULTI FIDC, and FYTO MACRO FIM). The positioning is that of a domestic boutique focused on pulverized receivables — subdivision developments, residential real estate development, and agribusiness.

Track record and governance

The institutional timeline is the house's most sensitive point: 2010 (arrival as NCH Brasil), 2023 (buyout of control and rebranding to NextCap Partners), and 2025 (shift to Fyto Capital). These are three identities in less than five years, under the same CNPJ (15.040.228/0001-82) and the same team — in the 2025 Annual Report the entity still appears as NEXTCAP PARTNERS, a sign of pending corporate name change. James Gulbrandsen remains as controlling partner, providing continuity to the team. On the institutional governance side, both funds have been administered by BTG Pactual since their respective IPOs, with auditing by PwC for FYTO11 and Ernst & Young for FTCA11. Both vehicles are already compliant with CVM Resolution 175 (deadline in Jun/2025).

Strategy and funds under management

Viewed together, the two listed FIIs have complementary theses, but very distinct risk profiles — and unequal results. FYTO11 (rating 6.5, DY 14.23%, P/BV 0.87) is a high-yield real estate CRI FII, with 60% in subdivision developments, 24% in residential development, and the rest in rent anticipation and corporate. There are 38 pulverized assets, marked-to-market at IPCA+ 12.24% p.a., with a robust collateral structure (fiduciary assignment of 110% to 890% and minimum coverage ratio of 115% to 250%). Its differential is the 99.72% compliance rate (default rate of only 0.28%), something rare among HY peers like DEVA11 and HCTR11.

Meanwhile, FTCA11 (rating 3.5, DY 16.58%, P/BV 0.87) is a paper Fiagro — agribusiness CRAs, income tax exempt for individuals — with 30 assets (HHI 0.043), 91% in CDI+4.95%, and 9% in IPCA+7.80%. The portfolio maintains a defensive stance of 29% in cash, but carries a material default of about 8.25% of the NAV: CRA Castilhos (court ruling approving amicable composition, properties to be foreclosed, asset with a 40% discount) and CRA Cotribá (cooperative with precautionary judicial reorganization request, partial stay period, backed by four silos valued at R$ 150M, LTV 0.28). The dispersion between the fund ratings (6.5 vs 3.5) neatly summarizes the read: the house delivers much higher quality in real estate credit than in agribusiness so far. The rest of the portfolio (FIDC, active fixed income, and macro) reinforces its private credit vocation, but is not accessible via the stock exchange.

Strengths and points of attention

• Solid governance: BTG Pactual as administrator of both funds, with PwC and E&Y audits.
• FYTO11 with high compliance (99.72%) and attractive mark-to-market (IPCA+ 12.24% p.a.).
• Product diversification beyond FIIs (FIDC, active fixed income, macro), expanding the manager's revenue base.
• International origin (NCH Capital) with over 12 years of local track record.

• Brand instability: three rebrandings in less than five years (NCH Brasil → NextCap → Fyto) raise doubts about the maturity of the long-term project.
• Fragile FTCA11: dual default (Castilhos + Cotribá) combined with a small NAV (R$ 47M) and low liquidity (R$ 51-98 thousand/day).
• FYTO11 with falling cash: from R$ 22M (Sep/24) to R$ 7M (Mar/26), reducing maneuvering room.
• Both below net asset value (P/BV ~0.87), which can be an opportunity or a reflection of the discount the market assigns to the house's risk.

Which investor is this for

FYTO11 makes sense for those seeking exposure to high-yield real estate credit indexed to IPCA, but with controlled defaults and robust guarantees — a more defensive HY within its category. FTCA11 is recommended only for investors who already understand the agribusiness cycle and tolerate default episodes whose recovery depends on the enforcement of real guarantees (farms and silos), with the horizon and patience to follow the proceedings of Castilhos and Cotribá. Overall, Fyto Capital is a manager in a phase of identity consolidation: it has top-tier governance from its administrator and a consistent real estate product, but needs to stabilize its brand and resolve the Fiagro credit cases before being treated as a fully mature house. Monitoring institutional stability is an essential part of the thesis for any of its funds.