Genesis Capital Gestora de Recursos

Genesis Capital Gestora de Recursos Ltda. is an independent asset manager from São Paulo, founded in 2013 (CVM Declaratory Act No. 12,774), controlled by Enduro Real Estate Participações Ltda. Headquartered in Itaim Bibi (Rua Iguatemi, 448 – 6th floor), it reports more than R$ 2.1 billion in real estate assets under management or consulting and a base of over 6,000 unitholders. The partnership combines solid technical backgrounds — Flavio Queiroz (Civil Engineering Poli-USP, stints at Santander, Deutsche Bank, and Morgan Stanley), Cleomar Parisi (Economics USP, Santander and Itaú-Unibanco, responsible director), and Ramon Castilho (Lawyer Mackenzie, tax and capital markets specialist). The manager occupies a specific niche: structuring illiquid funds, value-unlocking solutions, and over-the-counter FIIs with qualified investors.

Track record and governance

Genesis Capital maintains a universe of 30 registered funds with the CVM (24 in operation, 6 canceled), which demonstrates continuous activity over more than a decade. However, the available public history is dominated by closed and illiquid structures — which hinders external evaluation of consolidated performance. The only listed fund with available analysis, VXXV11 (Genesis Multiestratégia FII), inherited from Vinci in 2022, exposes relevant governance limitations: the auditor CLA issued formal reservations due to the absence of audited financial statements of SPE BW Diase Fortaleza — an asset that currently represents 64% of the fund's NAV. Additionally, the transfer of administration to BRL Trust (APEX), which occurred in October 2025, indicates an ongoing reorganization without a clear outcome. In 2025, the manager itself had to issue a public warning about the misuse of its name in scams, which, although it does not imply an internal failure, signals image exposure that deserves monitoring.

Strategy and funds under management

Genesis Capital operates in two main axes. The first is illiquid private credit funds (Mare FIM, Sole FIM, Serena FIM), aimed at qualified investors with restricted access — a segment where the manager seems to have greater mastery and operational consistency. The second axis is structured FIIs, where quality dispersion is evident: JASC11 (Jasc Renda Varejo Essencial) presents a more conventional operational profile — strip mall in Fortaleza, 100% occupied, anchor tenants like Drogasil, Supermercado Lagoa, and Laboratório Emilio Ribas, assets of R$ 441 million —, while VXXV11 works, in practice, as a workout vehicle for defaulted CRIs, receiving assets in lieu of payment (in 2024, 42% of BWP FII; in 2025, 100% of the SPE in Fortaleza). This profile diversity within the same FII shelf makes it imperative to analyze each fund individually — the Genesis Capital brand does not guarantee homogeneity of risk or return.

Strengths and points of attention

• Team with stints at major financial institutions (Deutsche Bank, Morgan Stanley, Itaú-Unibanco), conferring technical credentials above the average of independent managers of the same size.
• Relevant AUM (R$ 2.1 bi+) for a boutique manager, indicating fundraising capacity and consolidated institutional relationships.
• Real specialization in illiquid structures and value unlocking — a niche with high barriers to entry and growing demand among qualified investors.
• JASC11 with full occupancy and defensive tenants (pharmacy, supermarket, laboratory), resilient profile against adverse economic cycles.

• VXXV11 without dividends for 17+ months, with two Habitasec CRI defaults absorbed via asset dation — the fund has become, in practice, an asset recovery vehicle, incompatible with the retail-oriented listed income FII profile.
• Formal reservation by auditor CLA in VXXV11 (absence of audited statements of the SPE representing 64% of NAV) — a materially relevant accounting and transparency risk.
• VXXV11 quotation at R$ 756 vs. NAV of R$ 475 (59% above NAV) with residual liquidity — pricing detached from asset reality, with no sign of embedded qualified information.
• Concentrated unitholder structure of VXXV11 (15 unitholders, 1 corporate entity with 57%), making tax exemption for individuals unfeasible and reducing attractiveness for retail investors.
• Relative opacity in disclosure: illiquid and OTC funds have limited public communication, which hinders independent monitoring by unqualified investors.

For which investor does it make sense

Genesis Capital makes the most sense for the qualified investor seeking exposure to structured private credit (Mare, Sole, Serena FIM) or special real estate situations with unlocking potential — a special situations profile, tolerant of illiquidity and long maturation cycles. For this audience, the manager's team and AUM justify in-depth evaluation.

For the retail investor, entry through listed FIIs requires extreme caution. VXXV11 is not an income FII — it is an asset recovery vehicle with an audit reservation, without distribution, and with a quotation detached from assets. JASC11 has a clearer operational profile, but is not under full analytical coverage on this platform. In both cases, the investor must actively monitor: resolution of VXXV11's administrative reorganization, regularization of SPE BW Diase Fortaleza's statements, eventual resumption of distributions, and the evolution of JASC11's occupancy and contracts. Genesis Capital is a manager with real credentials, but its most visible product to the listed market is going through a period of structural stress that has not yet found a resolution.