Hectare Capital Gestora de Recursos

Hectare Capital Gestora de Recursos Ltda. (CNPJ 31.230.324/0001-40) is a Brazilian asset manager specialized in high yield real estate credit, with responsible director Tales Prado Furlanetti Santos Silva and a partnership roster that includes names like Andre Luiz Segurado Catrocchio, Eduardo Espíndola Malheiros, Chen Tzong Tyng, Lucas Marrucci Sampaio, Guilherme Silvares Mendonça, Lucas Soares de Oliveira, and Hectare Administração e Participações Ltda. itself. The firm does not publicly disclose its foundation date, but has established its name as one of the pioneers in the high-return CRI segment within FIIs, having managed up to 16 registered funds throughout its history. Its largest vehicle, HCTR11, reached a book net asset value of R$ 2.22 billion — a peak that now starkly contrasts with the market reality of the funds under its management.

Track record and governance

Hectare's history is the definition of rise and fall within the structured credit niche. At its peak, HCTR11 gathered over 130,000 unitholders and R$ 2.3 billion in NAV, supported by a thesis of IPCA+-linked CRIs with generous yields. Starting in 2022, however, concentration in timeshare and hospitality — segments with massive defaults and weakened operations — triggered a collapse that drove the share price down from R$ 172 (2019) to around R$ 16.71 in May 2026, a drop of about 70% in five years.

The firm's governance has come under formal scrutiny. ANBIMA, in disciplinary proceeding AGRT005/2024 (published on 28/07/2025), found inadequate structures and processes in the analysis and acquisition of CRIs, failing to evidence the analyses that would justify new series or increased exposure; the case ended in a Commitment Term (Termo de Compromisso), with a requirement for a consultancy report on the weaknesses and a review of the functional structure to segregate activities and prevent conflicts of interest, in light of the ART Code and CVM Resolution 175. In parallel, since March 2024, a group of over 2,000 unitholders (5.6% of units) organized to dismiss the manager, alleging a creditor/debtor conflict of interest: Hectare allegedly lent unitholders' funds — via CRIs such as Circuito de Compras and Gramado Parks — to companies that later became partners of the manager itself. Both the manager and Vórtx declined to comment. Aggravating the situation, the manager's communication has been absent since February 2026, and on 29/04/2026 management acknowledged a loss of approximately R$ 152 million (-6.5% of NAV).

Strategy and funds under management

Hectare's original proposal was clear: build portfolios of IPCA-indexed real estate CRIs, capturing high premiums in high yield development, land subdivision, timeshare, and hospitality operations. Viewed as a whole, the firm currently operates essentially two listed vehicles, both in a delicate situation. HCTR11 is the most deteriorated credit FII on B3: a portfolio of about 30 CRIs concentrated in timeshare (45%), hospitality (25%), and land subdivisions (9%), with only ~12% performing, ~75% under waiver/grace period, and ~14% defaulted — nearly 89% non-performing — and its four largest debtors (Hope, WAM, Gramado Parks, and Brasil Parques) totaling ~57% of NAV. Meanwhile, HCHG11 was born better structured (13 high-grade IPCA+ CRIs, backing assets such as Via Varejo, GPA, BTLG, and shopping malls, with an average rate of ~IPCA + 7.1%), but its autonomy was brought to an end: a Formal Consultation in November 2025 approved the consolidation of its assets into VVCR11 and the liquidation of the fund.

The most revealing data regarding the firm's true scale: out of 16 registered funds, 9 have been cancelled, leaving 6 operational and 1 pre-operational. And although HCTR11's book AUM stands at R$ 2.22 billion, the share trades at around 16% of its net asset value — signaling that the effectively realizable equity is far below the accounting figure, given the poor quality of the underlying credit.

Strengths and points of attention

• Real experience in the structured credit niche, with expertise in CRI origination and structuring.
• Active performance in asset recovery: collection via securitization companies, enforcement of guarantees, prepayment of the Thermas São Pedro CRI (R$ 8.4 MM), and reorganization of HCHG11.
• HCHG11 originally well structured, with a 100% IPCA+ high-grade portfolio prior to the liquidation decision.

• Collapse of HCTR11, with ~89% of the portfolio non-performing and a loss of ~R$ 152 MM recognized in Apr/2026.
• ANBIMA disciplinary proceeding (AGRT005/2024) due to structural flaws in CRI analysis and acquisition.
• Allegations of conflict of interest (Circuito de Compras, Gramado Parks) involving debtors who became partners.
• Silence with unitholders since February 2026, amid an organized movement to remove management.
• 9 out of 16 funds cancelled and the second vehicle (HCHG11) in liquidation — material shrinkage of operations.

For which investor does it make sense

The verdict is straightforward: in practice, Hectare Capital does not currently offer a viable product for a new investor. HCHG11 is in liquidation and being merged into VVCR11, so the relevant thesis migrates to the absorbing vehicle. The only FII in full operation under the Hectare brand, HCTR11, is a case of pure distress: a P/NAV of ~0.16, an almost entirely non-performing portfolio, already recognized losses, and — perhaps most seriously — risk of business continuity for the management itself, with the firm silent since February 2026 and unitholders mobilized to remove it. This is an asset intended only for profiles with extremely high risk tolerance and familiarity with special situations and judicial/extrajudicial credit recovery — never a recurring income or wealth protection position. For the average investor seeking predictability, exposure to Hectare Capital, at its current stage, is inadvisable.