HGI Capital

HGI Capital — legal name High Gestão e Investimentos LTDA, CNPJ 08.647.754/0001-40 — is a real estate asset manager authorized by CVM (Declaratory Act No. 17.504, dated 11/05/2019), headquartered in Goiânia, Goiás. It belongs to the HIGHPAR group, a holding company that brings together HIGH Asset Management, HIGH Wealth Management, HIGH Capital Markets Advisory, HIGH Real Estate Consulting, and HIGH YUNO Advisory (insurance), among other verticals. Total estimated AUM in 2026 is approximately R$ 96 million, distributed between two funds: HGIC11 (~R$ 51.7 M) and DAMA11 (~R$ 44 M). It is a boutique house with a regional focus and a diversified real estate profile — from CRIs to FoFs — operating outside the Rio-São Paulo axis.

Track record and governance

The founding partner, Rodrigo Meirelles, is a civil engineer graduated from PUC-GO with over 20 years of experience in the real estate market, participation in more than 70 launches, and certifications in Future of Real Estate (Oxford) and Corporate Governance (Columbia Business School). The team includes professionals with CGE and CNPI certifications and post-graduate degrees in finance from Insper — credentials above expectations for a regional-sized asset manager.

HGI Capital has managed HGIC11 since its inception on 12/18/2020 (administrator Vórtx DTVM; auditor Grant Thornton), which represents the house's longest and most verifiable track record. The fund accumulated +14.60% over the last 12 months up to Apr/2026, with an average DY of ~1.24% per month and a net asset value (NAV) of ~R$ 51.7 M. Meanwhile, DAMA11 was incorporated into the portfolio only on 06/23/2025 (CVM ID 954444), replacing the original manager — therefore, with less than 12 months of active management by HGI Capital. In this short period, the fund accumulated +11.00% vs IFIX +9.34%, an alpha of 1.66 percentage points, considered modest but positive for the time horizon. DAMA11 has BTG Pactual Serviços Financeiros S/A DTVM as its administrator. The manager is also regulated by ANBIMA, CRECI, and SUSEP, and is a signatory to the PRI (Principles for Responsible Investment).

Strategy and funds under management

HGI Capital operates in two complementary vectors of the real estate market:

• HGIC11 (direct real estate credit): predominant allocation in CRIs (40.83%), physical real estate (25.26%), and other assets (33.90%). Management fee of 1.00% p.a. with performance of 20% above IPCA+5% p.a. Income strategy — consistent DY around 1.24%/month, with performance of +14.60% over the last 12 months, but -2.51% in the 2026 accumulator, suggesting some sensitivity to the spread-widening cycle or mark-to-market.
• DAMA11 (micro-fund FoF): portfolio concentrated in paper FIIs/real estate credit (~60% of NAV). NAV of R$ 44 M, only 868 unitholders, P/NAV of 0.824, and DY of 10.33%. Relevant positions in ARRI11 and OPEN K account for ~26.8% of NAV — concentration that amplifies idiosyncratic risk. The discount thesis (13% over NAV) and exposure to the Selic rate decline cycle are the main positive arguments.

The two funds form a modest but coherent offering: direct real estate credit (HGIC11) and FoF exposure (DAMA11), both with a defensive profile, geared toward the high-interest-rate environment in the process of normalization. HGI Capital does not operate in brick-and-mortar FIIs, development funds, or international assets — a clear focus, but also a limitation in terms of offerings for investors seeking segment diversification with the same manager.

Strengths and points of attention

• Structured group: HIGHPAR brings together multiple verticals (management, wealth, advisory, real estate, insurance), which suggests institutional support and multidisciplinary expertise beyond fund management.
• Leadership with solid credentials: Rodrigo Meirelles combines practical experience in real estate with top-tier executive education (Oxford, Columbia), unusual for small regional asset managers.
• Verifiable track record in HGIC11: over 5 years of history since Dec/2020, audited by Grant Thornton, with positive accumulated results and consistent DY — a factual basis to evaluate the team's competence.
• Attractive entry cost in DAMA11: P/NAV of 0.824 offers a margin of safety for those who believe in convergence to NAV in the medium term.

• Small total AUM (~R$ 96 M): insufficient scale to dilute fixed costs efficiently — DAMA11's minimum management fee weighs proportionally heavier in a R$ 44 M fund.
• Manager outside the Rio-SP axis: Goiânia's financial ecosystem is more limited in institutional deal flow, access to top-tier CRI originators, and visibility among institutional investors.
• Short track record in DAMA11: less than 12 months of effective management — insufficient to evaluate consistency in adverse scenarios. The +11% performance may reflect the favorable cycle more than the manager's competence.
• Concentration in DAMA11: ARRI11 and OPEN K total ~26.8% of NAV — any deterioration in these positions directly impacts the fund's share price.
• Tiny liquidity in DAMA11: 868 unitholders makes exiting difficult in case of need; the bid-ask spread can be high during times of stress.

For which investor it makes sense

HGI Capital as a manager makes sense for investors with a moderate to aggressive profile, willing to accept illiquidity and concentration in exchange for a discount and above-average yield. HGIC11 is the house's most mature product and fits best for those who want direct exposure to real estate credit with an auditable history — though they should verify the negative performance of 2026 (-2.51%) before investing. DAMA11 is aimed at the tactical speculator who sees value in the discount to NAV and bets on the fall of the Selic rate, accepting the liquidity risk and the short track record of the new management.

What to watch: evolution of the NAV of both funds (indicator of fundraising and market confidence), normalization of DAMA11's P/NAV, transparency of monthly managerial reports, and any communication regarding portfolio restructuring or administrator changes. HGI Capital is still building its reputation in the listed funds market — the next year will be decisive to prove consistency beyond the favorable cycle of 2025.