Hire Gestão de Recursos

A Hire Gestão de Recursos (Hire Capital) is an independent real estate boutique founded in 2016 by the Heilberg family — the same family that controls HIX Capital, an equity asset manager with over R$ 3.5 billion under management following the acquisition of GeoCapital in 2025. Hire was born to manage the Heilbergs' proprietary real estate portfolio and over a decade accumulated around R$ 1 billion in investments in real assets: +750 thousand m² of logistics warehouses, +149 thousand m² of corporate buildings, +1,500 residential units, and +6,700 lots. The current team has 12 professionals structured under a partnership model, with partners contributing their own capital to the vehicles — an alignment of interests that is the firm's primary selling point.

Track record and governance

Prior to HIRE11 (Dec/2025), Hire operated exclusively through closed-end funds restricted to qualified investors, with no public exposure. Its debut in the listed market was built on a mature asset: five logistics warehouses developed or acquired over years by the manager itself and its partners, sold to HIRE11 in a block transaction of R$ 402.8 million. Related-party conflict is therefore structural from the outset — it is not a deviation, it is the model. Approval was granted at a unitholders' meeting with 100% of the shares and appraisals from Cushman & Wakefield, which satisfies the formal ritual, but leaves the investor in a position dependent on the manager's integrity. No regulatory issues or CVM sanctions were identified in the research. The firm's external reputation is neutral-to-positive: respected in the private market, yet lacking sufficient public history for a definitive assessment of the listed model.

HIRE11's fiduciary administrator is Vórtx, the custodian is Itaú, and the auditor is Deloitte — a structure that reduces operational risk. A differentiated management fee applies for the first 3 years (0.54% p.a.), rising to 0.94% p.a. thereafter — a temporary incentive to build liquidity and a public track record.

Strategy and funds under management

HIRE11 is the manager's only listed vehicle. Its portfolio consists of 5 B/B+ logistics warehouses in the Southeast (~107 thousand m² GLA), leased under medium- and long-term contracts, generating an initial cap rate of ~11.9% p.a. The fund was designed as a captive product: TRXF11 holds ~85% of the shares, which guarantees a solid financial anchor but creates a non-democratic structure for retail unitholders. Two properties — Cabreúva (SP) and Galeão Airport (RJ) — have approved expansion projects that could raise total investment to over R$ 500 million. Hire plans to launch in 2026 a logistics development fund with a R$ 1 billion pipeline and is already developing a R$ 550 million corporate building in Pinheiros (SP) — signaling an expanding platform beyond HIRE11.

Quality dispersion is low because there is only one listed fund, with a rating of 5.5 and a DY of ~11.5% at the current price. The P/BV close to 1 reflects the liquidity premium paid by TRXF11 during structuring and leaves little margin of safety in the price.

Strengths and points of attention

• Real operational track record: 10 years managing properties with proprietary capital at risk — not a paper manager.
• Solid logistics DNA: +750 thousand m² developed prior to HIRE11 provide technical credibility in warehouses.
• Alignment of interests: partners co-invest in all vehicles; the partnership model reduces the risk of divergent incentives.
• Expanding pipeline: new funds planned for 2026 can diversify the platform and increase HIRE11's liquidity.

• Unitholder concentration: TRXF11 holding ~85% of the shares makes HIRE11's secondary market liquidity virtually zero for minority unitholders.
• Structural related-party conflict: the assets were purchased from the group itself; every future acquisition will require heightened vigilance regarding pricing and appraisals.
• No public history: the manager debuted in the listed market only in Dec/2025 — there is no complete results cycle to assess dividend consistency or the response to adversities.
• TRXF11 dependency risk: any strategic change in TRXF11 (divestment, liquidity crisis) directly impacts HIRE11.

For which investor it makes sense

As a retail vehicle, HIRE11 is a niche product, suitable for those who already invest in TRXF11 and want direct exposure to the purchased logistics assets — with a higher cap rate, without the FoF layer. For independent unitholders, extremely low liquidity and structural dependence on Hire's governance are real risks that justify a discount or require high conviction. Monitor: the delivery of the projected DPS (~R$ 1.00/share/month), the completion of the Cabreúva and Galeão expansions, and the terms of any new related-party acquisitions.