JiveMauá Asset Management

JiveMauá Asset Management — Consolidated Manager Analysis

JiveMauá Asset Management is one of Brazil's most relevant boutique managers in alternative assets, born from the merger between Jive Investments — a pioneer in distressed investing in the country — and Mauá Capital, advised by Fortezza Partners. With R$ 25.5 billion in AUM (official data as of Jun/2026), over 325 thousand investors, and a consolidated presence in Distressed, Real Estate (~R$ 7 bi), Private Credit, Infrastructure, and Pension Funds, the firm positions itself as a high-conviction multi-strategy platform — far from the mass retail manager profile, but also beyond the micro-boutique scale. Its chairman is Luiz Fernando Figueiredo, former Monetary Policy Director of the Central Bank, a name that grants relevant institutional credentials and opens doors with qualified investors and family offices.

Track Record and Governance

JiveMauá operates with over 20 years of combined experience between the two founding houses. Jive Investments' legacy in the distressed market is documented — it pioneered this vertical in Brazil, with a history of divestments during stress cycles (2015-2016, COVID 2020). The merger consolidated an umbrella of strategies that previously operated separately, and the AUM growth from R$ 13 bi (at the time of the merger) to R$ 25.5 bi signals real fundraising traction, not just portfolio inflation.

On the formal governance front, JMBI11 has XP Investimentos as administrator, a structure that guarantees segregation of duties and independent regulatory reporting from the manager. JiveMauá is a signatory to the PRI (Principles for Responsible Investment) and an associate of ANBIMA, complying with the minimum requirements for ESG alignment and sector self-regulation. There are no publicly registered relevant CVM regulatory conflicts, which is a positive differentiator compared to smaller managers with a history of warnings. In 2026, the firm was awarded 2nd place for Best Alternative Asset Manager (Feb/2026), reinforcing sector recognition.

Strategy and Fund under Management

The BossaNova family is JiveMauá's public infrastructure credit product. The name is not accidental: it suggests a return profile with its own rhythm within the spectrum of tax-incentivized funds — a positioning deliberately differentiated from large passive IMA-B 5 indexers. The family comprises three vehicles with distinct liquidity and access profiles:

• JMBI11: Exchange-listed FI-Infra, general access, daily liquidity (~R$ 951k/day), IMA-B 5 benchmark;
• Jive BossaNova90 FIDC: 90-day redemption, aimed at qualified investors with a medium-term horizon;
• BossaNovaSec: Vehicle restricted to qualified and professional investors, potentially with fewer regulatory concentration restrictions.

JMBI11 is therefore the public gateway to the firm's infrastructure credit thesis — incentivized debentures (tax-exempt for individuals) with a multi-sector focus. With net assets of ~R$ 446 million, ~11,375 unitholders, and an IPO in November/December 2024, the fund is still in the portfolio-building and distribution-history phase. The DY of 16.57% and P/BV of 0.86 indicate a relevant discount to net asset value, which may reflect both the early stage and the secondary market's liquidity risk perception. The 12-month volatility of 16.49% is high for the asset class — above the average of established FI-Infras —, a direct reflection of the short history and lower trading depth.

Strengths and Points of Attention

• R$ 25.5 bi platform with alternative credit DNA: JiveMauá's origination capacity in distressed and private credit can translate into access to debentures outside the conventional primary flow, a potential alpha differential compared to funds purely indexed to the IMA-B 5.
• Governance and compliance above the boutique average: Independent administrator (XP), PRI, ANBIMA, no CVM pendencies, and a chairman with a regulatory background are a rare combination in mid-sized houses.
• Coherent fund family structure: The existence of JMBI11, BossaNova90, and BossaNovaSec with different access profiles suggests a structured product strategy, not an opportunistic public share launch.

• Track record of only ~1.5 years in JMBI11: Insufficient to evaluate performance in a real credit stress cycle. The thesis has not yet been tested in an adverse environment with the current portfolio.
• Low liquidity (R$ 951k/day) for the segment: Outflows in volumes above R$ 200-300k move the price noticeably, which penalizes wealth managers who need to rebalance positions.
• Managerial disclosure less granular than large peers: JMBI11's monthly reports tend to have less detail on sector composition and portfolio duration compared to Sparta, Kinea, or BTG, which hinders bottom-up risk analysis.
• Fund in allocation phase: With assets still growing post-IPO, there is a risk of cash drag — unallocated portion reducing effective yield in the short term.

For Which Investor It Makes Sense

JMBI11 and JiveMauá make sense for individual investors with a moderate-aggressive profile, a minimum horizon of 3 years, tax exemption on FI-Infra earnings, and a willingness to accept above-average class volatility in exchange for alpha potential from differentiated origination. The P/BV discount (0.86) may represent an asymmetrical entry for those who believe in the long-term thesis — but it is not an isolated margin of safety without understanding the portfolio composition.

What to monitor: asset evolution (growth indicates healthy fundraising; stagnation may signal reputation issues or competition with BossaNova90); improvement in daily liquidity to above R$ 2 mi/day (indicator of fund maturity); and publication of more detailed managerial reports as AUM scales. The manager's rating in FIIs (7.0 — good) reflects this balance: proven capacity, but with maturity caveats that only time and history will resolve.