Manatí Capital Management

Manatí Capital Management is an independent boutique asset manager founded in September 2021 and headquartered in Vila Olímpia, São Paulo. In four and a half years of operation, it organically reached the milestone of R$ 1 billion under management (Q1 26)—without mergers or acquisitions—distributed across four real estate investment funds with distinct target audiences and mandates. Before founding Manatí, the founding team accumulated over R$ 30 billion in structured credit operations and R$ 15 billion in real estate projects, which grants above-average technical substance for a boutique-sized house.

Track record and governance

MANA11, the flagship product launched in May 2022, delivered a total return (share price + dividends) of approximately 27% over the last 12 months, and since the IPO, the adjusted net asset value per share has accumulated +69.7%—equivalent to 182% of the IFIX and 143% of the net CDI over the period. More telling than the absolute number is the consistency: a DPS of R$ 0.11 to R$ 0.12 per share maintained for 16 consecutive months, which earned the fund the distinction of highest dividend payer per share among multi-strategy FIIs in 2023, recognized by Clube FII.

MANA11's governance relies on Banco Daycoval S.A. as the fiduciary administrator, a consolidated regulatory structure in the Brazilian market. The manager maintains a practice of public quarterly guidance and publishes dense monthly reports (34 pages), a posture of transparency uncommon among houses of a similar size. The team has grown to 15 professionals and announced the arrival of two new partners for the second quarter of 2026, a sign of structured expansion. Renan Manda (17 years in equity research) and Bruno Nunes (24 years in real estate) are part of the partnership body, bringing depth to the two most critical fronts of the mandate.

Strategy and funds under management

Manatí covers the real estate spectrum deliberately broadly, but with distinct strategies per vehicle:

• MANA11 (NAV R$ 353 mi, 38k unitholders): flagship and laboratory of the central thesis—real estate hedge fund with a broad TVM mandate. Current portfolio: CRIs (64.8%), preferred equity and SPEs (18.6%), FIIs (12.4%), and equities (3.4%). Truly active management, crossing asset classes within the real estate universe.
• Manatí Renda Imobiliária FII (NAV R$ 250.6 mi, 6.6k unitholders): focus on recurring income via real estate assets, with an expressive unitholder base for a fund with lower public visibility.
• Manatí Renda CDI FII (NAV R$ 181.6 mi, 6k unitholders): fundraising of R$ 181 million in 2025 (below the R$ 275 mi target), focused on CDI-linked CRIs—a direct response to the high Selic cycle.
• MARE11 — Manatí Recebíveis Estruturados FII (NAV R$ 158.7 mi, 3.6k unitholders): structured credit as the flagship, complementing the risk/return spectrum of the shelf.

Together they form a cohesive platform: MANA11 offers absolute return with active management and a flexible mandate; the other funds cater to more conservative profiles or those with a preference for CDI indexing or current income. The NAV dispersion between R$ 159 mi and R$ 353 mi indicates that no secondary fund has yet reached sufficient scale to reduce dependence on the flagship, but the direction is clear.

Strengths and points of attention

• Unique mandate in the market: MANA11 is the fund that comes closest to a real real estate hedge fund in Brazil—crossing CRI, FII, stock, and preferred equity with active management within the same regulated vehicle.
• Organic and disciplined growth: R$ 1 billion in AUM and +70% y/y in investors without forced fundraising or acquisitions—a healthy structural growth base.
• Consistent and above-average dividends: Stable DPS for 16 months in a high credit volatility environment demonstrates real cash generation capacity, not the distribution of capital.
• Transparency above boutique standards: quarterly guidance, extensive reports, and regular market communication are rare attributes in asset managers of this size.

• Concentration in a single product (platform risk): MANA11 accounts for the largest share of AUM and practically all of the house's public reputation. A negative event in the flagship contaminates the entire manager.
• Active performance fee: 20% over IPCA + IMA-B5 Yield can represent a relevant cost in years of strong performance—legitimate, but needs to be monitored in the computation of the real net return.
• Short track record for the proposed mandate: four years is insufficient time to validate the hedge strategy across a complete credit cycle, including a real systemic stress scenario.
• Fundraising target below expectations in Renda CDI: Manatí Renda CDI raised R$ 181 mi against a target of R$ 275 mi in 2025—which may indicate channel saturation or fiercer competition in CDI credit funds.

For which investor it makes sense

Manatí as an asset manager—and MANA11 as the main product—makes sense for investors who already have basic exposure to brick-and-mortar and CRI FIIs and are looking for a decorrelated, actively managed layer in their real estate portfolio. The ideal profile is moderate to bold, with a horizon of at least three years, comfortable with the idea that the manager can rapidly reposition the portfolio across asset classes.

For the more conservative investor, the Renda Imobiliária and Renda CDI funds can serve as an entry point into the platform with lower volatility, although the public history of these vehicles is scarcer. What to monitor: turnover of key partners (the strategy is intensive in human judgment), evolution of P/NAV below 1 as a sign of persistent discount or market alert, and DPS behavior in upcoming credit stress windows—which will be the real test of the mandate.