Open Capital Gestão de Ativos

A Open Kapital (Open Capital Gestão de Ativos) is an independent asset manager specialized in high-yield real estate credit, founded in 2019 in São Paulo by three senior partners with a background in the Brazilian financial market. With total AUM of R$ 317.6 million under CNPJ 43.231.396/0001-90, the manager oversees 6 operational funds — with ARRI11 being its main listed vehicle. Its stated focus is structuring real estate credit operations with robust real guarantees and high carry, seeking returns above the CDI for moderate-to-high risk investors.

Track record and governance

The three founding partners bring complementary profiles: Marcelo Elaiuy (45+ years in the market, former Director at Banco Safra and Sudameris, founder of LFI Investimentos and former partner at Azimut Wealth Management) leads the macro strategy; Fabio Cruz (25+ years, former Banco Fator/Unibanco, co-founder of LFI in 2008) structured the IPO of ARRI11 in 2019; Pedro de Bortoli (Electronic Engineering + MBA + Master's in IT, former Head of LatAm at Saxo Bank) is responsible for the digital platform. The longevity of the two main partners at LFI Investimentos suggests cultural alignment — which the manager preserved when creating Open Kapital. In terms of governance, ARRI11 relies on PwC auditing (clean opinion in 2025, with a previous qualified opinion in 2024 resolved) and administration by Oliveira Trust DTVM. The manager modernized its reporting systems and brought forward the publication of managerial reports starting in September/2025 — a positive sign of operational maturity. However, the 2025 unitholders' meeting (AGE) approved permission for the fund to acquire assets from the management group itself up to 100% of its equity (PL), which elevates the risk of conflicts of interest — a point to monitor.

Strategy and funds under management

Open Kapital's philosophy is concentrated: structured real estate credit with high carry and real guarantees. The flagship listed vehicle, ARRI11, carries a portfolio of 20 CRIs (~80% of NAV) across 8 states with an average carry of IPCA+11.65%, complemented by 6 FII shares (~14%) and 1 FIDC (~3%). The Real Estate Development (38.9%) and Allotment/Subdivision (28.7%) sectors dominate the portfolio — segments with higher elasticity to credit cycles. Accumulated returns since the IPO surpass the CDI over the period (~80%), validating the long-term allocation thesis. Besides ARRI11, the manager operates Open Kapital Renda Imobiliária FII RL (unlisted) and fixed income/pension funds, demonstrating incipient product diversification — but still insufficient to dilute concentration risk in ARRI11.

Strengths and points of attention

• Senior team with a solid track record — 45 and 25 years in the market for the two main partners, with a documented history in wealth management and credit.
• High carry and geographic diversification — average IPCA+11.65% with 8 states reducing regional concentration.
• PwC audited governance — 2024 qualification resolved; managerial reports with improved cadence starting from Sep/2025.
• Expressive book value discount — P/BV at 0.56 offers a relevant margin of safety for long-term entry.

• AROK FII exposure (11.4% NAV, same group) — position in an unlisted fund of the manager itself; potential conflict of interest aggravated by the AGE approval to acquire group assets up to 100% of NAV.
• Raposo + Raposo II CRIs (14.7% NAV) matured without settlement and Ipatinga CRI in default for 4 years — demonstrate a history of difficulty in recovering high-yield real estate-backed assets, even when collateralized.
• DPS cut in March/2026 (R$ 0.09 → R$ 0.07) without consistent reversal — compresses the effective yield in the short term.
• Concentration in a single listed FII — the manager's product diversification is still incipient; any issue in ARRI11 affects practically the entire brand reputation.

For which investor it makes sense

Open Kapital makes sense for the investor who understands credit risk and accepts quota volatility in exchange for high carry (IPCA+11.65%) and expressive book value discount. The P/BV of 0.56 creates an interesting long-term thesis for those who tolerate the recovery cycle of troubled CRIs. It is not recommended for those who need stable dividends in the short term — the March/2026 cut and the slow normalization of earnings require patience. The investor should monitor: (1) the evolution of the Raposo and Ipatinga CRIs; (2) new acquisitions of assets from the group itself (AROK conflict); (3) reversal or maintenance of the DPS at R$ 0.07; (4) the quality of originations in the new pipeline stated by management. The REGULAR (5.5) rating reflects the qualified team and long-term track record, tempered by the credit alerts present in the current portfolio.