Paramis Capital

Paramis Capital is an independent asset manager founded in 2007 in Rio de Janeiro, with a presence also in São Paulo. Operating under the corporate name Paramis BR Investimentos (CNPJ 12.417.157/0001-04), the firm accumulates over 18 years of experience and a track record of more than R$ 4.5 billion structured in capital market operations before launching its first real estate fund. The total AUM under management exceeds R$ 1.85 billion, distributed across 44 funds (27 operational) spanning fixed income, multimarket, pension, infrastructure, and real estate — with over 30,000 unitholders in its consolidated base.

Track record and governance

Paramis Capital arrived at the FII market in November 2023 as a newcomer to the public segment, but carrying a relevant pedigree in structured credit: its originating experience in analyzing and structuring equity and debt operations for the real estate and agribusiness sectors is the foundation of PMIS11's strategy. Responsible management is exercised by Ricardo Tornelli Mateoli, with Antonio Manuel da Silva Ramos handling compliance and risk management functions — a structure typical of firms with a pre-FII institutional history.

Reporting follows market standards: administration is performed by XP Investimentos CCTVM S.A., the custodian is Oliveira Trust DTVM, and the auditor is Ernst Young. The fund has been part of IFIX since 2024, consolidating its relevance in the segment's benchmark. No regulatory events or issues with the CVM were identified in the consulted sources. The manager is a member of ANBIMA.

Strategy and funds under management

In the universe of FIIs, Paramis Capital has a single product: PMIS11 (Paramis Hedge Fund FII), classified as a hybrid with active management and a hedge fund-type mandate. The structure operates with four legs: IPCA+ CRI, CDI CRI, shares of other FIIs, and cash — combining credit carry with tactical repositioning. The CRI portfolio is composed of approximately 71% in papers indexed to the IPCA (average rate of IPCA+10.39%) and 29% to the CDI (CDI+3.9%), with sectoral diversification across residential, malls, retail, and infrastructure.

Individual debtor concentration is limited to 5.1% of equity, and 24% of the CRI portfolio is composed of pulverized papers — a structure that dilutes individual credit risk. The fund's net asset value closed December 2025 at around R$ 140 million, with about 6,700 unitholders. The accumulated DY since inception represented 121.64% of the CDI, with a yield equivalent to IPCA+15.7% in the mark-to-market portfolio. The manager's mandate is clearly geared towards real profitability via credit premium, not towards asset volume under management in the real estate segment.

Strengths and points of attention

• Pre-FII structured credit experience: over 18 years and R$ 4.5 billion in operations prior to the launch of PMIS11 — the team is not new to real estate debtor analysis.
• High and well-distributed average rate: IPCA+10.39% in 71% of the CRI portfolio, with sectoral diversification and individual concentration limits.
• Solid governance: XP as administrator, E&Y as auditor, presence in the IFIX, and no identified regulatory occurrences.
• Scaled group: R$ 1.85 billion under management across multiple strategies gives Paramis access to deal flow and relationships with structurers.

• Young fund with short history: launched in November 2023, PMIS11 has not yet been through a complete credit stress cycle as a public product.
• FII product concentration: with only one public FII, any reputational issue in PMIS11 directly affects the manager's image in the segment.
• Limited liquidity: with ~R$ 140 million in NAV and ~6,700 unitholders, the fund has reduced exchange turnover — bid/ask spreads may be unfavorable at exit times.
• Broad mandate requires trust in active management: the flexibility of allocation between CRI, FII, and cash is an advantage in experienced hands, but implies the risk of allocation error without a clear reference benchmark.

Which investor makes sense for

PMIS11 is suitable for the investor who seeks high real income (IPCA+) with a diversified real estate credit portfolio, tolerant of low exchange liquidity and comfortable with the active management of a relatively small fund. The manager's track record in structured credit is a legitimate differentiator — but it should be read as competence in origination and analysis, not necessarily as a track record in public fund management. The investor should monitor: the evolution of CRI defaults, the maintenance of the portfolio's average rate against the credit cycle, and the manager's ability to grow the fund without compromising asset quality.