Patagônia Capital Gestora de Recursos

Patagônia Capital Gestora de Recursos Ltda. is a multi-strategy asset manager founded in Ribeirão Preto, in the interior of São Paulo. Its trajectory began in 2014 as Sower Partners, transitioned to the Sequoia Investimentos identity in 2019, and assumed its current name in 2020 — with a CNPJ registered on 10/22/2020 and formal authorization from CVM as a Portfolio Administrator under Declaratory Act No. 18,997, issued on 08/16/2021. With 28 professionals, the manager reports AUM of approximately R$ 1.8 billion in 2024 and projects reaching R$ 2.8 billion in 2026 with over 53 funds under management. It positions itself as the largest independent asset manager in the interior of São Paulo and operates across all fund classes: FIIs, FIDCs, multi-market funds, and managed portfolios.

Track record and governance

Patagônia Capital carries a short track record as a regulated manager — a little over five years since CVM authorization — within an operational trajectory dating back to 2014. Its portfolio registered with CVM totals 64 registered funds (56 operational, 5 pre-operational, 3 canceled), demonstrating consistent growth, although the average maturity of the portfolios is limited by the brand's recent emergence.

At CXCO11, the manager took over the role of securities management in August 2024, replacing Vórtx DTVM in this specific segment. It is important to note that real estate securities management, administration, and custody remained with Vórtx — creating a co-management structure that requires coordination between two providers with overlapping functions. This is not full management, which both limits Patagônia's powers and reduces its exclusive responsibility over the physical portfolio.

In the period of less than two years leading CXCO11, Patagônia implemented periodic communication via monthly managerial reports, resumed active monitoring of retrofit construction, contracted property insurance, and formalized the rent revision process in December 2025, with advisory from CBRE and specialized legal support. The stabilization of distribution at R$ 0.75/share starting in September 2025 — after the collapse to R$ 0.49 in October 2024 — is the most concrete sign of operational recovery under the new management.

In 2026, the manager communicated to the market about scammers posing as employees via WhatsApp and Telegram — a sign that the brand already has sufficient visibility to attract fraud, but also that the compliance area is active in monitoring.

Strategy and fund under management

The only liquid FII with available analysis under Patagônia's management is CXCO11 (Caixa Imóveis Corporativos FII), with a NAV of R$ 374.9 million, 3,924,500 shares, and 12,146 shareholders. The fund operates on a Sale and Leaseback thesis: Caixa Econômica Federal sold 10 corporate properties to the fund in December 2020 and leases them back via an atypical 10-year contract, maturing on 12/25/2030, adjusted by IPCA with a termination penalty equivalent to the present value of the remaining rents.

The portfolio covers 91,730 m² of GLA distributed across six states, with significant concentration in the Filial Building in Brasília (37% of revenue). Physical vacancy is structurally zero and credit risk is sovereign. The average portfolio cap rate is 10.17% p.a. over a market value of R$ 367.7 million.

The management fee charged by Patagônia Capital is 0.125% p.a., resulting in a total fee (management + Vórtx administration) of 0.25% p.a. with no performance fee — one of the lowest in the brick-and-mortar FII market, justified by the structural simplicity of the fund (1 tenant, 10 properties, no leverage). PATA11 (Patagônia Capital Multiestratégia FII) is the second listed FII under the brand, trading around R$ 10.00 with a yield of R$ 0.08/share in April 2026 — indicating an early-stage fund, with no complete analysis available.

Strengths and points of attention

• Real communication turnaround: the previous management did not produce monthly managerial reports; Patagônia instituted structured communication starting in Aug/2024, making CXCO11 transparent for retail shareholders.
• Total fee of 0.25% p.a.: exceptionally competitive; for a R$ 375 million fund, saving on fees vs. the market average represents a relevant additional yield in the shareholder's pocket.
• Technical execution of the revision process: formalization in December 2025 with the hiring of CBRE and legal advisory demonstrates technical rigor. The current rent of R$ 35.32/m² against a potential of R$ 65.51/m² (CBRE study) represents a real catalyst if well-conducted.
• Growing and diversified AUM: with R$ 1.8 billion under management and a projection of R$ 2.8 billion, the manager does not depend exclusively on FIIs — a more robust structure to absorb regulatory and compliance fixed costs.

• Short track record in the role: less than two years managing the only liquid FII available for analysis. Most of CXCO11's operational history (2021-2024) belongs to another management — making it impossible to evaluate Patagônia across complete cycles.
• Governance dispute with the Suno group (May/2026): the open conflict with a group holding 5% of the shares, which called a unitholders' meeting (AGE) for the issuance of 3,924,500 new shares at R$ 63.34 (66% of the NAV of R$ 95.53), is the manager's most severe test to date. The inability to prevent or neutralize a meeting proposing blatant dilution raises questions about shareholder engagement and the capacity to defend collective interests.
• Co-management structure with Vórtx: the division of responsibilities creates potential ambiguity in operational conflict situations (construction, revision), with two providers having overlapping mandates.
• Concentration of exposure in 1 relevant FII asset: CXCO11 represents Patagônia's main public window of evaluation as an FII manager. A poor outcome in the revision or in the AGE affects not only the fund, but the manager's perception in the market.

Which investor it makes sense for

Evaluating Patagônia Capital means, in practice, evaluating its management of CXCO11. The fund (rating 6.0 — HOLD) is suitable for the investor with a tactical profile and tolerance for events: someone who accepts sovereign single-tenant risk, a 4 to 5-year horizon (until the contractual maturity in 2030), and the capacity to follow meetings.

It makes sense for: income investors with an already diversified portfolio seeking a tactical portion (1-3% of the portfolio) in a discounted FII (P/NAV 0.70) with a revision trigger and a double-digit tax-exempt dividend yield for individuals; and those who see Patagônia as an emerging manager with AUM growth potential.

Requires redoubled attention from: investors with a horizon beyond 2030 (the thesis has a contractual expiration date), those who prioritize high daily liquidity, and those who do not tolerate dilution risk via issuance — the outcome of the AGE proposed by the Suno group at R$ 63.34/share is the main event to monitor in the short term.

What to monitor: (1) result of the issuance AGE and management's stance in defending shareholders; (2) outcome of the revision process with Caixa; (3) decision on the surplus from retrofit construction; (4) Caixa's signaling regarding the intention to exercise the purchase option of the properties in December 2030.