Riza Asset Management

Riza is an independent Brazilian asset manager founded on 12/07/2010, headquartered in Vila Olímpia, São Paulo, and organized as a partnership. Under the leadership of founding partner Renato Jerusalmi, it evolved from a credit firm (formerly Riza Capital) into a multi-strategy platform that today manages R$ 22.1 billion in assets, distributed across 23 funds (11 open-end and 12 listed) for more than 750 thousand unitholders. Its positioning is clear: structured credit and real asset strategies — real estate and agribusiness — where the firm seeks to originate internally what it allocates, instead of buying ready-made paper from the market.

Track record and governance

With 16 years of operation and consistent growth — AUM increased by about 25% in the recent year. In November 2023, Riza carried out a significant corporate reorganization, creating four specialized asset managers (Riza Gestora de Recursos, Riza Allocation, Riza Crédito Estruturado, and Riza Líquidos) under two holding companies (Riza Controle and Riza Corp). The segregation separates mandates and responsibilities, but requires attention: in June 2025, the management of RZAK11 formally migrated to Riza Allocation (CNPJ 47.138.945/0001-38), albeit with the same key team.

Two signs of institutional maturity reinforce the thesis. First, the positive assessment from Moody's Local (2025) for Riza Securitização, Líquidos, Gestora, and Allocation, highlighting a well-structured investment process, centralized controls, and an adequate track record of risk-adjusted performance. Second, the absorption of Schroders funds (Sep–Dec/2025), a British asset manager that ended operations in Brazil: Riza received about R$ 1.5 billion in funds and brought in professionals Thomas Lamachia (macro) and Bernardo Mendes — a move that signals market confidence in the platform. In FIIs, the structure relies on top-tier administrators and custodians, such as Banco Genial (RZAG11) and BTG Pactual (RZAK11).

Strategy and funds under management

The five listed FIIs cover three major complementary fronts, all anchored in the core competence of credit and real assets:

• Atypical brick via sale-leaseback — RZAT11 (rating 7.6) buys properties with discounts of up to 50% and leases them back to the seller at IPCA+9–14%, combining current income, equity protection, and gains from early repurchase. Proven discipline: three repurchases with extraordinary gains and new sales announced in Apr/26.
• Agribusiness and land — RZTR11 (rating 7.2) is the largest listed agricultural land Fiagro in Brazil (24 farms, 84 thousand productive hectares, 8 states, low HHI of 0.07), with 5 years of uninterrupted distributions. RZAG11 (rating 7.0) is the flagship credit Fiagro, with R$ 679 million in 19 CRAs at CDI+4.79% and 89.7% proprietary origination.
• Structured credit — RZLC11 (rating 6.6) is a senior share vehicle (CDI+1%) protected by a subordinate share, and RZAK11 (rating 5.5) brings together 8 origination hubs in a multi-strategy paper FII.

Dividend consistency is a common trait (DY between 14% and 17%, with stable DPS for many months). It is worth noting the quality dispersion among the ratings (7.6 to 5.5) and a pattern of self-allocation: RZAK11 holds units of sister FIIs RZAT11 and RZLC11, and RZLC11 allocates to vehicles from the same firm — a practice within the declared mandate, but one that reduces evaluation independence.

Strengths and points of attention

• Genuine proprietary origination — 89.7% of RZAG11's CRAs structured internally, with direct relationships with 14 producer groups.
• Sale-leaseback with real discount in RZAT11 (10 properties purchased at a 61% average discount).
• Market leadership in RZTR11, the largest listed land Fiagro, with active rural due diligence.
• Scale and reputation — R$ 22 billion of AUM, positive Moody's rating, and authentic sector diversification across credit, agro, and real estate.

• Aggressive performance fees — RZAG11 charges 10% over the CDI; RZAK11, 15% over the CDI; and RZTR11, 20% over CDI+2%, heavy for the land segment.
• Inter-fund self-allocation — RZAK11 in RZLC11/RZAT11 and RZLC11 in sister FIIs, with the asset manager acting as a preferred unitholder.
• Recent corporate restructuring — the entry of Riza Allocation as the new manager of RZAK11 still needs a track record under the new corporate name.
• Significant concentrations — RZLC11 with ~75% of NAV in flows from Direcional Engenharia and RZAT11 with ~60% of real estate NAV in Cervejaria Cidade Imperial.

Which investor does it make sense for

Riza is a firm suitable for investors who value proprietary origination and structured theses in credit, agro, and atypical brick, and who are willing to accept greater complexity in exchange for higher risk premiums. The income-focused conservative profile finds stability in the flows of RZAG11 and RZTR11; the moderate to bold profile can explore the extraordinary gains of RZAT11 or the multi-strategy convenience of RZAK11 — always aware that the latter is the firm's weakest link (rating 5.5). What to watch: the impact of performance fees on net returns, the evolution of self-allocation and concentrations in a single tenant/debtor, and the consolidation of the new corporate structure. This is not a buy recommendation, but a solid platform whose quality varies from fund to fund — requiring individual analysis before any decision.