Tivio Capital

Tivio Capital Distribuidora de Títulos e Valores Mobiliários S.A. (CNPJ 03.384.738/0001-98) is one of the largest independent asset managers in the Brazilian market, with over R$ 30 billion under management, 150+ funds, and 40+ professionals dedicated to management. Founded in 1999 as Votorantim Asset Management (later BV Asset), it underwent a rebranding to Tivio in 2023, after Bradesco acquired 51% of BV DTVM — a corporate heritage that helps explain the historical proximity of its real estate funds with Banco do Brasil and Grupo Votorantim. Headquartered at Av. Faria Lima, 4,300 (São Paulo/SP) and led by CEO Rodrigo Freire, with Adriano Mantesso heading Real Estate, the house is organized into five verticals: Private Credit, Structured Credit, Real Estate, Investment Solutions, and Private Solutions.

Track record and governance

Tivio's history combines scale and recent reputation — 3rd place in the 2026 InfoMoney Outliers Awards in the Bricks FIIs category — with a regulatory chapter that investors need to know. On 05/13/2025, the CVM accepted a Settlement Term in the total amount of R$ 6,229,125.00 involving the manager and four directors (Tivio DTVM: R$ 2,910,600; Alexandre Luiz Zimath: R$ 1,039,500; Robert John Van Dijk: R$ 945,000; Marcelo Maylinch Simão: R$ 727,650; Alcindo Costa Canto Neto: R$ 606,375), closing proceedings without an admission of guilt. The investigated infractions were three: in BBPO11 (now TVRI11), rent renegotiation in a conflict of interest without prior assembly approval (arts. 34 and 35 of CVM Instruction 472); in BII BTS FII, internal control failure with a delay in delivering financial statements (2018 and 2020) and untimeliness in calling an assembly; and the submission to the CVM, by director Marcelo Maylinch Simão, of meeting minutes with clarifications that were not part of the version read and approved by unitholders (assembly of 07/17/2020). It is a governance signal to monitor. On the other hand, the current structure reinforces controls: BEM DTVM (Bradesco) took over as administrator of BBRC11 and GTWR11 (as of 12/31/2025 and 11/28/2025, respectively), with auditing by PwC and bookkeeping by Bradesco.

Strategy and funds under management

Looking at the set of five covered FIIs, Tivio's real estate strategy is organized into two clear vectors. The first is predictable income anchored in quasi-sovereign credit: BBRC11 (rating 6.5 GOOD, DY 11.94%, P/NAV 1.00) with 21 properties and Banco do Brasil as the single tenant, and GTWR11 (rating 5.0, DY 13.47%, P/NAV 0.79), three AAA towers in Brasília also 100% leased to BB. The second vector is portfolio recycling and metamorphosis: TVRI11 (formerly BBPO11, rating 6.2, DY 13.28%, P/NAV 0.88), NAV ~R$ 1.66 bi in transforming BB branches for retail and healthcare, and VSHO11 (rating 5.2, DY 11.36%, P/NAV 0.64), three shopping malls with revenues pegged to the IGP-M. The dispersed ratings (5.0 to 6.5) reflect this heterogeneity: the funds do not complement each other as much as they coexist under the same brand. Dividend consistency is reasonable (DY in the 11–13.5% range), but sustainability varies greatly — in TVRI11 there is non-recurring profit of R$ 2.89/share from sales, and in GTWR11 the cash result of R$ 0.90/share in Apr/26 equals the distribution, with a reserve of only R$ 0.15/share.

Strengths and points of attention

• Proven recycling above the appraisal report: TVRI11 sold 8 assets at 42% above the appraisal (R$ 162.7M unlocked) and BBRC11 sold Indianópolis at 189% above NAV.
• Low management fee and no performance fee: BBRC11 0.60% p.a., GTWR11 0.50% total, VSHO11 0.75% without performance fee.
• Scale and institutional backing: AUM of R$ 30B, 150+ funds, BEM DTVM (Bradesco) as administrator, and 2026 InfoMoney Outliers Award.
• Zero leverage in BBRC11, TVRI11, VSHO11, and GTWR11 — balance sheets without capital call risk.

• 2025 CVM event (R$ 6.2M in Settlement Term) — governance and internal controls under surveillance.
• Concentration in Banco do Brasil as the single tenant in BBRC11 and GTWR11, exposed to banking digitalization and the structural reduction of the physical network.
• Concentrated maturity of GTWR11 on 10/31/2028 (100% on that date) — duration trade that relies on a single renewal.
• Bay Market/RJ in VSHO11: vacancy of 22.3% and default rate of 14.3%, with fund liquidity at only R$ 17 thousand/day.
• TVRI11 recycling pace: ~50 BB branches still in the portfolio with concentrated maturity in Nov/2027, requiring double the cadence.

Which investor is it suitable for

For the conservative-moderate profile seeking income backed by quasi-sovereign credit, BBRC11 and GTWR11 are the natural candidates — predictable flow from Banco do Brasil, zero leverage, and lean fees —, provided that dependence on a single tenant is accepted. For the bold investor willing to bet on capital gains, TVRI11 is the metamorphosis thesis: sales above the appraisal report and migration to retail and healthcare (Hortifruti Botafogo at a 10.4% cap rate; Day Hospital/UNIMED at 10.6%), with a P/NAV of 0.88 providing a margin. Meanwhile, VSHO11, at a P/NAV of 0.64 (36% discount), only fits the bold, high-risk profile that tolerates low liquidity, the Bay Market issue, and the operational administrator change underway since Feb/2026. In short, what to watch: TVRI11's recycling pace in light of the 2027 maturity, GTWR11's contract renewal in 2028, and Bay Market's recovery in VSHO11 — three catalysts that define whether Tivio's portfolio transformation delivers value or just a brand change. This is analytical coverage, with no buy recommendation.