V2 Investimentos

V2 Investimentos (CNPJ 13.601.663/0001-03) is an independent asset manager founded in 2011 and led by Vitor Grunpeter Corrêa (CFA), with around R$ 1 billion under management distributed across a family of real estate and credit funds. A lower-mid-market boutique in the FII universe, the firm positions itself as a multi-strategy manager — combining real estate credit (CRI), funds of funds (FOF), and corporate brick-and-mortar —, but currently operates in a transitional state: part of the portfolio is building scale, part is in management turnaround, and part is in orderly liquidation. Our consolidated rating is 5.8 (FAIR), reflecting a competent operation in credit, yet marked by quality dispersion among vehicles.

Track record and governance

With over a decade of activity, V2 has accumulated an extensive and heterogeneous track record: there have been 28 funds over time, of which 12 remain operational and 15 have been cancelled or closed. This volume of discontinued funds is not, in itself, a sign of poor management — it is common among houses that launch exclusive, restricted, or fixed-term vehicles —, but it requires critical reading: it indicates an asset manager that experiments heavily and does not always manage to give its products scale and longevity. The partner structure brings a relevant separation of functions for governance, with Henrique Sant'Ana da Fonseca heading risk, compliance, and AML/CFT, alongside Lucas Bohn Dutra. Administration for most of the funds is handled by BRL Trust DTVM (Apex group), a robust and established market administrator, which adds an external layer of fiduciary control. As a positive reputational point, research identified no sanction proceedings or CVM penalties against the manager or its partners.

Strategy and funds under management

Looking at the whole, V2 covers three fronts that, on paper, complement each other — credit (CRI), multi-assets (FOF), and brick-and-mortar —, but in practice currently exhibit vastly different stages of maturity. The tension is instructive: there is one good fund, one in turnaround, and one in liquidation, and this picture explains why the firm's rating sits in FAIR territory despite a good anchor in credit.

• VVCR11 (rating 6.7) — the best asset: Paper FII with a portfolio of 50 CRIs, 88% indexed to IPCA+ and marked-to-market at IPCA+10.48% (NTN-B+5.39%), a duration of 3.51 years, and a DY of 12.42%. Diversification is genuine (HHI ~0.022, top-1 at 5.5%) and the 1.15% fee without performance is competitive. The challenge is digesting the incorporation of HCHG11 (Jan/2026), which doubled NAV from R$ 76.9 mi to R$ 190.4 mi — absorbing 2.5x scale is new territory, and there are high-yield CRIs (Reiter Log, Riachuelo, Haus Garten) that require monitoring.
• EMET11 (rating 3.5) — the turnaround: Small FOF (NAV R$ 48.7 mi) that V2 took over in Feb/2026, being the third manager in 24 months (More Invest → REC → V2). The unitholder base more than doubled (from ~102 to 245), the fee was cut to 0.70%, and a buyback program was announced — signs of revitalization efforts. However, the yield dropped from R$ 0.10 to R$ 0.04 and two unitholders hold 77.7% of the fund, a concentration that keeps the vehicle fragile.
• VVMR11 / formerly HBRH11 (rating 3.0) — in liquidation: Fund with five corporate floors (28,104 m² of GLA in SP and RJ) with a physical vacancy of 33.12% and a zeroed dividend since Dec/2025. At a Unitholders' General Meeting on 03/09/2026, unitholders approved the liquidation. Here the read is nuanced: V2 negotiated debt settlement with a discount in Jan/2026 and is conducting an orderly wind-down — end-of-cycle management, not growth.

Dividend consistency, therefore, is uneven: strong and predictable in credit (VVCR11), erratic in the FOF (EMET11), and null in the brick-and-mortar fund in liquidation. There is currently no clear operational synergy between the vehicles — they coexist more as distinct business lines than as an integrated platform.

Strengths and points of attention

• Real competence in real estate credit: VVCR11 shows indexation discipline (IPCA+), effective dispersion, and a lean fee without performance.
• Solid outsourced governance via BRL Trust/Apex and separation of risk and compliance functions among partners.
• Clean record of regulatory sanctions and over a decade in the market.
• Pronounced quality dispersion among funds: the firm's average is dragged down by troubled vehicles.
• High product turnover (15 closed/cancelled funds) suggests difficulty in sustaining and scaling vehicles.
• Unitholder concentration and low liquidity in small funds (EMET11) amplify governance and exit risk.

Which investor is this suitable for

V2 makes sense above all for the investor seeking exposure to high-grade/high-yield real estate credit via VVCR11 and who is comfortable evaluating the fund on its own merits rather than the firm as a whole. For this profile, what to watch is the digestion of the HCHG11 incorporation — maintenance of low default rates, stable distribution, and preservation of the post-scale DY. The other vehicles call for caution: EMET11 only interests those who specifically bet on the turnaround and tolerate extreme concentration and shrinking dividends, while VVMR11 is not an entry thesis — it is a liquidation case whose return depends on the sale price of the properties and the execution of the wind-down. In summary: an asset manager with a good anchor in credit and a portfolio in reconfiguration, better suited for those who select funds individually than for those seeking a homogeneous and mature management brand.