Valora Gestão de Investimentos

Valora Gestão de Investimentos (now Valora Imobiliário e Infraestrutura Ltda., CNPJ 07.559.989/0001-17) is one of the largest independent structured and real estate credit asset managers in Brazil. Founded about two decades ago (CVM registration no. 9,620; CVM Declaratory Act no. 13,164, of 2013), led by CEO Daniel Pegorini and with Alessandro Vedrosi as real estate managing partner, the firm jumped from R$ 9.5 billion under management in Sep/2022 to approximately R$ 19 billion in 2025 — practically doubling its assets in less than three years. Its positioning is clear: proprietary credit origination (CRIs and CRAs), rather than simply buying structured securities from third parties.

Track record and governance

Valora's structural differentiator is structuring its own operations via ICVM 476/160 (restricted efforts), controlling the design of the CRI from origination — a rare advantage that translates into greater control over collateral (fiduciary assignment of land, fiduciary assignment of receivables, endorsement). The history reinforces the thesis: VGIR11 has accumulated 8 years without any reported default, and Vedrosi's team structured some of the first CRIs when the market was still forming. Governance is robust and standardized: administration and custody are predominantly with BTG Pactual and auditing by Ernst & Young.

Recognition came at the 2024 InfoMoney Outliers Award, with the firm taking best Fiagro (VGIA11), best real estate fund of funds (FOF), and 2nd place in paper FIIs. Recent relevant events: in Jun/2025 the manager adapted vehicles to CVM Resolution 175 and changed its name to Valora Imobiliário e Infraestrutura Ltda., reflecting expansion into an infrastructure arm that grew from R$ 100 million to a relevant operation; the staff doubled. The historical partnership with XP since 2018 was fundamental for scale in the listed funds retail market.

Strategy and funds under management

Valora covers practically the entire spectrum of real estate and agribusiness credit, and the five analyzed FIIs function as a portfolio that complements itself by indexer and asset class. In paper credit, the pair VGIR11 (99% CDI+, 56 residential CRIs) and VGIP11 (99.4% IPCA+, 49 CRIs across 9 segments) covers both indexers — the investor chooses between post-fixed carry (DY ~15.9% with high Selic) and inflation protection (IPCA+8.7% p.a. return). VGIA11 is the flagship Fiagro product and the largest in the market in individual investor base (174 thousand unitholders), bringing structured credit expertise to agribusiness (CDI+5.05%, 33 debtors). VGHF11 is the house's multi-strategy fund (137 assets in CRI, FII, SPE, FIDC, and real estate stocks), and VGRI11 is the newest and riskiest bet in brick-and-mortar — leveraged corporate floors.

Management is truly active: in Jan/2026 VGIP11 sold R$ 92.5 Mi in CRIs at IPCA+7% and reinvested R$ 82.1 Mi at IPCA+9.6%, and in 2025 generated R$ 22.9 Mi in capital gains from portfolio rotation. But quality dispersion is wide: fund ratings range from 7.4 (VGIR11) to 4.5 (VGRI11), and the manager rating assigned to each FII ranges from 8.0 in VGIR11 to 6.0 in VGHF11. The difference reflects the maturity and complexity of each vehicle: where Valora operates in what it dominates (self-originated CDI/IPCA paper, at mature scale), the assessment is top-tier; where the vehicle is newer, leveraged (VGRI11), or has potential conflicts (VGHF11, which allocates ~14.6% of NAV in funds of its own family, charging fees twice), the rating drops.

Strengths and points of attention

• Proprietary origination via ICVM 476/160 — control of the CRI from design, rare among peers.
• Clean track record — 8 years without default in VGIR11, 100% declared compliance in VGIP11 and VGIA11.
• Scale and recognition — R$ 19 bi in AUM, triple Outliers 2024 award, giant retail base (264 thousand unitholders in VGIR11, 378 thousand in VGHF11).
• Complete coverage of indexers — CDI, IPCA, Fiagro, and multi-strategy in the same ecosystem, with proven active management in portfolio rotation.

• Conflict of interest in VGHF11 — exposure to in-house FIIs rose from 12% to 14.6% (double-layer fee charged).
• Sensitivity to Selic — CDI funds (VGIR11, VGIA11) tend to compress DPS if the Focus Selic projection of 11% in 12 months materializes.
• Scars and concentration — Selina default in VGHF11, VGRI11 leverage (currently deleveraging), and ~30% of VGIA11 in Languiru+Fiagril, debtors with a restructuring history in a pressured agri cycle.

Which investor is this suitable for

Valora is a benchmark for those seeking actively managed real estate and agribusiness credit and who accept credit risk in exchange for a yield above CDI. For the conservative-tactical investor, VGIR11 and VGIP11 are the most solid entry gates — mature scale, clean history, and both indexers covered. For exposure to agribusiness with retail liquidity, VGIA11 is the flagship vehicle. Meanwhile, VGHF11 and VGRI11 require more caution: the former due to the intra-house conflict layer, the latter for being a leveraged execution thesis over the next 12-24 months. What to monitor across the firm: the trajectory of the Selic rate (direct impact on CDI funds), exposure to in-house funds in VGHF11, and the maturation of the infrastructure arm, which still lacks a listed track record.