Zagros Capital Gestão de Recursos

Zagros Capital Gestão de Recursos (CNPJ 10.790.817/0001-64, headquartered in Itaim Bibi, São Paulo) is a real estate investment fund manager founded around 2018 that, in a little over seven years, has built a prominent position in the brick FII market. Under the leadership of Pedro van den Berg (CEO and Head of Management, former co-founder of Catuaí Asset), the firm currently manages over R$ 3.0 billion in assets, brings together over 340 thousand unitholders, and focuses its operations on two vehicles with complementary profiles: GGRC11, a mature logistics/industrial FII and the firm's flagship, and ZAGH11, a young hybrid fund focused on development and capital gain. In our evaluation, the manager receives a rating of 7.2 (GOOD).

Track record and governance

Zagros's strongest reputational asset is a documented and successful turnaround in GGRC11. Pedro van den Berg took over the fund in late 2021 finding a troubled portfolio: Americanas accounted for about 19.5% of revenue and Covolan was under judicial recovery. Management executed an aggressive portfolio recycling—dubbed the "FII Pac-Man" by the specialized press—that raised net asset value from approximately R$ 1 billion to R$ 2.37 billion and the unitholder base from about 100 thousand to 340 thousand. Milestones such as the sale of CD Campinas, with an IRR of 16.94%, prove the capital discipline allocated in practice.

The corporate structure is lean and senior: alongside van den Berg in management, Diego Rodrigues is responsible for Engineering and New Business, Ana Carolina Reis for Legal and Compliance, and Thais Dominicali for Backoffice and Investor Relations. Transparency is a concrete differentiator—detailed reports, monthly videos, and Q&A sessions. Two recent events reinforce institutional maturation: the inclusion of GGRC11 in the global FTSE/EPRA NAREIT index and the rebranding from "GGR Covepi Renda" to "Zagros Renda Imobiliária" in 2026, aligning the fund with the group's identity.

Strategy and funds under management

Viewed as a whole, Zagros operates a two-pronged strategy that complement each other. GGRC11 is the mature income engine: 36 logistics/industrial properties across 12 states, 99.81% occupancy, 41 tenants, and dividends of R$ 0.10/unit for 13 consecutive months (DY 11.68%), trading at a P/BV of 0.90. Meanwhile, ZAGH11 is the growth bet: a hybrid fund created in November 2022, with a modest IPO of R$ 47 million, combining real estate development, direct income (long-term contracts with Estácio and Colégio Ética), and a portfolio of third-party FIIs. The heart of its thesis is Groenlândia 910, a premium boutique building in São Paulo with a projected IRR of 25%–30% and delivery scheduled for June 2026—a finalist project in the 2025 GRI Awards.

GGRC11's growth is funded by an active pipeline and a payment-in-units strategy (a model similar to TRX's), which enables acquisitions without pressuring cash flow. The firm is conducting the fund's 11th offering, targeting up to R$ 1.5 billion—the largest capital raise in its history—whose 1st Period has already raised R$ 352.58 million. The proceeds anchor the acquisition of Braspark Garuva B+C (R$ 192.3 million, cap rate of 10.20%, concluded on 04/30) and the commitments for Garuva A and CD3 Camaçari (R$ 165 million, average cap rate of 9.54%).

Strengths and points of attention

• Real and auditable turnaround in GGRC11, with NAV more than doubled and unitholder base tripled.
• Robust geographic diversification—36 assets across 12 states reduce regional concentration risk.
• Scale and recognition: 340 thousand unitholders and entry into the FTSE/EPRA NAREIT index, rare for mid-sized managers.
• Active and transparent management, with monthly communication and a proven capital recycling track record.

• ZAGH11 not yet validated: a young fund, with returns so far below IFIX and a thesis dependent on the delivery of Groenlândia 910, which needs to materialize.
• Concentration in just two funds leaves the firm exposed to the performance of GGRC11, which accounts for virtually all AUM.
• 11th offering depends on execution: raising R$ 1.5 billion and converting acquisitions into recurring income is the test of the growth thesis in 2026.

For which investor it makes sense

Zagros makes sense for the brick FII investor who values active management, transparency, and a capital recycling track record. Those seeking consistent current income in logistics will find in GGRC11 one of the most mature and well-managed vehicles in the segment, with a DY close to 11.7% and a discount to net asset value. On the other hand, ZAGH11 suits only higher-risk profiles, willing to bet on portfolio maturation and capital gain rather than income—explicitly a growth thesis, not a dividend one. What to monitor going forward: the execution of the 11th offering and the integration of GGRC11 acquisitions, the delivery of Groenlândia 910 as a proof of concept for ZAGH11, and the eventual expansion of the fund lineup, which would reduce dependence on a single vehicle.