Zavit Gestão de Recursos

A Zavit Gestão de Recursos is a boutique asset manager founded in 2018 in São Paulo, headquartered on Avenida Brigadeiro Faria Lima, in the heart of São Paulo's financial district. It was born as a Multi Family Office specialized in real estate and obtained authorization from CVM as a Portfolio Manager in October 2022. With around R$ 482.5 million in transacted assets throughout its history — divided between R$ 304.1 million in Sale & Leaseback, Built-to-Suit, and other structures, and R$ 178.4 million in CRIs —, Zavit occupies a well-defined space: a niche manager with a strictly real estate focus, operating across the three fronts of the sector (income, development, and credit) and adopting the principle of skin in the game, allocating its own capital alongside unitholders.

Track record and governance

With eight years of operation and CVM authorization since October 2022, Zavit is still building its track record as a listed fund manager, but available data points in the right direction. In ZAVI11, completed divestments delivered IRRs of 39.6% (Souza Cruz) and 17.2% (SJC1669/1679 properties), in addition to early-liquidated CRIs — concrete signs of active portfolio rotation capacity, not just passive contract management. The performance fee of R$ 230 thousand recorded in March 2026 confirms that the IPCA+6% benchmark was surpassed in at least one relevant period.

In the governance structure, fiduciary administration is carried out by Vórtx DTVM, an established firm and benchmark in the investment funds market, which raises the standard of control and regulatory compliance above what would be expected from a still young manager. The relevant limitation is its short history across stress cycles: Zavit as a listed FII manager has not gone through a prolonged credit crunch or severe vacancy crisis, which leaves open how the team would react in more intense adverse scenarios.

Strategy and funds under management

Zavit currently operates with two funds that deliberately complement each other. ZAVI11 (bricks-and-mortar FII, launched in July 2021, listed on B3 in October 2022) concentrates physical assets in the logistics, industrial, and corporate segments — warehouses in Serra/ES, Nissei/PR, and Alvoar/MG, industrial assets like Medabil/RS and Copobras/SP, and a corporate office floor in Tabapuã/SP. Its profile is income-oriented with long atypical contracts (WAULT of 9.4 years) and zero vacancy. ZAVC11 (paper FII, established in September 2023, first offer concluded in March 2024), in turn, operates in the real estate credit segment via CRIs, aimed at professional investors, and had been distributing around R$ 0.13/unit per month until May 2026 — annualized DY close to 16.8%.

The combination of the two funds reflects a thesis of broad coverage of the real estate cycle: ZAVI11 captures capital appreciation and long-term income via physical assets; ZAVC11 generates cash via credit. This complementarity is consistent with the manager's origin as a Multi Family Office — Zavit is not a specialist in just one instrument, and the two funds express this integrated view of the real estate market.

Strengths and points of attention

• Active management proven by numbers: IRRs of 17% to 40% in divestments and payment of performance fees are concrete evidence, not marketing.
• Genuine skin in the game: allocation of own capital alongside unitholders reduces the risk of incentive misalignment, a frequent problem in small boutique asset managers.
• Long WAULT and zero vacancy in ZAVI11: 9.4 years of average contractual duration with mostly atypical contracts delivers revenue predictability above the multicategory segment average.
• Diversification by instrument: bricks-and-mortar (ZAVI11) + paper (ZAVC11) allows the manager to position itself in different phases of the credit and interest rate cycle.

• Reduced unitholder base and liquidity in ZAVI11: with only 2,531 unitholders and net equity around R$ 153 million, the fund operates on a still small scale, which increases operational risk and limits growth capacity via new issuances.
• Structural leverage in ZAVI11: 48% of net equity in debt with the Selic rate at a high level is a real burden on results, not just a number on the balance sheet — it compresses the dividend yield and demands disciplined liability management.
• Medabil overhang until 2029: the rent discount contracted with the tenant Medabil is only progressively eliminated until May 2029, repressing part of the potential revenue for years.
• History limited to one cycle: the manager has not yet demonstrated resilience during periods of structural vacancy or severe real estate credit tightening.

Which investor is this suitable for

Zavit as a manager makes sense for the investor who accepts asymmetry: there is a real premium in a small portfolio with active management, but also a real risk of insufficient scale to absorb adverse events. The most suitable profile is the bold investor with a 3 to 5-year horizon, willing to tolerate unit volatility and reduced liquidity in exchange for a long-term thesis still under development.

The moderate investor may have a small exposure to ZAVI11 as a multicategory diversifier, provided they already have a base in larger, more liquid FIIs. The conservative or short-term investor should avoid it: leverage, the Medabil overhang, and reduced liquidity create the risk of negative mark-to-market in short windows that this profile cannot handle well.

What to monitor over time: evolution of leverage (sale of SJC1&2 is the most relevant trigger for balance sheet decompression), progression of the Medabil discount (each contractual reduction directly improves FFO), growth of ZAVC11's unitholder base (indicates whether the manager is succeeding in expanding its reach beyond the professional niche), and new issuances in ZAVI11 (real test of the ability to raise capital in the open market).