Brazilian Real Estate Investment Funds (FIIs) are managed by a range of institutions, from major financial firms to specialized real estate asset managers. These funds are operated by external managers who typically charge a fee based on assets under management (AUM), and in some cases, an additional performance fee tied to a benchmark rate indexed above inflation.
Understanding who manages a fund can provide valuable insight into its strategy, risk profile, and long-term performance. And choosing a reputable manager with a strong track record is essential, especially since AUM-based fee structures can sometimes create misaligned incentives.
This page introduces the key managers behind the largest publicly traded FIIs included in the HERT11 ETF and the IFIX index. Click below to explore each manager’s strategy, size, history, and funds under management.
Last updated June 27, 2025.
Major FII Managers
XP Asset Management
One of the largest FII managers in Brazil, XP Asset Management oversees a diverse range of real estate funds, including shopping centers (XPML11), logistics (XPLG11), and CRIs (MXRF11).
XP plays a central role in Brazil’s listed REIT market. Its parent company, XP Inc., is a major investment platform listed on the NASDAQ (ticker: XP), with a market capitalization of approximately US$10 billion.
Patria Investimentos
Patria Investimentos is Latin America’s largest independent asset manager, with over R$23 billion in real estate and R$263 billion in total assets under management. In 2024, it significantly expanded its REIT presence by acquiring several high-profile FIIs from Credit Suisse.
Patria now manages one of the most diversified FII portfolios in Brazil, with major holdings in the logistics (HGLG11), urban real estate (HGRU11), offices (LVBI11), and CRIs (HGCR11) segments.
Kinea Investimentos
A joint venture with Latin America’s largest bank, Itaú Unibanco, Kinea is a well-respected real estate manager focused primarily on CRI funds. Its FIIs are known for long-term stability and conservative management.
Kinea manages two of the largest CRI FIIs in the IFIX: KNCR11 and KNIP11. It also operates KNRI11, a major hybrid fund with exposure to both office and logistics properties.
BTG Pactual
BTG Pactual is one of Brazil’s largest investment banks and a major asset manager, with significant operations across Latin America and offices in the United States. Publicly listed on the B3 exchange under ticker BPAC11, BTG has a market capitalization of approximately R$194B and more than R$1 trillion in assets under management. BTG has 20 offices and over 380 professionals worldwide.
In the FII market, BTG manages a diverse lineup of funds across multiple sectors. Its most prominent offering is BTLG11, a top-tier logistics FII and one of the largest components of the IFIX index. The firm also manages BTHF11 (multi-strategy), BRCR11 (offices), BTCI11 and CLIN11 (CRI), BPML11 (shopping), BTAL11 (agribusiness), and HTMX11 (hospitality), reflecting BTG’s broad exposure to Brazilian real estate and alternative assets.
Vinci Partners
Vinci Partners is a large global asset manager with thirteen offices across the United States and Latin America. It operates across multiple sectors, including equities, private equity, and alternative investments.
In the REIT space, Vinci manages VISC11, the second-largest shopping FII in Brazil, as well as VILG11, a key player in logistics. They also manage two smaller funds focussed on offices and urban real estate.
Hedge Investments
Hedge Investments is known for creative strategies, strong research coverage, and a focus on international outreach. It was one of the pioneers of Brazilian REITs and, in June 2025, launched the HERT11 ETF to improve access for foreign investors.
Hedge manages HGBS11, Brazil’s third-largest shopping FII, and currently the only Brazilian REIT rated by S&P. The firm is also the first Brazilian member of the US-based National Association of Real Estate Investment Trusts (Nareit).
HSI Investimentos
HSI Investimentos is an active real estate manager with approximately R$13 billion under management and more than 245,000 investors. It operates HSML11, a key shopping FII, and HSLG11, a growing player in the logistics segment.
Why Manager Quality Matters
- Reputation: Managers with a long track record and multiple funds under management are less likely to sacrifice long-term shareholder returns for short-term gains that could damage their broader reputation.
- Governance: Reputable managers often provide greater transparency and stronger alignment with unitholders.
- Strategy: A focused strategy, such as acquiring A+ logistics assets near São Paulo, is often more effective than one that indiscriminately accumulates properties across unrelated segments.
To dive deeper into each firm’s REIT strategy, click any of the manager names above.