BTG Pactual is one of Brazil’s largest investment banks and a leading asset manager, with operations across Latin America and offices in the United States. Publicly traded on the B3 exchange under the ticker BPAC11, BTG has a market capitalization of approximately R$194B and manages over R$1 trillion in total assets. The firm operates 20 offices and employs more than 380 professionals worldwide.
In the FII space, BTG Pactual offers a broad and sector-diversified portfolio, with funds included in both the IFIX index and HERT11 ETF, an ETF composed of 31 brick-and-mortar Brazilian REITs.
Its flagship fund, BTLG11, is the second-largest logistics FII by market capitalization. Other funds managed by BTG include:
- BTHF11 (multi-strategy)
- BRCR11 (offices)
- BTCI11 and CLINI11 (CRI)
- BPML11 (shopping)
- BTAL11 (agribusiness)
- HTMX11 (hospitality)
Together, these funds reflect BTG’s broad footprint across Brazil’s real estate and credit markets.
BTG Pactual is a full-service bank, which began as a brokerage in 1983. It offers clients a wide range of services in asset management, banking, investment banking, research and sales and trading.
You can visit BTG Pactual’s website here.
Last updated June 28, 2025.
🔍 Key FIIs Managed by BTG
| Ticker | Fund Name | Segment | Market Capitalization |
|---|---|---|---|
| BTLG11 | BTG Pactual Logistica | Logistics | R$4.3B |
| BTHF11 | BTG Pactual Real Estate Hedge Fund | Multi-Strategy | R$1.8B |
| BRCR11 | BTG Pactual Corporate Office | Offices | R$1.1B |
| BTCI11 | BTG Pactual Fundo de CRI | CRI | R$0.9B |
| BPML11 | BTG Pactual Shoppings | Shopping | R$0.6B |
| BTAL11 | BTG Pactual Agro Logistica | Agro | R$0.5B |
| HTMX11 | BTG Hotel Maxinvest | Hotels | R$0.4B |
| CLIN11 | VBI Reits Multiestrategia | Clave Indices de Precos | R$0.4B |
Note: BTG may manage additional FIIs not included in this list. Only major publicly traded funds with material AUM or liquidity are shown.
📊 Real Estate Investment Strategy
BTG Pactual takes a flexible approach to real estate investing, managing a diverse portfolio of FIIs across different market segments, asset classes, and investor profiles rather than following a single unified REIT strategy.
BTG has often expanded its real estate presence through opportunistic acquisitions, often integrating smaller funds into more liquid platforms. For example, BTLG11 was originally acquired from TRX, and in June 2025 the fund executed another major transaction at a 34% discount to book value. This included a warehouse property located within 15 km of São Paulo, with an estimated cap rate of 12%.
It’s worth noting that while BTG has had success stories such as BTLG11, other funds like BRCR11 (offices) and BPML11 (shopping) continue to trade well below peer book values, at 0.48x and 0.62x, respectively.