Multi-strategy hybrid real-estate fund (paper + brick-and-mortar + real-estate equities). Manager: Valora Imobiliário e Infraestrutura Ltda. (renamed in Jun/2025, formerly Valora Gestão de Investimentos Ltda.). CNPJ 36.771.692/0001-19.
Segment: Hybrid / Multi-strategy (Paper-FII-Brick) · Price R$ 5.12 · P/BV 0.6267 · BV/unit R$ 8.17 · Net assets R$ 1,35 Bi · 368,246 unitholders
VGHF11 (Valora Hedge Fund FII) is a Brazilian REIT in the Hybrid / Multi-strategy (Paper-FII-Brick) segment. Multi-strategy hybrid real-estate fund (paper + brick-and-mortar + real-estate equities). Manager: Valora Imobiliário e Infraestrutura Ltda. (renamed in Jun/2025, formerly Valora Gestão de Investimentos Ltda.). CNPJ 36.771.692/0001-19.
Invests in real estate loans, units of other Brazilian REIT-style funds (FIIs), and developments, distributing the earnings as monthly income.
This page gathers the factual snapshot of VGHF11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Valora Imobiliário e Infraestrutura Ltda..
Valora Investimentos is an independent asset manager founded in 2008, managing over R$ 5B with a family of well-known FIIs in the paper segment: VGIR11 (CDI CRI), VGIP11 (IPCA CRI), Valora CRI Pré, Valora CRI Infra, Valora FOF, and VGRI11 (Valora Renda Imobiliária). In Jun/2025, the vehicle was adapted to CVM Resolution 175 and the manager's name was changed to Valora Imobiliário e Infraestrutura Ltda., reflecting an expansion into infrastructure. Weakness: ~14.6% of VGHF11's NAV is allocated to funds managed by the firm itself — a combination permitted by its bylaws, but which captures fees twice (0.90% at VGHF plus the fees of the underlying invested funds).See our analysis of Valora Imobiliário e Infraestrutura Ltda. →
133 assets distributed across CRIs (28.8%), FIIs (56.7%), SPEs (15.0%), FIDCs (1.1%), and Equities (0.7%) — May/26 featured net sales of R$ 16.4M (VFDL CRI and Oscar Freire 50S CRI sold; BTHF11 and VGIR11 reduced). Manhattan 161S CRI early maturity declared in Jun/26.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Scala Datacenter 2S CRI | — | 2.4% | — |
| João Dias CRI (Helbor) | — | 2.2% | — |
| Matarazzo 451S CRI | — | 2.0% | — |
| Helbor 86E CRI (NEW POSITION) | — | 1.7% | — |
| Manhattan 161S CRI | — | 1.7% | — |
| CRI Realiza | — | 1.4% | — |
| Selina CRI (4 series: 128S, 162S, 163S, 164S) | — | 0.0% | — |
| Unit Acquisition FII (unlisted) | — | 7.1% | — |
| Valora CRI Pré Subordinada (Receivables FII - proprietary) | — | 5.1% | — |
| Valora FOF (proprietary) | — | 4.8% | — |
| BGR Cidade Jardim FII | — | 3.8% | — |
| Retrofit Plant FII (Development) | — | 3.4% | — |
| Valora Renda Imobiliária | — | 2.3% | — |
| BTG Pactual Corporate Office Fund | — | 2.1% | — |
| JS Real Estate | — | 2.0% | — |
| Valora CRI Infra (proprietary) | — | 1.7% | — |
| Valora CRI Price Index | — | 0.6% | — |
| Valora CRI CDI (REDUCED position in Apr/26) | — | 0.1% | — |
| SPE VLR01 | — | 3.8% | — |
| Oscar Freire SPE | — | 2.9% | — |
| BM Varejo S.A SPE | — | 2.3% | — |
| Cidade Matarazzo Retail SPE | — | 1.6% | — |
HHI 0.045 — diversificacao_alta.
last close R$ 5.12 · all-time low R$ 5.63 · high R$ 10.48 · book value per unit R$ 8.17.
Very strong liquidity. The fund ranks among the 30 most-traded Brazilian REIT-style funds (FIIs) on the B3 exchange (average daily volume of R$ 3.1M over 30 days, 378 thousand unitholders).
| Period | What happened |
|---|---|
| FUNDAÇÃO | Commencement of VGHF11 operations with an initial NAV of R$ 165M and a DPU of R$ 0.07. |
| EXPANSÃO RÁPIDA | 4 consecutive offerings grew NAV from R$ 165M to R$ 670M in 18 months. |
| B3 INQUIRY (atypical oscillation) | B3 questions atypical oscillation in units amid the widening of NTN-B yields. |
| 5ª EMISSÃO – DOBRO DO PL | 5th offering raised ~R$ 800M; NAV jumps from R$ 690M (Jun/23) to R$ 1.54B (Dec/23). |
| DEFAULT SELINA | 4 Selina CRIs default and are marked down to R$ 0. |
| TRANSIÇÃO P/ FII | Increases exposure to FII units, reduces weight of direct CRI portfolio. |
| RES. CVM 175 + RENOMEAÇÃO GESTORA | Adaptation to CVM Resolution 175 and renaming of the manager to Valora Imobiliário e Infraestrutura. |
| STABLE DPU of R$ 0.07 (7 months) | DPU drops to R$ 0.07/unit and stabilizes for 7 consecutive months (Nov/25 to May/26). |
| VP DESPENCA + COTISTAS SAEM | Book value per unit falls to R$ 8.53 (-2.5% in 4 months) and the fund loses 5,272 unitholders in 1 month. |
| VP CAI + MANHATTAN ANTECIPADO | Book value per unit drops to R$ 8.37 (5th consecutive month of decline). Manhattan 161S CRI early maturity declared in Jun/2026. |