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May 2026
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Largest Asset Management Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Banco BTG Pactual, Itaúsa, Transinc FII, Zion Capital Fundo De Investimento Imobiliario and RBR Desenvolvimento.
 | Banco BTG Pactual S.A. is a Brazil-based banking firm. It offers financial products and services regarding commercial, investments, credit, financing, capital leases, insurance, and foreign exchange portfolios, among others, in the country and several locations abroad. | $11 | -- | $38B | $51B | 5.0x | — | ||
| Itausa Investimentos ITAU SA is a Brazilian investment holding company. It has equity interests in the companies engaged in the financial, consumer goods, construction materials, sanitation, energy, and infrastructure sectors. Its portfolio consists of brands such as Itau Unibanco, Dexco, Alpargatas, CCR, Aegea Saneamento, Copa Energia and Nova Transportadora do Sudeste (NTS). The majority of the revenue for the company is generated from Itau Unibanco which is a banking institution that offers, directly or using its subsidiaries, a broad range of credit products and other financial services to a diversified individual and corporate client base in Brazil and abroad. | $3 | +23% | $29B | $30B | 9.1x | 7.8x | ||
| Transinc Fundo DE Investimento Imobiliario-FII, Is a Brazil-based asset management company established with a focus on real estate operations in the financial and capital markets. It is involved in managing investment funds, real estate funds, private equity funds, mutual funds, and hedge funds. | $12 | -28% | $13B | $13B | 107911.7x | (18389.1x) | ||
| Zion Capital Fundo De Investimento Imobiliario Fii main objective is to acquire shares in real estate developments predominantly in the death care sector, seeking to achieve good income for its shareholders. | -- | -- | $5B | $5B | (2722.7x) | — | ||
| Rbr Desenvolvimento Comercial Feeder Fof Fundo DE Inv Imob is Brazil based company. It is a real estate investment fund. | $14 | -23% | $5B | $5B | 18155.4x | — | ||
| Fundo de Investimento Imobiliario Ancar I C is a real estate investment trust. The company invests majorly in Shopping Centers. | $82 | +188% | $3B | $3B | — | — | ||
| Bradespar SA is a Brazil-based holding company whose corporate purpose and single business segment is to hold equity interest as a partner or shareholder in other companies. Its holding companies include Millennium Security Holdings, which does business in the British Virgin Islands; and Vale S.A., which produces iron ore, raw materials for the steel and nickel industries, and metals. The company's operating income originates from equity accounting, dividends, and interest on equity received from Vale and interest from redeemable shares received. | $4 | +49% | $2B | $2B | 13.4x | 17.9x | ||
| Kinea Rendimentos Imobiliarios Fundo de Investimento Imobiliario - FII is a real estate investment fund. It invests in real estate including financial assets & mortgage-backed securities. | $21 | +5% | $2B | $2B | 8.6x | — | ||
| Kinea Indices Precos Fundo Investimento Imobiliario - FII is a real estate investment trust engaged in real estate sector. | $18 | +5% | $1B | $1B | 7.7x | — | ||
| XP Malls Fundo De Investimento Imobiliario is a real estate investment trust. Its objective is to obtain income through the commercial operation of shopping malls, as well as capital gain through the purchase and sale of properties. | $21 | +7% | $1B | $1B | 378.8x | — | ||
| CSHG Logistica - Fundo de Investimento Imobiliario - FII is a real estate investment fund. | -- | -- | $1B | $848M | 13.9x | 13.7x | ||
| Maxi Renda Fundo Invest Imobiliario FII is a closed-end fund. | $2 | +8% | $908M | $908M | — | — | ||
| BTG Pactual Logistica FII is a real estate investment trust. The company invests in real estate for the operation of logistics warehouses and industrial plants. | $21 | +7% | $893M | $893M | — | — | ||
| Kinea Renda Imobiliaria Fundo Invest Imobiliario FII is a real estate investment fund. It has a diversified portfolio, with 16 commercial and logistics properties. | $32 | +13% | $891M | $891M | — | — | ||
| XP Log Fundo de Investimento Imobiliario is a real estate investment trust. Its objective is to obtain income, by investing at least two thirds of the shareholders' equity, directly or indirectly, in commercial exploitation of enterprises mainly in the logistics or industrial area, by means of the lease of any real rights over real estate, however, may seek capital gain, through the purchase and sale of real estate, quotas and or shares of special purpose companies that hold real rights over properties. Additionally, on a complementary basis, the Fund may make investments in other financial assets. | $19 | 0% | $776M | $763M | 15.3x | 16.9x | ||
| Opportunity Fundo de Investimento Imobiliario is a real estate investment fund. It is engaged in the distribution of investment funds including; Equity Funds, Multimarket, Multigestor, Referenced, and Imobiliaros Exclusive Funds. | $580 | +7% | $768M | $768M | — | — | ||
| Vinci Compass Investments Ltd is an alternative investment platform in Brazil. Its business segments include Private Equity, Equities, Real Assets, Credit, Global IP&S, and Corporate Advisory. The company's majority of its revenue comes from the Private Equity segment, which is comprised of five business lines: private equity, real estate, infrastructure, credit, and special situations. | $10 | +3% | $656M | $675M | 3.5x | 8.6x | ||
| Vinci Shopping Centers Fundo Investimento Imobiliario-FII is a real estate investment trust. The company invests in real estate properties of shopping centers and / or related, such as strip malls, outlet centers, among others. The objective of the Fund is to obtain income through the investment of resources, predominantly in real estate, as well as in any real rights over real estate or, even, through indirect investment in real estate through the acquisition of real estate assets. | $21 | +46% | $620M | $561M | 8.1x | 27.8x | ||
| Trx Real Estate Fundo Investimento Imobiliario is a real estate investment fund. The fund aims to acquire any real rights over real estate, relating to buildings, corporate, commercial, industrial, retail or logistics developments, whether built or to be built, for lease under atypical (built-to-suit) or typical contracts. | $18 | -6% | $593M | $593M | 6.3x | — | ||
| Kinea High Yield Cri Fundo Investimento Imobiliario FII is a real estate trust. | $20 | 0% | $560M | $549M | 6.2x | 6.9x | ||
| Hedge Brasil Shopping Fundo DE Investimento Imobiliario is a Brazilian real estate investment fund with objective to obtain capital appreciation by acquisition of interests in shopping centers. The objective of the Fund is the acquisition for commercial exploitation of commercial real estate projects, which are duly built or are subject to renovations, improvements or expansions, through the acquisition of portions and/or the entirety of real estate projects, directly or indirectly, through the assets provided for in the Regulation, for subsequent sale, rental or leasing, including assets and rights related to them. | $4 | +3% | $509M | $501M | 9.6x | 8.0x | ||
| Capitania Securities II Fundo de Investimento Imobiliario is a real estate investment trust. The company invests in marketable securities. Its services include asset allocation, servicing, investment management, and treasury services. | $2 | +7% | $498M | $498M | — | — | ||
| Fundo DE Investimento Imobiliario VBI Prime Properties is a real estate investment trust in the commercial buildings segment. | $15 | -3% | $402M | $385M | 8.8x | 7.6x | ||
| Fundo Investimento Imobiliario Iridium Recebiveis Imobiliarios is a real estate investment fund whose main focus is investment in real estate recieveable certificates. | $11 | -- | $400M | $400M | — | — | ||
| Fundo Invest Imobiliario Shopping Parque D Pedro, formerly Fundo de Investimento Imobiliario Shopping Parque D Pedro is a real estate investment fund. | $275 | -- | $395M | $395M | — | — | ||
| Kinea Hedge Fund Fundo De Investimento Imobiliario is a fund with the objective of generating absolute return, resulting from recurring income and capital gains, based on an active multidisciplinary management, with a portfolio composed of different assets from the real estate sector and managed by different Kinea teams. | $19 | +11% | $383M | $386M | 7.6x | — | ||
| Btg Pactual Real Estate Hedge Fund Fii - Fundo De Invest Imob Resp Ltd is a Real estate investment fund. | $2 | +11% | $378M | $379M | 11.1x | — | ||
| Hsi Malls Fundo DE Investimento Imobiliario is a Brazil-based company engaged in real estate and credit business. Its real estate holdings include Cipasa Urbanismo, GoodStorage, Saphyr Shopping Centers, and office and logistics properties in Brazil. | $18 | +6% | $365M | $341M | 6.4x | 7.0x | ||
| CSHG Recebiveis Imobiliarios - Fundo de Investimento Imobiliario - FII is a real estate investment fund. | -- | -- | $301M | $301M | — | — | ||
| Patria Malls Fundo de Investimento Imobiliario Responsabilidade Ltd Formerly Malls Brasil Fundo Investimento Imobiliario, formerly Malls Brasil Plural Fundo De Investimento Imobiliario is a Brazalian real estate investment firm. The company is engaged in investing in malls and shopping centres including Maceio Shopping. | $21 | +57% | $297M | $278M | 7.7x | 9.1x | ||
| Vinci Gestora de Recursos Ltda. is a real estate investment fund. The fund was established as a closed-end fund with an indefinite term and aims to generate income by investing at least 2/3 (two-thirds) of its net worth in completed or under-construction real estate, as well as in any real rights over the properties, or through indirect investment in real estate by acquiring real estate assets, and by capital gains obtained from the purchase and sale of real estate or real estate assets. | $20 | +17% | $293M | $278M | 8.7x | 11.2x | ||
| Hedge Top Fofii 3 Fundo Investimento Imobiliario is a real estate investment trust. It is engaged in agribusiness and variable income, from the operations of the Hedging-Griffo brokerage firm to the development of the agricultural commodities trading desk and effective participation in the creation of titles such as CPR and CDA / WA. | $1 | +11% | $292M | $292M | 3.6x | — | ||
| Tivio Renda Imobiliaria Fundo De Investimento Imobiliario is a closed-end fund. The fund aims to make real estate investments through the acquisition of commercial properties or real rights over properties, including, without limitation, commercial stores, commercial buildings, corporate floors, commercial complexes, branches of financial institutions and/or commercial offices, all intended for lease, which may be the object of investment, with a view to obtaining income through the lease of these to tenants, or investment assets, as well as current legislation and regulations. | $18 | +4% | $292M | $292M | 5.1x | — | ||
| Cshg Real Estate Fundo Invest Imobiliario is engaged in the acquisition of commercial real estate projects for commercial operation. | -- | -- | $292M | $282M | 11.7x | 15.6x | ||
| Fundo Investimento Imobiliario TG Ativo Real is a closed-end fund. The fund is intended for investors in general, whether individuals, legal entities, investment funds, or any other investment vehicles, domiciled or headquartered, respecting any prohibitions provided for in the regulations in force. | $12 | -14% | $284M | $284M | — | — | ||
| Pedra Negra Renda Imobiliaria Fundo de Investimento Imobiliario is a real estate investment fund engaged in investment for real estate. | $93 | +49% | $282M | $282M | — | — | ||
| JS Real Estate Multigestao-FII is a real estate investment fund. | $12 | -2% | $251M | $251M | — | — | ||
| Fator Verita Fundo de Investimento Imobiliario - FII is a real estate investment trust. The Fund is a pool of resources and its purpose is to acquire certificates of real estate receivables, real estate credit bills, mortgage bills, shares of real estate investment funds, shares of investment fund in credit rights, investment fund shares classified as fixed income and debentures. | $16 | +0% | $242M | $242M | — | — | ||
| Fundo Invest Imobiliario FII Btg Pactual Corporate Office Fund seeks to invest in real estate developments by acquiring the following assets: commercial properties, completed or under construction, or other types of properties where commercial developments may be established, rights related to properties, for the purpose of sale, rent or lease, in addition to other Target Assets listed in the Fund‘s regulation. | $9 | +6% | $236M | $228M | 6.2x | 7.8x | ||
| Vectis Juros Real Fundo DE Investimento Imobiliario-FII is a closedend fund of a special nature. | $16 | -5% | $230M | $230M | 6.3x | — | ||
| Rbr Alpha Multiestrategia Real Estate Fundo DE Inv Imob, formerly RBR Alpha Fundo de Fundos Fundo de Investimento Imobiliario is a real estate investment trust engaged in real estate sector. | $2 | +22% | $226M | $226M | 30.6x | — | ||
| Valora Re Iii Fundo DE Investimento Imobiliario is a closed-end investment company. The fund invests in fixed assets, real estate, and shares. | $2 | +5% | $221M | $221M | — | — | ||
| General Shopping E Outlets Do Brasil Fundo DE Inv Imob - FII is a real Estate Investment Fund. The fund's objective is to generate income through the commercial operation of the shopping centers and outlets that make up its portfolio, as well as to obtain capital gains through the purchase and sale of these assets. The fund invests in completed properties; and also participate in investments in greenfield shopping center and outlet projects. | $2 | +44% | $217M | $217M | (64.3x) | — | ||
| Maua Capital Real Estate Fundo De Investimento Imobiliario is a real estate investment trust. The Fund aims to generate income and capital gains for investors through the acquisition of CRI. | $2 | +3334% | $208M | $214M | 7.1x | — | ||
| Rjdi Fundo De Investimento Imobiliario Resp Limitada is a hybrid real estate investment fund structured as a closed-end fund with multiple classes. Its first class is focused on real estate development in the South Zone of Rio de Janeiro with a fixed term. | $23 | -- | $206M | $206M | — | — | ||
| Valora Hedge Fund Fundo DE Investimento Imobiliario-FII is a real estate investment trust. | $1 | -19% | $197M | $197M | 10.4x | — | ||
| Valora Cri Indice DE Preco Fundo DE Investimento Imobiliario is a closed-end fund. | $16 | +3% | $191M | $191M | 7.8x | — | ||
| Fundo Investimento Imobiliario Green Towers is a brick-type real estate fund. Its investments are directed at commercial properties in the office segment. The objective of the fund is to provide the quoters with income monthly by means of the location of the corporate offices of Green Towers enterprise. | $16 | +7% | $190M | $190M | 9.7x | — | ||
| BTG Pactual Credito Imobiliario is a real estate fund in the high-grade real estate credit segment. It stands out for the active management of its portfolio, with the primary objective of investing in real estate receivables certificates that offer investors the best return in relation to the risk of operations. | $2 | +4% | $183M | ($14M) | (0.6x) | (0.6x) | ||
| Gazit Malls Fundo De Investimento Imobiliario operates as a real estate investment trust. | $8 | +88% | $182M | $103M | 3.2x | 3.0x | ||
| Fundo Investimento Imobiliario Brasil Varejo is a closed-end fund. The fund's objective is to provide its unitholders with appreciation and profitability of their investments. | $251 | -6% | $157M | $157M | — | — | ||
| Parque Anhanguera Fundo DE Investimento Imobiliario - FII is a real estate investment trust engaged in the logistics warehouse segment. | $11 | +6% | $153M | $145M | 9.2x | 9.6x | ||
| Riza Akin Fundo DE Investimento Imobiliario - FII is Brazil based company. It gets returns by investing in a diversified portfolio of structured credit. It invests in Real estate CRI's, FII, and FIDCs, Diversification across sectors, Instruments, and Structures. | $16 | +7% | $145M | $145M | 6.5x | — | ||
| Companhia de Participacoes Alianca da Bahia is a holding company. It is in the sectors such as agriculture, health care services, commercial operation of bars and restaurants, real estate and engineering. | $8 | -7% | $143M | $142M | 6.1x | 8.8x | ||
| Monteiro Aranha SA, through its subsidiaries is engaged in financial, real estate and industrial sectors. The company's subsidiaries produce pulp and paper, petrochemicals, glass containers, and telecommunication equipments. It is involved in the manufacture, export, and recycling of paper; and production and sale of wood in logs, as well as offers packaging papers, corrugated packaging, and industrial bags. The company also distributes fuel and LPG; produces ethylene oxide and its derivatives, specialty chemicals, fatty alcohols, and co-products. | $12 | -- | $143M | $61M | — | — | ||
| Btsp II Fundo DE Investimento Imobiliario FII is a closed end fund. The fund aims to develop real estate ventures focused on logistics and industrial operations, located in the Southeast and Midwest Regions, through the acquisition of land for construction or the acquisition of properties under construction or completed, for subsequent lease, rental or sale, including assets and rights related thereto, as well as other properties with potential income generation, and assets and rights related thereto. | $22 | +4% | $141M | $141M | 14.4x | 15.1x | ||
| Raizz Renda Logistica Fundo De Investimento Imobiliario formerly Fundo DE Investimento Imobiliario - BRL Prop II is a real estate investment trust. The company's purpose is to obtain income and capital gains through the exploration of real estate projects in the logistics sector. | $26 | -14% | $136M | $123M | 7.8x | 8.2x | ||
| Bb Premium Malls Fundo De Investimento Imobiliario De Responsabilidade is a real estate investment fund constituted in the form of a closed condominium. Its objective is to generate income and distribute results to shareholders through the purchase of real estate assets in the shopping center segment aimed at high-income consumers. | $1 | -5% | $133M | $133M | 3.8x | — | ||
| Capitania HBC Renda Urbana Fundo de Invest Imobiliario Response Ltd formerly Hbc II Fundo De Investimento Imobiliario operates as a real estate investment fund. | $2 | +6% | $131M | $99M | 10.1x | 9.7x | ||
| Fundo DE Investimento Imobiliario BTG Pactual Shoppings is a closed-end fund. The purpose of this asset class is to provide shareholders with appreciation and profitability of their shares, through investment in real estate ventures, through the acquisition of completed and constructed real estate developments, land, or buildings under construction, intended for institutional use or commercial. | $17 | +14% | $129M | $87M | 4.9x | 5.0x | ||
| Jfdcam Fundo De Investimento Imobiliario Fii is a Real Estate Investment Fund constituted in the form of a special closed condominium. The Fund's objective is to provide Shareholders with the appreciation and profitability of their Shares predominantly through investments: (i) in the acquisition of Target Properties, directly by the Fund and /or through Specific Purpose Companies, intended for this purpose; (ii) in the development of real estate projects in general (residential, corporate or commercial); and (iii) investment in Other Assets; aiming to make investments made by Shareholders profitable through (a) the payment of remuneration arising from the exploitation of the Fund's Real Estate Assets. | $25 | -- | $123M | $123M | 6.9x | — | ||
| Fundo Invest Imobiliario Shopping Patio Higienopolis is a real estate investment trust. | $185 | -3% | $113M | $113M | — | — | ||
| Fundo DE Fundos DE Investimento Imobiliario Kinea FII is a real estate fund. It invests in shares and securities. | $16 | +1% | $113M | $113M | 20.1x | — | ||
| Itau Total Return Fundo De Investimento Imobiliario is a real estate investment fund organized in the form of a closed condominium. Its objective in investment in real estate projects in the manner provided for in the applicable regulations. | $17 | +6% | $105M | $105M | 14.3x | — | ||
| Fundo Invest Imobiliario Rio Bravo Renda Corporativa is a closed-end fund. The fund's objective is to make long-term real estate investments through the acquisition, leasing, and eventual sale of performing commercial properties, notably corporate office spaces and commercial units in the main national urban centers, and parking spaces related to the properties it owns, according to rules defined in its regulations. | $28 | +11% | $104M | $104M | 8.4x | — | ||
| Fundo DE Investimento Imobiliario BTG Pactual Agro Logistica is a real estate investment trust engaged in the logistical and industrial segment. | $17 | +15% | $104M | $78M | 8.8x | 10.1x | ||
| Fundo De Investi Imobiliario Tellus Rio Bravo Renda Logistica - Fii is a closed-end fund. The fund's main objective is to make investments in real estate ventures in the logistics segment. | $13 | +6% | $103M | $126M | 18.1x | (528.2x) | ||
| AF Invest CRI Fundo DE Investimento Imobiliario Recebiveis Imobiliario invests resources in real estate projects to provide the shareholder with income and capital gains arising from investment, primarily in Target Assets and, secondarily, in Financial Investments. | $19 | +8% | $92M | $92M | 9.1x | — | ||
| TG Core Asset Ltda is an independent asset manager focused on the real estate market. | -- | -- | $78M | $78M | — | — | ||
| Aj Malls Fundo De Investimento Imobiliario is engaged in the activity of managing securities portfolios. | $2 | +18% | $53M | $53M | 73.8x | — | ||
| Alianza Credito Imobiliario Fundo De Investimento Imobiliario formerly Sig Capital Recebiveis Pulverizados Fundo De Investimento Imobiliario is a Real Estate Investment Fund (FII) that operates in the Bonds and Securities area. | $1 | -9% | $30M | $30M | 16.2x | — | ||
| AESAPAR Fundo de Investimento Imobiliario - FII is a real estate investment fund. | $35 | -- | $26M | $26M | — | — | ||
| Ciabrasf Cia Brasileira De Servicos Financeiros SA operates in the management of portfolios of securities and financial assets, including the provision of fiduciary administration and resource management services. The company is also engaged in the protection and defense of the rights and interests of investors in financial transactions, as a fiduciary intervenor, manager, revenue administrator, supervisory agent, and in other functions that have the same purpose. | $4 | -43% | $26M | $13M | — | — | ||
| Xp Corporate Macae Fundo Invest Imobiliario FII is obtaining gains from the acquisition, of commercial operations, and buildings. | $2 | -- | $4M | $4M | — | — | ||
| Median | $16 | +6% | $247M | $247M | 8.5x | 8.6x |
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