![Transinc FII logo](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
October 2026
Largest Asset Management Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Banco BTG Pactual, Itaúsa, Transinc FII, RBR Desenvolvimento and FII Ancar IC.
 | Banco BTG Pactual is a Brazilian investment bank and asset manager headquartered in São Paulo and listed on the B3 exchange. It provides investment banking, corporate lending, sales and trading, wealth management, asset management and consumer banking services, and its merchant banking and private equity arm invests in companies across Latin America. The bank traces its origins to Pactual, founded in Rio de Janeiro in 1983 by André Jacurski, Luiz Cezar Fernandes and Paulo Guedes, and is chaired by André Esteves with Roberto Sallouti as chief executive. BTG Pactual earns fees, trading income and net interest income, reported net income of about US$3.0 billion and total assets of about US$162.8 billion in 2025, and employed 8,188 people in 2024. In 2025 its private equity arm agreed to invest $300 million in egg producer Global Eggs for an 11% stake. | $5 | +5% | $61B | $61B | 5.9x | - | ||
| 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 | +51% | $36B | $38B | 22.9x | - | ||
| 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. | $11 | -- | $12B | $13B | 37226.5x | (5751.1x) | ||
| Rbr Desenvolvimento Comercial Feeder Fof Fundo DE Inv Imob is Brazil based company. It is a real estate investment fund. | $15 | -18% | $4.8B | $4.8B | 15340.5x | - | ||
| Fundo de Investimento Imobiliario Ancar I C is a real estate investment trust. The company invests majorly in Shopping Centers. | $48 | +5% | $1.7B | $1.9B | - | - | ||
| 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 | +7% | $1.6B | $1.6B | 7.6x | - | ||
| 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 | +8% | $1.6B | $1.5B | 11.9x | 15.9x | ||
| Kinea Indices Precos Fundo Investimento Imobiliario - FII is a real estate investment trust engaged in real estate sector. | $19 | +14% | $1.5B | $1.5B | 7.5x | - | ||
| 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. | $22 | +10% | $1.2B | $1.2B | 46.1x | - | ||
| CSHG Logistica - Fundo de Investimento Imobiliario - FII is a real estate investment fund. | -- | -- | $1B | $1.1B | 17.3x | - | ||
| Kinea Renda Imobiliaria Fundo Invest Imobiliario FII is a real estate investment fund. It has a diversified portfolio, with 16 commercial and logistics properties. | $33 | +20% | $933M | $818M | - | - | ||
| Maxi Renda Fundo Invest Imobiliario FII is a closed-end fund. | $2 | +5% | $869M | $827M | - | - | ||
| 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. | $20 | +7% | $808M | $796M | 15.9x | 17.6x | ||
| 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. | $561 | +4% | $743M | $743M | - | - | ||
| Vinci Compass Investments Ltd. is a publicly listed investment management group serving institutional and individual investors across Latin America. Its platform combines private equity, credit, real assets, public equities, global investment products and financial advisory services. The Vinci business was established in 2009 and later combined with Compass, which brought a broader regional investment and distribution network. The group operates through specialist management companies and investment vehicles across its strategies. Its real assets businesses include real estate, infrastructure and forestry investment management. Corporate advisory activities include mergers and acquisitions and debt capital markets services. The group reported R$361 billion in assets under management and advisory as of June 2026. Its shares trade on Nasdaq under the symbol VINP. Portfolio investments are made through identifiable funds and holding companies, while the listed group also acquires investment management businesses. | $11 | -5% | $722M | $728M | 3.7x | 9.3x | ||
| 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. | $22 | +12% | $644M | $585M | ||||
| Kinea High Yield Cri Fundo Investimento Imobiliario FII is a real estate trust. | $19 | +4% | $605M | $571M | ||||
| 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 | +11% | $571M | $470M | ||||
| 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 | +5% | $500M | $493M | ||||
| 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. | $14 | -24% | $467M | $401M | ||||
| 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 | +12% | $381M | $393M | ||||
| Fundo DE Investimento Imobiliario VBI Prime Properties is a real estate investment trust in the commercial buildings segment. | $14 | +1% | $375M | $375M | ||||
| 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. | $22 | +15% | $306M | $286M | ||||
| 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 | +16% | $302M | $302M | ||||
| CSHG Recebiveis Imobiliarios - Fundo de Investimento Imobiliario - FII is a real estate investment fund. | -- | -- | $291M | $291M | ||||
| Cshg Real Estate Fundo Invest Imobiliario is engaged in the acquisition of commercial real estate projects for commercial operation. | -- | -- | $282M | $293M | ||||
| 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 | +2% | $281M | $265M | ||||
| JS Real Estate Multigestao-FII is a real estate investment fund. | $14 | +15% | $281M | $226M | ||||
| 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. | $15 | +5% | $238M | $208M | ||||
| 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. | $10 | -37% | $237M | $202M | ||||
| 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 | +37% | $236M | $236M | ||||
| 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. | $24 | -- | $217M | $199M | ||||
| Pedra Negra Renda Imobiliaria Fundo de Investimento Imobiliario is a real estate investment fund engaged in investment for real estate. | $70 | -2% | $213M | $240M | ||||
| Vectis Juros Real Fundo DE Investimento Imobiliario-FII is a closedend fund of a special nature. | $14 | -1% | $209M | $209M | ||||
| 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 | +8% | $197M | $204M | ||||
| Valora Hedge Fund Fundo DE Investimento Imobiliario-FII is a real estate investment trust. | $1 | -18% | $191M | $185M | ||||
| 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 | +11% | $191M | $191M | ||||
| Valora Cri Indice DE Preco Fundo DE Investimento Imobiliario is a closed-end fund. | $15 | +9% | $181M | $181M | ||||
| 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. | $6 | +64% | $176M | $161M | ||||
| Gazit Malls Fundo De Investimento Imobiliario operates as a real estate investment trust. | $8 | -10% | $172M | $92M | ||||
| Parque Anhanguera Fundo DE Investimento Imobiliario - FII is a real estate investment trust engaged in the logistics warehouse segment. | $11 | +10% | $158M | $148M | ||||
| 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 | +3% | $145M | $145M | ||||
| 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. | $228 | +5% | $143M | $138M | ||||
| 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 | +5% | $141M | $141M | ||||
| 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. | $7 | +5% | $134M | $134M | ||||
| 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. | $27 | -- | $131M | $131M | ||||
| 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 | +4% | $131M | $131M | ||||
| Fundo Invest Imobiliario Shopping Patio Higienopolis is a real estate investment trust. | $191 | +15% | $116M | $114M | ||||
| 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 | -10% | $116M | $116M | ||||
| Fundo DE Fundos DE Investimento Imobiliario Kinea FII is a real estate fund. It invests in shares and securities. | $16 | +9% | $115M | $117M | ||||
| 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 | +17% | $102M | $102M | ||||
| 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. | $16 | +11% | $101M | $101M | ||||
| 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 | +10% | $92M | $92M | ||||
| 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. | $10 | -11% | $80M | $104M | ||||
| TG Core Asset Ltda is an independent asset manager focused on the real estate market. | -- | -- | $75M | $75M | ||||
| 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 | +4% | $29M | $29M | ||||
| Xp Corporate Macae Fundo Invest Imobiliario FII is obtaining gains from the acquisition, of commercial operations, and buildings. | $2 | -1% | $4M | $4M | ||||
| Median | $15 | +5% | $238M | $236M | 7.7x | 9.3x |
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