Nu Asset FICFII Em Debentures De Infraestrutura Renda Fixa Credito Privado

What it is

NUIF11 is a fixed-income infrastructure fund — a FI-Infra — that holds mostly private-credit bonds linked to infrastructure projects, structured as a closed-end fund listed on B3, governed by Law 12,431, which grants full income-tax exemption on income distributions and capital gains for individual investors.

The portfolio buys long-term corporate debt — debentures — used to finance infrastructure projects across transport, energy, and utilities; these are issued by companies building Brazil’s roads, power lines, and water networks. Because it is a closed-end fund, there are no direct redemptions; investors who want to exit must sell their units to another buyer on B3.

Who owns it

Nu Asset is Nubank’s dedicated asset-management division. It is the fund manager for Nubank’s investment strategies, with assets under management of R$ 6.4 billion (US$1.2 bn) as of November 2025 (~USD 1.23 billion).

Nubank (NYSE: NU; B3: ROXO34) itself is publicly listed, with no single controlling family; its largest institutional shareholders are disclosed in Nubank’s own SEC filings. The units of NUIF11 itself are held by approximately 3,100 individual and institutional unit-holders across 1,111,793 outstanding units.

Who runs it

NUIF11 is managed by Nu Asset and administered by BTG Pactual. Named officers registered with the CVM at Nu Asset Management include Fabricio Souza De Lima (director responsible for anti-money-laundering compliance under Resolution 50) and Caio Cezar Banti (director of internal controls and compliance).

The fund’s portfolio manager identity at the investment-decision level is not separately disclosed in available sources.

The money, in plain words

The fund was seeded in April 2022 with the manager’s own capital, deliberately building a performance track record before opening to outside investors. In April 2024, Nu Asset completed its second public offering, placing 579,400 new units and raising R$ 59.3 million (~USD 11.4M), which grew net assets from R$ 63.1 million (US$12 mn) to R$ 120.5 million (US$23 mn).

The portfolio is marked at an average yield of inflation (IPCA) plus 8.15 percentage points, with a duration of 6.6 years — meaning assets reprice to reflect inflation and carry a meaningful premium above government bonds. The fund trades at a price-to-book ratio of 0.92, meaning the market pays about 92 cents for every real of underlying asset value.

Over the past twelve months, NUIF11 paid out a total of R$ 13.80 (US$3)per unit in distributions, delivering a dividend yield of 13.41%.

The total management charge is capped at 0.90% per year (up to 1.00% including the underlying funds), with no performance fee — a lean cost structure for a credit fund of this type.

What it is doing now

The fund’s most consequential recent event was the Brazilian Congress‘s rejection of Provisional Measure 1,303, which had proposed taxing incentivised debentures; with that measure killed, NUIF11 retains its full income-tax exemption on both distributions and capital gains for individual investors.

November 2025 was cautious: the debenture market had already absorbed a sharp correction in October, when spreads widened by as much as 50 basis points after MP 1.303 created uncertainty; November saw a further but smaller widening of about 10 basis points. In March 2025, the manager added new positions including a highway concession (EPR Vias do Café, at 85 basis points above the reference government bond) and a transmission-line company (Mata de Santa Genebra, at 100 basis points above), delivering a monthly return of 2.4% against the IMA-B benchmark’s 1.8%.

What to watch

• Tax-exemption permanence. The rejection of MP 1.303 preserved the fund’s tax-exempt status, but the legislative debate showed that this privilege can be threatened; any future attempt to tax incentivised debentures would be the single biggest risk to the fund’s appeal.
• Spread environment. The fund targets a return of 0.5% to 1.0% above the NTN-B government bond of equivalent duration; if infrastructure-bond spreads compress — or a credit default occurs in the portfolio — that margin narrows.
• Scale. At roughly R$ 106 million (US$20 mn) in net assets, NUIF11 is a small fund in the FI-Infra market; a third public offering would broaden liquidity and lower unit-level costs, but dilution risk must be managed.
• Nu Asset’s broader platform. With R$ 6.4 billion (US$1.2 bn) under management across 26 funds and 1.4 million investors as of November 2025, Nu Asset has scale; whether Nubank’s retail distribution engine eventually channels more retail money into NUIF11 is the growth question.

This is news, not investment advice.