RDLI11

What it is

RDLI11 is a Brazilian real estate investment fund focused on the development of logistics properties located within a 30 km radius of the city of São Paulo. Unlike most property funds that collect rents indefinitely, the fund’s strategy — set at its founding — was to invest in logistics assets for development and then sell them, generating capital gains on each strategic exit.

Its portfolio held two projects under development: CL Imigrantes 5 (in São Bernardo do Campo) and Bricklog Guarulhos, both within a 30 km radius of São Paulo and built to high construction standards. The fund was initiated in January 2024.

Who owns it

RDLI11 is a closed-end fund — its units are owned by the retail and institutional investors who bought them on B3. Upon conclusion of the asset sale to XPLG11, RBR Asset’s combined position in the combined vehicle came to represent just over 25% of total units, reflecting its role as both manager and co-investor in the fund’s exit strategy.

The managing firm is RBR Private Equity Gestão de Recursos Ltda. (trading as RBR Asset Management), a São Paulo-based real estate asset manager.

One of the firm’s co-founders and senior partners is responsible for all equity real estate activities; he previously served as a director at Benx Incorporadora, overseeing more than 100 real estate investments in Brazil worth more than R$10 billion (US$1.9 bn) at market value, with earlier stints at GP Investimentos and Mauá Investimentos, and holds a degree in Business Administration from FGV–EAESP in São Paulo. Specific CEO and CFO designations for RDLI11 as a standalone fund are not disclosed in available sources; governance is exercised through RBR Asset’s management team.

Who runs it

Felipe Schucman is a partner and portfolio manager for new business at RBR; he previously founded FL2 Partners, a residential rental manager, and has experience spanning GP Investimentos, QuintoAndar, INK, Brookfield, and Citi, with degrees in Economics from Insper and Law from PUC-SP.

The fund’s assets were managed under the oversight of RBR Asset’s investment committee; the management fee is 0.20% per year, plus 0.05% per year for the B3 listing registration, with a performance fee of 20% on returns above the benchmark of IPCA inflation plus 6% per year.

The money, in plain words

RDLI11 is not a typical rent-collecting fund, so there is no conventional “net profit margin” or “return on equity” to calculate. What matters is the exit price and the return on original invested capital.

The price agreed for RDLI11’s two assets was R$467,985,578 (US$90 mn)(approximately US$90m), implying a sale at R$4,976 (US$957)per square metre of leasable area — versus an acquisition cost of R$3,570 (US$687)per square metre, at a cap rate of 8.2% per year on an estimated base rent of R$34 (US$7)/m².

The transaction is projected to generate an internal rate of return of between 19% and 22% per year for unitholders — that is, for every real investors put in at inception, they are expected to receive back roughly 1.19 to 1.22 reais per year, compounded, over the fund’s life. The fund recorded a total return of approximately 45.44% in the 12 months through February 2026, with the unit price at R$98.94.

(US$19)

What it is doing now

Both assets that made up RDLI11’s portfolio — CL Imigrantes 5 and Bricklog Guarulhos — were sold to XP Log FII (XPLG11), completing a transaction with a total combined value (RBRL11 (US$2)and RDLI11) of R$1,593,315,080.52, (US$306 mn)a process that extended through the second half of 2025 before all conditions were met.

The cash proceeds from the transaction and from the subsequent sale of XPLG11 units are to be distributed to RDLI11’s unitholders as they are received, in accordance with B3’s operational procedures. According to the manager, the sale of RDLI11’s XPLG11 unit position is expected to occur gradually in the secondary market, beginning in the second half of 2025 and concluding by the end of the second half of 2026.

What to watch

• Liquidation pace. The fund’s lifespan will vary depending on the speed at which RBR sells the XPLG11 units received as payment. A faster sale means earlier cash back to investors; a slower one extends the fund’s life and adds market-price risk on the XPLG11 units held.
• XPLG11 unit price. Because most of the transaction was settled in XPLG11 units rather than cash, there is an overhang risk: a large block of XPLG11 shares entering the secondary market could weigh on that fund’s unit price, which in turn determines what RDLI11 investors ultimately receive.
• Capital return timing. Approximately R$36 million (US$7 mn) in cash — after debt repayment and transaction costs — is expected to be returned to unitholders from the cash portion of the sale, with the remainder coming from gradual or block sales of XPLG11 units.
• Final IRR realisation. The projected net IRR of 19%–22% per year is RBR Asset’s estimate, and is not a guarantee of returns.

This is news, not investment advice.