YEES11

What it is

YEES11 is a Brazilian real-estate investment fund whose purpose is to develop residential projects for low-income housing programmes, aiming to deliver capital gains — share-price growth — rather than recurring rent income. It operates under a fixed lifespan of approximately seven years, with a possible one-year extension subject to unitholders’ approval.

The fund focuses on apartment blocks in the metropolitan areas of São Paulo, Campinas, and Sorocaba, financing projects tied to Brazil’s federal Minha Casa Minha Vida affordable-housing programme or funded through the Brazilian savings-and-loans system (SBPE), with Caixa Econômica Federal as the preferred production lender.

It started operations in February 2024 and charges a 2.0% annual management fee on net assets, plus a 20% performance fee on returns above the benchmark. The “net margin” of 76.5% in the key-facts table reflects accounting valuation gains on properties under development, not cash profits from sales; it is not comparable to a conventional company margin.

Who owns it

The fund currently has approximately 164,927 units in issue, held by around 130 unit-holders. Institutional investors hold 15.4% of units (EODHD data); individual retail investors and the general public hold the balance, with no single controlling shareholder disclosed in available sources.

At launch in early 2024, 300,000 units were sold at R$100 (US$19)each, raising R$30 million (US$6 mn) from 123 investors spanning individuals, investment funds, and financial institutions. The unit price now trades at R$102, (US$20)a thin premium to the original issue price.

Who runs it

The fund is managed by Hedge Investments Real Estate Gestão de Recursos Ltda. and administered by Hedge Investments Distribuidora de Títulos e Valores Mobiliários Ltda.

Hedge Investments was founded in 2017 by a team of former directors from Credit Suisse Hedging-Griffo, who left the bank together to build an independent real-estate asset manager.

Yees Incorporadora e Construtora acts as the fund’s real-estate consultant — the firm that sources, develops, and builds the actual projects on the ground. Júlio Reis is president of Yees!

Incorporadora. No individual named fund manager for YEES11 is disclosed in available sources beyond the Hedge Investments management entity.

The money, in plain words

The fund is barely a year into its life and has not yet sold completed apartments, so the financial picture is mostly a balance sheet, not an income statement. Total assets stand at R$24.4 million (US$5 mn) (~$4.7M), and the fund carries almost no debt — liabilities of just R$84,000 (US$16 k)— leaving equity of R$24.4 million (US$5 mn) (~$4.7M) (EODHD data).

For every real of equity, the fund earned roughly 10.6 cents in the 2025 reporting period — a return on equity of 10.6% (our calculation), reflecting paper gains on properties under construction rather than cash from unit sales. The fund has paid no income distributions — a dividend yield of 0% — which is normal for a development-stage fund: cash returns are expected at project completion, not during construction.

At R$102 (US$20)per unit (~$19.8), the market values the fund at 9.5 times reported earnings (P/E of 9.5×, EODHD). That is a modest multiple, but investors are buying a pipeline of future apartment sales, not a stream of current rent.

What it is doing now

As of mid-2024, the fund held or was structuring project vehicles (SPEs) across multiple sites: Sorocaba’s Rua Elias Rodrigues Claro, São Paulo’s Rua da Consolação, and the Barra Funda district of São Paulo. Its initial target portfolio included six sites — three in Campinas, two in Sorocaba, and one on Consolação in central São Paulo — with Barra Funda projects also in scope.

Yees! Incorporadora, which operates across Sorocaba and São Paulo, launched its first project in Campinas in early 2024, marking the company’s entry into that city.

The Hedge Investments manager’s page shows quarterly management reports through at least December 2025, confirming the fund remains active.

What to watch

• Project completions and unit sales. Revenue and real cash returns only flow when finished apartments are sold; the timing of those events will drive both the fund’s book value and any future distributions.
• Minha Casa Minha Vida funding. The fund’s business model depends on federal subsidy programmes and Caixa Econômica Federal credit lines; changes in Brazilian housing policy or interest rates directly affect project viability.
• Seven-year clock. The fund has a defined life of approximately seven years, starting February 2024, meaning unit-holders should expect wind-down discussions well before 2031.
• Tiny liquidity. With a market value of only ~$4.8M and around 130 unit-holders, this is a micro-cap fund; the bid-ask spread can be wide and exit may be slow for any sizeable position.
• Zero dividends so far. The 0% dividend yield is structural at this stage, not a distress signal — but investors expecting income rather than eventual capital gains are in the wrong vehicle.

This is news, not investment advice.