Kinea Investimentos is close to completing a fundraising of R$ 405.96 million for one of its infrastructure debenture funds, seeking to take advantage of securities whose spreads have risen before rates return to normal levels.
The alternative asset manager, controlled by Itaú Unibanco , has been raising funds for KNDI11 since last week. NeoFeed has learned that the operation is well underway and could be completed in the coming days, paving the way for the fund to double in size – the timeline foresees a minimum deadline of June 1st.
“In terms of actual capital, it’s already over 90% there,” said a person familiar with the progress of the offering, who asked not to be identified. “The indications of reservations have been stronger than expected.”
The issuance comes at a time when spreads on incentivized debentures have risen sharply over the past three months, widening by about 77 basis points, due to the situation at Aegea , which delayed the release of its annual financial statements.
When the results were released, they showed adjustments in the billions, exposing the fragility of the company's portfolio, as well as pressure on leverage.
Spreads on bonds from Águas do Rio, the Aegea subsidiary most affected, with a seven-year maturity, rose between 350 and 360 basis points in April, affecting other sanitation bonds, assets that funds tend to buy heavily because they are considered safer and more predictable.
To a lesser extent, other infrastructure sectors were also affected, forcing funds to sell good assets after posting negative returns, which generated redemption requests.
This paves the way for Kinea to take advantage of good assets that should become available. "Our view is that premiums may continue to rise, probably at a slower pace than we have seen in recent months, thereby increasing the number of investment opportunities in the secondary market for our funds," says an excerpt from the KNDI11 letter relating to April.
According to sources consulted by NeoFeed , this scenario led Kinea to opt for making an offer for KNDI11, given its flexibility. In the infrastructure debt thesis, the asset manager has R$15 billion in assets under management (AuM). In total, the firm holds R$150.4 billion in AuM.
Structured at the end of 2024, the fund was created to take advantage of the benefits of Law 11,478 of 2007, which established Investment Funds in Infrastructure Participation (FIP-IE). The legislation allows investments in projects prior to 2007 and also in projects that issued incentivized debentures.
In April, KNDI11 yielded 0.31%, while the benchmark CDI yielded 1.09%. Year-to-date, the fund has recorded a gain of 4.4%, and the CDI 4.5%. The net asset value per unit has yielded CDI plus 2.38% since the fund's inception.
Contacted by NeoFeed , Kinea stated that it is in a quiet period due to the offer and, therefore, would not comment on the matter.
