BTG Pactual Asset Management has just broken a record in the Brazilian real estate investment fund sector. The BTLG11 real estate investment fund achieved the highest fundraising in the segment's history. The product raised R$ 1.807 billion in two tranches with more than 155,000 investors.
Details: 100% in cash, which makes the fund reach a market value of R$ 7.3 billion at a time when the investment market is suffering from pre-election tensions and conflicts abroad.
Half of the funding was obtained through BTG's investment portfolio, while the other half came from institutional funds, pension funds, and investors from platforms like XP and Itaú . In the end, institutional investors accounted for 25% of the demand, and retail investors made up the remaining 75%.
An investor who had access to the process told NeoFeed that 7% of the total remained in the hands of foreign investors. With this, BTLG 11 becomes the largest real estate investment fund in Brazil.
There are other large fundraising rounds, such as Kinea Rendimentos Imobiliários, which raised R$ 6.3 billion, and JHSF Capital Desenvolvimento Imobiliário, with R$ 5.23 billion. But they are different. The first is a credit fund, and the second is a development fund with assets that were previously held by large banks.
This BTLG 11 fund is considered the largest in a real estate fund because 100% of what was invested was cash, surpassing the R$1.804 billion raised by XPML11 in 2024, which was previously the largest in the segment.
"It was all a primary offering, there was no exchange of shares or junior and senior shares," says a manager who followed the transaction. And this will give the fund more firepower to strengthen its strategy in the logistics warehouse segment.
BTLG11 currently has 33 assets totaling 1.5 million square meters of leasable space. With this capital raising, the goal is to add 500,000 square meters and another 11 assets. NeoFeed has learned that the fund is already in advanced talks with three players in the sector to purchase portfolios of warehouses.
The fund grew – and continues to grow – betting on the e-commerce thesis. Brazil has several players operating in the market, and consumer behavior is changing. Unlike the United States, where Amazon and Walmart predominate, here there are a number of companies competing with each other, such as Mercado Livre , Amazon , Magalu , Casas Bahia , Asian giants, among others. And, with the advancement of e-commerce, they need to strengthen the so-called last mile.
The figures on the evolution of e-commerce, compiled by the Brazilian Association of Artificial Intelligence and E-Commerce (Abiacom), show how the logistics industry needs to keep pace with this growth. In 2016, ten years ago, e-commerce generated R$ 126.4 billion in revenue with 301 million orders. Last year, it reached R$ 235.5 billion with 438.9 million orders. The expectation for 2026 is even higher: R$ 259.8 billion in revenue with 460 million orders.
Therefore, it is necessary to have the infrastructure to support growth. This is where another component that reinforces the BTLG11 thesis comes in: having assets located near the country's largest consumer market: the city of São Paulo. And in this respect, the fund is well covered.
Today, 70% of the portfolio is within a 60 km radius of the city of São Paulo. The idea is to continue expanding into this type of property and recycling the portfolio. "They have a characteristic of renewing assets, which keeps the portfolio always up-to-date," says an institutional investor who entered the business.
Over the past four years, BTLG 11 has sold R$1.4 billion in assets, which strengthened its cash position and was used for new acquisitions or dividend payments. In terms of results, the fund has delivered a real return of 41% over the last three years.
The real estate investment trust (REIT) industry in Brazil has been advancing by leaps and bounds. According to data from Anbima, in 2020 its size was R$ 173.19 billion. In a short time, it has more than doubled.
According to the most recent data, from June 2026, it has already reached a total net worth of R$ 423.9 billion. This is an asset class that investors particularly like because they see real assets and dividends are exempt from income tax.
According to Anbima, of the total industry, BTG Pactual leads with R$ 41.7 billion under management, followed by Kinea with R$ 35.6 billion and XP Asset with R$ 31.7 billion.
In recent years, asset managers have also been expanding their operations outside of Brazil. BTG, for example, has launched real estate funds in Portugal, Spain, Chile, Colombia, and the United States. Kinea, in turn, has one in the United States. Brick by brick, this asset class is gaining increasing prominence.
