The fastest-growing asset class in Brazil in recent years, Investment Funds in Credit Rights (FIDCs) are known for their complex structures involving different types of receivables.
But, at this moment, the complexity has been compounded by a kind of "blackout." Delays in the release of monthly reports from FIDCs (Investment Funds in Receivables) have become recurrent in recent months and have demanded a more proactive stance from the Securities and Exchange Commission (CVM).
The document, which contains information such as assets, credit volume, and delinquency rate, is the main reference for those who regularly monitor these portfolios.
According to a survey by Uqbar commissioned by NeoFeed , 76 FIDCs had not yet reported their February data as of April 10th – the deadline for submission was March 15th.
The shortfall is R$37 billion, considering the latest net worth reported by the funds. This amount corresponds to 5% of the entire FIDC (Investment Fund in Credit Rights) industry and 50% of all net inflows last year.
The study only considered active FIDC funds that had submitted monthly reports in November, when the delays began to worsen, according to Alfredo Marrucho, partner at Uqbar.
Marrucho has been following the FIDC market for over 10 years and states that the failure to deliver the reports is unprecedented, especially on this scale.
“Some administrators claimed that the turn of the year had caused problems. But the argument doesn't hold up, given that at the beginning of 2025 there wasn't the same volume of delays. It was about 1% of the industry,” he says.
Reag, currently under liquidation by the Central Bank, is the administrator with the largest number of FIDCs (Investment Funds in Credit Rights) that failed to submit February data, with 37. Planner follows, with 11 FIDCs with delayed reports.
Of the 76 FIDCs that did not publish their February financial statements, 30 were at least two reports behind schedule. Another 39 FIDCs failed to submit their December and January reports.
According to Marrucho, these gaps have become increasingly frequent and have hampered monitoring of the industry. "Even with FIDC funds raising capital, a survey we conducted showed a decrease in assets due to delays in disclosures. We no longer have a true sense of the size of this market."
Of the FIDCs that have not yet submitted their February balance sheet, the largest is the ANNA FIC FIDC Non-Standardized. The fund, managed by Reag and administered by CBSF Trust, reported net assets of R$ 15.7 billion in December.
Created at the end of 2023, the fund primarily invested in shares of other investment funds and never had an audited financial statement. Of the R$37 billion that are in the dark, the funds managed by Reag account for R$23.66 billion.
"Reag is experiencing operational problems today. The Central Bank, in the liquidation process, is keeping an eye on these portfolios, many of which do not have adequate collateral," says a fund manager.
According to this source, these delays may be generating a ripple effect. "If a FIDC (Investment Fund in Credit Rights) doesn't send the information, another fund that invests in it ends up not having enough data to account for its portfolio."
One of Reag's funds with reports is Rover FIDC, which at one point held a significant portion of credits assigned by EntrePay, according to a report by NeoFeed , before the institution was placed into liquidation by the Central Bank at the end of last month.
As a result of EntrePay's liquidation, the asset manager Redwood suspended redemptions on one of its funds earlier this month. Two other funds managed by the firm, which together had over R$130 million in assets in November, have had payments delayed for months.
The scenario is similar to Fictor FIDC, which, as NeoFeed showed , also closed to redemptions amid operational liquidity problems. The fund, which declared R$ 201 million until January, also did not publish its February report.
CVM on alert
The recurring delays in submitting monthly reports also caught the attention of the CVM (Brazilian Securities and Exchange Commission). In response to the problem, the regulatory body even published an official letter earlier this year, reinforcing that delays are subject to automatic fines of up to R$ 60,000 per fund.
In the official letter, the CVM (Brazilian Securities and Exchange Commission) reported that it "has received a significant volume of appeals filed by administrators" due to fines imposed for delays or failure to submit information.
“Sometimes administrators claim in their appeals that they were surprised by the volume of fines imposed and that this will impact their assets. However, such claims reinforce that internal controls are not adequate, including for identifying delays and promptly accounting for provisions and expenses for the future payment of fines,” says the CVM's official letter.
For a businessman in the FIDC (Investment Fund in Receivables) sector, the lack of transparency in the publication of reports has generated an "immense" reputational risk for the industry.
"There is enormous fear, even among major entrepreneurs in the fintech market. It's a sector that has become increasingly institutionalized, and a bad manager disrupts the entire operation," he says.
This source, who spoke to NeoFeed on condition of anonymity, also stated that even the published data may be inaccurate due to the difficulty of processing more complex portfolios.
“I feel that often what is being reported is not exactly what is happening in real time within the portfolio. FIDCs are becoming an asset class that institutional investors are increasingly allocating to — and institutional investors do not tolerate this level of lack of information, of wrong information.”
In his assessment, it's only a matter of time before the CVM (Brazilian Securities and Exchange Commission) tightens the rules for the FIDC (Investment Funds in Credit Rights) market, especially now that it will have the help of the Central Bank to supervise this class of funds.
"Last November, the Central Bank raised the bar for DTVMs (Securities and Exchange Commissions). It's a move the Central Bank has already been very categorical about, and I think the CVM (Brazilian Securities and Exchange Commission) will certainly do the same soon. So, many administrators will be left in the lurch."
When questioned about the delay in delivering the reports, Planner stated that the FIDCs identified in the survey "are funds recently transferred from other administrators, in different stages of regularization."
According to Planner, "most of them have outstanding issues that already existed under the previous administrator at the time of the transfer," and in two of them, the delay stems from "operational issues in the implementation of the internal system."
The company also stated that there is "no ripple effect" on the other funds under its administration and that it expects all cases to be fully resolved within ten days.
Redwood, the asset manager of Redwood CC, said in a statement that it has temporarily suspended redemptions to "protect the interests of unit holders" after the interruption of payments by issuers linked to the Entrepay arrangement. "A restructuring plan is being finalized with specialized legal support and will be disclosed via a material fact notice in the coming days," the asset manager told NeoFeed.
Contacted for comment, Reag had not responded by the time this report was completed.
