cy.capital

What cy.capital does

cy.capital is a privately held Brazilian asset management firm (Cy.capital Gestora de Recursos Ltda., CNPJ 18.596.891/0001-56) headquartered at Av. Paulista 1063 in São Paulo, founded in 2018 as a partnership between Cyrela Brazil Realty — a real estate group operating since 1962 — and a team of senior executives. The firm manages R$ 3.7 billion in assets across four B3-listed funds: CYLD11 and CYLA11 (logistics development), CYCR11 (real estate credit / CRI investments with a 16.38% average net dividend yield), and CYHF11 (real estate hedge fund). It operates the cy.log brand, which develops Grade A+ logistics warehouses in São Paulo, Guarulhos, Embu, Extrema, Barra II, São Paulo V, and Dutra II with efficiency ratios between 76% and 89%, and the cy.search division, an in-house research team that publishes applied economics work including the proprietary Índice de Conectividade e Massa Consumidora (ICMC) covering 75 Brazilian logistics hubs. The firm also manages Aleryc FIP for affordable residential development. The firm leverages Cyrela's 60+ years of real estate development expertise to source deals, price assets, and analyze credit guarantees, while distributing products through B3 (Brazilian stock exchange), direct investor relations, and institutional co-investment partnerships.

The business model centers on fee-based revenue from managing B3-listed FIIs and FIPs, complemented by management fees, performance fees, and carried interest on development and credit vehicles. Institutional capital is anchored by R$ 854 million from CPPIB (Canada Pension Plan Investment Board) and R$ 800 million from GIC (Singapore Investment Corporation) via the G/C Logistics Development Fund, providing large-scale co-investment capacity for logistics projects. Customer segments split between retail investors accessing FIIs through B3 brokerages and institutional/enterprise partners requiring direct sales engagement (financing, warehouse leasing, land offerings). The firm employs 11–50 people across research, credit, logistics development, and fund management functions, with a bilingual (Portuguese/English/Spanish) website serving as primary marketing and investor relations channel alongside cy.search publications and direct contact.

Name

cy.capital

Legal name

Cy.capital Gestora de Recursos Ltda.

Website

https://cy.capital

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

cy.capital is a São Paulo-based, privately held asset management firm spun out of Cyrela Group that manages R$ 3.7 billion across four B3-listed real estate funds (logistics development, real estate credit, hedge fund) and develops Grade A+ logistics warehouses under the cy.log brand, serving Brazilian retail and institutional investors including CPPIB and GIC.

Ownership category

akta.pro rank

Product category

Real Estate Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investors, Nec (6799), Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Real estate asset management
• Logistics warehouse development
• Real estate credit funds
• B3-listed FIIs
• Investment fund management

Headquarters

HQ city

Itaim

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Logistics Development Fund Management: Manages logistics development funds (CYLD11, CYLA11) that invest in developing Grade A+ logistics warehouses. Revenue generated through management fees and performance fees on development projects.
2. Real Estate Credit Fund Management (CYCR11): Manages real estate credit fund focused on CRI (Certificado de Recebíveis Imobiliários) investments. Offers dividend yield (DY Médio Líquido 16.38%) through interest income from mortgage-backed debt instruments. Can allocate up to 33% of capital in development/equity/preferred equity swap.
3. Cyrela Hedge Fund (CYHF11): Manages hedge fund investing in real estate-backed financial assets including CRIs, Debentures, LCIs, LHs, and FII shares. Also invests directly in commercial properties and residential projects for consistent returns.
4. Residential Development (Aleryc FIP): Manages residential development investments through FIP (Fundo de Investimento em Participações) focused on affordable housing development.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

cy.capital is an independent Brazilian real estate asset management firm that manages publicly listed and institutional investment funds across three strategies: logistics warehouse development (cy.log brand), real estate credit (CYCR11, CYHF11), and residential development (Aleryc FIP). The firm sources, develops, and manages Grade A+ logistics assets, deploys capital into CRIs and real estate-backed debt instruments, and operates an applied economics research arm (cy.search) that generates proprietary market intelligence such as the ICMC logistics index. Revenue is generated through fund management fees, performance fees, and warehouse leasing.

Product overview

cy.capital operates as an independent asset management firm specializing in real estate funds, logistics, and credit. The company offers three main investment strategies: logistics development (cy.log brand with warehouses in São Paulo, Guarulhos, Embu, Extrema, Barra II, São Paulo V, and Dutra II), real estate credit (CYCR11 and CYHF11 funds), and residential development (Aleryc FIP). The cy.search research team supports strategic decision-making. The firm was born from the partnership between Cyrela Brazil Realty and a team of professionals.

Differentiator

Problem solved

Functional benefit

Brands

• cy.log: Logistics warehouses brand developed by cy.capital. Focuses on the development of high-standard logistics assets strategically located in Brazil's main metropolitan regions.
• cy.search

Products and services

• CYCR11 - Real Estate Credit Fund Real estate credit fund offering solutions of receivables that meet the needs of different investor profiles, with paper-based fund solutions providing asset appreciation and passive income. NAV R$ 9.44, Average Net Dividend Yield 16.38%, Spread CDI+ 3.57%. Can allocate up to 33% of capital in development/equity/preferred equity swap.
• CYHF11 - Cyrela Hedge Fund Cyrela Hedge Fund created to generate consistent returns through strategic investments in the real estate market. Invests in financial assets backed by real estate such as CRIs, Debentures, LCIs, LHs and FII shares, as well as direct investment in commercial properties and residential projects. Share value R$ 9.84.
• CYLD11 - Logistics Development Fund I Logistics Fund I - Development fund for logistics warehouses focused on long-term investments in the Brazilian logistics market. Co-developed with GIC via the G/C Logistics Development Fund with R$ 800 million committed capital.
• CYLA11 - Logistics Development Fund II

Quantifiable outcome

• Average dividend yield 16.38% for CYCR11 fund (Average Net Dividend Yield)
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Cyrela Brazil RealtycoreStrategic or Co-development Partner · 1 January 2018Cy.capital is an independent asset management firm born from the partnership between Cyrela Brazil Realty (holding company of the Cyrela Group) and a team of highly qualified professionals. Provides access to Cyrela's 60+ years of real estate expertise, asset pricing capabilities, and development pipeline.
• Cyrela AssetcoreStrategic or Co-development PartnerCyrela Asset analyzes the structure of real estate guarantees to preserve investor capital in CRI investments. Provides guarantee analysis services for the CYCR11 fund's credit operations.
• B3 (Brazilian Stock Exchange)coreChannel Partner/ Reseller/ DistributorB3 is the Brazilian stock exchange where cy.capital's funds (CYLD11, CYLA11, CYCR11, CYHF11) are listed and traded, providing distribution channel for retail and institutional investors.

Scale indicators17 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• BTG Pactual Asset Management: Brazil's largest listed FII issuer under BTG Pactual Gestora de Recursos, with broad real estate credit, logistics, and development funds — competes with cy.capital but at substantially greater scale and distribution advantage.
• Pátria Investimentos: Large Brazilian alternative asset manager with credit, infrastructure, and real estate fund offerings (including listed FIIs). Compared with cy.capital at broader alts scale but overlapping in logistics and credit mandates.

Direct peers

• AF Invest: Brazilian independent asset manager with listed FIIs in real estate credit and development — a peer at similar AUM scale to cy.capital competing in the same B3-listed FII category.
• Hedge Investments: Brazilian asset manager managing multiple B3-listed FIIs focused on logistics (Hedge Logística), real estate credit, and development — directly competing with cy.capital's CYLD11/CYCR11/CYHF11 on the same exchange.
• VBI Real Estate: VBI Real Estate (part of Vinci/formerly BTG Pactual Real Estate) manages listed FIIs in logistics and yield strategies — competing for the same Brazilian institutional and retail FII allocation.
• Capitânia Investimentos: Brazilian independent asset manager specialising in real estate credit and infrastructure income funds (CRIs, infrastructure debentures). Overlaps directly with cy.capital's CYCR11 and CYHF11 credit strategies.
• TRX Real Estate: Brazilian FII manager formerly known as TRX Itausa, with listed vehicles in logistics and real estate credit — a direct competitor in the same B3-listed FII product category as cy.capital.
• Kinea Investimentos: Brazilian asset manager (Itaú-affiliated) with one of the largest suites of listed FIIs (Kinea Renda, Kinea Logística, Kinea Crédito) covering logistics, real estate credit, and yield strategies — directly comparable to cy.capital's three-pillar platform.
• Vinci Partners: Brazilian alternative asset manager running listed FIIs (Vinci Logística, Vinci Crédito, Vinci Residencial) plus institutional funds. Comparable in combining credit, logistics development, and residential strategy under listed FII and fund-of-funds structures.
• HSI Real Estate: Brazilian asset manager focused on logistics real estate (formerly HSI Logística, now HSI Real Estate) running listed FIIs targeting industrial/logistics assets — directly comparable to cy.capital's cy.log and CYLD11/CYLA11 strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cy-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about cy.capital