US REAL ESTATE
BUILD-TO-RENT FUND BR

ATIVORE PRIVATE EQUITY IMOBILIÁRIO EUA II FIM IE ("Fund")
CNPJ 57.070.434/0001-85
ANBIMA Code

Fund’s Objective

The US REAL ESTATE BUILD-TO-RENT FUND BR aims to increase the value of its shares in the long term by investing its resources in the US REAL ESTATE BUILD-TO-RENT FUND LUX1 ("Invested Fund"), whose strategy consists of forming a diversified portfolio of private build-to-rent real estate projects ("Build-to-Rent"), with a focus on the residential class. The Invested Fund currently has 5 assets already identified.

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PROJECTION OF
PROFITABILITY IN DOLAR2

10% - 12% p.a.

Internal Rate of Return
(IRR) in dollars

INVESTMENT
MINIMUM

R$50.000

Additional investments
have no minimum value

Categories ANBIMA

Multimarket Investment Abroad

Target AudienceTarget

Only charged on the invested fund: 1.1%.

Start of Fund

26/12/2024

Liquidity3

Closed with an expected term of 7 years

Taxation4

Long term

Rate of Fee

0.09% p.a.

Rate of Management

Only charged on the invested fund: 1.1%.

Rate Performance Fee

Charged only on the invested fund: 15% on what exceeds the return of 12% p.a.

Rate Fee Fee

No

Rate of Output

No

Rate Distribution Rate6

3% on the subscription amount + 0.6% p.a.

Rate of Fee

0.09% p.a.

Rate of Management

Only charged on the invested fund: 1.1%.

Rate Performance Fee

Charged only on the invested fund: 15% on what exceeds the return of 12% p.a.

Rate Fee Fee

No

Rate of Output

No

Rate Distribution Distribution

No

Administrator, Custodian e Distributor

Banco Daycoval S.A

Auditor

Pricewaterhouse Coopers Brasil Ltda.

NOTES: 1. Ativore Private Equity Real Estate USA Fund II, compartment of Ativore Real Estate Luxembourg Illiquid Fund SCSp SICAV-SIF. Information regarding the composition of the portfolio as at 31/12/2024. 2. THE FUND DOES NOT HAVE A CURRENCY HEDGE FOR ITS FOREIGN EXPOSURE. RETURN IS NOT NET OF TAXES IN BRAZIL. 3. The duration mentioned refers to the Fund's projection. The regulations state that the Fund will be in force for 10 (ten) years. (4) There is no commitment or guarantee that the Fund will receive the tax treatment applicable to long-term funds. The Fund is subject to semi-annual quota payments. Income from redemptions will be taxed at source. 5. single class fund and two sub-classes. 6. maximum distribution rate for Subclass A is 1.5% p.a. on net assets. According to the Announcement of Commencement of the Offer on 26/12/2024, the distribution rate to be paid will be 0.6% p.a.

PLEASE READ THE FUND RULES AND ITS APPENDIX A FOR FURTHER DETAILS ON THE FUND INVESTED IN.
The information and estimates reflect Ativore Asset's view as of the date of this material. All information and estimates are subject to change and/or limitations and should not be relied upon as the sole basis for decisions.

Market Opportunity7

Housing shortage
in the USA

Estimated demand for 19 million housing units due to the reduction in construction in the aftermath of the 2008 crisis and migration between states from 2022 onwards.8

Housing shortage in the US

Estimated demand for 19 million housing units due to the reduction in construction in the aftermath of the 2008 crisis and the migratory movement between states from 2022 onwards. 8

High interest rates forcing
people to rent

Mortgage rate for 30 years at high levels compared to the last 5 years 9, making it difficult to buy property and increasing the demand for rentals.

High interest rates forcing people to rent

Mortgage rate for 30 years at high levels compared to the last 5 years9, making it difficult to buy property and increasing the demand for rentals.

Building opportunity
for rent

Invest in projects at the development price, absorbing part of the developer's margin, with construction risk mitigators.

Building opportunity for rent

Invest in projects at the development price, absorbing part of the developer's margin, with construction risk mitigators.

Opportunistic investments

Exclusive projects, with clear differentials and attractive returns, based on theses aligned with the current market context and the structural changes in the American economy.

Opportunistic investments

Exclusive projects, with clear differentials and attractive returns, based on theses aligned with the current market context and the structural changes in the American economy.

INVESTMENT STRATEGY7

1

Build-to-Rent development

Building properties with a focus on generating income through rent and capital gains from sales over a horizon of approximately 5 years.

2

Construction Risk Mitigators

Assets with advanced construction and investment in projects already approved and ready to build, with a guarantee of maximum construction cost.

3

Cash flow

Allocate part of the capital in Preferred Equity with stable cash flow, enabling the payment of dividends, which will grow progressively.

4

High Growth Markets

Focus on locations with solid fundamentals, pro-business policies and an identified shortage of residential property.

5

Selling Strategy for Institutional Investors

Prioritize the sale of projects to institutional investors when stabilized and generating cash flow.

NOTES: 7. INFORMATION CONCERNING THE INVESTED FUND, where the Fund's resources will be predominantly invested. 8 Source: U.S. Census Bureau, U.S. Department of Housing and Urban Development; Analysis: Ativore Asset. 9 Source: US Census Bureau; Ativore Asset analysis.

PLEASE READ THE FUND RULES AND ITS APPENDIX A FOR FURTHER DETAILS ON THE FUND INVESTED IN.
The information and estimates reflect Ativore Asset's view as of the date of this material. All information and estimates are subject to change and/or limitations and should not be relied upon as the sole basis for decisions.

DIVERSIFICATION AND PORTFOLIO BALANCING7,10

Diversified portfolio of up to 10 projects, with 5 already identified.

Diversified portfolio of up to 10 projects, with 5 already identified

Type

In line with the Invested Fund's objective of investing up to 30% in Preferred Equity.

Asset Class

In line with the Investment Fund's objective of investing at least 50% in residential property.

Diversified Geography

  • Pro-business and economic growth regions;
  • Presence of an imbalance between residential supply and demand.

INVESTED AND APPROVED ASSETS7

Ativore I-Drive Vacation Homes

INVESTED

Advanced construction of the only high-end resort on Orlando's famous International Drive, very close to the new Universal park, with 526 short-term rental units.

Class

Resort

Location

Orlando/FL

Type

Equity

Estimated Sales

2028

Glenwood Meadows

INVESTED

Class A multifamily complex with 300 units and one of the best amenity packages in the region, which has limited supply and high barriers to entry.

Class

Residential

Location

Glenwood/CO

Type

Equity Preferred

Estimated Sales

2027

V3 Apartments

INVESTED

Class A multi-family complex with 300 apartments for rent, strategically located near major demand-generating centers.

Class

Residential

Location

Fort Myers/FL

Type

Equity Preferred

Estimated Sales

2028

Naples

INVESTED

Mixed-use building with 55 luxury apartments for sale and stores for rent on 5th Avenue South, the best high-income shopping street in Naples, Florida.

Class

Luxury and Residential Trade

Location

Orlando/FL

Type

Equity

Estimated Sales

2028

Davis Southside

APPROVED

Class A multi-family complex with 383 units, with a high standard amenities package to meet the perennial demand from universities and hospitals in the region.

Class

Residential

Location

Fort Lauderdale/FL

Type

Equity

Estimated Sales

2028

NOTES: 7. INFORMATION CONCERNING THE INVESTED FUND, in which the Fund's resources will be predominantly invested. 10. information on the composition of the portfolio as at 31/12/2024.

PLEASE READ THE FUND RULES AND ITS APPENDIX A FOR FURTHER DETAILS ON THE FUND INVESTED IN.
The information and estimates reflect Ativore Asset's view as of the date of this material. All information and estimates are subject to change and/or limitations and should not be relied upon as the sole basis for decisions.

Investment Structures in Luxembourg7

Luxembourg Investment Fund is a symbol of Ativore Asset's commitment to high governance standards

Our Luxembourg Investment Funds are a symbol of our commitment to the highest standards of governance.

Europe 's largest investment fund center, with AuM of €5.6 trillion.11

The Invested Fund is approved and supervised by the CSSF, the financial market regulator.

A robust regulatory and compliance structure that provides security for investors.

Low tax burden, which does not increase the cost of the Invested Fund's structure.

Principle of fairness between investors laid down by law, which guarantees that everyone is treated on the same terms.

Limited liability for the Fund's investments in the Invested Fund.

1 Source: Association of the Luxembourg Fund Industry.

.

INSTITUTIONS INVOLVED IN THE OPERATION OF THE INVESTED FUND

CENTRAL BANK OF LUXEMBOURG

AML/RISK OFFICER

CUSTODIAN

AUDITOR

ADMINISTRATOR
AND NAV CALCULUS

LAWYERS LUXEMBOURG

NOTES: 7. INFORMATION CONCERNING THE INVESTED FUND, where the Fund's resources will be predominantly invested. 11 Source: Association of the Luxembourg Fund Industry

PLEASE READ THE FUND RULES AND ITS APPENDIX A FOR FURTHER DETAILS ON THE FUND INVESTED IN.
The information and estimates reflect Ativore Asset's view as of the date of this material. All information and estimates are subject to change and/or limitations and should not be relied upon as the sole basis for decisions.

CENTRAL BANK OF LUXEMBOURG

AML/RISK OFFICER

CUSTODIAN

AUDITOR

ADMINISTRATOR AND NAV CALCULATION

LAWYERS LUXEMBOURG

PLEASE READ THE FUND RULES AND ITS APPENDIX A FOR FURTHER DETAILS ON THE FUND INVESTED IN.
The information and estimates reflect Ativore Asset's view as of the date of this material. All information and estimates are subject to change and/or limitations and should not be relied upon as the sole basis for decisions.

ATIVORE ASSET MANAGEMENT

Ativore Asset Management is an asset manager focused on investment strategies in the US real estate market via private equity. It was founded in 2019 as part of the Ativore Global group, a holding company that since 2012 has provided consulting services to high and ultra high net worth investors in the assembly of real estate portfolios in the US private market and in international tax planning.

Founding Members

Solid experience in the real estate, financial and investment markets.
The partners invest directly or indirectly in Ativore's funds ("skin in the game").

More than 25 years of experience in international real estate investments;

Structured real estate investments in more than 30 states in the USA since 2012;

20 years as Partner/CEO and/or Consultant at Arthur Andersen, Deloitte and KPMG in 4 countries;

- Led M&A projects and relevant national projects in the financial sector

Pedro Barreto

Founding Partner & Chairman

- Founder of Ativore Asset with 30 years of experience in the international financial market

- CEO of IBT Asset Management, CEO of Itaú Corretora de Valores and Head of Equities

- Led the international expansion of Itau Asset Management

- Board member of Harvard Business School Alumni Angels Brasil since 2016

Roberto M. Nishikawa

Founding Partner & CEO

- Member of the Board of Directors of the Ativore Group.

- Founding partner and director of EloGroup, a full-service consulting firm in Brazil that integrates technology, analysis and management to drive the digital transformation of businesses, with more than 500 employees.

- He holds a master's degree in Production Engineering from UFRJ

André Macieira

Member of the Board of Directors

There is no guarantee that the professionals currently employed by Ativore Asset will continue in their positions or that their past performance will serve as an indicator of their future performance.

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