23 companies linked to Banco Master operations have ties to the real estate market
- REsource investigation maps developers, holding companies and securitization firms linked to the investigated transactions and Daniel Vorcaro’s network
The Banco Master case has taken on new dimensions since the investigations began. What started as inquiries into transactions involving investment funds has gradually revealed a network of financial, business and political relationships extending into several sectors of the economy, including real estate.
According to investigators, 36 companies received loans from Banco Master and directed the funds into investment vehicles such as DMais and Bravo, which at the time were linked to Reag. The transactions involved approximately R$18.8 billion.
An exclusive REsource investigation mapped those 36 companies and identified 23 with ties to the real estate market. The findings show that developers, special purpose entities, timeshare companies and securitization structures played a relevant role within this financial network.
Companies and funds
Brain Realty, Tavira Empreendimento, Malibu Construtora and RMEX Construtora are among seven companies in the development and construction sector that received funds from Master and are currently under investigation.
One of the best-known cases involves Brain Realty. The company, which had registered capital of R$2 million, took out a loan of nearly R$500 million from Banco Master. According to investigators, the funds were not used for the company’s own operations but were instead invested in funds managed by Reag.
The developers’ presence also overlaps with a structure of private equity funds. Malibu Construtora, R2 Holding, Bloko Urbanismo and W50 Empreendimentos are among the companies listed as portfolio companies of funds that had previously been managed by Reag and were later transferred to Qore.
In the case of Bloko Urbanismo, the company had registered capital of R$5,000 and was controlled by the Bloko Urbanismo Fundo de Investimento em Participações, or FIP. According to information from Brazil’s Securities and Exchange Commission, the CVM, this fund held virtually all of its assets in shares of Bloko Urbanismo itself. The company is reported to have directed approximately R$266.3 million to the DMais fund and another R$259.8 million to Bravo after receiving funds from Master.
Special purpose entities also appear repeatedly in the structure. CRL SPE I and CRL SPE X, for example, are among the companies associated with the transactions under investigation and were linked to private equity funds.
In the case of CRL SPE X, CVM records show that virtually all of ON FIP’s assets were concentrated in shares of the company. The SPE is also listed as a shareholder of Cumbuco Praia II Gestão de Ativos e Participações. The final real estate development or asset connected to this structure, however, could not be identified in the public documents reviewed.
Financial connection
The connection with the real estate market also appears in securitization structures and investment funds. Among the companies associated with the transactions is Lever Securitizadora, which operates in the issuance of CRIs and CRAs, Brazilian real estate and agribusiness receivables certificates.
At the same time, the CVM continues to investigate issuances of Real Estate Receivables Certificates, as well as real estate investment funds and other investment vehicles.
Daniel Vorcaro’s relationship with the real estate sector, however, predates the current investigations. Companies such as Viking Participações, MGI Desenvolvimento Imobiliário SPE, Talent Construções and Espaço Engenharia have previously appeared alongside Banco Master and members of the Vorcaro family in transactions involving real estate investment funds.
In September 2026, the CVM imposed fines in a proceeding related to the Brazil Realty FII, reinforcing that the group’s involvement in real estate structures and investment funds dates back years before the crisis that led to the bank’s liquidation.
Physical presence
The investigation shows that companies, holding entities and service providers connected to Daniel Vorcaro’s ecosystem are distributed across some of Brazil’s main corporate markets.
In São Paulo, for example, BeFly Turismo is listed at Paulista Star, on Alameda Campinas, occupying 9,800 sqm. The company appears in the investigation because of financial relationships and fund structures discussed in the context of Master, although it has denied having any ownership ties to Vorcaro.
Also in São Paulo, Prime You, in which Vorcaro held an interest between 2021 and September 2025, is listed at West Corp, in Alphaville, occupying 1,018.5 sqm.
Among service providers, law firm Barci de Moraes occupies 432 sqm at Edifício Itaquerê, in downtown São Paulo, while Temer Advogados is listed with 203 sqm at Edifício Lugano, in Itaim Bibi. Warde Advogados, which has been linked to Vorcaro’s legal defense and advisory work, is listed at Spazio Centralle, on Alameda Itu, where it occupies 830 sqm.
The presence extends to other markets. Ambipar, which has been cited in transactions involving Master and Nelson Tanure, appears at three addresses in the database: 1,650.7 sqm at New England, in São Paulo; 500 sqm at Amadeus Business Tower, in Belo Horizonte; and 437.9 sqm at Rio Sul Center, in Rio de Janeiro.
In Minas Gerais, asset-holding companies linked to the Vorcaro family, including Viking, Vinc, Milo Investimentos and Alliance, also appear at corporate addresses in Belo Horizonte and Nova Lima, reinforcing how the ecosystem’s physical network extended across different markets and occupant profiles.
The network also includes hospitality and tourism assets. Botanique Hotel, in Campos do Jordão, which has been associated with investment and management transactions involving Prime You, and Fasano Itaim, in São Paulo, both included investments by Vorcaro and other investors.
Companies such as WAM Hotéis, WAM Multipropriedade and Resort do Lago, which operate in Goiás, also appear within this broader network.
The network extends beyond Brazil. Structures such as Titan Capital Holding, in the Cayman Islands, as well as vehicles including Jaguar Horizon and Jaguar Multimarket, appear in connection with offshore transactions.
In the United States, companies such as Goldbeach Properties, in Miami, and Clear River Properties, in Texas, indicate that part of the assets and corporate structures associated with the Master ecosystem was also distributed internationally, including through holding companies and businesses connected to real estate assets.
