cy.capital raises R$165 million with CYHF11 and approaches R$1.5 billion in real estate credit
- cy.capital raises R$165 million in CYHF11’s second offering and expands its real estate credit platform toward R$1.5 billion
cy.capital, the real estate investment manager of the Cyrela Group, has completed a R$165 million fundraising round through the second issuance of shares in Cyrela Hedge Fund FII (CYHF11), a closed-end real estate credit fund whose portfolio is largely originated in-house and remains 100% current on payments. Following the offering, CYHF11 now totals approximately R$368 million, while the manager’s credit funds, including CYCR11, which is listed on B3, have reached approximately R$718 million.
cy.capital also manages a credit fund backed by capital from a foreign institutional investor. The total commitment is US$150 million, deployed through capital calls. Once all committed capital has been called, the manager could surpass R$1.5 billion in real estate credit over the coming years.
“Since cy.capital was founded, we have been committed to growing in a structured way. Expanding in credit in a high-interest-rate environment is only sustainable with discipline in analysis, origination and risk management. Most of our portfolio is structured in-house, and that is what supports its quality,” said Danny Gampel, head of structured credit at cy.capital.
The expansion comes at a time when traditional sources of real estate financing are under pressure. Savings deposits, the sector’s main source of funding for decades, have posted six consecutive years of negative net inflows, while capital markets, led by real estate funds, have increasingly filled that gap by financing developers and real estate projects.
Proceeds from the new offering will be allocated to assets permitted under the fund’s investment policy, including CRIs, debentures, equity interests in special purpose entities and shares of real estate funds. The strategy combines debt investments with equity participation in developments, with a focus on proprietary origination. Currently, 85% of CYHF11’s transactions are structured by the manager itself, and the portfolio includes 20 transactions: 19 CRIs, all current on payments, and one equity investment in a residential development. For the coming months, management has a pipeline of new transactions offering rates above the portfolio’s current average.
About cy.capital
cy.capital is an independent asset manager and part of the Cyrela Group, a company with decades of experience in the real estate market. Focused on long-term returns and capital preservation, the firm seeks to mitigate downside risk across its investment strategies, particularly in real estate credit and logistics-focused funds. Its team has extensive experience in debt instrument acquisitions and real estate development, allowing the manager to identify attractive opportunities across the investment cycle.
