For Cardoso, the pursuit of greater transparency is a turning point for the industry’s growth. A recent example is the partnership between Clube FII and SiiLA to create FII Data Professional, a platform that combines financial data from funds with detailed information on their properties, such as rental values, vacancy rates, and market comparisons.

“Investors need to know how much per square meter is being leased and whether that value aligns with market reality. Without that, they’re in the dark,” he says.

The Clube FII founder believes the market is moving toward the consolidation of larger, more liquid funds, but still with room for different profiles and strategies, including single-asset funds as minority allocations within portfolios.

He also bets on the growth of niches still underexplored in Brazil, such as telecom towers, data centers, self-storage, and multifamily housing. “These are segments already relevant abroad that could gain momentum here as the market matures.”

With a background in Information Technology and a family history tied to physical real estate since the 1950s, Cardoso first discovered FIIs in the late 2000s and was impressed by the model. “It seemed too good to be true: owning part of a shopping mall or hospital just by typing a code into the home broker, without all the bureaucracy.”

He recalls starting with small investments but soon realized returns were consistent and operational issues were nonexistent. The experience led him to suggest that his family migrate their entire portfolio to FIIs — a decision that, according to him, “doubled income and eliminated the headaches of dealing with tenants and unexpected maintenance.”

In 2013, he developed his own software to organize these investments. Two years later, the project went public and became Clube FII, now one of the main sources of information on the sector.

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