Leomil explains that before reaching the thesis, it is necessary to go through several stages, which are basically based on study. The executive states that it is necessary to evaluate the target audience, profitability, attractiveness, governance models, partners, developers, and other aspects. 

"How do we go about setting up a fund? First, we conceptualize a thesis, and it goes through several fundamentals, from governance models, attractiveness, and profitability. It is essential to analyze if there is an interested audience, align interests with the developer, and consider various aspects until we create feasibility," he explains. 

The executive emphasizes that all this is not only for those who will invest but mainly for those to whom we will distribute, the groups of investors that the manager has in its portfolio. 

"And with that, do we format financial viability? Always considering stress scenarios, the storms and tempests. Our fund must be prepared for situations where macroeconomics affects the market," he explains. 

Leomil uses the term "storms and tempests" to refer to moments when the FII market is in an unfavorable situation. Since 2021, the Real Estate Funds market has seen a reduction in the number of offers. In 2022, there were R$ 20 billion and 67 registrations, while in 2023, there were only R$ 12 billion and 35 registrations. According to the latest B3 report, there were six registrations and only R$ 2 billion in offer volume. 

Despite this, the founding partner of inVista believes in his product. Leomil's thesis is based on a more protective strategy. Market Analytics data shows that BBP developments in Atibaia have an occupancy rate of 92.7%. 

Indeed, the FII market has been presenting problems, but they are more concentrated in the office segment. The market for industrial properties continues to expand, with the delivery of new developments and a reduction in vacancy rates [insert 2Q2024 data]. 

"I think FIIs are a well-protected industry overall, as they are all backed by real assets. So, you have the protection of your capital through the assets. The risk we run is the risk of vacancy and rental value. That is why we have opted for a more protective investment thesis in our fund. When you talk about industrial, the vacancy level is much lower because an industry has a high added value. Thus, in the industry's income statement, the rental value is very small, often less than 1%. In the logistics sector, it is a bit different; indeed, rent weighs heavily," he explains.