Gavea Preps RE Fund of Funds

Brazil’s Gavea Investimentos is preparing a BRL200m ($96m) fund of funds investing in other real estate funds and securities, according to a regulatory filing. The Gavea Fundo de Fundos de Investimento Imobiliario plans to invest in other fundo de investimento imobiliario (FII) transactions, as well as in certificados de recebiveis imobiliarios (CRI), letras hipotecarias and letras de credito imobiliario. The transaction can be upsized by up to 20%, and requires a minimum BRL50m participation. Gavea’s own distributor will manage the sale, with Bradesco as administrator. It expects to begin meeting investors in January.