CVM's Securitization Superintendent, Bruno Gomes, has recently stated that the Commission intends to regulate the structuring of a single fund, with possibilities for investing in credit, land, and equity, without dividing it into the three “little boxes” that currently exist: real estate investment funds (FII), credit rights investment funds (FIDC), and private equity investment funds (FIP).
As far as the agribusiness is concerned, these new investment funds will enable investors to trade different types of assets in the same fund, such as credit securities, Rural Product Certificates (CPR), and rural properties. Gomes states that one of the possibilities is the use of the generic securitization of receivables certificate, created by the new legal framework for securitization (Federal Law nº 14.430/2022), which accepts the securitization of any type of credit and is “lighter and more flexible” than the Receivables Certificates of the Agribusiness (CRA), instrument that currently dominates the portfolio of the investment funds in agribusiness (Fiagro).
CVM has mapped the existence of twenty-five Real Estate funds (Fiagro-FII), two Credit Rights funds (Fiagro-FIDC) and one of Private Equity fund (Fiagro-FIP). In the Fiagro-FIDCS, 46% of the resources are credit rights, 27% are shares of other funds and 16% are CRAs. In the Fiagro-FII, CRAs represent 46% of the portfolios, with more than R$ 2,2 billion. Next come CRIs (39%), with almost R$1,9 billion, and real estate (14%), with R$684 million.
As the main asset of the Fiagro, the CRAs have made a leap since 2020. This year, according to CVM, the issuance of these certificates has already totaled R$ 32,8 billion. Most of the stock, of R$ 58.5 billion, refers to agricultural products (R$ 52.2 billion), mainly grains and livestock. Most CRAs are still based on debentures, said Gomes, but there are already BRL 10 billion in CPRs comprising the bonds.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
