HGCR11 invests in retail, residential, and logistics Real Estate Receivables Certificates (CRIs). It focuses its funding on São Paulo, with debtors like Almeida Jr., Mega Moda and Assaí. The core risk is credit default, seen in the execution of CRI Quota guarantees, and strong retail exposure. As a differential, the fund mixes the debt portfolio with strategic allocations in shares of other real estate funds.