Soon on B3: first school‑real estate fund targeting R$ 800 million
- Mint Capital
- 17 de jun.
- 3 min de leitura
Mint Capital, controlling shareholder ofof Bahema, launched the fund in March with R$ 78 million in assets.
he pandemic brought opportunities for some sectors and enormous challenges for others. The year 2020 will certainly go down in history as one of the most difficult for schools and universities, with an unprecedented rise in cancellation rates and student defaults. The São Paulo-based asset manager Mint Capital has inaugurated a new way of investing—simultaneously in real estate and in education, the firm’s core sector of interest. The model could even serve as a way for educational companies to navigate the crisis.
With R$200 million in assets under management and ownership control of Bahema Educação among its investments, Mint Capital aims to consolidate the market for school buildings within a real estate investment trust (REIT). This new product was created in March, and according to insiders, the plans are ambitious. The expectation is that fund shares will start trading on the B3 stock exchange in November under the ticker symbol MINT11. This will be the first portfolio with this focus available to investors.
Founded 11 years ago by Cássio Beldi, Mint Capital has added Ricardo Ditter and Marcelo Walton as partners over the past five years. Although often viewed as a boutique manager, Mint is frequently cited as a firm inspired by Warren Buffett’s giant Berkshire Hathaway—focusing on ultra-long-term investments in a holding-style model, with partners acting as owner-minded shareholders in each business. Among Mint’s products are also quantitative equity funds (algorithm-based strategies) and a performance-fee-only portfolio, following a global trend of charging fees solely on results—without management fees.
The real estate vertical is thus the third business line launched by Mint. The new fund’s goal is not real estate speculation but steady income through long-term lease agreements. Schools represent a captive and secure market. The fund buys school properties and then signs long-term rental contracts with the existing operators, ranging from 10 to 20 years, often with renewal clauses. The targets are well-established education companies, covering everything from early childhood to higher education.
The pandemic accelerated the realization that this model could be attractive for both parties. Schools are seeking liquidity to weather the current financial constraints and also to invest in upgrades, while many still carry real estate on their balance sheets. The fund seeks security through long-term contracts, with location being a critical factor in the education sector.
"This could be an efficient solution for the sector right now—but not just now. This model makes long-term sense for everyone involved," said a source with knowledge of the education industry.
Schools receive upfront cash and can pay rent with the peace of mind that their landlord has no intention of selling the property to a developer next summer. Quite the opposite—the landlord wants to retain the school as a long-term tenant.
The newly created portfolio already holds R$78 million in assets, but plans are for rapid scaling: between R$400 million and R$500 million in assets within one to two years. The first property acquired, back in March, was the main building of UNA, a higher education institution in Minas Gerais owned by the Ânima Group. The second, a deal just signed, is the Escola Parque building in Barra da Tijuca, Rio de Janeiro—also part of Bahema.
The initial acquisitions were paid partly in cash and partly through securitization of future rental income. To give a sense of the appetite: in the education sector, Mint is reportedly analyzing R$800 million worth of potential deals, with R$180 million already in advanced stages. This would represent a major leap for the asset manager.
Currently, there are no portfolio options on the market with this dedicated focus. There are two known REITs on B3, but both result from specific solutions for Insper and Anhanguera. Some commercial real estate funds include school properties as a diversification strategy, but not exclusively.
With the continuous growth of REITs and their recognition as income-generating vehicles, many see room for Mint to raise capital through a share issuance on the stock exchange once the fund reaches a slightly larger size. From that point on, a wide avenue of opportunities will open for the manager. According to Anbima data, REIT assets totaled R$100 billion as of June last year and have now surpassed R$135 billion.
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