Lefosse advises UBS on structuring of feeder real estate fund
Lefosse acted as legal adviser to UBS (Brasil) Corretora de Valores on the structuring of UBS Central Real Estate II Fundo de Investimento em Cotas de Fundo de Investimento Financeiro Multimercado Responsabilidade Limitada, a closed-end fund with a single class of quotas aimed at professional investors. The transaction also included the fund’s first issuance and public offering of quotas, which was completed in June 2026 and raised BRL60,950,000.
UBS Central Real Estate II is structured as a “feeder” fund, meaning the proceeds raised in the offering are channelled into the acquisition of Class A quotas of Central Real Estate II Fundo de Investimento Financeiro Multimercado Responsabilidade Limitada, the master fund. This structure allows investors to gain exposure to a portfolio already assembled within another fund through a dedicated vehicle, without investing directly in it.
The master fund is managed by Central Capital, a manager that combines private equity and special situations approaches for real estate investments. Its mandate is focused on developments in the city of Rio de Janeiro, with flexibility to operate across different asset classes, capital structures ranging from pure equity to debt, and geographies, targeting what the firm calls a “sweet spot” of transactions between BRL100 million and BRL200 million.
According to data from the transaction, the master fund raised BRL1.1 billion in discretionary, low-liquidity capital with an eight-year term, in an offering that exceeded initial demand.
The Lefosse team was led by partners Felipe Paiva and André Mileski, with support from lawyers Ariela Ana Sznirer and Rodrigo Bertholdo.
