Why do we like this opportunity?
Payroll loans - What is it?
Payroll loans are a type of loan in which the installments are deducted directly from the borrower's payroll or benefit, guaranteeing high security for financial institutions and investors. financial institutions and investors. Regulated in Brazil since 2003 by Law No. 10,820, with updates by Laws No. 13,172/2015 and 14,509/2022, the consigned credit market is robust and consolidated. According to the Central Bank of Brazil, in 2025, the total balance of payroll loans reached R$626.2 billion, with R$369.5 billion going to the public sector. Febraban estimates that 44 million people are eligible for this type of credit, reinforcing its growth potential and attractiveness for investments.
Aligned incentives
Apart from Hurst's investors, the only holders of the FIDC's junior subordinated quota will be Consignei itself and Bertha Capital's individual partners. In addition, Consignei and one of Bertha Capital's individual partners will hold shares in the FICFIDC, proving the alignment of interests.
Investment Summary
A structured operation backed by payroll loans for civil servants, valued at R$369.5 billion in 2025, according to the Central Bank. In partnership with Bertha Capital and fintech Consignei, investors will have indirect exposure to FIDC Inova Credtech VI through Receivables Certificates issued by Hurst. The portfolio invested in has low default rates due to payroll deductions. The RCs are backed by the mezzanine A subordinated quotas of the FIDC and the quotas of the FICFIDC, which invests in the junior quotas of the same fund, offering stable and secure returns.
Attractive returns
Projected target return of 34.23% per year or 232.09% of the CDI. *The above data is not a promise or guarantee of return. Potential investors should read all the risk factors associated with the offer, as well as being aware of the risks associated with the total or partial loss of their investments or obtaining returns lower than those estimated.
Deadline
The VCs, as well as the Fund and FICFIDC shares invested, will have a total term of 36 months, with a return of principal + accrued interest at the end of this period.
Fund tested
The fund began operations in May/24 and, according to Bertha Capital's data, has not had any defaults so far. In addition, the fund has been able to allocate its cash, with an estimated outflow of R$5 million/month.
Credit risk of different debtors
Receivables from different debtors with different levels of credit risk. This approach makes it possible to distribute risk more evenly across the Fund's portfolio, reducing exposure to any specific risk and increasing the resilience of the portfolio as a whole.
Pulverized wallet
The average ticket is R$8,000, while the target PL is R$80M, so it is estimated that 10,000 different CCBs will be held by the Fund, minimizing the impact of an eventual default on the fund's profitability.
Government risk
Due to the nature of public payroll loans, the risk of payment belongs to the public administration.
Anti-fraud management
One of the risks of the public payroll loan market is fraud, although the implementation of technology in this segment has promised to reduce its incidence. As such, the Fund has implemented robust policies and advanced technology, and so far no fraud has been identified involving the consigned DCs in the Fund's portfolio. The fund only allocates the assets in its portfolio based on the following origination criteria: 1. Consignei offers capital to the public servant and consults the available salary margin (how much of the monthly salary is available to pay future installments of consigned loans) of the servant on the government portal. (2) Consignei reserves the civil servant's salary margin for 24 hours. 3. banking agent (the financial institution that will make the loan, since Consignei is only the originator, which finds the civil servant and offers the credit) generates a CCB, which is signed by the civil servant, so that the loan is made and the financial institution becomes the civil servant's creditor (as detailed in the diagram below). (4) The civil servant must provide CPF, photo ID, proof of residence and a photo of the handwritten signature. A smartphone proof of life is performed, in which the investor is briefly "filmed" holding their ID card. 5) Once this is done, the salary margin is definitively recorded (reserved) and the credit is released to the server's account. See below for a detailed flowchart of the origination of payroll loans
Projected scenarios
See how much your money can earn with this operation
Pessimistic Scenario
Base Scenario
Optimistic Scenario
*Simulation projected return of 34.23% p.a. based on analysis by Hurst Capital experts. There is no guarantee that the estimate will materialize.
Risks
Scenarios
The Issuer is subject to insolvency, bankruptcy, judicial or extrajudicial reorganization scenarios.
Risk of dismissal
If the civil servant is dismissed or resigns, they will have to be charged directly, which could jeopardize the fund's results.
Credit risk and arrears
The government may delay the transfer of civil servants' salaries to the Fund.
The Issuer's ability to honor its obligations
The Issuer's ability to honor its obligations under the RCs depends exclusively on payment by the debtors of the Credit Rights. If the amount received is not sufficient to settle the CRs, the Issuer will not have any other sources of funds to pay any balances to investors.
Funding risk
If the Manager is unable to raise funds for the fund's senior quotas, the leverage will be lower and the return will tend to be as well, and more capital will have to be provisioned (not invested) for future withdrawals.
Regulatory risk
Any changes in laws and regulations could affect the consignable margin and the competitive environment in the sector
Server margin risk
Alimony, social security and other compulsory consignments can take up the server's entire consignable margin, preventing payments from being made.
Risk of fraud
Origination fraud can damage the fund's results.
Risk of Liquidation of Separate Assets
In the event of any Settlement Event of the Separate Equity, there may not be sufficient funds in the Separate Equity for the Issuer to make full prepayment of the Certificates.
Documents
Disclaimer
The offer presented on this platform is automatically exempt from registration by the Brazilian Securities and Exchange Commission (CVM), under the terms of CVM Resolution 88 and Circular Letters 4/2023 and 6/2023 issued by the CVM's Superintendence of Securitization Supervision (SSE). The CVM does not analyze offers under this Resolution in advance. The offers made do not imply that the CVM guarantees the veracity of the information provided or its compliance with current legislation. Before accepting an offer, please read the essential information about the offer carefully, especially the risk warning section.
The presentation has been prepared by Hurst Serviços de Investimento Coletivo e Securitização S.A. ("Platform" or "Hurst") for information purposes only and is in no way a binding offer. All the conditions and terms of the Transaction are defined in the documents "Term of Securitization of Credit Rights and Issuance of Receivables Certificates by Hurst Serviços de Investimento Coletivo e Securitização S.A.", signed by the platform and "Commitment to Subscribe to the Receivables Certificates, with Term of Adhesion and Knowledge of Risk" ("Transaction Contracts"), to be signed by investors, in order to adhere to the terms of the offer. The Transaction described on this page is an adhesion to the public offer for the distribution of CRs backed by economic proceeds from the quotas of credit rights investment funds, under the terms of the Transaction Agreements.
The term of the Transaction and the calculated profitability were projected based on (i) the restatement levied on each credit right that is part of the fund's portfolio, considering future market projections, indicated in the "Return on the Transaction" section, (ii) the acquisition value of the credit rights, and (iii) the term of the fund. The Platform does not undertake to guarantee the accuracy of the information and forecasts provided here, nor does it undertake to update the presentation, and may alter its content.
without prior notice.
The Platform makes no representations or warranties that the information contained in this presentation or the presentation itself is complete or accurate, nor for any omission in this presentation or in any oral communication transmitted to the recipient throughout its analysis, undertaking only to take all precautions and act with high standards of diligence to ensure that the information transmitted is true, consistent, correct and sufficient.
These statements, estimates and projections reflect the assumptions of the Platform and third parties, and are subject to economic and market uncertainties and contingencies, most of which are beyond the Platform's control. Forecasts and results may differ from those anticipated and these differences may be material.
The content is not yet, nor does it contain any investment recommendation, indication and/or advice, and it is the sole and exclusive responsibility of the investor to make this decision. Should any investor decide to invest in this Operation, like any investment, the CRs investment presents risks and the possibility of patrimonial losses that should be carefully considered before making the investment decision.
Potential investors interested in this operation are advised to consult their lawyers, accountants, financial advisors and any other professionals they deem necessary to help them assess the suitability of the investment profile, as well as the risks inherent in the business. All investments involve risk, including the risk of losing all the capital invested.
Diversification and alternative asset allocation do not guarantee profits or guard against losses. Investment decisions should be based on the investor's objectives, time horizon and risk tolerance.