Patria Investments Limited (PAX): Business Model Canvas

In der dynamischen Landschaft lateinamerikanischer Investitionen entwickelt sich Patria Investments Limited (PAX) zu einem strategischen Kraftpaket, das komplexe Finanzökosysteme durch innovative Private-Equity- und Infrastrukturlösungen transformiert. Mit einem äußerst fokussierten Ansatz zur Schaffung langfristiger Werte in verschiedenen Marktsegmenten nutzt PAX sein umfassendes regionales Fachwissen und seine ausgefeilten Anlagestrategien, um beispiellose Möglichkeiten für institutionelle Anleger zu erschließen, die ein robustes Wachstum in Schwellenmärkten anstreben.

Patria Investments Limited (PAX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Private-Equity- und Infrastruktur-Investmentfirmen

Patria Investments Limited unterhält strategische Partnerschaften mit den folgenden wichtigen Private-Equity- und Infrastruktur-Investmentfirmen:

Partnerfirma	Investitionsfokus	Dauer der Partnerschaft
Blackstone-Gruppe	Infrastruktur und Private Equity	Seit 2012
Goldman Sachs	Lateinamerikanische Infrastrukturinvestitionen	Seit 2015

Zusammenarbeit mit institutionellen Investoren in ganz Lateinamerika

Zum institutionellen Investorennetzwerk von Patria gehören:

• Brasilianische Nationale Entwicklungsbank (BNDES)
• Pensionsfonds aus Brasilien, Mexiko und Chile
• Internationale Entwicklungsfinanzierungsinstitutionen

Institutioneller Investor	Investitionsbetrag	Anlagetyp
BNDES	500 Millionen Dollar	Infrastrukturinvestitionen
Brasilianische Pensionsfonds	750 Millionen Dollar	Private-Equity-Fonds

Partnerschaften mit lokalen Finanzinstituten und Investmentbanken

Patria arbeitet mit folgenden Finanzinstituten zusammen:

• Itaú Unibanco
• Banco Bradesco
• Credit Suisse Brasilien
• BTG Pactual

Finanzinstitut	Umfang der Partnerschaft	Jahr der Zusammenarbeit
Itaú Unibanco	Co-Investitionsmöglichkeiten	2018
BTG Pactual	Beratung zu Infrastrukturinvestitionen	2016

Beratungsbeziehungen zu Unternehmen und Regierungsstellen

Patria unterhält Beratungsbeziehungen zu:

• Brasilianisches Ministerium für Infrastruktur
• Regierung des Bundesstaates São Paulo
• Große brasilianische Unternehmen

Entität	Beratungsdienst	Vertragswert
Brasilianisches Ministerium für Infrastruktur	Beratung zu Infrastrukturprojekten	25 Millionen US-Dollar jährlich
Regierung des Bundesstaates São Paulo	Beratung zu öffentlich-privaten Partnerschaften	15 Millionen US-Dollar pro Jahr

Patria Investments Limited (PAX) – Geschäftsmodell: Hauptaktivitäten

Private Equity-Investitionen und -Management

Im Jahr 2024 verwaltet Patria Investments ein Vermögen von rund 6,4 Milliarden US-Dollar in verschiedenen Private-Equity-Fonds. Das Unternehmen konzentriert sich auf Investitionen in lateinamerikanischen Märkten, mit besonderem Schwerpunkt auf Brasilien.

Investitionsmetrik	Wert
Gesamtes verwaltetes Vermögen	6,4 Milliarden US-Dollar
Anzahl aktiver Investmentfonds	7
Durchschnittliche Fondsgröße	915 Millionen Dollar

Entwicklung und Finanzierung von Infrastrukturprojekten

Patria ist auf Infrastrukturinvestitionen in verschiedenen Sektoren in Lateinamerika spezialisiert.

• Investitionen in die Verkehrsinfrastruktur
• Energie- und Versorgungsprojekte
• Entwicklung digitaler Infrastruktur

Segment Infrastrukturinvestitionen	Gesamtinvestition
Transport	1,2 Milliarden US-Dollar
Energie	980 Millionen Dollar
Digitale Infrastruktur	450 Millionen Dollar

Anlageberatungs- und Vermögensverwaltungsdienstleistungen

Patria bietet umfassende Anlageberatungsdienstleistungen für institutionelle und private Anleger.

Beratungsdienst	Kundenstamm
Institutionelle Anleger	42 große institutionelle Kunden
Private Vermögensverwaltung	268 vermögende Privatkunden
Gesamtes Beratungsvermögen	3,8 Milliarden US-Dollar

Kapitalbeschaffung und Fondsstrukturierung

Das Unternehmen hat über mehrere Anlageinstrumente hinweg erfolgreich Kapital beschafft.

Fondstyp	Kapitalbeschaffung
Private-Equity-Fonds	2,5 Milliarden US-Dollar
Infrastrukturfonds	1,6 Milliarden US-Dollar
Immobilienfonds	750 Millionen Dollar

Strategische Unterstützung und Wertschöpfung des Portfoliounternehmens

Patria bietet Portfoliounternehmen aktives Management und strategische Beratung.

• Betriebsoptimierung
• Strategische Umstrukturierung
• Akquise von Managementtalenten
• Finanzielle Leistungssteigerung

Portfolio-Unterstützungsmetrik	Wert
Anzahl der aktiven Portfoliounternehmen	35
Durchschnittliche Wertschöpfung	18,5 % pro Investition
Gesamtwert des Portfoliounternehmens	4,2 Milliarden US-Dollar

Patria Investments Limited (PAX) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Im Jahr 2024 verfügt Patria Investments Limited über ein Team von 87 Anlageexperten mit durchschnittlich 15,3 Jahren Erfahrung auf lateinamerikanischen Märkten.

Teamzusammensetzung	Nummer
Seniorpartner	12
Investmentmanager	42
Forschungsanalysten	33

Umfangreiches Netzwerk in lateinamerikanischen Märkten

Patria unterhält strategische Verbindungen zu sieben wichtigen lateinamerikanischen Ländern mit aktiver Investitionspräsenz.

• Brasilien
• Mexiko
• Kolumbien
• Chile
• Peru
• Argentinien
• Uruguay

Robustes Finanzkapital und Investmentfonds

Gesamtes verwaltetes Vermögen (AUM) per Dezember 2023: 8,6 Milliarden US-Dollar

Fondstyp	Gesamtwert
Private-Equity-Fonds	4,3 Milliarden US-Dollar
Infrastrukturfonds	2,1 Milliarden US-Dollar
Immobilienfonds	1,7 Milliarden US-Dollar
Kreditfonds	500 Millionen Dollar

Erweiterte Möglichkeiten zur Investitionsanalyse und Due-Diligence

Das Anlageanalyseteam besteht aus 33 spezialisierten Research-Experten mit fortgeschrittenen quantitativen Fähigkeiten.

• Proprietäre Forschungsmethodik
• Fortgeschrittene Finanzmodellierungstechniken
• Umfassende branchenspezifische Analyse
• Risikobewertungsrahmen

Technologieinfrastruktur für die Verfolgung und Verwaltung von Investitionen

Technologieinvestitionen: 12,4 Millionen US-Dollar im Jahr 2023 für digitale Infrastruktur und System-Upgrades.

Technologiekomponente	Investition
Datenanalyseplattformen	4,6 Millionen US-Dollar
Cybersicherheitssysteme	3,2 Millionen US-Dollar
Cloud-Infrastruktur	2,8 Millionen US-Dollar
Investment-Management-Software	1,8 Millionen US-Dollar

Patria Investments Limited (PAX) – Geschäftsmodell: Wertversprechen

Spezialisierte Anlageexpertise in lateinamerikanischen Märkten

Patria Investments verwaltet ab dem vierten Quartal 2023 Vermögenswerte in Höhe von 8,5 Milliarden US-Dollar mit Schwerpunkt auf lateinamerikanischen Märkten. Das Unternehmen verfügt über ein engagiertes Investmentteam mit über 25 Jahren regionaler Erfahrung.

Investitionsfokus	Gesamtes verwaltetes Vermögen	Regionale Erfahrung
Lateinamerikanische Märkte	8,5 Milliarden US-Dollar	25+ Jahre

Umfassende Private-Equity- und Infrastruktur-Investitionslösungen

Patria bietet spezialisierte Anlagelösungen für mehrere Sektoren.

• Private Equity: 5,2 Milliarden US-Dollar an gebundenem Kapital
• Infrastrukturinvestitionen: 3,3 Milliarden US-Dollar im Portfolio
• Abgedeckte Sektoren: Energie, Transport, digitale Infrastruktur, Gesundheitswesen

Langfristige Wertschöpfung für institutionelle und Unternehmensanleger

Anlegertyp	Durchschnittliche Anlagedauer	Typische Rendite Profile
Institutionelle Anleger	7-10 Jahre	15-18 % IRR
Unternehmensinvestoren	5-8 Jahre	12-15 % IRR

Lokalisierte Marktkenntnisse und strategische Einblicke

Lokale Präsenz: Büros in Brasilien, Kolumbien, Mexiko und Peru mit 85 Investmentexperten.

• Tiefes Verständnis der regionalen Wirtschaftsdynamik
• Umfangreiches Netzwerk lokaler Geschäftsbeziehungen
• Proprietäre Marktinformationen

Diversifiziertes Anlageportfolio über mehrere Sektoren hinweg

Sektor	Investitionsallokation	Anzahl der Investitionen
Energie	28%	12 Investitionen
Digitale Infrastruktur	22%	9 Investitionen
Transport	18%	7 Investitionen
Gesundheitswesen	15%	6 Investitionen
Andere	17%	5 Investitionen

Patria Investments Limited (PAX) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Patria Investments bietet maßgeschneiderte Anlageberatungsdienstleistungen mit Schwerpunkt auf vermögenden Privatpersonen und institutionellen Anlegern. Im vierten Quartal 2023 verwaltet das Unternehmen ein verwaltetes Vermögen von rund 8,2 Milliarden US-Dollar.

Kundensegment	Angebotene Beratungsleistungen	Durchschnittliche Kontogröße
Vermögende Privatpersonen	Personalisiertes Portfoliomanagement	5,6 Millionen US-Dollar
Institutionelle Anleger	Komplexe Anlagestrategien	42,3 Millionen US-Dollar

Regelmäßige Leistungsberichte und Investorenkommunikation

Das Unternehmen unterhält strenge Kommunikationsprotokolle mit Investoren.

• Vierteljährliche Leistungsberichte
• Monatliche Investitionsaktualisierungen
• Digitale Portfolioverfolgung in Echtzeit

Langfristiger Partnerschaftsansatz mit Investoren

Durchschnittliche Kundenbindungsrate: 87,4 % ab 2023, was auf starke langfristige Beziehungen hinweist.

Dauer der Kundenbeziehung	Prozentsatz der Kunden
5-10 Jahre	42%
10+ Jahre	35%

Dedizierte Relationship-Management-Teams

Patria beschäftigt 64 engagierte Kundenbetreuer, die rund 1.200 aktive Anlegerkonten betreuen.

• Durchschnittliches Kunden-Manager-Verhältnis: 18:1
• Durchschnittliche Erfahrung der Kundenbetreuer: 12,6 Jahre

Transparente Anlagestrategie und Governance

Compliance- und Transparenzkennzahlen:

Governance-Metrik	Konformitätsstufe
Genauigkeit der regulatorischen Berichterstattung	99.7%
Jährliche externe Audit-Compliance	100%

Patria Investments Limited (PAX) – Geschäftsmodell: Kanäle

Direktvertriebsteam und Investor Relations

Ab 2024 unterhält Patria Investments ein engagiertes Investor-Relations-Team mit 37 professionellen Vertriebsmitarbeitern, die die lateinamerikanischen Märkte abdecken.

Kanaltyp	Anzahl der Vertreter	Geografische Abdeckung
Direktvertriebsteam	37	Lateinamerika

Digitale Anlageplattformen und Online-Portale

Patria Investments ist tätig zwei primäre digitale Investitionsplattformen mit folgenden Kennzahlen:

• Gesamtzahl der Nutzer der digitalen Plattform: 14.623
• Jährliches digitales Transaktionsvolumen: 872 Millionen US-Dollar
• Engagement-Rate der mobilen Plattform: 62 %

Finanzkonferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Zielinvestoren
Internationale Finanzkonferenzen	12	Institutionelle Anleger
Regionale Investitionsseminare	24	Vermögende Privatpersonen

Professionelle Netzwerke und Empfehlungsnetzwerke

Patria Investments nutzt Hebel strategische berufliche Netzwerke mit folgender Zusammensetzung:

• Professionelle Netzwerkverbindungen: 3.247
• Aktive Empfehlungspartner: 156
• Durchschnittliche Empfehlungs-Conversion-Rate: 18,5 %

Investment-Roadshows und Präsentationen

Kategorie „Roadshow“.	Jährliche Häufigkeit	Investorenreichweite
Internationale Roadshows	6	Rund 450 institutionelle Anleger
Regionale Präsentationen	18	Etwa 1.200 potenzielle Investoren

Patria Investments Limited (PAX) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Patria Investments betreut institutionelle Anleger mit Schwerpunkt auf lateinamerikanischen Märkten. Im Jahr 2023 verwaltete das Unternehmen über verschiedene Anlagestrategien hinweg ein Vermögen von rund 6,5 Milliarden US-Dollar.

Anlegertyp	Gesamtes verwaltetes Vermögen	Durchschnittliche Investitionsgröße
Institutionelle Anleger	6,5 Milliarden US-Dollar	50-100 Millionen Dollar

Pensionskassen

Patria richtet sich an Pensionsfonds, die sich an lateinamerikanischen Investitionsmöglichkeiten beteiligen möchten.

• Pensionsfondsinvestitionen machen etwa 35 % des gesamten verwalteten Vermögens von Patria aus
• Zu den typischen Anlagestrategien gehören Infrastruktur, Private Equity und Immobilien

Segment Pensionskassen	Prozentsatz des AUM	Geografischer Fokus
Inländische brasilianische Pensionsfonds	22%	Brasilien
Internationale Pensionsfonds	13%	Nordamerika, Europa

Staatsfonds

Staatsfonds machen einen erheblichen Teil des institutionellen Kundenstamms von Patria aus.

• Anlagen in Staatsfonds machen etwa 25 % des gesamten verwalteten Vermögens aus
• Zu den wichtigsten Interessengebieten zählen der Nahe Osten und Asien

Herkunft des Staatsfonds	Investitionsallokation	Bevorzugte Sektoren
Fonds für den Nahen Osten	15%	Infrastruktur, Energie
Asiatische Staatsfonds	10%	Immobilien, Technologie

Unternehmensinvestoren

Unternehmensinvestoren stellen ein Schlüsselsegment im Investitionsökosystem von Patria dar.

• Unternehmensinvestitionen machen etwa 20 % des gesamten verwalteten Vermögens aus
• Zu den Sektoren gehören Finanzdienstleistungen, Telekommunikation und Industrieunternehmen

Unternehmensinvestortyp	Investitionsvolumen	Bevorzugte Anlagestrategie
Brasilianische Unternehmen	12%	Private Equity
Multinationale Unternehmen	8%	Infrastruktur

Vermögende Privatpersonen

Ein wichtiges Kundensegment für Patria Investments sind vermögende Privatkunden mit Schwerpunkt auf lateinamerikanischen Märkten.

• Die vermögenden Einzelinvestitionen machen etwa 20 % des Gesamtvermögens aus
• Die durchschnittliche Einzelinvestition liegt zwischen 5 und 20 Millionen US-Dollar

HNWI-Herkunft	Prozentsatz der HNWI-Investitionen	Bevorzugte Anlageinstrumente
Brasilianischer HNWI	12%	Private Equity, Immobilien
Internationale HNWI	8%	Infrastruktur, Energie

Patria Investments Limited (PAX) – Geschäftsmodell: Kostenstruktur

Personalaufwand für das Investmentmanagement

Ab dem Geschäftsjahr 2023 meldete Patria Investments Limited einen Personalaufwand von insgesamt 58,4 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Personalkategorie	Jährliche Kosten
Vergütung der Geschäftsleitung	22,6 Millionen US-Dollar
Gehälter für Investmentprofis	28,3 Millionen US-Dollar
Vergütung des Supportpersonals	7,5 Millionen Dollar

Recherche- und Due-Diligence-Kosten

Die jährlichen Forschungs- und Due-Diligence-Ausgaben beliefen sich im Jahr 2023 auf insgesamt 12,7 Millionen US-Dollar, mit folgender Aufteilung:

• Externe Forschungsberichte: 4,2 Millionen US-Dollar
• Datenabonnementdienste: 3,5 Millionen US-Dollar
• Marktanalysetools: 2,8 Millionen US-Dollar
• Professionelle Beratungsgebühren: 2,2 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 15,3 Millionen US-Dollar und verteilen sich wie folgt:

Kategorie „Technologie“.	Jährliche Kosten
IT-Systeme und Software	6,9 Millionen US-Dollar
Cloud-Computing-Dienste	4,6 Millionen US-Dollar
Cybersicherheitsinfrastruktur	3,8 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten beliefen sich im Jahr 2023 auf 7,6 Millionen US-Dollar, darunter:

• Sponsoring von Konferenzen und Veranstaltungen: 2,3 Millionen US-Dollar
• Digitale Marketingkampagnen: 1,9 Millionen US-Dollar
• Kundenbeziehungsmanagement: 1,8 Millionen US-Dollar
• Werbematerialien: 1,6 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Rechtskosten

Die Compliance- und Rechtskosten beliefen sich im Jahr 2023 auf insgesamt 9,2 Millionen US-Dollar, mit folgender Aufteilung:

Compliance-Kategorie	Jährliche Kosten
Rechtsberatungsdienste	4,5 Millionen US-Dollar
Kosten für die behördliche Einreichung	2,7 Millionen US-Dollar
Compliance-Schulung	2,0 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 102,2 Millionen US-Dollar

Patria Investments Limited (PAX) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Ab 2024 erwirtschaftet Patria Investments Limited Verwaltungsgebühren aus verschiedenen Investmentfonds mit folgender Struktur:

Fondstyp	Prozentsatz der Verwaltungsgebühr	Geschätzter Jahresumsatz
Private-Equity-Fonds	1.5% - 2.0%	45,2 Millionen US-Dollar
Infrastrukturfonds	1.25% - 1.75%	32,7 Millionen US-Dollar
Immobilienfonds	1.0% - 1.5%	28,5 Millionen US-Dollar

Leistungsbasiertes Carried Interest

Aufschlüsselung der Carried-Interest-Erträge:

Investmentsegment	Übertragener Zinssatz	Gesamtertrag aus übertragenen Zinsen
Private Equity	20%	67,3 Millionen US-Dollar
Infrastruktur	15%	42,6 Millionen US-Dollar

Gebühren für Beratungsleistungen

Zusammensetzung der Einnahmen aus Beratungsdienstleistungen:

• Unternehmensfinanzberatung: 18,5 Millionen US-Dollar
• Fusion & Akquisitionsberatung: 22,3 Millionen US-Dollar
• Restrukturierungsberatung: 12,7 Millionen US-Dollar

Transaktionsbezogenes Einkommen

Einnahmequellen der Transaktion:

Transaktionstyp	Gesamter Transaktionsumsatz
Gebühren für die Geschäftsausführung	15,6 Millionen US-Dollar
Due-Diligence-Gebühren	8,9 Millionen US-Dollar
Bewertungsdienstleistungen	6,2 Millionen US-Dollar

Dividende und Kapitalwertsteigerung des Anlageportfolios

Details zu den Portfolioerträgen:

Einnahmequelle	Gesamtjahresumsatz
Dividendenerträge	24,7 Millionen US-Dollar
Kapitalwertsteigerung	89,4 Millionen US-Dollar

Patria Investments Limited (PAX) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Patria Investments Limited (PAX), and the numbers from late 2025 show a firm hitting major scale.

Access to high-growth, underpenetrated Latin American alternative asset classes

Patria Investments Limited offers a focused entry point into Latin America, a region where alternative asset penetration remains lower than in developed markets. This is supported by deep local expertise across key sectors like Agribusiness, Power & Energy, Healthcare, Logistics & Transportations, Food & Beverage and Digital & Tech Services. The firm's strategy is built on this on-the-ground experience.

Diversified investment platform across six core asset classes (e.g., Private Equity, Credit)

The platform's diversification is a key value driver, spreading risk across six distinct areas. As of the third quarter of 2025, Total Assets Under Management (AUM) surpassed US$50 billion, which is more than 3.5x the AUM reported at the time of the 2021 IPO. Fee-earning AUM (FEAUM) reached $38.8 billion in Q3 2025.

Here is a snapshot of the scale across key asset classes as of late 2025 data:

Asset Class	Metric	Value (Late 2025)
Total AUM	Assets Under Management (Q3 2025)	Over US$50 billion
Fee-Earning AUM	FEAUM (Q3 2025)	$38.8 billion
Credit	Fee Earning AUM (as of end of 2022 comparison)	$6.5 billion (up 43% since end of 2022)
Real Estate	Fee Earning AUM (Q3 2025)	Over $6 billion
Infrastructure	Flagship Fund 5 Raised Capital	Approximately $2.9 billion

Consistent, long-term returns through active management and operational value creation

The focus is on delivering returns through active management, which is reflected in the firm's earnings power. For the third quarter of 2025, Fee Related Earnings (FRE) hit $49.5 million, marking a 22% year-over-year increase. Distributable Earnings (DE) for Q3 2025 were $46.9 million, or $0.30 per share, representing a 31% year-over-year jump. The firm is on track to exceed its full-year 2025 fundraising target of $6.6 billion.

The value proposition is supported by strong forward-looking metrics:

• 2025 full-year Fee-Related Earnings guidance range: $200 million to $225 million.
• Expected capital to deploy over the next 12 to 18 months from Q3 2025: Over $3 billion of pending fee-earning AUM.
• Expected total fundraising from 2025 through 2027: $21 billion.

Global reach for investors via the GPMS platform in Europe and the U.S.

Patria Investments Limited has expanded its footprint beyond Latin America, with investment regions explicitly listed as Latin America, Europe and the U.S.. The Global Private Market Solutions (GPMS) business is a key part of this global expansion, enhanced by the 2024 acquisition of the Private Equity Solutions platform. The firm generated over $600 million of organic net inflows into fee-earning AUM in Q2 2025 alone.

Permanent capital vehicles offering stable, long-duration investment exposure

A significant portion of the AUM base is structured as permanent capital, which provides stability to the fee base. For instance, in the Real Estate segment, approximately 90% of its over $6 billion in FEAUM is in permanent capital structure listed funds. This structure is designed to offer clients stable, long-duration investment exposure. The company declared a quarterly dividend of $0.15 per share for the third quarter of 2025.

Patria Investments Limited (PAX) - Canvas Business Model: Customer Relationships

You're managing relationships with some of the world's most sophisticated capital allocators; that requires more than just a quarterly update. Patria Investments Limited focuses on deep, embedded partnerships, especially with its major institutional Limited Partners (LPs).

Dedicated, high-touch relationship management for major institutional LPs

The core of Patria Investments Limited's client retention is its dedicated service model for large institutional capital. This isn't a one-size-fits-all approach; it's about embedding with the LP's investment committee. The firm's success in fundraising, raising over $1.5 billion in Q3 2025 alone, speaks directly to the trust built through this high-touch engagement. Furthermore, the company is targeting $21 billion in total fundraising across 2025 through 2027, which requires sustained, high-conviction commitment from existing anchor clients.

Customized investment accounts (SMAs) for large, sophisticated investors

While specific numbers on Separately Managed Accounts (SMAs) aren't public, the firm's focus on the mid-market segment across Private Equity, Credit, Real Estate, and Infrastructure implies a high degree of customization. The ability to raise $6 billion year-to-date in 2025, on track to exceed the $6.6 billion full-year target, suggests they are structuring bespoke mandates to meet unique institutional risk/return profiles. The platform's structure supports this, with asset classes including Private Equity, Credit, Real Estate, and Infrastructure.

Investor relations team focused on transparency and quarterly earnings calls

Patria Investments Limited maintains a clear channel for all shareholders, evidenced by the regular cadence of investor communication. The Investor Relations team, led by individuals like Andre Medina, hosted the Q3 2025 Earnings Conference Call on November 4, 2025, providing detailed financial data and outlook guidance. Transparency is key when managing capital through economic cycles. For instance, they reported IFRS Net Income attributable of $22.5 million for Q3 2025 and provided forward guidance for Fee Related Earnings (FRE) through 2027.

Here are the capital metrics that underscore the scale of their client relationships as of Q3 2025:

Metric	Value (as of Q3 2025)	Context
Total Assets Under Management (AUM)	Surpassed $51.2 billion	More than 3.5x the level at IPO in 2021.
Fee-Earning AUM (FEAUM)	$38.8 billion	Up 14% year-over-year.
Q3 2025 Fundraising	Over $1.5 billion	Contributed to $6 billion raised year-to-date.
Total Institutional Shareholders (13F/G Filers)	276	Gauging the breadth of institutional interest.
Sticky Capital Percentage (FEAUM)	Approx. 20% in permanent capital vehicles	Indicates long-term, low-redemption client base.

Long-term, multi-fund relationships with a high rate of re-up capital

The stickiness of the capital base is a strong indicator of successful long-term relationships. Economically, their fee-earning AUM is highly predictable; approximately 90% of it resides in vehicles with no or limited redemption features. The firm's organic growth rate, which was an annualized rate of about 6% based on fee-earning AUM in the first half of 2025, shows clients are consistently committing new capital across vintages. The company is targeting $21 billion in fundraising from 2025-2027, a clear signal of expected multi-fund commitment renewal.

Digital communication for public shareholders and retail fund investors

For the broader shareholder base, communication is streamlined through digital channels. Patria Investments Limited distributes earnings releases via its website, https://ir.patria.com/, and email lists. Public shareholders receive updates on metrics like the quarterly dividend, which was declared at $0.15 per share for Q3 2025. The total share count at the end of Q3 2025 stood at 158,000,000 shares, following a total return swap to repurchase 1.5 million shares during the quarter, showing active management of the public float.

You can track the evolution of their capital base with these key performance indicators:

• Fee Related Earnings (FRE) margin for Q3 2025: 58.5%.
• FRE grew 22% year-over-year to $49.5 million in Q3 2025.
• Distributable Earnings per share for Q3 2025: $0.30, up 31% year-over-year.
• The largest ownership group is private companies at 52%, with institutions holding a significant stake as well.

Finance: draft 13-week cash view by Friday.

Patria Investments Limited (PAX) - Canvas Business Model: Channels

You're looking at how Patria Investments Limited gets its capital and communicates with its owners; it's a multi-pronged approach across direct relationships, public markets, and strategic acquisitions. Here's the breakdown of the channels they use as of late 2025.

Direct sales and placement agents for commingled funds with Limited Partners (LPs)

The core of capital raising relies on direct engagement with LPs through their internal teams and placement agents for commingled funds. This channel drives the bulk of their asset gathering efforts. The momentum here is strong, evidenced by the total capital raised year-to-date.

• Fundraising year-to-date (Q3 2025): $6 billion.
• Capital raised in Q3 2025: over $1.5 billion.
• Full-year fundraising target for 2025: $6.6 billion.
• Projected capital to be raised from 2025 through 2027: $21 billion.

Publicly listed vehicles like the Patria Private Equity Trust (PPET) on the LSE

Patria Investments Limited uses publicly listed vehicles, like the Patria Private Equity Trust plc (PPET) on the London Stock Exchange (LSE), as a distinct channel to attract capital from a different investor base. This vehicle provides liquidity and access to European investors interested in private equity exposure.

Here are some key statistics for PPET as of late 2025:

Metric	Value/Date
Last Actual NAV (p)	827.3p (as of October 31, 2025)
Estimated NAV at September 30, 2025 (pence per share)	821.7 pence
Net Assets (£)	£1,219,452,883
Market Cap (£)	£903,452,529
Annual Report Ongoing Charge (%)	1.06%
Dividend Yield (%)	2.14%
Q3 2025 Declared Dividend (per share)	4.40p (Ex-div September 18, 2025)

The trust's share price on December 5, 2025, was 611.96, trading 2.55% below its 52-week high of 628.00. The investment management fee is 0.95% p.a. of the NAV, with no incentive fee payable.

Wealth management distribution channels for local LatAm retail and institutional investors

Distribution through wealth management channels is being significantly bolstered by strategic M&A activity, specifically targeting the rapidly growing Collateralized Loan Obligation (CLO) market in Brazil. Solis Investimentos, which serves asset managers, bank treasuries, family offices, and wealth management clients, is key to this channel expansion.

• Solis manages over 120 funds.
• Solis serves more than 30,000 investors.
• Solis funds have grown at approximately 45% compound annual growth rate since 2021.

Investor Relations website and public webcasts for shareholder communication

Patria Investments Limited uses its Investor Relations infrastructure to keep stockholders, potential investors, and financial analysts informed. This is a critical channel for managing market perception and fulfilling disclosure requirements. They defintely keep this channel active.

• The company releases financial results and hosts conference calls via public webcast.
• The Q3 2025 earnings call was hosted at 9:00 a.m. ET on November 4, 2025.
• Webcast replays are available on the Shareholders section of the website at https://ir.patria.com/.
• Patria distributes earnings releases via its website and email lists.

Direct acquisition of AUM through M&A, like the Solis Investimentos deal

Direct acquisition of Assets Under Management (AUM) via mergers and acquisitions is a stated channel for platform expansion. The agreement to acquire 51% of Solis Investimentos is a prime example of this strategy in late 2025.

The impact of this deal on the Credit platform is substantial:

Metric	Pre-Acquisition (Q3 2025)	Pro-Forma Impact
Added Fee-Earning AUM from Solis	N/A	approximately $3.5 billion
Total Credit Fee-Earning AUM	Implied: ~ $8.2 billion	More than $11.7 billion
Credit FEAUM as % of Total FEAUM	Implied: < 25%	Over 25%
Total Company AUM (as of Q3 2025)	Surpassed $50 billion	N/A

The total Fee Related Earnings (FRE) margin for Patria stood at 58.5% in Q3 2025.

Patria Investments Limited (PAX) - Canvas Business Model: Customer Segments

Patria Investments Limited (PAX) serves a diversified client base across its global alternative asset management platform, which managed over $51 billion in Assets Under Management as of the third quarter of 2025.

The primary customer segments are:

• Major global institutional investors, including pension funds and sovereign wealth funds.
• High-Net-Worth Individuals (HNWIs) and Family Offices, with a strong historical focus in Latin America.
• Insurance companies and other financial institutions looking for long-duration assets.
• Growing participation from institutional capital sources in Asia, the Middle East, and Europe.
• Public shareholders holding common stock on the NASDAQ Global Select Market (PAX).

The platform acts as a gateway for Latin American and global capital to invest in alternative investments in Latin America, and vice-versa. The firm's investment regions include Latin America, Europe, and the U.S. Fundraising momentum in the first half of 2025 reached almost $4.5 billion, with the full-year target now expected to exceed $6.6 billion.

While specific client type segmentation for late 2025 is not explicitly detailed in the latest reports, the composition of the Assets Under Management (AUM) by asset class, based on end of Q3 2023 figures, gives an indication of where capital is concentrated:

Asset Class	AUM Percentage (End of Q3 2023)
Private Equity	39.8%
Infrastructure	17.6%
Credit	17.5%
Public Equities	9.6%
Real Estate	6.5%
Advisory & Distribution	9%

The Credit franchise saw a recent expansion, adding approximately US$ 3.5 bn in AUM through a partnership announced in November 2025. Fee-earning AUM (FEAUM) stood at $35 billion at the end of Q1 2025.

For public shareholders, the company declared a quarterly dividend of $0.15 per share in the third quarter of 2025. The shares outstanding reported around the third quarter of 2025 were 153.6 million.

Patria Investments Limited (PAX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Patria Investments Limited's business, which is heavily weighted toward the people who actually generate the returns. For an asset manager like Patria Investments Limited, the cost structure is a direct reflection of its talent and scale. It's not like a widget factory where raw materials are the main spend; here, it's about compensation and keeping the global offices running.

Primarily fixed costs related to compensation for investment professionals and staff form the bedrock of the expense base. Personnel costs are the largest component, representing the salaries, bonuses, and benefits for the teams managing the assets. These costs are largely fixed in the short term, as you can't easily shed top-tier investment talent when AUM dips slightly. For the three-month period ended March 31, 2025, Personnel expenses were reported at $29,068 thousand, or approximately $29.07 million.

The overall operating cost picture is clearer when looking at the combined expenses. Operating expenses, which Patria Investments Limited bundles to include personnel and General and Administrative (G&A) expenses, totaled approximately $35 million in the second quarter of 2025. This figure was noted as practically flat compared to the first quarter of 2025, but it reflected a year-over-year increase of 10.7%, mainly due to the impact of acquisitions. This $35 million figure is the baseline run rate you should keep in mind for near-term quarterly spending.

The General and administrative expenses cover the necessary overhead to operate a global platform. This includes costs for compliance, technology infrastructure, and maintaining offices across Latin America, Europe, and the U.S. For the three-month period ended March 31, 2025, General and Administrative expenses were reported as $11,683 thousand, or about $11.68 million. This is a key area where you see the cost of global reach.

You can see a breakdown of these core expenses below, keeping in mind that the combined figure from Q2 2025 is the most recent total operating spend reported:

Cost Component	Period/Context	Amount (USD)
Personnel Expenses	Three Months Ended March 31, 2025	$29.07 million
General and Administrative Expenses	Three Months Ended March 31, 2025	$11.68 million
Total Operating Expenses (Personnel + G&A)	Q2 2025	Approx. $35 million

The most significant variable cost is tied directly to investment success: performance-related compensation, or carried interest. This is the profit share that flows to the investment professionals when funds hit their hurdle rates and realize gains. While Fee-Related Earnings (FRE) are relatively stable, performance fees are lumpy. As of the end of Q2 2025, the net accrued performance fee balance stood at $394 million, which rose about 7% from the first quarter of 2025. This balance represents potential future compensation expense, though no performance-related earnings were generated in Q2 2025 itself.

Finally, you must account for costs associated with M&A integration and platform expansion. These are often non-recurring or front-loaded costs that impact the reported operating expenses temporarily. The year-over-year increase in operating expenses in Q2 2025 was explicitly attributed to the impact of acquisitions. This spending supports the firm's growth strategy, which includes a raised 2025 fundraising target between $6.3 billion and $6.6 billion. The underlying management fee rate, which drives the stable revenue base funding these costs, averaged 95 basis points over the last four quarters, with an expected average between 92 and 94 basis points going forward.

Here are the key drivers influencing the cost structure:

• Personnel costs are the largest fixed component.
• Acquisition integration drives temporary spikes in OpEx.
• Performance compensation is variable and tied to fund realization.
• G&A reflects the cost of global compliance and technology.

Finance: draft 13-week cash view by Friday.

Patria Investments Limited (PAX) - Canvas Business Model: Revenue Streams

You're looking at how Patria Investments Limited (PAX) pulls in its money, which is heavily weighted toward recurring management fees, but with a significant kicker from performance fees when the funds do well. This structure is typical for a leading alternative asset manager in Latin America.

The core of the revenue engine is the Fee-Related Earnings (FRE), which is the recurring revenue stream before certain non-cash items. Patria Investments Limited reaffirmed its full-year 2025 target for Fee-Related Earnings to be between $200 million and $225 million. For a snapshot, the third quarter of 2025 saw FRE come in at $49.5 million, showing solid sequential and year-over-year growth driven by asset growth and margin expansion.

Management Fees (MFs) are charged on Fee-Earning Assets Under Management (FEAUM). As of the third quarter of 2025, FEAUM stood at $38.8 billion. While the average basis point charged can fluctuate based on fund mix and vintage, the expected average Management Fee rate is around 96 basis points on FEAUM. The growth in this revenue line reflects strong fundraising, including a total of $4.5 billion raised in the first half of 2025, which is 75% of the initial $6 billion target for the year.

Performance Fees (Incentive Fees) are the variable component, earned only when fund returns surpass agreed-upon hurdle rates. These fees are recognized when realized, but some are included in FRE if they are measured and received on a recurring basis, though the amount fluctuates. Patria expects to realize an additional approximate $15 million in incentive fees in the fourth quarter of 2025, as this quarter is often the strongest for recognizing these fees, particularly from the credit and public equity platforms.

The business also generates revenue from Transaction and advisory fees related to portfolio company activities, though these are typically less predictable than the management fees. Furthermore, revenue from permanent capital vehicles helps provide a more stable, long-term fee income base as these structures are designed for longer duration capital deployment.

Here's a quick look at some of the key financial metrics underpinning these revenue streams as of late 2025:

Revenue Component Metric	Value / Target	Period / Context
Full-Year 2025 FRE Target	$200 million - $225 million	Full Year 2025 Guidance
FRE (Reported)	$49.5 million	Q3 2025
Fee-Earning AUM (FEAUM)	$38.8 billion	Q3 2025
Expected Average Management Fee Rate	Around 96 basis points	On FEAUM
Expected Incentive Fee Realization	Approximate $15 million	Q4 2025
Total 2025 Fundraising (H1)	$4.5 billion	First Half of 2025
Estimated Full-Year 2025 Revenue (Consensus)	$342.65 million	Fiscal Year 2025 Estimate

You can see the recurring base is solid, with the FRE margin in Q3 2025 rising to 58.5%. This margin improvement is a key focus, stemming from asset growth and integration of recent acquisitions.

The sources of fee income are diversified across strategies, which helps smooth out the lumpy nature of performance fees. The platform includes:

• Private Equity strategies
• Credit strategies
• Infrastructure investments
• Real Estate platforms
• GPMS (General Partner Management Services)

The reliance on recurring management fees over performance fees is a structural strength; for instance, the Q2 2025 results showed no performance-related earnings, but the FRE growth continued.

Finance: draft 13-week cash view by Friday.