Patria Investments Limited (PAX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las inversiones latinoamericanas, Patria Investments Limited (PAX) surge como una potencia estratégica, transformando ecosistemas financieros complejos a través de soluciones innovadoras de capital privado e infraestructura. Con un enfoque centrado en el láser para crear un valor a largo plazo en diversos segmentos de mercado, Pax aprovecha su profunda experiencia regional y estrategias de inversión sofisticadas para desbloquear oportunidades sin precedentes para inversores institucionales que buscan un crecimiento robusto en los mercados emergentes.

Patria Investments Limited (PAX) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con empresas de inversión de capital privado e infraestructura

Patria Investments Limited mantiene asociaciones estratégicas con las siguientes empresas clave de inversión de capital privado e infraestructura:

Empresa asociada	Enfoque de inversión	Duración de la asociación
Grupo de piedra negra	Infraestructura y capital privado	Desde 2012
Goldman Sachs	Inversiones de infraestructura latinoamericana	Desde 2015

Colaboración con inversores institucionales en América Latina

La red de inversores institucionales de Patria incluye:

• Banco Nacional de Desarrollo Brasileño (BNDES)
• Fondos de pensiones de Brasil, México y Chile
• Instituciones financieras internacionales de desarrollo

Inversor institucional	Monto de la inversión	Tipo de inversión
Bndes	$ 500 millones	Inversiones de infraestructura
Fondos de pensiones brasileños	$ 750 millones	Fondos de capital privado

Asociaciones con instituciones financieras locales y bancos de inversión

Patria colabora con las siguientes instituciones financieras:

• Itaú unibanco
• Banco bradesco
• Credit Suisse Brasil
• BTG PACTual

Institución financiera	Alcance de la asociación	Año de colaboración
Itaú unibanco	Oportunidades de coinversión	2018
BTG PACTual	Asesoramiento de inversiones de infraestructura	2016

Relaciones de asesoramiento con entidades corporativas y gubernamentales

Patria mantiene las relaciones de asesoramiento con:

• Ministerio de Infraestructura brasileño
• Gobierno del Estado de São Paulo
• Grandes corporaciones brasileñas

Entidad	Servicio de asesoramiento	Valor de contrato
Ministerio de Infraestructura brasileño	Consultoría del proyecto de infraestructura	$ 25 millones anuales
Gobierno del Estado de São Paulo	Asesor de asociación público-privada	$ 15 millones anuales

Patria Investments Limited (PAX) - Modelo de negocio: actividades clave

Inversión y gestión de capital privado

A partir de 2024, Patria Investments administra aproximadamente $ 6.4 mil millones en activos en varios fondos de capital privado. La firma se centra en las inversiones en los mercados latinoamericanos, con un énfasis particular en Brasil.

Métrico de inversión	Valor
Activos totales bajo administración	$ 6.4 mil millones
Número de fondos de inversión activa	7
Tamaño promedio del fondo	$ 915 millones

Desarrollo y financiamiento del proyecto de infraestructura

Patria se especializa en inversiones de infraestructura en múltiples sectores en América Latina.

• Inversiones de infraestructura de transporte
• Proyectos de energía y servicios públicos
• Desarrollo de infraestructura digital

Segmento de inversión de infraestructura	Inversión total
Transporte	$ 1.2 mil millones
Energía	$ 980 millones
Infraestructura digital	$ 450 millones

Servicios de asesoramiento de inversiones y gestión de activos

Patria ofrece servicios integrales de asesoramiento de inversiones a inversores institucionales y privados.

Servicio de asesoramiento	Base de clientes
Inversores institucionales	42 principales clientes institucionales
Gestión de patrimonio privado	268 clientes individuales de alto patrimonio
Activos de asesoramiento total	$ 3.8 mil millones

Aumento de capital y estructuración de fondos

La empresa ha recaudado con éxito capital en múltiples vehículos de inversión.

Tipo de fondo	Capital recaudada
Fondos de capital privado	$ 2.5 mil millones
Fondos de infraestructura	$ 1.6 mil millones
Fondos inmobiliarios	$ 750 millones

Soporte estratégico y creación de valor de la empresa de cartera

Patria proporciona gestión activa y orientación estratégica a las empresas de cartera.

• Optimización operacional
• Reestructuración estratégica
• Adquisición de talento de gestión
• Mejora del desempeño financiero

Métrica de soporte de cartera	Valor
Número de compañías de cartera activas	35
Creación de valor promedio	18.5% por inversión
Valor total de la empresa de cartera	$ 4.2 mil millones

Patria Investments Limited (PAX) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, Patria Investments Limited tiene un equipo de 87 profesionales de inversión con un promedio de 15.3 años de experiencia en mercados latinoamericanos.

Composición del equipo	Número
Socios senior	12
Administradores de inversiones	42
Analistas de investigación	33

Extensa red en mercados latinoamericanos

Patria mantiene conexiones estratégicas en 7 países latinoamericanos principales con presencia de inversión activa.

• Brasil
• México
• Colombia
• Chile
• Perú
• Argentina
• Uruguay

Capital financiero y fondos de inversión robustos

Activos totales bajo administración (AUM) a diciembre de 2023: $ 8.6 mil millones

Tipo de fondo	Valor total
Fondos de capital privado	$ 4.3 mil millones
Fondos de infraestructura	$ 2.1 mil millones
Fondos inmobiliarios	$ 1.7 mil millones
Fondos de crédito	$ 500 millones

Análisis de inversión avanzada y capacidades de diligencia debida

El equipo de análisis de inversiones comprende 33 profesionales de investigación especializados con habilidades cuantitativas avanzadas.

• Metodología de investigación patentada
• Técnicas avanzadas de modelado financiero
• Análisis específico del sector integral
• Marcos de evaluación de riesgos

Infraestructura tecnológica para el seguimiento y la gestión de inversiones

Inversión tecnológica: $ 12.4 millones en 2023 para actualizaciones de infraestructura digital y sistemas.

Componente tecnológico	Inversión
Plataformas de análisis de datos	$ 4.6 millones
Sistemas de ciberseguridad	$ 3.2 millones
Infraestructura en la nube	$ 2.8 millones
Software de gestión de inversiones	$ 1.8 millones

Patria Investments Limited (PAX) - Modelo de negocio: propuestas de valor

Experiencia de inversión especializada en mercados latinoamericanos

Patria Investments administra $ 8.5 mil millones en activos centrados en los mercados latinoamericanos a partir del cuarto trimestre de 2023. La empresa tiene un equipo de inversión dedicado con más de 25 años de experiencia regional.

Enfoque de inversión	Activos totales bajo administración	Experiencia regional
Mercados latinoamericanos	$ 8.5 mil millones	Más de 25 años

Soluciones integrales de inversión de capital privado e infraestructura

Patria ofrece soluciones de inversión especializadas en múltiples sectores.

• Equidad privada: $ 5.2 mil millones en capital comprometido
• Inversiones de infraestructura: $ 3.3 mil millones en cartera
• Sectores cubiertos: energía, transporte, infraestructura digital, atención médica

Creación de valor a largo plazo para inversores institucionales y corporativos

Tipo de inversor	Duración promedio de inversión	Retorno típico Profile
Inversores institucionales	7-10 años	15-18% IRR
Inversores corporativos	5-8 años	12-15% IRR

Conocimiento localizado del mercado y ideas estratégicas

Presencia local: Oficinas en Brasil, Colombia, México y Perú con 85 profesionales de inversión.

• Comprensión profunda de la dinámica económica regional
• Extensa red de relaciones comerciales locales
• Inteligencia de mercado patentada

Cartera de inversiones diversificada en múltiples sectores

Sector	Asignación de inversión	Número de inversiones
Energía	28%	12 inversiones
Infraestructura digital	22%	9 inversiones
Transporte	18%	7 inversiones
Cuidado de la salud	15%	6 inversiones
Otros	17%	5 inversiones

Patria Investments Limited (PAX) - Modelo de negocio: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

Patria Investments brinda servicios de asesoramiento de inversiones personalizados con un enfoque en individuos de alto nivel de red e inversores institucionales. A partir del cuarto trimestre de 2023, la empresa administra aproximadamente $ 8.2 mil millones en activos bajo administración.

Segmento de clientes	Servicios de asesoramiento ofrecidos	Tamaño promedio de la cuenta
Individuos de alto nivel de red	Gestión de cartera personalizada	$ 5.6 millones
Inversores institucionales	Estrategias de inversión complejas	$ 42.3 millones

Informes regulares de desempeño y comunicaciones de inversores

La compañía mantiene rigurosos protocolos de comunicación con los inversores.

• Informes de rendimiento trimestrales
• Actualizaciones de inversión mensuales
• Seguimiento de cartera digital en tiempo real

Enfoque de asociación a largo plazo con inversores

Tasa promedio de retención del cliente: 87.4% A partir de 2023, indicando fuertes relaciones a largo plazo.

Duración de la relación con el cliente	Porcentaje de clientes
5-10 años	42%
Más de 10 años	35%

Equipos dedicados de gestión de relaciones

Patria emplea a 64 gerentes de relaciones dedicados que atienden a aproximadamente 1,200 cuentas de inversores activos.

• Relación promedio de cliente a gerente: 18: 1
• Experiencia promedio de los gerentes de relaciones: 12.6 años

Estrategia de inversión transparente y gobernanza

Métricas de cumplimiento y transparencia:

Métrico de gobierno	Nivel de cumplimiento
Precisión de los informes regulatorios	99.7%
Cumplimiento anual de auditoría externa	100%

Patria Investments Limited (PAX) - Modelo de negocio: canales

Relaciones directas del equipo de ventas y los inversores

A partir de 2024, Patria Investments mantiene un equipo dedicado de relaciones con inversores con 37 representantes de ventas profesionales que cubren los mercados latinoamericanos.

Tipo de canal	Número de representantes	Cobertura geográfica
Equipo de ventas directas	37	América Latina

Plataformas de inversión digital y portales en línea

Patria Investments opera Dos plataformas de inversión digital primarias Con las siguientes métricas:

• Usuarios totales de la plataforma digital: 14,623
• Volumen anual de transacción digital: $ 872 millones
• Tasa de participación de la plataforma móvil: 62%

Conferencias financieras y eventos de la industria

Tipo de evento	Participación anual	Inversores objetivo
Conferencias financieras internacionales	12	Inversores institucionales
Seminarios de inversión regionales	24	Individuos de alto patrimonio

Redes de redes y referencias profesionales

Patria Investments Apalancas Redes profesionales estratégicas Con la siguiente composición:

• Conexiones de red profesionales: 3,247
• Socios de referencia activos: 156
• Tasa de conversión de referencia promedio: 18.5%

Roadswows y presentaciones de inversión

Categoría de carretera	Frecuencia anual	Alcance de los inversores
Roadshows internacionales	6	Aproximadamente 450 inversores institucionales
Presentaciones regionales	18	Aproximadamente 1.200 inversores potenciales

Patria Investments Limited (PAX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Patria Investments atiende a inversores institucionales con un enfoque en los mercados latinoamericanos. A partir de 2023, la empresa logró aproximadamente $ 6.5 mil millones en activos en diversas estrategias de inversión.

Tipo de inversor	Activos totales bajo administración	Tamaño de inversión promedio
Inversores institucionales	$ 6.5 mil millones	$ 50-100 millones

Fondos de pensiones

Patria se dirige a los fondos de pensiones que buscan exposición a oportunidades de inversión latinoamericana.

• Las inversiones en fondos de pensiones representan aproximadamente el 35% de los activos totales de Patria bajo administración
• Las estrategias de inversión típicas incluyen infraestructura, capital privado y bienes raíces

Segmento de fondos de pensiones	Porcentaje de AUM	Enfoque geográfico
Fondos de pensiones brasileños nacionales	22%	Brasil
Fondos de pensiones internacionales	13%	América del Norte, Europa

Fondos de riqueza soberana

Los fondos de riqueza soberana constituyen una parte significativa de la base de clientes institucionales de Patria.

• Las inversiones soberanas de Wealth Fund representan aproximadamente el 25% de los activos totales bajo administración
• Las regiones primarias de interés incluyen Medio Oriente y Asia

Origen del fondo de riqueza soberana	Asignación de inversión	Sectores preferidos
Fondos del Medio Oriente	15%	Infraestructura, energía
Fondos soberanos asiáticos	10%	Bienes raíces, tecnología

Inversores corporativos

Los inversores corporativos representan un segmento clave en el ecosistema de inversión de Patria.

• Las inversiones corporativas constituyen aproximadamente el 20% de los activos totales bajo administración
• Los sectores incluyen servicios financieros, telecomunicaciones y corporaciones industriales

Tipo de inversor corporativo	Volumen de inversión	Estrategia de inversión preferida
Corporaciones brasileñas	12%	Capital privado
Corporaciones multinacionales	8%	Infraestructura

Individuos de alto nivel de red

Las personas de alto nivel de red centradas en los mercados latinoamericanos forman un segmento crucial de clientes para las inversiones de Patria.

• Las inversiones individuales de alto patrimonio de la red representan aproximadamente el 20% de los activos totales
• La inversión individual promedio rangos entre $ 5-20 millones

Origen hnwi	Porcentaje de inversiones HNWI	Vehículos de inversión preferidos
Brasileño hnwi	12%	Capital privado, bienes raíces
HNWI internacional	8%	Infraestructura, energía

Patria Investments Limited (PAX) - Modelo de negocio: Estructura de costos

Gastos de personal de gestión de inversiones

A partir del año fiscal 2023, Patria Investments Limited reportó gastos totales de personal de $ 58.4 millones. El desglose incluye:

Categoría de personal	Costo anual
Compensación de alta gerencia	$ 22.6 millones
Salarios de profesionales de inversión	$ 28.3 millones
Compensación del personal de apoyo	$ 7.5 millones

Costos de investigación y debida diligencia

La investigación anual y los gastos de debida diligencia totalizaron $ 12.7 millones en 2023, con la siguiente asignación:

• Informes de investigación externos: $ 4.2 millones
• Servicios de suscripción de datos: $ 3.5 millones
• Herramientas de análisis de mercado: $ 2.8 millones
• Tarifas de consultoría profesional: $ 2.2 millones

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para 2023 ascendieron a $ 15.3 millones, distribuidos de la siguiente manera:

Categoría de tecnología	Costo anual
Sistemas de TI y software	$ 6.9 millones
Servicios de computación en la nube	$ 4.6 millones
Infraestructura de ciberseguridad	$ 3.8 millones

Marketing y desarrollo de negocios

Los gastos de marketing y desarrollo comercial para 2023 fueron de $ 7.6 millones, que incluyen:

• Conferencias y patrocinios de eventos: $ 2.3 millones
• Campañas de marketing digital: $ 1.9 millones
• Gestión de la relación con el cliente: $ 1.8 millones
• Materiales promocionales: $ 1.6 millones

Cumplimiento regulatorio y gastos legales

El cumplimiento y los costos legales para 2023 totalizaron $ 9.2 millones, con el siguiente desglose:

Categoría de cumplimiento	Costo anual
Servicios de asesoramiento legal	$ 4.5 millones
Costos de presentación regulatoria	$ 2.7 millones
Capacitación de cumplimiento	$ 2.0 millones

Estructura de costos totales para 2023: $ 102.2 millones

Patria Investments Limited (PAX) - Modelo de negocio: flujos de ingresos

Tarifas de gestión de fondos de inversión

A partir de 2024, Patria Investments Limited genera tarifas de gestión de varios fondos de inversión con la siguiente estructura:

Tipo de fondo	Porcentaje de tarifas de gestión	Ingresos anuales estimados
Fondos de capital privado	1.5% - 2.0%	$ 45.2 millones
Fondos de infraestructura	1.25% - 1.75%	$ 32.7 millones
Fondos inmobiliarios	1.0% - 1.5%	$ 28.5 millones

Interés llevado a cabo basado en el rendimiento

Desglose de ingresos por intereses llevados:

Segmento de inversión	Tasa de interés llevada	Total de ingresos por intereses conllevados
Capital privado	20%	$ 67.3 millones
Infraestructura	15%	$ 42.6 millones

Tarifas de servicio de asesoramiento

Composición de ingresos de servicios de asesoramiento:

• Aviso financiero corporativo: $ 18.5 millones
• Fusión & Aviso de adquisición: $ 22.3 millones
• Aviso de reestructuración: $ 12.7 millones

Ingresos relacionados con la transacción

Fuentes de ingresos de transacciones:

Tipo de transacción	Ingresos de transacciones totales
Tarifas de ejecución de tratos	$ 15.6 millones
Tarifas de diligencia debida	$ 8.9 millones
Servicios de valoración	$ 6.2 millones

Dividendo de cartera de inversiones y apreciación de capital

Detalles del ingreso de la cartera:

Fuente de ingresos	Ingresos anuales totales
Ingreso de dividendos	$ 24.7 millones
Apreciación de capital	$ 89.4 millones

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.