Patria Investments Limited (PAX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des investissements en Amérique latine, Patria Investments Limited (PAX) apparaît comme une puissance stratégique, transformant des écosystèmes financiers complexes à travers des solutions innovantes de capital-investissement et d'infrastructure. Avec une approche axée sur le laser sur la création d'une valeur à long terme à travers divers segments de marché, PAX exploite son expertise régionale profonde et ses stratégies d'investissement sophistiquées pour débloquer des opportunités sans précédent pour les investisseurs institutionnels qui recherchent une croissance solide sur les marchés émergents.

Patria Investments Limited (PAX) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les sociétés d'investissement en capital-investissement et en infrastructure

Patria Investments Limited maintient des partenariats stratégiques avec les principales sociétés d'investissement de capital-investissement et d'infrastructure suivantes:

Entreprise partenaire	Focus d'investissement	Durée du partenariat
Groupe Blackstone	Infrastructure et capital-investissement	Depuis 2012
Goldman Sachs	Investissements en infrastructure latino-américaine	Depuis 2015

Collaboration avec des investisseurs institutionnels à travers l'Amérique latine

Le réseau d'investisseurs institutionnels de Patria comprend:

• Banque nationale brésilienne (BNDES)
• Fonds de pension du Brésil, du Mexique et du Chili
• Institutions de financement du développement international

Investisseur institutionnel	Montant d'investissement	Type d'investissement
Bndes	500 millions de dollars	Investissements d'infrastructure
Fonds de retraite brésiliens	750 millions de dollars	Fonds de capital-investissement

Partenariats avec les institutions financières locales et les banques d'investissement

Patria collabore avec les institutions financières suivantes:

• Itaú Unibanco
• Banco Bradesco
• Credit Suisse Brésil
• Pactuel BTG

Institution financière	Portée du partenariat	Année de collaboration
Itaú Unibanco	Opportunités de co-investissement	2018
Pactuel BTG	Conseil d'investissement en infrastructure	2016

Relations consultatives avec les entreprises et les entités gouvernementales

Patria entretient des relations consultatives avec:

• Ministère brésilien des infrastructures
• Gouvernement de l'État de São Paulo
• Grandes sociétés brésiliennes

Entité	Service consultatif	Valeur du contrat
Ministère brésilien des infrastructures	Conseil du projet d'infrastructure	25 millions de dollars par an
Gouvernement de l'État de São Paulo	Advisory de partenariat public-privé	15 millions de dollars par an

Patria Investments Limited (PAX) - Modèle d'entreprise: activités clés

Investissement et gestion de capital-investissement

En 2024, Patria Investments gère environ 6,4 milliards de dollars d'actifs dans divers fonds de capital-investissement. L'entreprise se concentre sur les investissements sur les marchés latino-américains, avec un accent particulier sur le Brésil.

Métrique d'investissement	Valeur
Total des actifs sous gestion	6,4 milliards de dollars
Nombre de fonds d'investissement actifs	7
Taille moyenne du fonds	915 millions de dollars

Développement et financement du projet d'infrastructure

Patria est spécialisée dans les investissements dans les infrastructures dans plusieurs secteurs en Amérique latine.

• Investissements d'infrastructure de transport
• Projets d'énergie et de services publics
• Développement d'infrastructures numériques

Segment d'investissement des infrastructures	Investissement total
Transport	1,2 milliard de dollars
Énergie	980 millions de dollars
Infrastructure numérique	450 millions de dollars

Services de conseil en investissement et de gestion des actifs

Patria fournit des services de conseil en investissement complet aux investisseurs institutionnels et privés.

Service consultatif	Clientèle
Investisseurs institutionnels	42 clients institutionnels majeurs
Gestion de patrimoine privée	268 clients individuels à haute noue
Actifs consultatifs totaux	3,8 milliards de dollars

Levée de capitaux et la structuration des fonds

L'entreprise a réussi à lever des capitaux sur plusieurs véhicules d'investissement.

Type de fonds	Capital levé
Fonds de capital-investissement	2,5 milliards de dollars
Fonds d'infrastructure	1,6 milliard de dollars
Fonds immobiliers	750 millions de dollars

Portfolio Company Support stratégique et création de valeur

Patria fournit une gestion active et des conseils stratégiques aux sociétés de portefeuille.

• Optimisation opérationnelle
• Restructuration stratégique
• Acquisition de talents de gestion
• Amélioration des performances financières

Métrique de support de portefeuille	Valeur
Nombre de sociétés de portefeuille actifs	35
Création de valeur moyenne	18,5% par investissement
Valeur totale de l'entreprise de portefeuille	4,2 milliards de dollars

Patria Investments Limited (PAX) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, Patria Investments Limited a une équipe de 87 professionnels de l'investissement avec une moyenne de 15,3 ans d'expérience sur les marchés latino-américains.

Composition de l'équipe	Nombre
Partenaires seniors	12
Gestionnaires de placements	42
Analystes de recherche	33

Réseau étendu sur les marchés latino-américains

Patria maintient des liens stratégiques dans 7 pays latino-américains primaires ayant une présence de investissement active.

• Brésil
• Mexique
• Colombie
• Chili
• Pérou
• Argentine
• Uruguay

Fonds de capital financier robustes et d'investissement

Total des actifs sous gestion (AUM) en décembre 2023: 8,6 milliards de dollars

Type de fonds	Valeur totale
Fonds de capital-investissement	4,3 milliards de dollars
Fonds d'infrastructure	2,1 milliards de dollars
Fonds immobiliers	1,7 milliard de dollars
Fonds de crédit	500 millions de dollars

Analyse avancée des investissements et capacités de diligence raisonnable

L'équipe d'analyse des investissements comprend 33 professionnels de la recherche spécialisés ayant des compétences quantitatives avancées.

• Méthodologie de recherche propriétaire
• Techniques de modélisation financière avancées
• Analyse sectorielle complète
• Cadres d'évaluation des risques

Infrastructure technologique pour le suivi et la gestion des investissements

Investissement technologique: 12,4 millions de dollars en 2023 pour les mises à niveau des infrastructures numériques et des systèmes.

Composant technologique	Investissement
Plateformes d'analyse de données	4,6 millions de dollars
Systèmes de cybersécurité	3,2 millions de dollars
Infrastructure cloud	2,8 millions de dollars
Logiciel de gestion des investissements	1,8 million de dollars

Patria Investments Limited (PAX) - Modèle d'entreprise: propositions de valeur

Expertise d'investissement spécialisée sur les marchés latino-américains

Patria Investments gère 8,5 milliards de dollars d'actifs axés sur les marchés latino-américains au quatrième trimestre 2023. L'entreprise a une équipe d'investissement dédiée avec plus de 25 ans d'expérience régionale.

Focus d'investissement	Total des actifs sous gestion	Expérience régionale
Marchés latino-américains	8,5 milliards de dollars	25 ans et plus

Solutions complètes d'investissement en capital-investissement et en infrastructure

Patria propose des solutions d'investissement spécialisées dans plusieurs secteurs.

• Private Equity: 5,2 milliards de dollars en capital engagé
• Investissements d'infrastructure: 3,3 milliards de dollars de portefeuille
• Secteurs couverts: énergie, transport, infrastructure numérique, soins de santé

Création de valeur à long terme pour les investisseurs institutionnels et d'entreprise

Type d'investisseur	Durée d'investissement moyenne	Retour typique Profile
Investisseurs institutionnels	7-10 ans	15-18% IRR
Investisseurs d'entreprise	5-8 ans	12-15% TRI

Connaissances du marché localisées et idées stratégiques

Présence locale: Offices au Brésil, en Colombie, au Mexique et au Pérou avec 85 professionnels de l'investissement.

• Compréhension approfondie de la dynamique économique régionale
• Réseau étendu de relations commerciales locales
• Intelligence du marché propriétaire

Portfolio d'investissement diversifié dans plusieurs secteurs

Secteur	Allocation des investissements	Nombre d'investissements
Énergie	28%	12 investissements
Infrastructure numérique	22%	9 investissements
Transport	18%	7 investissements
Soins de santé	15%	6 investissements
Autres	17%	5 investissements

Patria Investments Limited (PAX) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Patria Investments fournit aux services de conseil en investissement sur mesure en mettant l'accent sur les particuliers et les investisseurs institutionnels. Au quatrième trimestre 2023, l'entreprise gère environ 8,2 milliards de dollars d'actifs sous gestion.

Segment de clientèle	Services consultatifs offerts	Taille moyenne du compte
Individus à haute nette	Gestion de portefeuille personnalisée	5,6 millions de dollars
Investisseurs institutionnels	Stratégies d'investissement complexes	42,3 millions de dollars

Rapports de performance réguliers et communications des investisseurs

La société maintient des protocoles de communication rigoureux avec les investisseurs.

• Rapports de performance trimestriels
• Mises à jour d'investissement mensuelles
• Suivi du portefeuille numérique en temps réel

Approche de partenariat à long terme avec les investisseurs

Taux moyen de rétention de la clientèle: 87,4% En 2023, indiquant de fortes relations à long terme.

Durée de la relation client	Pourcentage de clients
5-10 ans	42%
Plus de 10 ans	35%

Équipes de gestion des relations dédiées

Patria emploie 64 gestionnaires de relations dédiés desservant environ 1 200 comptes d'investisseurs actifs.

• Ratio moyen client / manager: 18: 1
• Expérience moyenne des gestionnaires de relations: 12,6 ans

Stratégie d'investissement transparente et gouvernance

Métriques de conformité et de transparence:

Métrique de la gouvernance	Niveau de conformité
Précision des rapports réglementaires	99.7%
Compliance annuelle de l'audit externe	100%

Patria Investments Limited (PAX) - Modèle d'entreprise: canaux

Équipe de vente directe et relations avec les investisseurs

En 2024, Patria Investments maintient une équipe de relations avec les investisseurs dédiés avec 37 représentants commerciaux professionnels couvrant les marchés latino-américains.

Type de canal	Nombre de représentants	Couverture géographique
Équipe de vente directe	37	l'Amérique latine

Plates-formes d'investissement numériques et portails en ligne

Patria Investments fonctionne Deux plates-formes d'investissement numériques primaires avec les mesures suivantes:

• Utilisateurs totaux de plate-forme numérique: 14 623
• Volume annuel des transactions numériques: 872 millions de dollars
• Taux d'engagement de la plate-forme mobile: 62%

Conférences financières et événements de l'industrie

Type d'événement	Participation annuelle	Cibler les investisseurs
Conférences financières internationales	12	Investisseurs institutionnels
Séminaires d'investissement régionaux	24	Individus de valeur nette élevée

Réseaux professionnels et réseaux de référence

Patria Investments tire partis réseaux professionnels stratégiques avec la composition suivante:

• Connexions de réseau professionnel: 3 247
• Partenaires de référence actifs: 156
• Taux de conversion de référence moyen: 18,5%

Salles de routes et présentations d'investissement

Catégorie de roadshow	Fréquence annuelle	Investisseur Reach
Salles de route internationaux	6	Environ 450 investisseurs institutionnels
Présentations régionales	18	Environ 1 200 investisseurs potentiels

Patria Investments Limited (PAX) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Patria Investments sert des investisseurs institutionnels en mettant l'accent sur les marchés latino-américains. En 2023, l'entreprise a géré environ 6,5 milliards de dollars d'actifs dans diverses stratégies d'investissement.

Type d'investisseur	Total des actifs sous gestion	Taille moyenne de l'investissement
Investisseurs institutionnels	6,5 milliards de dollars	50 à 100 millions de dollars

Fonds de pension

Patria cible les fonds de pension à la recherche d'une exposition aux opportunités d'investissement en Amérique latine.

• Les investissements sur les fonds de retraite représentent environ 35% du total des actifs de Patria sous gestion
• Les stratégies d'investissement typiques comprennent les infrastructures, le capital-investissement et l'immobilier

Segment des fonds de pension	Pourcentage d'AUM	Focus géographique
Fonds de retraite brésiliens nationaux	22%	Brésil
Fonds de pension internationaux	13%	Amérique du Nord, Europe

Fonds de richesse souverain

Les fonds souverains constituent une partie importante de la clientèle institutionnelle de Patria.

• Les investissements du Fonds de patrimoine souverain représentent environ 25% du total des actifs sous gestion
• Les principales régions d'intérêt comprennent le Moyen-Orient et l'Asie

Origine du fonds de patrimoine souverain	Allocation des investissements	Secteurs préférés
Fonds du Moyen-Orient	15%	Infrastructure, énergie
Fonds souverains asiatiques	10%	Immobilier, technologie

Investisseurs d'entreprise

Les investisseurs d'entreprise représentent un segment clé de l'écosystème d'investissement de Patria.

• Les investissements d'entreprise représentent environ 20% du total des actifs sous gestion
• Les secteurs comprennent les services financiers, les télécommunications et les sociétés industrielles

Type d'investisseur d'entreprise	Volume d'investissement	Stratégie d'investissement préférée
Sociétés brésiliennes	12%	Capital-investissement
Sociétés multinationales	8%	Infrastructure

Individus à haute nette

Les individus à haute teneur en naissance axés sur les marchés latino-américains forment un segment de clientèle crucial pour les investissements de Patria.

• Les investissements individuels à haute netteur représentent environ 20% du total des actifs
• L'investissement individuel moyen varie entre 5 et 20 millions de dollars

Hnwi Origin	Pourcentage des investissements HNWI	Véhicules d'investissement préférés
HNWI brésilien	12%	Capital-investissement, immobilier
HNWI international	8%	Infrastructure, énergie

Patria Investments Limited (PAX) - Modèle d'entreprise: Structure des coûts

Dépenses du personnel de la gestion des investissements

Depuis l'exercice 2023, Patria Investments Limited a déclaré des dépenses totales de personnel de 58,4 millions de dollars. La ventilation comprend:

Catégorie de personnel	Coût annuel
Compensation de cadres supérieurs	22,6 millions de dollars
Salaires des professionnels de l'investissement	28,3 millions de dollars
Indemnisation du personnel de soutien	7,5 millions de dollars

Coûts de recherche et de diligence raisonnable

Les dépenses annuelles de recherche et de diligence raisonnable ont totalisé 12,7 millions de dollars en 2023, avec l'allocation suivante:

• Rapports de recherche externes: 4,2 millions de dollars
• Services d'abonnement aux données: 3,5 millions de dollars
• Outils d'analyse du marché: 2,8 millions de dollars
• Frais de conseil professionnel: 2,2 millions de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour 2023 s'élevaient à 15,3 millions de dollars, distribués comme suit:

Catégorie de technologie	Coût annuel
Systèmes informatiques et logiciels	6,9 millions de dollars
Services de cloud computing	4,6 millions de dollars
Infrastructure de cybersécurité	3,8 millions de dollars

Marketing et développement commercial

Les dépenses de marketing et de développement commercial pour 2023 étaient de 7,6 millions de dollars, notamment:

• Conférences et parrainages d'événements: 2,3 millions de dollars
• Campagnes de marketing numérique: 1,9 million de dollars
• Gestion de la relation client: 1,8 million de dollars
• Matériel promotionnel: 1,6 million de dollars

Compliance réglementaire et dépenses juridiques

La conformité et les frais juridiques pour 2023 ont totalisé 9,2 millions de dollars, avec la ventilation suivante:

Catégorie de conformité	Coût annuel
Services de conseil juridique	4,5 millions de dollars
Coûts de dépôt réglementaire	2,7 millions de dollars
Formation de la conformité	2,0 millions de dollars

Structure totale des coûts pour 2023: 102,2 millions de dollars

Patria Investments Limited (PAX) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

En 2024, Patria Investments Limited génère des frais de gestion à partir de divers fonds d'investissement avec la structure suivante:

Type de fonds	Pourcentage de frais de gestion	Revenus annuels estimés
Fonds de capital-investissement	1.5% - 2.0%	45,2 millions de dollars
Fonds d'infrastructure	1.25% - 1.75%	32,7 millions de dollars
Fonds immobiliers	1.0% - 1.5%	28,5 millions de dollars

Intérêt porté sur la performance

Répartition des revenus des intérêts:

Segment d'investissement	Taux d'intérêt transporté	Revenu total des intérêts transportés
Capital-investissement	20%	67,3 millions de dollars
Infrastructure	15%	42,6 millions de dollars

Frais de service consultatif

Services consultatifs Composition des revenus:

• Conseil financier des entreprises: 18,5 millions de dollars
• Fusionnement & Conseil d'acquisition: 22,3 millions de dollars
• Conseil de restructuration: 12,7 millions de dollars

Revenu lié aux transactions

Sources de revenus de transaction:

Type de transaction	Revenu total des transactions
Frais d'exécution	15,6 millions de dollars
Frais de diligence raisonnable	8,9 millions de dollars
Services d'évaluation	6,2 millions de dollars

Dividende du portefeuille d'investissement et appréciation du capital

Détails de revenu de portefeuille:

Source de revenu	Revenu annuel total
Revenu de dividendes	24,7 millions de dollars
Appréciation du capital	89,4 millions de dollars

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.