Patria Investments Limited (PAX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos investimentos latino -americanos, a Patria Investments Limited (PAX) surge como uma potência estratégica, transformando ecossistemas financeiros complexos por meio de soluções inovadoras de private equity e infraestrutura. Com uma abordagem focada em laser na criação de valor a longo prazo em diversos segmentos de mercado, a PAX aproveita sua profunda experiência regional e estratégias sofisticadas de investimento para desbloquear oportunidades sem precedentes para investidores institucionais que buscam crescimento robusto em mercados emergentes.

Patria Investments Limited (PAX) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com empresas de investimento em private equity e infraestrutura

A Patria Investments Limited mantém parcerias estratégicas com as seguintes empresas importantes de investimentos em private equity e infraestrutura:

Empresa parceira	Foco de investimento	Duração da parceria
Grupo Blackstone	Infraestrutura e private equity	Desde 2012
Goldman Sachs	Investimentos de infraestrutura latino -americana	Desde 2015

Colaboração com investidores institucionais em toda a América Latina

A rede de investidores institucionais da Patria inclui:

• Banco Nacional de Desenvolvimento Brasileiro (BNDES)
• Fundos de pensão do Brasil, México e Chile
• Instituições de Finanças de Desenvolvimento Internacional

Investidor institucional	Valor do investimento	Tipo de investimento
Bndes	US $ 500 milhões	Investimentos de infraestrutura
Fundos de pensão brasileiros	US $ 750 milhões	Fundos de private equity

Parcerias com instituições financeiras locais e bancos de investimento

Patria colabora com as seguintes instituições financeiras:

• Itaú Unibanco
• Banco Bradesco
• Crédito Suisse Brasil
• BTG Pactual

Instituição financeira	Escopo da parceria	Ano de colaboração
Itaú Unibanco	Oportunidades de co-investimento	2018
BTG Pactual	Infraestrutura Investimento de Investimento	2016

Relações consultivas com entidades corporativas e governamentais

Patria mantém relacionamentos consultivos com:

• Ministério da Infraestrutura Brasileira
• Governo do estado de São Paulo
• Principais empresas brasileiras

Entidade	Serviço de consultoria	Valor do contrato
Ministério da Infraestrutura Brasileira	Consultoria de Projeto de Infraestrutura	US $ 25 milhões anualmente
Governo do estado de São Paulo	Advogado de Parceria Pública-Privada	US $ 15 milhões anualmente

Patria Investments Limited (PAX) - Modelo de negócios: Atividades -chave

Investimento e gestão de private equity

A partir de 2024, a Patria Investments gerencia aproximadamente US $ 6,4 bilhões em ativos em vários fundos de private equity. A empresa se concentra em investimentos em mercados latino -americanos, com uma ênfase particular no Brasil.

Métrica de investimento	Valor
Total de ativos sob gestão	US $ 6,4 bilhões
Número de fundos de investimento ativos	7
Tamanho médio do fundo	US $ 915 milhões

Desenvolvimento e financiamento de projetos de infraestrutura

A Patria é especializada em investimentos em infraestrutura em vários setores na América Latina.

• Investimentos de infraestrutura de transporte
• Projetos de energia e utilidades
• Desenvolvimento de infraestrutura digital

Segmento de investimento em infraestrutura	Investimento total
Transporte	US $ 1,2 bilhão
Energia	US $ 980 milhões
Infraestrutura digital	US $ 450 milhões

Serviços de consultoria de investimentos e gerenciamento de ativos

A Patria fornece serviços abrangentes de consultoria de investimentos a investidores institucionais e privados.

Serviço de consultoria	Base de clientes
Investidores institucionais	42 grandes clientes institucionais
Gerenciamento de patrimônio privado	268 clientes individuais de alto patrimônio líquido
Total de ativos consultivos	US $ 3,8 bilhões

Captura de capital e estrutura de fundos

A empresa aumentou com sucesso o capital em vários veículos de investimento.

Tipo de fundo	Capital levantado
Fundos de private equity	US $ 2,5 bilhões
Fundos de infraestrutura	US $ 1,6 bilhão
Fundos imobiliários	US $ 750 milhões

Portfolio Company Suporte estratégico e criação de valor

A Patria fornece gerenciamento ativo e orientação estratégica para empresas de portfólio.

• Otimização operacional
• Reestruturação estratégica
• Aquisição de talentos da gerência
• Aprimoramento do desempenho financeiro

Métrica de suporte ao portfólio	Valor
Número de empresas de portfólio ativo	35
Criação de valor médio	18,5% por investimento
Valor total da empresa de portfólio	US $ 4,2 bilhões

Patria Investments Limited (PAX) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Em 2024, a Patria Investments Limited possui uma equipe de 87 profissionais de investimento, com uma média de 15,3 anos de experiência nos mercados latino -americanos.

Composição da equipe	Número
Parceiros seniores	12
Gerentes de investimento	42
Analistas de pesquisa	33

Rede extensa nos mercados latino -americanos

Patria mantém conexões estratégicas em 7 países da América Latina primária com presença ativa de investimento.

• Brasil
• México
• Colômbia
• Chile
• Peru
• Argentina
• Uruguai

Capital financeiro robusto e fundos de investimento

Total de ativos sob gestão (AUM) em dezembro de 2023: US $ 8,6 bilhões

Tipo de fundo	Valor total
Fundos de private equity	US $ 4,3 bilhões
Fundos de infraestrutura	US $ 2,1 bilhões
Fundos imobiliários	US $ 1,7 bilhão
Fundos de crédito	US $ 500 milhões

Análise de investimento avançado e recursos de due diligence

A equipe de análise de investimentos compreende 33 profissionais de pesquisa especializados com habilidades quantitativas avançadas.

• Metodologia de pesquisa proprietária
• Técnicas avançadas de modelagem financeira
• Análise abrangente específica do setor
• Estruturas de avaliação de risco

Infraestrutura de tecnologia para rastreamento e gerenciamento de investimentos

Investimento em tecnologia: US $ 12,4 milhões em 2023 para atualizações de infraestrutura e sistemas digitais.

Componente de tecnologia	Investimento
Plataformas de análise de dados	US $ 4,6 milhões
Sistemas de segurança cibernética	US $ 3,2 milhões
Infraestrutura em nuvem	US $ 2,8 milhões
Software de gerenciamento de investimentos	US $ 1,8 milhão

Patria Investments Limited (PAX) - Modelo de Negócios: Proposições de Valor

Experiência em investimentos especializados em mercados latino -americanos

A Patria Investments gerencia US $ 8,5 bilhões em ativos focados nos mercados latino -americanos a partir do quarto trimestre de 2023. A empresa possui uma equipe de investimento dedicada com mais de 25 anos de experiência regional.

Foco de investimento	Total de ativos sob gestão	Experiência regional
Mercados latino -americanos	US $ 8,5 bilhões	Mais de 25 anos

Soluções abrangentes de investimento em private equity e infraestrutura

Patria oferece soluções de investimento especializadas em vários setores.

• Private equity: US $ 5,2 bilhões em capital comprometido
• Investimentos de infraestrutura: US $ 3,3 bilhões em portfólio
• Setores cobertos: energia, transporte, infraestrutura digital, saúde

Criação de valor a longo prazo para investidores institucionais e corporativos

Tipo de investidor	Duração média do investimento	Retorno típico Profile
Investidores institucionais	7-10 anos	15-18% IRR
Investidores corporativos	5-8 anos	12-15% IRR

Conhecimento de mercado localizado e insights estratégicos

Presença local: Escritórios no Brasil, Colômbia, México e Peru com 85 profissionais de investimento.

• Compreensão profunda da dinâmica econômica regional
• Extensa rede de relacionamentos comerciais locais
• Inteligência de mercado proprietária

Portfólio de investimentos diversificado em vários setores

Setor	Alocação de investimento	Número de investimentos
Energia	28%	12 investimentos
Infraestrutura digital	22%	9 investimentos
Transporte	18%	7 investimentos
Assistência médica	15%	6 investimentos
Outros	17%	5 investimentos

Patria Investments Limited (PAX) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A Patria Investments fornece serviços de consultoria em investimentos personalizados, com foco em indivíduos de alta rede e investidores institucionais. A partir do quarto trimestre 2023, a empresa gerencia aproximadamente US $ 8,2 bilhões em ativos sob gestão.

Segmento de clientes	Serviços de consultoria oferecidos	Tamanho médio da conta
Indivíduos de alta rede	Gerenciamento de portfólio personalizado	US $ 5,6 milhões
Investidores institucionais	Estratégias de investimento complexas	US $ 42,3 milhões

Relatórios regulares de desempenho e comunicações de investidores

A empresa mantém protocolos de comunicação rigorosos com investidores.

• Relatórios trimestrais de desempenho
• Atualizações mensais de investimento
• Rastreamento de portfólio digital em tempo real

Abordagem de parceria de longo prazo com investidores

Taxa média de retenção de clientes: 87,4% a partir de 2023, indicando fortes relacionamentos de longo prazo.

Duração do relacionamento do cliente	Porcentagem de clientes
5-10 anos	42%
Mais de 10 anos	35%

Equipes de gerenciamento de relacionamento dedicadas

A Patria emprega 64 gerentes de relacionamento dedicados que atendem aproximadamente 1.200 contas de investidores ativos.

• Relação média de cliente para gerente: 18: 1
• Experiência média dos gerentes de relacionamento: 12,6 anos

Estratégia de investimento transparente e governança

Métricas de conformidade e transparência:

Métrica de Governança	Nível de conformidade
Precisão dos relatórios regulatórios	99.7%
Conformidade anual de auditoria externa	100%

Patria Investments Limited (PAX) - Modelo de Negócios: Canais

Equipe de vendas diretas e relações com investidores

A partir de 2024, a Patria Investments mantém uma equipe dedicada de relações com investidores com 37 representantes de vendas profissionais que cobrem os mercados latino -americanos.

Tipo de canal	Número de representantes	Cobertura geográfica
Equipe de vendas diretas	37	América latina

Plataformas de investimento digital e portais online

A Patria Investments opera duas plataformas de investimento digital primárias com as seguintes métricas:

• Usuários totais da plataforma digital: 14.623
• Volume anual de transação digital: US $ 872 milhões
• Taxa de engajamento da plataforma móvel: 62%

Conferências financeiras e eventos do setor

Tipo de evento	Participação anual	Investidores -alvo
Conferências Financeiras Internacionais	12	Investidores institucionais
Seminários de investimento regional	24	Indivíduos de alto patrimônio líquido

Redes profissionais e redes de referência

A Patria Investments aproveita Redes profissionais estratégicas Com a seguinte composição:

• Conexões de rede profissional: 3.247
• Parceiros de referência ativos: 156
• Taxa média de conversão de referência: 18,5%

Roadshows de investimento e apresentações

Categoria de roadshow	Frequência anual	Alcance do investidor
Roadshows internacionais	6	Aproximadamente 450 investidores institucionais
Apresentações regionais	18	Aproximadamente 1.200 investidores em potencial

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

Investidores institucionais

A Patria Investments atende a investidores institucionais com foco nos mercados latino -americanos. Em 2023, a empresa conseguiu aproximadamente US $ 6,5 bilhões em ativos em várias estratégias de investimento.

Tipo de investidor	Total de ativos sob gestão	Tamanho médio de investimento
Investidores institucionais	US $ 6,5 bilhões	US $ 50-100 milhões

Fundos de pensão

Patria tem como alvo fundos de pensão que buscam exposição a oportunidades de investimento latino -americanas.

• Os investimentos em fundos de pensão representam aproximadamente 35% do total de ativos da Patria sob administração
• Estratégias de investimento típicas incluem infraestrutura, private equity e imóveis

Segmento de fundos de pensão	Porcentagem de AUM	Foco geográfico
Fundos de pensão brasileiros domésticos	22%	Brasil
Fundos de pensão internacionais	13%	América do Norte, Europa

Fundos soberanos de riqueza

Os fundos soberanos de riqueza constituem uma parcela significativa da base de clientes institucionais da Patria.

• Investimentos soberanos do Fundo de Wealth representam aproximadamente 25% do total de ativos sob gestão
• As principais regiões de interesse incluem Oriente Médio e Ásia

Origem do fundo de riqueza soberana	Alocação de investimento	Setores preferidos
Fundos do Oriente Médio	15%	Infraestrutura, energia
Fundos soberanos asiáticos	10%	Imóveis, tecnologia

Investidores corporativos

Os investidores corporativos representam um segmento -chave no ecossistema de investimentos da Patria.

• Os investimentos corporativos constituem aproximadamente 20% do total de ativos sob gestão
• Os setores incluem serviços financeiros, telecomunicações e empresas industriais

Tipo de investidor corporativo	Volume de investimento	Estratégia de investimento preferido
Corporações brasileiras	12%	Private equity
Corporações multinacionais	8%	Infraestrutura

Indivíduos de alta rede

Indivíduos de alta rede focados nos mercados latino-americanos formam um segmento de clientes cruciais para investimentos em Patria.

• Investimentos individuais de alta rede representam aproximadamente 20% do total de ativos
• A média de investimento individual varia entre US $ 5 a 20 milhões

Origem hnwi	Porcentagem de investimentos em HNWI	Veículos de investimento preferidos
Hnwi brasileiro	12%	Private equity, imóvel
HNWI internacional	8%	Infraestrutura, energia

Patria Investments Limited (PAX) - Modelo de negócios: estrutura de custos

Despesas de pessoal de gerenciamento de investimentos

No ano fiscal de 2023, a Patria Investments Limited registrou despesas totais de pessoal de US $ 58,4 milhões. O colapso inclui:

Categoria de pessoal	Custo anual
Compensação da gerência sênior	US $ 22,6 milhões
Profissionais de investimento salários	US $ 28,3 milhões
Compensação da equipe de suporte	US $ 7,5 milhões

Custos de pesquisa e due diligence

As despesas anuais de pesquisa e due diligence totalizaram US $ 12,7 milhões em 2023, com a seguinte alocação:

• Relatórios de pesquisa externa: US $ 4,2 milhões
• Serviços de assinatura de dados: US $ 3,5 milhões
• Ferramentas de análise de mercado: US $ 2,8 milhões
• Taxas de consultoria profissional: US $ 2,2 milhões

Manutenção de tecnologia e infraestrutura

Os custos de infraestrutura de tecnologia para 2023 totalizaram US $ 15,3 milhões, distribuídos da seguinte forma:

Categoria de tecnologia	Custo anual
Sistemas de TI e software	US $ 6,9 milhões
Serviços de computação em nuvem	US $ 4,6 milhões
Infraestrutura de segurança cibernética	US $ 3,8 milhões

Marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2023 foram de US $ 7,6 milhões, incluindo:

• Patrocínios de conferência e evento: US $ 2,3 milhões
• Campanhas de marketing digital: US $ 1,9 milhão
• Gerenciamento de relacionamento com o cliente: US $ 1,8 milhão
• Materiais promocionais: US $ 1,6 milhão

Conformidade regulatória e despesas legais

A conformidade e os custos legais de 2023 totalizaram US $ 9,2 milhões, com o seguinte quebra:

Categoria de conformidade	Custo anual
Serviços de Consultoria Jurídica	US $ 4,5 milhões
Custos de arquivamento regulatório	US $ 2,7 milhões
Treinamento de conformidade	US $ 2,0 milhões

Estrutura de custo total para 2023: US $ 102,2 milhões

Patria Investments Limited (PAX) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

Em 2024, a Patria Investments Limited gera taxas de gerenciamento de vários fundos de investimento com a seguinte estrutura:

Tipo de fundo	Porcentagem de taxa de gerenciamento	Receita anual estimada
Fundos de private equity	1.5% - 2.0%	US $ 45,2 milhões
Fundos de infraestrutura	1.25% - 1.75%	US $ 32,7 milhões
Fundos imobiliários	1.0% - 1.5%	US $ 28,5 milhões

Baseado em desempenho carregou juros

Transportou a redução da receita de juros:

Segmento de investimento	Taxa de juros transportada	Receita total de juros transportados
Private equity	20%	US $ 67,3 milhões
Infraestrutura	15%	US $ 42,6 milhões

Taxas de serviço de consultoria

Composição de receita de serviços de consultoria:

• Aviso financeiro corporativo: US $ 18,5 milhões
• Fusão & Aquisição de aquisição: US $ 22,3 milhões
• Conselho de reestruturação: US $ 12,7 milhões

Renda relacionada à transação

Fontes de renda da transação:

Tipo de transação	Receita total de transações
Taxas de execução de negócios	US $ 15,6 milhões
Taxas de due diligence	US $ 8,9 milhões
Serviços de avaliação	US $ 6,2 milhões

Portfólio de investimentos Dividendo e valorização de capital

Detalhes da renda do portfólio:

Fonte de renda	Receita anual total
Renda de dividendos	US $ 24,7 milhões
Apreciação de capital	US $ 89,4 milhões

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.