Patria Investments Ltd
NASDAQ:PAX

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Patria Investments Ltd
NASDAQ:PAX
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Price: 14.57 USD 2.9% Market Closed
Market Cap: $2.3B

Patria Investments Ltd
Investor Relations

Patria Investments Ltd. is a storied name in the realm of private equity and alternative investments, renowned for sculpting financial landscapes across Latin America. Born in the bustling streets of São Paulo, Brazil, the firm's journey is one of calculated risk-taking and acute foresight. Over the decades, Patria has broadened its horizons beyond classical private equity, venturing into infrastructure, real estate, and credit strategies. This diversification is not just a tactical maneuver; it’s a reflection of the firm's adaptability to the ebbs and flows of Latin American economies. Their strategy pivots on identifying undervalued assets or businesses, amplifying their value through operational improvements and strategic growth initiatives, and ultimately, realizing returns by selling them or generating steady cash flows.

At the heart of Patria's operation is its ability to attract and manage capital from a global investor base, which includes pensions, sovereign wealth funds, and high-net-worth individuals, all eager to tap into the region's burgeoning opportunities. Patria’s revenue streams primarily derive from management fees tied to the assets they manage, as well as performance incentives—carried interest—earned from successfully achieving predefined return thresholds in their investment endeavors. This hybrid model ensures a steady inflow of income, cemented by long-term commitments from investors aiming for robust, inflation-beating returns. By aligning their interests with those of their investors, Patria has crafted a resilient business that not only flourishes in economic upswings but also weathers downturns with strategic agility, securing its seat as a pivotal player in Latin America's financial narrative.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 3, 2026
AI Summary
Q4 2025

Fundraising Beat: Patria raised a record $7.7 billion in organic fundraising for 2025, surpassing its upwardly revised $6.6 billion target by over $1 billion.

Fee Earnings Growth: Fee-related earnings for 2025 hit $202.5 million, up 19% year-over-year and in line with guidance, with strong Q4 sequential growth.

Strategic Acquisitions: The company closed several major acquisitions, including Solis (Brazilian private credit), RBR REITs, and WP Global Partners, expanding fee-earning AUM and geographic reach.

Record AUM: Fee-earning AUM reached $40.8 billion at year-end 2025, up 24% YoY. Pro forma for acquisitions, it stands at $47.4 billion.

Guidance Affirmed: 2026 and 2027 fundraising and FRE targets remain unchanged, reflecting management's confidence but a conservative approach.

Shareholder Returns: Dividend increased by 8% to $0.65 per share for 2026, with an expanded buyback program allowing up to 7 million shares to be repurchased.

Performance Fees Outlook: Management expects to realize $120–140 million in performance-related earnings from Q4 2024 to end of 2027, with $62 million already realized.

Leadership Transition: CFO Ana Russo will step down in April 2026, to be succeeded by Raphael Denadai.

Key Financials
Organic Fundraising
$7.7 billion
Fee-Related Earnings
$202.5 million
Fee-Related Earnings (Q4)
$64.2 million
Fee-Related Earnings Per Share (Q4)
$0.41
Fee-Related Earnings Margin (Q4)
63.6%
Fee-Earning AUM
$40.8 billion
Pro Forma Fee-Earning AUM
$47.4 billion
Total Fee Revenue (Q4)
$101 million
Total Fee Revenue (FY)
$344 million
Distributable Earnings (Q4)
$78.5 million
Distributable Earnings (FY)
$200.9 million
Distributable Earnings Per Share (FY)
$1.27
Dividend Per Share (2026)
$0.65
Operating Expenses (Q4)
$36.1 million
Operating Expenses (FY)
$141.6 million
Pending Fee-Earning AUM
$2.9 billion
Performance-Related Earnings (Q4)
$19.6 million
Performance-Related Earnings (3-year target)
$120–140 million (from Q4 2024 to end 2027)
Net Income (FY)
$85.6 million
Net Debt
$105 million
Net Debt to FRE Ratio
0.5x
Effective Tax Rate (Q4, excluding performance fees)
4.2%
Shares Outstanding (Year-end 2025)
158 million
Other Earnings Calls

Management

Mr. Olímpio Matarazzo Neto
Senior Managing Partner & Chairman
No Bio Available
Mr. Alexandre Teixeira de Assumpcao Saigh
CEO, Senior Managing Partner & Director
No Bio Available
Ms. Ana Cristina Russo
MD & CFO
No Bio Available
Mr. Patryck Pimpao Merhy
Partner & CEO Asia Pacific
No Bio Available
Mr. Jose Mestres
Partner & Investment Leader for Infrastructure Latam ex-Brazil
No Bio Available
Mr. Marcelo Fedak
Partner and CEO & Chief Investment Officer of Real Estate
No Bio Available
Mr. Alfonso Duval
Partner & Head of Commercial of Andean Region
No Bio Available
Mr. Ezequiel Camus
Partner & Head of Institutional Clients Latam, Ex-Brazil
No Bio Available
Mr. Pedro de Andrade Faria
Partner & Head of Private Equity Growth
No Bio Available
Mr. Fernando Tisne
Managing Partner & Head of Latam Fixed Income
No Bio Available

Contacts

Address
George Town
18 Forum Lane, 3rd floor,, Camana Bay, PO Box 757
Contacts
+13456404900.0
www.patria.com