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A. History and Development of the Company
Our History
Initially named Patrimônio Participações, we were founded in 1988 as a Brazilian M&A and financial advisory firm in partnership with Salomon Brothers Inc., a well-known U.S. investment bank at the time. In 1991, we acquired a Brazilian broker-dealer, which later evolved into a fully-fledged investment bank (Banco Patrimônio de Investimentos). In 1994, we started our private equity operations as a proprietary investment vehicle for the Brazilian shareholders of Banco Patrimônio and raised its first fund with independent Limited Partners ("LPs") in 1997. With the sale of Salomon Brothers to Travelers Group in the same year and the subsequent merger of Travelers with Citibank in 1998, we repurchased Salomon Brothers’ 50% interest in our firm and in 1999 sold the entire investment bank operation to Chase Manhattan. We retained the alternative asset management business, which was operated independently of the investment bank, and as a result, the sale of Banco Patrimônio had no impact on our activities. With the sale of Banco Patrimônio, our sole focus became our private equity operations and the development of our private assets investment business, which was still a nascent industry at the time. In 2001, we rebranded our operations as Patria Investments, and focused on solidifying our position as a pioneer in the industry in Latin America.
Our prior relationship with Blackstone, which acquired a 40% non-controlling stake in our business in October 2010, dated back to 1998, when they advised Banco Patrimônio’s shareholders on the repurchase of Salomon Brothers’ 50% interest in the investment bank and the subsequent sale to Chase Manhattan. The partnership with Blackstone, including their presence on our board of directors for a decade, helped us improve our corporate governance and evolve as a company, as we could use Blackstone, a global leader in the alternative asset management industry, as a benchmark.
Despite Blackstone’s substantial shareholding in our business, we maintained complete operational control and independence, including with regard to our fundraising efforts. Our 10-year relationship with Blackstone began to wind down just prior to our initial public offering (“IPO”), in 2021 when Blackstone sold a 10% interest in us to our managing partners, helping us to expand the partnership. Through a secondary sale as part of our IPO, Blackstone further reduced its equity stake in us to 14.4%. Over the subsequent 18 months post our IPO, Blackstone sold its remaining holding and had fully exited its position by December 31, 2022. For further information on our main shareholders, see “Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders.”
Following our IPO, we embarked on our strategy of significantly expanding, in large part through acquisitions, our investment, product, and distribution capabilities in order to leverage our leading position as a manager of alternative assets in Latin America and serve as the gateway for alternative investing in the region. There are three key elements to this part of our strategy, 1) Provide global institutional investors with unparalleled alternative investment opportunities in the region through an expanding range of strategies and products structures, 2) Serve what we expect will be growing demand for locally managed alternative investment solutions from local institutions and individual investors, and 3) Provide the gateway for local investors to access global alternative investments products.
In 2024 we closed a transaction to acquire a private equity carve-out interest from Aberdeen Plc, ("Abrdn"), a European middle market private equity solutions business, which included primary, secondary, and co-investments fund capabilities, further expanded our investment capabilities outside of Latin America, giving us a foothold in the fast-growing alternative investment industry in developed markets.
One consequence of the expansion of our platform over the years subsequent to our IPO is that we have greatly enhanced the number of investment strategies we offer through a wider variety of investment structures, all while greatly expanding our investor base. We expect this greater diversification of our business will help fuel our growth over time, in addition to greatly enhancing the resiliency of our business. For example, as of December 31, 2025, private equity and infrastructure combined account for approximately 24% of our FEAUM, versus approximately 86% at the time of our IPO. Also as of December 31, 2025 approximately 22% of our FEAUM are in permanent capital vehicles, versus almost zero at the time of our IPO, while about 15% of our FEAUM are held in separately managed accounts ("SMAs"), with large, institutional investors, compared to zero at the time of our IPO.
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(1) Blackstone fully exited its ownership position in PAX in 2022; (2) Initially acquired 40% of Kamaroopin in Feb-22. The remaining 60% was acquired in Apr-23 (3) Initially acquired 50% of VBI. The remaining 50% was acquired in Aug-24; (4) Initially acquired 51% of Solis Investimentos (announced in Nov-25, with closing in Jan-26). Remaining 49% expected to be acquired after 3 years through a put/call mechanism.
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Corporate Reorganization
On December 1, 2020, we entered into a purchase agreement among Blackstone and certain of its affiliates, Messrs. Alexandre T. de A. Saigh, Olimpio Matarazzo Neto and Otavio Lopes Castello Branco Neto (together referred to as the "Founders"), and certain entities affiliated with the Founders (the “Founder Entities”), and Patria Brazil, as part of a corporate reorganization pursuant to which (1) Patria Holdings acquired 100,000 of our common shares (prior to giving effect to the Share Split) (or 10% of our existing common shares) that were beneficially owned by Blackstone (the “Purchase”) and (2) the 19.6% non-controlling interest in Patria Brazil held by Blackstone and the 29.4% non-controlling interest in Patria Brazil held by one of the Founder Entities was reorganized as follows (the “Roll-Up”): (a) the direct interest held by Blackstone in Patria Brazil was contributed to us in exchange for three of our Class A common shares to be issued to Blackstone; and (b) the direct interest held by such Founder Entity was redeemed in its entirety at par value for a promissory note and one of the Founder Entities contributed the promissory note to us, in consideration for which we issued seven of our Class B common shares to Patria Holdings in the first half of 2021. We refer to these transactions collectively in this annual report as our “corporate reorganization”. The Purchase closed on January 6, 2021 and the Roll-Up closed on July 24, 2021. Upon the consummation of our corporate reorganization, Patria Brazil became a wholly owned subsidiary of the Company. Additionally, on January 13, 2021, we carried out a share split of 117.0:1, and as a result, our share capital represented by 1,000,000 shares was increased to 117,000,000 shares.
Our Initial Public Offering
On January 26, 2021, we closed our initial public offering, pursuant to which we issued and sold 19,147,500 Class A common shares and certain selling shareholders sold an additional 15,466,147 Class A common shares for an aggregate US$588.4 million. We did not receive any proceeds from the sale of Class A common shares by the selling shareholders. Our Class A common shares began trading on the Nasdaq Global Select Market on January 22, 2021, under the symbol “PAX.”
Combination with Moneda Asset Management
On December 1, 2021, we completed our combination with Moneda Asset Management SpA (“Moneda”), a leading asset manager headquartered in Chile. The transaction created a combined asset manager with US$23.8 billion in assets under management as of December 31, 2021, allowing us to solidify ourselves as one of the leading credit platforms in Latin America. As a result, we issued 11,045,430 Class B common shares to entities controlled by certain Moneda partners.
On September 3, 2021, we and our subsidiary Patria Investments LATAM S.A. (“PILatam”), entered into a transaction agreement with Moneda pursuant to which, subject to certain terms and conditions: (1) MAM II HoldCo, an exempted company incorporated in the Cayman Islands with limited liability, that held substantially all assets, liabilities and businesses of Moneda outside of Chile was merged with and into us, with Patria continuing as the surviving company after the merger and (2) the acquisition by PILatam of all of the outstanding shares of Moneda, which held, immediately prior to the closing, substantially all of Moneda’s assets, liabilities and businesses in Chile.
On January 10, 2024 and January 31, 2025, we issued a total of 4,354,014 Class A common shares issued to entities controlled by certain Moneda partners as deferred compensation due pursuant to the Moneda Transaction. Such Class A common shares were registered under the Securities Act of 1933, as amended, pursuant to our registration statement on Form F-3 (Registration No. 333-275787) and the related prospectus supplements filed on January 9, 2024 and January 30, 2025 to be offered and sold by the entities controlled by certain Moneda partners as selling shareholders.
The acquired Moneda business, which was subsequently incorporated under our brand, forms the centerpiece of our credit and public equities businesses, which as of December 31, 2025 had US$8.6 billion and US$2.7 billion of FEAUM, respectively.
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Launch of Growth Equity Strategy and Agreement to Partner with Kamaroopin
On December 8, 2021, we announced the launch of a new Growth Equity strategy, anchored by a proposed partnership with Kamaroopin Gestora de Recursos Ltda. (purchased by PILTDA) and Hanuman GP Cayman, LLC (purchased by Patria Finance Ltd.) (collectively “Kamaroopin”). Kamaroopin Gestora de Recursos Ltda. commenced operations in 2018, and at the time of the announcement had four invested Portfolio Companies where they partner with knowledgeable entrepreneurs as investor operators to drive growth through single-minded consumer-focused and tech-enabled business models. Our partnership was structured in two stages with financial terms not disclosed. The first stage included the acquisition of a 40% minority equity stake, at which point we would pursue a joint fundraising campaign for a new growth equity fund. The second stage contemplated the acquisition of the remaining 60% for an undisclosed equity consideration. The first tranche of the acquisition of Kamaroopin was signed on December 8, 2021 and closed on February 1, 2022, whereas the second tranche was signed on March 16, 2023 and closed on April 12, 2023. As a result, we currently own 100% of Kamaroopin Gestora de Recursos Ltda.
Agreement to Acquire VBI Real Estate
On June 9, 2022, we announced an agreement to acquire VBI Real Estate Gestão de Carteiras S.A. (“VBI Real Estate” or “VBI”) one of the leading independent alternative real estate asset managers in Brazil, which had approximately US$1.02 billion or R$5 billion in assets under management across both development and core real estate vehicles.
The transaction was structured in two stages. The first stage closed on July 1, 2022, and entailed the acquisition of 50% of VBI for cash consideration, plus the contribution of our two existing Brazilian REIT vehicles. The second stage allowed us to exercise an option to acquire the remaining 50% of VBI and thus consolidate VBI’s platform into the Patria group.
Over the course of 2023, and in support of our growth initiatives, VBI acquired three small-scale independent asset managers focused on real estate in Brazil: (i) BlueMacaw Asset Management Ltda. ("BlueMacaw") the spin-off portion of BlueMacaw Gestora Limitada (“BlueMacaw Gestora”), an investment manager focused on real Estate assets in Brazil. BlueMacaw Gestora was created as a spin-off of Blackstone's Real Estate operations in Latin America, led by Marcelo Fedak, (ii) Bari Gestão de Recursos Ltda. (later renamed VBI Securities Ltda.) and (iii) More Gestora de Recursos de Crédito Ltda. (later renamed VBI Capital Ltda.).
On August 1, 2024, the second stage of our VBI acquisition was concluded when we exercised our call option and acquired the remaining 50% stake of VBI. As a result, we currently own 100% of VBI.
Upon completion of the transaction involving CSHG Real Estate, we combined it with VBI's strategy, reformulating our real estate platform in Brazil, which we rebranded as "Patria Real Estate". As of December 31, 2025, our Brazilian real estate platform had US$7.8 billion of fee-earning AUM including about 90% in permanent capital vehicles.
Expansion into Venture Capital
On December 1, 2022 we announced the launch of a new venture capital strategy anchored on the acquisition of Igah Partners LLC, PEVC I General Partner IV, Ltd and Igah Carry Holding Ltd. (collectively referred as "Igah Ventures" or "Igah"), one of the pioneers of the sector in Latin America. By expanding our platform to include venture capital, we seek to offer products and solutions throughout the equity investment cycle to address all stages of growth. We believe Igah’s business complements our existing private equity and growth equity strategies, which are focused on relatively mature companies, by adding investment expertise in startups and early-stage companies.
Igah has been operating since 2013 with three funds raised from local and international investors, having invested in startups such as Infracommerce, Contabilizei, Unico, Avenue and Conexa Saúde. As of December 1, 2022, Igah had US$320 million in total assets under management and about US$140 million in fee earning assets under management, as it prepared to launch its fourth fund. We acquired 100% of Igah when the transaction closed in December 2022. The consideration consisted of (i) an upfront cash payment, (ii) equity to be paid in the form of Class A common shares over the course of the next 12 months, and (iii) a deferred payment component subject to certain fundraising targets.
On December 23, 2024, we entered into an agreement to acquire an additional 29.72% stake in PEVC I General Partner IV, Ltd for R$24.3 million (approximately US$3.9 million) that will be paid in cash between the years 2024 and 2028. We now hold 42.92% of PEVC I General Partner IV, Ltd.
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Also in December 2024 we combined both venture capital and growth equity strategies from, respectively, Igah and Kamaroopin, to create the new "Patria Growth Equity" platform within our private equity business, being able to offer a full spectrum of private equity solutions to investors from one cohesive and unified platform.
Business Arrangement with Bancolombia
On July 5, 2023, we announced that we had entered into a business arrangement with Bancolombia, a leading full-service financial conglomerate in Colombia, to expand our real estate capabilities into Colombia and leverage our private markets expertise to offer access to alternative investment products to Colombian investors. The transaction closed on November 1, 2023 when we assumed management of approximately US$1.4 billion of real estate AUM in Colombia. We expect to contribute capital to be deployed over multiple years to support Patria Asset Management (“PAM”) ’s operations as well as to fund general partner commitments. We hold 51% of PAM with the remaining 49% being held by Bancolombia.
Acquired Private Equity Solutions Business from Abrdn
On October 16, 2023, we announced an agreement to acquire the carved-out private equity solutions business from Aberdeen Plc, based in Edinburgh, Scotland. Abrdn's acquired business focuses primarily on primary, secondary, and co-investment middle market private equity investments in both commingled and separately managed account ("SMA") vehicles, as well as a private equity investment trust listed on the London Stock Exchange with more than US$1.5 billion in assets. The acquisition closed on April 26, 2024.
The combination of Abrdn's business with certain of our feeder funds that direct Latin American capital to global private markets and our wealth management business in Latin America, formed a new vertical named Global Private Markets Solutions (“GPMS”). This new vertical both enhances our ability to serve as a gateway for Latin American investors to access global private markets, while also expands our investment footprint into developed markets in the fast-growing alternative solutions market. The transaction added more than US$8 billion of FEAUM as of the closing date.
The transaction includes total consideration of up to GBP100 million (approximately US$122 million) payable to the seller in cash as follows: (i) GBP80 million (US$97.6 million) as base value of which GBP60 million (US$73.2 million) was due at closing and GBP20 million (US$24.4 million) is due 24 months after closing; and (ii) GBP20 million contingent on certain performance factors and is due 36 months after closing. As of December 31, 2025, the GPMS vertical had approximately US$11.9 billion of fee-earning AUM.
Acquired Credit Suisse’s Real Estate Business in Brazil
On December 6, 2023, we announced that we had entered into an agreement to acquire Credit Suisse Hedging-Griffo’s Real Estate investment funds business unit in Brazil (“CSHG Real Estate”), for total cash consideration up to R$650 million (or approximately US$130 million at the time of the announcement). The transaction was structured with the payment of R$300 million (or approximately US$60 million at the time of the announcement) upon completion of standard regulatory approvals, and an additional R$350 million (or approximately US$70 million at the time of the announcement) upon the successful transfer of the underlying real estate funds. The funds are listed on the B3 stock exchange and together added approximately R$12 billion (or approximately US$2.4 billion) in FEAUM to our real estate platform. The transaction closed on March 8, 2024, and the transfer of the last real estate fund was concluded on July 22, 2024.
The CSHG Real Estate business, which we more recently combined with VBI as part of our Brazilian real estate platform, had US$4.1 billion of fee-earning AUM as of December 31, 2025. The vast majority of our Brazilian real estate FEAUM, over 90%, is in permanent capital listed REITs. Permanent capital across all of our strategies accounted for approximately 22% of our total FEAUM as of December 31, 2025.
Business Combination regarding Tria
On April 2, 2024, we closed a transaction to acquire a 66.67% interest in Tria Comercializadora de Energia S.A. ("Tria"). The business combination is a joined effort between us and individuals within the energy sector establishing an energy trading company. We invested R$100 million (US$ 19.8 million) of capital for 66.67% of the company and at the same time granted 33.33% of capital to the energy sector individuals for no consideration.
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The acquired business contributed other income of US$6.6 million and net profit of US$3.5 million to us for the period from April 2, 2024, to December 31, 2024. The company has no previous operating history, therefore the impact on revenue, other financial income and net profit from the above transaction, had the acquisition taken place on January 1, 2024, is not meaningful.
On March 26, 2025, the minority shareholders of Tria performed an additional capital contribution in Tria, which was already provided for in the transaction documents, decreasing our current equity ownership in Tria to 58.82%.
Agreement to Acquire Nexus
On June 5, 2024, we entered into an agreement to acquire Nexus Capital Partners S.A.S. ("Nexus"), one of the top independent alternative asset managers in Colombia, operating since 2008, with approximately US$700 million in AUM across multiple strategies. The transaction was structured in two stages. The first tranche of the acquisition was signed on June 5, 2024, and closed on July 16, 2024, whereas the second tranche was signed on July 16, 2024 and closed on August 26, 2024. The Nexus business, when combined with the Colombian Real Estate strategies we acquired as part of the business arrangement with Bancolombia in 2023, brought our Colombian based Real Estate FEAUM to approximately US$2.0 billion.
Acquired Helius' Funds in Brazil
On July 10, 2024, we entered into an agreement with Helius Capital Gestão de Recursos S.A. (“Helius”), a small Brazilian independent asset managers focused on long-biased strategy for the assignment of the management of its funds to Patria. The transaction also involved the hiring of Mr. William Leite as the new portfolio manager of our Public Equities team. The transfer of Helius funds was concluded on September 12, 2024 and the transaction closed on September 13, 2024.
Acquired Genial Investimentos’ Funds in Brazil
On May 30, 2025, we announced that we signed an agreement for the transfer of portfolio management of six real estate investment funds (FIIs) from Genial Gestão Ltda. and Plural Gestão de Recursos Ltda. (together, "Genial Investimentos"). This transaction was part of our broader strategy to expand and diversify its Real Estate portfolio. With this transaction, approximately US$0.44 billion or R$ 2.5 billion in assets under management were added to our Real Estate portfolio, bringing the total to around R$26 billion. The transaction closed on July 15, 2025.
Acquired Vectis Gestão in Brazil
On June 11, 2025, we announced that we signed an agreement to acquire Vectis Gestão de Recursos Ltda. ("Vectis Gestão"), a Brazilian asset management firm focused on real estate and agribusiness sectors. This transaction added to our Real Estate Brazil business US$291 million in assets under management, strengthening our presence in the Real Estate Credit fund market and supporting our strategic objective of building a diversified portfolio including the different segments of the market. The asset acquisitions also brought two new funds to our portfolio: VCJR11, which focuses on Real Estate Receivables Certificates ("CRIs") and other financial assets in the real estate sector; and VCRR11, designed for the short-term residential rental market. With this transaction, our Real Estate Brazil portfolio reached approximately US$4.5 billion in assets under management, further consolidating its position as the number one independent real estate fund manager in Brazil. The transaction closed on July 1, 2025.
Acquired Solis Investimentos in Brazil
On November 26, 2025, we announced that we signed an agreement to acquire 51% of Solis Investimentos Ltda. ("Solis Investimentos"), a Brazilian investment manager specializing in the structuring and management of Collateralized Loan Obligations ("CLOs"). The acquisition of Solis Investimentos’ approximately US$3.1 billion of FEAUM will increase our total Credit FEAUM by over 35% in 2026, which we believe solidifies our position as a leading Credit platform in Latin America. The partnership positioned Solis Investimentos for a new cycle of growth by connecting its high-quality credit origination, analysis, and monitoring capabilities to our platform, expanding its access to both local and global capital. The transaction closed on January 2, 2026.
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Acquired RBR Gestão in Brazil
On December 11, 2025, we announced that we signed an agreement to acquire RBR Gestão de Recursos Ltda. ("RBR Gestão"), which, after internal corporate reorganization, currently holds approximately US$1.3 billion of FEAUM listed Real Estate Investment Trusts (“REITs”). RBR Gestão is the current manager of 12 funds, of which 11 are listed REITs focused predominately on Credit and Multi-Asset strategies. Other assets that were not within the perimeter of the transaction were carved out under the aforementioned internal corporate reorganization and remained under the management of other RBR Group companies and their respective teams. We believe this acquisition, will position us as one of the leading asset managers of listed REITs in Brazil, with scale across a variety of strategies, including Office, Logistics, Credit, Multi-Asset and Urban Retail.
The addition of RBR's FEAUM into our Real Estate platform will represent a Compound Annual Growth Rate (“CAGR”) of over 65% since our IPO in early 2021. Our high-margin Real Estate strategies, of which 90% is in permanent capital vehicles, will account for over 20% of our total FEAUM. The transaction closed on February 2, 2026.
Acquisition of WP - U.S. Private Markets
On February 2, 2026, we announced an agreement to acquire WP Global Partners LLC ("WP"), a U.S. based private equity solutions manager focused on the lower-middle-market. The acquisition strengthens our local presence and investment capacity in North America and supports increasing global investor demand for middle-market private equity exposure.
Founded in 2005, WP operates from two offices in New York and Chicago and has a team of 30 employees, supported by a team of more than ten experienced investment professionals. Integrating WP’s capabilities and team expands our U.S. presence, investment and fundraising capabilities, complementing our established Private Equity Solutions business and advancing our global diversification strategy. The transaction closed on April 1, 2026.
Corporate Information
We were incorporated in Bermuda on July 6, 2007 as a limited liability exempted company and changed the jurisdiction of its incorporation to the Cayman Islands on October 12, 2020, registering by way of continuation as a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies. Our principal executive office is located at 60 Nexus Way, 4th floor, Camana Bay, PO Box 757, KY1-9006, Grand Cayman, Cayman Islands. Our telephone number at our principal executive office is +1 345 640 4900. Our principal website is www.patria.com. The information that appears on our website is not part of, and is not incorporated into, this annual report. In addition, the SEC maintains an Internet website at www.sec.gov, from which you can electronically access this annual report.
B. Business Overview
Overview
For the Years Ended December 31,
2025 2024 2023 Change 2025/2024 Change 2024/2023
(in US$ millions)
Net income for the year 90.5 75.7 120.8 14.9 (45.1)
Owners of the Company 85.7 71.9 118.4 13.8 (46.5)
Non-controlling interests 4.9 3.8 2.4 1.1 1.4
Fee Related Earnings (FRE) 202.5 170.1 147.7 32.4 22.4
Distributable Earnings (DE) 200.9 189.2 186.3 11.7 2.9
Note: FRE and DE figures reflect only the results attributable for controlling owners to disclose our exposure from our ownership stake on each line item. For their definition and reconciliation from Net Income see "Item 5.A Operating Results - Non-GAAP Financial Measures and Reconciliations".
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We are a global alternative investment firm focused on the middle market segment, specializing in resilient sectors across select regions. We are a leading asset manager in Latin America and have a strong presence in Europe, with combined assets under management (“AUM”), of US$52.6 billion and US$41.9 billion as of December 31, 2025 and 2024, respectively. Fee-earnings AUM ("FEAUM"), which are the AUM on which we earn management fees, totaled US$40.8 billion and US$32.9 billion as of December 31, 2025 and 2024, respectively. We seek to be the gateway for alternative investing in Latin America and the partner of choice for both global as well as local Latin American institutional and individual investors. We aim to serve our investors' needs by providing a diverse range of investment solutions that generate attractive risk-adjusted returns in order to help investors meet their specific portfolio objectives. To serve our clients' needs, we offer a comprehensive and expanding array of investments strategies across major asset classes - private equity, infrastructure, credit, real estate, and public equities. We offer these strategies through a variety of product structures designed to meet our clients' investment goals and liquidity needs. Product structures, generally fall into the categories of closed-end funds, permanent capital listed vehicles and interval funds, open end funds, and separately managed accounts ("SMAs"), among others.
As an asset manager, investment performance is the core of our business and a fundamental driver of our growth, and we believe we have built a solid track record across our strategies. The pooled Net Internal Rate of Return ("IRR") for our latest three vintages of closed-end infrastructure development funds, for example, was 10.2% as of December 31, 2025 in U.S. dollars, outperforming the Burgiss Global Infrastructure Median and the DowJones Brookfield Global Infra Index by 2.2% and 8.6%, respectively, and reached 16.0% in local currency. For private equity, the 20-year pooled Net IRR in U.S. dollars for our closed-end buyout funds was 11.0% as of December 31, 2025, outperforming the Burgiss LatAm Private Equity Top Quartile by 1.3 p.p. and on a local currency basis reached 14.4%.
With respect to credit, our Latin America High Yield Credit , our largest strategy, has outperformed its benchmark by 366 basis points ("bps") as of December 31, 2025 since inception in February 4, 2000. The strategy has also beaten its benchmark CEMBI Broad Div Latam HY (J.P. Morgan’s high‑yield Latin American corporate bond index) over the trailing 1, 3 and 5 periods through December 31, 2025. With respect to real estate, of our largest REITs with assets in excess US$75 million, which totals AUM of almost US$5.7 billion, 8 out of 11 have beaten the related benchmark since inception. Finally, in our GPMS business our investments in primaries, secondaries, and co-investments have generated gross IRRs of 17%, 18% and 17%, respectively, since inception and as of September 30, 2024, the latest date for which information is available. For further information on our funds performance, see “—Our Business.”
We believe we have also generated attractive financial performance for our shareholders. Since our IPO, we have grown our FEAUM from US$7.7 billion as of December 31, 2020 to US$40.8 billion as of December 31, 2025. Our Fee Related Earnings grew from US$56.8 million in 2020 to US$202.5 million in 2025, our Net Income grew from US$61.8 million in 2020 to US$90.5 million in 2025 and our Distributable Earnings per Share rose to US$1.27 in 2025 from US$1.02 in 2021, our first year as a public company.
In 2024, as reported before, we implemented several important changes to our capital management policy to enhance our capital flexibility in order to fund our growth, including acquisitions, and long-term shareholder returns. Starting with our dividend, in the second quarter of 2024, we transitioned from a variable quarterly dividend policy of 85% of Distributable Earnings to a fixed quarterly dividend of US$0.15 per share, subject to annual review. In the fourth quarter of 2025 we announced an increase of our fixed quarterly dividend to US$0.16 per share for the financial year 2026. In addition, in the fourth quarter of 2025 we announced that our Board had approved an additional share buyback program of three million shares, on top of the previously approved program of 3 million shares. The Group entered into a total return swap with a financial institution for 1.5 million shares in the third quarter of 2025 and aims to purchase the shares from the financial institution on the maturity of the swap. Our intention continues to be to use repurchases to mitigate the impact of compensation-based share issuance overtime, and we expect to keep our share count between 158 and 160 million shares for the coming year.
As of December 31, 2025, we had 548 professionals, of which 44 were partners, 20 of whom have worked together for more than 15 years. We operate in 15 offices around the globe, including investment offices in, Montevideo (Uruguay), São Paulo (Brazil), Bogotá and Medellín (Colombia), Lima (Peru), Santiago (Chile) and Edinburgh (Scotland) as well as client-coverage offices in New York, Sausalito (United States), Dubai (UAE), Hong Kong (China), Mexico City (Mexico) and Buenos Aires (Argentina) , in addition to corporate business and management office in George Town (Cayman Islands) and London (England).
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Our Vision
We seek to expand our successful business and investment strategy, which has been in place since the inception of our Company, as we see the continuing growth of our industry and the increasing demand for our products. We seek to continue to grow as a global mid-market leading alternative asset manager specialized in key resilient sectors in Latin America while selectively expanding into Europe and the United States.
We strongly believe the acquisitions and investments we have made in our investment, product, and distribution capabilities will enable us to expand our leadership position in the regions where we operate in terms of capital raised for alternative strategies and among emerging markets-based alternative investments managers overall.
We understand that to become the gateway to mid-market investment opportunities to our investors, we must focus not only on continuing to deliver attractive risk-adjusted investment returns in our current products, but also develop new product capabilities that cater to the ever evolving investment needs and objectives of our clients. We seek to build long-term relationships with our investors as a solutions-oriented investment provider, as exemplified by the development of our customized SMA capabilities, as opposed to simply a product-centric investment manager.
Historically, our ability to provide returns, products and knowledge to our clients has been predicated on our ability to transform the sectors in which we invest by applying our investment approach which combines deep knowledge of our region, strong sector specialization, expertise in operational value creation, and a competence in working together with talented entrepreneurs, investors, and managers. We believe that by continuing to promote our investment approach, while also deepening and enlarging our sector and geographical expertise, and expanding the range of our investment offerings, we can better serve our clients.
We believe that our ambition can be made viable by our focus on attracting and retaining the best talent from different investment specialties, and regions and leveraging the power of our investment approach to create attractive investment outcomes. In turn, this should help us attract and retain clients and assets, driving our economic returns and helping us to build scale. We seek to scale our operating platform to support the expansion of existing products as well as to launch new ones as we look to serve our clients' evolving needs, which should enable us to translate our growth into high levels of sustained profitability. In addition to attracting top talent and ever-improving our professional standards, we continue to invest in our processes and in the improvement of our technological backbone.
Our Business - Significantly Enhanced our Diversification
As an asset manager, our AUM and FEAUM are two of our most important KPIs, illustrating the evolution of our business in terms of size, products, and capacity to generate revenues. We believe that the growth of our AUM and FEAUM is directly supported by our performance, and our ability to invest these assets to produce attractive risk-adjusted returns. Our calculation of two key measures - Total AUM and FEAUM - may differ from the calculations of other investment managers and, as a result, may not be comparable to similar metrics presented by other investment managers. These measures are defined in the section “Presentation of Financial and Other Information—Certain Terms Used in this Annual Report as KPIs to Measure Operating Performance.”
Since our IPO, product, geographic, and investor diversification have been a key component of our strategy, and we believe we have made significant progress on these objectives. For example, from approximately seven investments strategies at the time of our IPO, we now offer more than 35 investment strategies across a wider variety of asset classes, with plans for continued expansion.
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Platform overview by asset class as of December 31, 2025:
Note: Currency Exposure Hard / Soft (%) reflects the percentage of FEAUM exposed to each classification of currency. Soft currency exposures include vehicles which are either denominated in a soft (i.e. local) currency or have management fee exposure through the underlying investments where fees are charged on net asset value. Effective Management Fee Rate reflects the LTM management fee revenue divided by the average FEAUM for the past 12 months. Real Estate Effective Managemenet. Fee Rate includes the 100% of VBI and the Bancolombia partnership, which was effective at our 50% in part of 2025 for VBI and is 51% ownership levels for Bancolombia partnership. Periodic liquidity for open funds refers to funds which investors can redeem shares in a short period, including but not limited to weekly and monthly; and for Interval Funds refers to funds which investors can only redeem shares at specific intervals, such as quarterly, semi-annually or yearly.
From December 31, 2009 to December 31, 2025, our Total AUM increased from US$2.4 billion to US$52.6 billion at a compounded annual growth rate (“CAGR”), of 21.2% per year. Our FEAUM defines the effective capital managed by us on which we derive management fees, and as of December 31, 2025 our FEAUM were US$40.8 billion and grew at a 40% CAGR from year end 2020, just prior to our January 2021 IPO. Our Total AUM, in addition to our FEAUM, considers the appreciation of the assets and the capital under management which is not generating management fees at a given time, such as the committed and not yet deployed capital of funds that charge management fees over the deployed capital.
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The following charts illustrate our Total AUM and FEAUM growth curves:
Total AUM Patria (in US$ billions)
Total FEAUM Patria (in US$ billions)
Note: There can be no guarantee that we will achieve comparable growth metrics in the future. Others includes discontinued strategies such as hedge funds in 2020.
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Infrastructure—Creating value through growth and development strategies
We believe we have built one of the leading infrastructure investment products in Latin America in terms of AUM, considering our US$8 billion and US$5.5 billion of Total AUM and US$4.3 billion and US$3.4 billion of FEAUM as of December 31, 2025 and 2024, respectively. We have offered over US$3.3 billion of co-investment opportunities to date since our inception in 2006. As of December 31, 2025, our primary infrastructure products older than 36 months had a consolidated cash-weighted net IRR since inception of 5.5% in U.S. dollars and 13.5% in Brazilian reais. As of December 31, 2025, the consolidated cash-weighted net IRR of our infrastructure Fund III, Fund IV and Fund V, our latest vintages, was 10.2% in U.S. dollars and 16.0% in Brazilian reais, which we believe demonstrates the strength of our most recent funds. Performance in Brazilian reais is particularly noteworthy as it substantially eliminates the impact of U.S. dollar exchange rate volatility and therefore, we believe, offers a more informative perspective of our investment acumen relative to dollar-based returns. In addition, we expect to develop additional infrastructure strategies targeted to local and regional investors who will be investing in local currencies.
The focus of our infrastructure investments is to capture additional returns above relevant market benchmarks “alpha” in Latin America’s infrastructure sectors through a disciplined but flexible investment process that we believe has shown to be value accretive regardless of macroeconomic cycles and external environments, and is based on the following elements:
•Growth: Investments with significant value to be captured by brownfield expansions, consolidation of fragmented markets and other growth vectors;
•Development premium: Opportunities in upgrading, expanding or de-risking projects or assets, and addressing bottlenecks, gaps and inefficiencies in several segments. Approximately two-thirds of our investments in infrastructure were made through new platforms we created, where, in general, we hold a controlling stake;
•Sound capital structure: Deployment of solid capital structures based primarily on long-term project finance and a strong equity capital base, generally prioritizing the gradual deployment of primary capital to fund growth over large buyouts requiring an early infusion of sizable amounts of capital;
•Operation and efficiency gains: Identification of opportunities for efficiency gains and of specific value drivers related to the project and the investment thesis; and
•Platforms: Assembly of experienced management and operating teams at the individual Portfolio Companies that are complemented and supported by seasoned members of our corporate team, all under a set of incentive mechanisms to align the interests of management and operating teams with our fund’s objectives and guidelines.
After building a successful franchise of infrastructure funds that invest in value-add opportunities in Latin America, we have expanded our product offering with infrastructure funds focusing on core infrastructure as well as infrastructure credit. On March 8, 2021, we announced the closing of our first evergreen, publicly traded, Core Infrastructure fund, Patria Infraestrutura Energia Core FIP Infra (“PICE”). PICE has closed on total commitments of approximately US$148 million (approximately R$914 million), and is a yield-focused investment vehicle that seeks to invest in high-quality, operational power generation and transmission assets in Brazil. This platform is designed to hold investments for longer periods than traditional private equity and is listed on the Brazilian Stock Exchange -B3 under the symbol (“PICE11”), which allows for its investors to have liquidity through the secondary market. Other examples of the expansion of our infrastructure platform include: (i) the August 2022 launch of Patria Infraestrutura Energia Core Renda FIP Infra (“PIER”). PIER which now has about US$163 million (R$902 million) and invests primarily in established hydro plants that are fully operational, with inflation-indexed long-term contracts and already distributing yield to investors; (ii) the 2023 launch of our credit infrastructure fund ("Infrastructure Credit"), which combines the strength of both our credit and infrastructure platforms and which now has approximately US$182 million of AUM as of December 31, 2025; (iii) the 2024 acquisition of Tria Comercializadora de Energia S.A., an energy trading company which represents a strategic collaboration between the Patria group and key players in the energy sector. This combination allows us to enhance and diversify our infrastructure vertical by integrating specialized expertise from the Brazilian energy market; and (iv) the November 2025 launch of Patria Infraestrutura Credito DI ("PIDI"), focused on the allocation of infrastructure debentures indexed to the CDI (the Brazilian interbank rate).
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Infrastructure | Overview as of December 31, 2025
(1)Burgiss Global Infra Median.as of the third quarter of 2025, latest available.
(2)Capex developed/contracted.
(3)Source: IDB (Inter-American Development Bank) and IMF (International Monetary Fund); Patria internal analysis.
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Infrastructure | Performance versus benchmark as of December 31, 2025
(1)Methodology: Cash Weighted Chronological (“Pooled Returns”) consolidates funds return at original dates and cash flows. Latest vintages considers Fund III, IV and V returns as of the fourth quarter of 2025 (~12 years).
(2)Burgiss Global Infra Median as of third quarter of 2025, latest available.
Private Equity—Operational value creation in resilient sectors
We have been evolving our private equity strategies since 1994, applying our investment approach to create leading companies in resilient sectors, such as agribusiness, healthcare, food and beverage, and logistics. As of December 31, 2025 and 2024, our private equity product had US$10.5 billion and US$9.8 billion of AUM and US$5.6 billion and US$5.4 billion of FEAUM, respectively. Collectively, our private equity funds had approximately 77 investments and over 348 underlying acquisitions historically as of December 31, 2025, reflecting the scale of our investment development activities. As of December 31, 2025 and 2024, the consolidated cash-weighted net IRR since inception for our primary private equity funds older than 36 months was 9.1% and 9.5% in U.S. dollars and 16.0% and 15.7% in Brazilian reais, respectively, with limited use of leverage. We believe that performance in reais is a key indicator of our investment acumen as it substantially eliminates the impact of U.S. dollar exchange rate volatility, which is outside of our investment control, and we expect will be of growing importance as we anticipate local investors investing in local currencies will increasingly be attracted to our private equity solutions as we develop products to cater to this market. In addition, with our expansion to venture capital, growth equity, and middle-market private equity solutions in developed markets, we believe our product offering now more fully covers the private equity investment spectrum.
Our performance is a result of our diligent investment process, which includes:
•Our tailored thesis formulation process, which balances macroeconomic analyses to address regional comparative advantages and shortcomings with thoughtful market targeting and sector focus. This approach seeks to identify sectors that are large, growing and resilient where supply-side fragmentation would allow for market consolidation. In general, our investment theses focus on the acquisition of several small to medium sized companies, with an average of approximately six acquisitions per thesis, in order to consolidate a fragmented market;
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•Sourcing of specific investment targets based on our team’s extensive professional networks followed by a disciplined investment selection process. This involves a due diligence process focused on mitigating legal, financial and operational risks as well as producing a detailed business plan for the relevant company to deliver the targeted returns. The combination of proprietary sourcing with an operationally intensive due diligence process seeks to ensure that potential investment targets are companies with successful owner-operators interested in partnering with us to drive scale and growth through market consolidation;
•Acquisition of a control position, at an attractive entry price, in companies where execution risk is mitigated by the collaboration between such owner-operator and our team. A key differentiating aspect of our strategy is the focus on partnerships with established owner-operators striving to support the growth of profitable businesses rather than making outright acquisitions;
•Intense hands-on operational involvement in Portfolio Companies, working alongside management to drive revenue growth, consolidate markets through add-on acquisitions to capture synergies and build scale, in addition to other efficiency-enhancing initiatives. We develop detailed business plans, have strong alignment with owner-operators’ long-term plans and onboard strong, experienced management teams, including certain of our own key executives, usually in C-level or director positions;
•Capital is allocated to Portfolio Companies at a gradual pace, consistent with our investment approach based on the consolidation of fragmented markets. This staged deployment allows us to mitigate execution and foreign exchange risks, while seeking to optimize returns by redirecting capital allocation to our best-performing investment theses; and
•Understanding and mapping potential exit strategies from the initial stages of the development of the investment thesis and throughout the entire investment cycle. This involves establishing domestic and international relationships with potential “target buyers” from the start of our investment analysis.
Private Equity | Overview as of December 31, 2025
Note: Past performance is not a guarantee of future results. AUM as of December, 2025. (1) Year-over-year LTM as of September 2025 in BRL; (2) Total Addressable Market for LatAm PE.
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Private Equity | Performance versus benchmark as of December 31, 2025 (latest benchmark data available)
(1)Methodology: Cash Weighted Chronological (“Pooled Returns”) consolidates funds return at original dates and cash flows. 20-years considers Fund II, III, IV, V, VI, VII as of December 31, 2025; (2) MSCI Private Capital Benchmarks (20 year) for LatAm as of the third quarter of 2025 (latest benchmark available). (3) Avg. EV/EBITDA of our acquisitions for 2024 and LTM as of September 2025.
Private Equity and Infrastructure Fund Terms
The key terms of our private equity and infrastructure closed-end flagship funds are in general: (1) tenure of 10 to 12 years, extendable for two additional years; (2) 1.5%–2.0% p.a. management fee, charged at cost on either committed or invested capital; (3) five to six years of investment period; (4) for the funds which charge fees over committed capital, reduction of the basis for calculation of the management fee from committed capital to invested capital at the end of the investment period; (5) 0.25% discount on the management fee after raising a successor fund (step-down); (6) 15%–20% carried interest range, European waterfall structure with full catch-up, where performance is measured versus the preferred rate at the fund level (all distributions go to investors and the manager will not participate in profits until the investor’s capital, costs and preferred return have been fully satisfied); and (7) preferred returns from 6% p.a. to 8% p.a.
As our business evolves, many larger investors are increasingly accessing our investment strategies and capabilities through separately managed accounts (“SMAs”). SMAs by design each have unique and customized fee structures and terms and conditions but often allow for the recycling of capital and compounding, and we expect many SMAs will have lives that meet or exceed those of our closed-end funds. As of December 31, 2025 approximately 15% of our FEAUM were in SMAs across the entirety of our platform, including GPMS.
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Private Equity and Infrastructure Development Closed-end Funds Investment Record as of December 31, 2025
Note: We report investment performance for Private Equity and Infrastructure funds/strategies with Total AUM equal to or above US$500 million. This table includes funds below that threshold given their disclosure in our reporting since the IPO. Private Equity and Infrastructure net returns presented as ’n/m’ for the fund’s which first deployment of capital date is less than 36 months prior to the period indicated.
(1)As of December 31, 2025, PE VII and IS V committed capital include all specific co-investment and side car vehicles, including non fee paying commitments. Excluding non fee paying co-investments commitments, PE VII and IS V committed capital would be US$1,477 million and US$1,814 million respectively. Gross MOIC and Net Returns only reflect returns on primary funds and fee-paying co-invests.
Credit and Public Equities
The combination with Moneda Asset Management was an important step towards our diversification as it added two new product lines - credit and public equities. As of December 31, 2025 and 2024, the Total AUM for our credit platform was US$8.8 billion and US$6.7 billion, respectively, while FEAUM in credit were US$8.6 billion and US$6.5 billion. Our credit FEAUM grew 32% from December 31, 2024 to December 31, 2025 driven by a combination of strong investment performance, led by our closed-end USD Corporate High Yield fund, and net new business flows.
We expect credit will be a key driver of our growth driven by our strong investment performance, continued investor demand for differentiated credit strategies, and as we continue to expand the range of strategies we offer and the variety of investment vehicles in which we offer our strategies, including Luxembourg-domiciled Undertakings for Collective Investment in Transferable Securities ("UCITs"), Ireland domiciled investment trusts, and a closed-end private credit fund in Brazil. Overall, most of our credit strategies are in long-term or evergreen fund structures such as interval funds that offer limited gates of liquidity.
In the fourth quarter of 2025, we announced the acquisition of 51% of Solis Investimentos, a Brazilian investment manager specializing in the structuring and management of Collateralized Loan Obligations ("CLOs"). The CLO market in Brazil has been benefiting from a variety of structural and secular trends which have driven asset growth at a CAGR of 35% over the last 5 years. The acquisition closed on January 2, 2026, adding approximately US$3.1 billion of FEAUM in 2026 which will increase our total Credit FEAUM by over 35% solidifying our position as one of the leading Credit platform in Latin America. Considering this acquisition, Credit will account for over 26% of our total FEAUM.
Total AUM for our public equities products was US$2.8 billion as of December 31, 2025, up 49% from US$1.9 billion in December 31, 2024 mainly driven by strong investment returns and positive FX impacts, despite the fact that, in general, public equities strategies in Latin America have been negatively impacted by lackluster demand due to competition from new and existing products which benefit from high interest rates. We believe we are well positioned in the event demand for public equities strategies improves given our experienced team and solid long-term track record.
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Credit | Overview as of December 31, 2025
Note: Considers NAV appreciation. Past performance is not a guarantee of future results.
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Credit | Performance Highlights as of December 31, 2025
Note: Regional Corporate Strategies - Source: Moneda Asset Management, JP Morgan, Evestment. Data calculated by Moneda Asset Management as of December 31, 2025. Benchmarks used: Cembi Broad Div LatAm Index (JP Morgan) for LatAm High Yield, GBI Broad Div Latam Index (JP Morgan) for LatAm Local Currency, RiskAmerica Corporativo Global for Chile High Yield and CDI for Private Credit Brazil.
(1)Evestment by Nasdaq. Data as of December 31, 2025. Data point for the last 13 years of the fund
(2)Data point since inception of the fund. Local Corporate Strategies - Source: Moneda Asset Management, Patria, RiskAmerica. Data as of December 31, 2025. Inception Date of Chile High Yield: December 31st, 2012.
(3) Data as of December 31, 2025, consider the vehicle for individual investors in Brazilian retail platforms. Data point for the last 30 months of the fund. Past performance is not a guarantee of future results.
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Public Equities | Overview as of December 31, 2025
(1)Strategy with Largest AUM: Pionero Fondo de Inversion.
(2)Major target markets include Brazil, Chile, Mexico, Colombia, Peru, Argentina and Panamá.
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Public Equities | Performance Highlights as of December 31, 2025
Note: Data as of December 31, 2025. LatAm Public Equities Strategy returns have been calculated by Moneda applying the Global Investment Performance Standard methodology and have not been certified by a third party. Inception date LatAm Equities Strategy: May 27th, 2008. Inception Date Chile Equities Strategy: March 18th, 1994. Source: Moneda Asset Management. Inception date Patria Long Biased fund: Oct 30th, 2020 – net returns in BRL. Outperformance reflects primary fund within strategy. Past performance is not a guarantee of future results.
Credit and Public Equities Investment Performance as of December 31, 2025
Note: Includes composite investment performance for funds of strategies with or which have reached in the past Total AUM of US$500 million or more, and where relevant, a weighted composite of underlying benchmarks. Returns as of December 31, 2025 for Credit and Public Equities.
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Real Estate
We have significantly expanded our Real Estate investment capabilities in both Brazil and Colombia and total Real Estate AUM and FEAUM as of December 31, 2025 and 2024 were US$8.4 billion and US$5.8 billion and US$7.8 billion and US$5.5 billion, respectively. Approximately US$7.0 billion of our Real Estate FEAUM are in permanent capital vehicles, predominately listed REITs in Brazil.
The expansion of our Real Estate business in Brazil was largely initiated by our acquisitions of VBI and the CSHG Real Estate businesses, which we combined to create "Patria Real Estate" platform in Brazil, with total FEAUM as of December 31, 2024 of US$3.3 billion making us one of the largest independent managers of listed REIT strategies in Brazil. In 2025, we continued to expand our Real Estate business both organically and inorganically, and with the acquisition of RBR Gestão, announced on December 11, 2025, and its approximate US$1.3 billion of FEAUM, we believe that we became one of the largest REIT manager in the country in terms of Assets Under Management. We believe our scale, breadth of strategies, and investment track record leave us well positioned to grow this business over time through a combination of new products, follow-on offerings of existing products, as well as the ability to continue to consolidate what is a highly fragmented market.
Through our business arrangement with Bancolombia and further acquisition of Nexus, we have also built a sizeable Real Estate platform in Colombia that as of December 31, 2025 totaled US$2.7 billion of FEAUM, versus approximately US$2.0 billion as of December 2024, versus US$1.4 billion as of December 2023 and virtually zero as of December 2022. Our Colombian Real Estate strategies are currently focused predominately on institutions through very long-duration commingled investment vehicles.
Real Estate | The Evolution of Our Real Estate Since IPO as of December 31, 2025
(1)FEAUM incorporate 100% of VBI FEAUM
(2)As of July-22-24, we completed the transfer of Credit Suisse’s Brazilian Real Estate underlying funds
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Real Estate | Overview as of December 31, 2025
Note: (1) Methodology: Weighted Average Returns consolidates funds return at original dates and cash flows of largest types as of December 31, 2025. We will report investment performance for REITS with AUM in excess of US$75 million. Past performance is not a guarantee of future results.
Note: We will report investment performance for REITS with AUM in excess of US$75 million. Market based return including dividend reinvestment.
(1)Índice de Fundos de Investimentos Imobiliários ("IFIX") launched on December 30, 2010
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Global Private Market Solutions
Following the acquisition of the private equity solutions business of Abrdn, which closed on April 26, 2024, and in combination with our pre-existing advisory business directing Latin American capital to global private markets, we created our GPMS. Our GPMS business had US$14.2 billion of AUM and US$11.9 billion of FEAUM as of December 31, 2025 versus US$12.2 billion of AUM and US$10.2 billion of FEAUM as of December 31, 2024. This new vertical both enhances our ability to serve as a gateway for Latin American investors to access global private markets, while expanding our investment footprint into developed markets in the fast-growing alternative solutions market.
In February 2026, we announced that we entered into an agreement to acquire WP Global Partners LLC ("WP"), a U.S. based private equity solutions manager focused on the lower-middle-market. The acquisition aims to enhance our scale in a strategic market, strengthening its middle-market primaries and co-investment private equity capabilities in the U.S. broadening GP relationships and client reach. After the closing this transaction (April 1, 2026), our GMPS Fee Earning Assets under Management investment in the US will increase nearly 40%.
GPMS | Performance as of December 31, 2025
(1) North America and Europe Middle Market (>$250 mn & <$3 bn) Private Equity (Primaries, Secondaries & Co-Investments) AUM as of FY23 – Source: Preqin
(2) Data as of 30 September 2025. Primaries track record: comprises all primary funds selected by current members of our investment team from 2008 to 30 September 2025. Excludes funds selected by former members of the SL Capital team from 2008-2012 and Aberdeen Asset Management team from 2008-2016 in which no current investment team member had any involvement in the selection process. Includes European, North American and Global buyout funds. Secondaries track record: comprises all secondary transactions completed from 2012 to 30 September 2025. Co-investments track record: comprises all investments by current members of our investment team.
Returns are gross and represent the pooled internal rate of return net of management fees, carried interest and expenses charged by the general partners of the underlying investments but before the reduction of our management fees and carried interest, fund expenses and gains/losses on distributed securities. Performance data excludes co-investments completed in 2024 and 2025. In 2026, AUM will increase by US$2.7 billion from WP Global Partners acquisition.
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Note: Data as of 30 September 2025. Primaries track record: comprises all primary funds selected by current members of our investment team from 2008 to 30 September 2025. Excludes funds selected by former members of the SL Capital team from 2008-2012 and Aberdeen Asset Management team from 2008-2016 in which no current investment team member had any involvement in the selection process. Includes European, North American and Global buyout funds. Secondaries track record: comprises all secondary transactions completed from 2012 to 30 September 2025. Co-investments track record: comprises all investments by current members of the our investment team. (1) Returns are gross and represent the pooled internal rate of return net of management fees, carried interest and expenses charged by the general partners of the underlying investments but before the reduction of our management fees and carried interest, fund expenses and gains/losses on distributed securities. (2) Performance data excludes co-investments completed in 2024 and 2025
Our Competitive Strengths
Since our inception, we have grown to become one of the leading alternative investment firms focused on Latin America in addition to having a specialized focused on middle market private equity solutions in developed markets, particularly Europe and now also expanding into the United States. We believe the following competitive strengths allow us to capitalize on industry trends and position us well for future growth:
Attractive investment performance track record across market cycles.
We have produced strong long-term investment performance across our product offerings, generating consistent excess returns relative to benchmarks. Our closed-end infrastructure strategy pooled net IRR in U.S. dollars for our latest three vintages was 10.1% as of December 31, 2025, outperforming the Burgiss Global Infrastructure Median and the Dow Jones Brookfield Global Infrastructure Index by 2.1% and 8.5% respectively. In local currencies our last three infrastructure vintages have generated pooled net IRR's of 16.7%. For our closed-end private equity funds pooled 20-year net IRR in U.S. dollars was 11.0% as of December 31, 2025, outperforming the MSCI Private Markets Benchmarks (20 year) for LatAm 130bps as of September 30, 2025, which is the latest benchmark data available. In local currencies our 20-year net IRR return through December 31, 2025 was 14.4%. For Credit, our Latin American High Yield, our Latin American Local Currency and our Chilean Fixed Income strategies have outperformed their benchmarks since inception by 366 bps, 134 bps and 193 bps respectively. For Real Estate, 15 of our 23 REIT's we manage have outperformed the benchmark since inception as of December 31, 2025. Finally, in our GPMS business our investments in primaries secondaries, and co-investments have generated gross IRRs of 17%, 18%, and 17%, respectively, since inception and as of September 30, 2025, the latest available data.
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Strong client relationship model and capital raising capabilities.
We are one of the leading alternative investment firms in Latin America in terms of capital raised and therefore are among the world’s largest institutional investors focused on investments in Latin America. As of April 1, 2026, Preqin’s database on fund managers ranks us as the number one asset manager focused in Latin America for private equity and infrastructure in terms of funds raised in the last 10 years. We have been steadily expanding our capital raising capabilities and currently have over 109 individuals in our commercial organization ranging from client coverage and product specialists to investor relations officers, which compares to only 10 at the time of our IPO. Our commercial teams are located in 16 offices globally.
As we have expanded our investment and product capabilities and regional and global reach, we are evolving our commercial organization to better serve our regional and global investors as we shift from a product-oriented sales organization, to a solutions-centric model to better meet our clients ever evolving needs. In recognition that investor needs will vary by location and region and type, we have developed a commercial organization that includes local/regional hubs to better serve local and regional investors, while also expanding our ability to reach global investors with global specialists. Currently, we have three local hubs in Brazil, Chile and Colombia, and anticipate expanding the number of local hubs overtime as we expand our geographic footprint. We also continue to invest in and expand our global investment and distribution capabilities.
Distribution Structure | Global Presence
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Highly attractive and scalable business model with robust growth trajectory.
We participate in an industry that we believe benefits from strong secular growth trends, as well as growth as a result of strategic acquisitions and market consolidation. From 2009 to 2025, our Total AUM increased at a CAGR, of 21.2%. Since our IPO in 2021 our FEAUM grew at a compound rate of 40% to December 31, 2025. As of December 31, 2025 approximately 22% of our FEAUM are in permanent capital vehicles and about 90% of our FEAUM are in investment vehicles with no or limited liquidity windows. For details on our AUM and FEAUM growth, see “—Our Business.” We have a strong business with two main revenue streams: management fees and performance or incentive fees. Considering the stickiness and long-duration of our FEAUM, the management fees we generate are highly predictable providing us with highly visible cash flows. The long duration of our assets in combination with our greater diversification relative to the time of our IPO, enhances the resiliency of our business. In addition to management fees, performance and incentive fees provide the potential for additional revenues linked with our investment performance. As of December 31, 2025 and 2024, the sum of our net accrued performance fees was US$249 million and US$319 million, respectively. The decline was mainly the result of the combination of asset sales and realizations, public traded companies stock performance and negative foreign exchange impacts. This metric is defined in the section “Presentation of Financial and Other Information—Certain Terms Used in this Annual Report as KPIs to Measure Operating Performance.
Seasoned management team with entrepreneurial spirit and professional culture.
As of December 31, 2025, we had a management committee team, composed of 26 members. Most of our 44 partners have been working together for more than 15 years on average. Partners and senior management leaders are highly aligned with our clients’ objectives, with sizable personal capital commitments to our active funds. Our team includes more than 200 investment professionals and more than 109 client coverage professionals based in São Paulo (Brazil), Santiago (Chile), Montevideo (Uruguay), Buenos Aires (Argentina), Bogotá and Medellín (Colombia), Lima (Peru), New York and Sausalito (United States), London (England), Edinburgh (Scotland), Dubai (UAE), Hong Kong (China) and Mexico City (Mexico), in addition to our corporate business and management office in George Town (Cayman Islands). Our team blends professionals with complementary competences and experiences, who bring different perspectives to our investment and management decisions, all of whom are committed to sustainable solutions and fully adherent to environmental, social and governance (“ESG”), standards. Our operating partners, usually former C-level executives from the sectors in which we invest, our value creation team staffed by senior functional specialists, and our transactions group of M&A specialists complement the business development competences of our investment team. We also have what we believe to be one of the best entry-level programs in our sector: Patria Academy, our internship program with approximately 147 applicants per position. We also offer our employees the opportunity to rotate between multiple roles. For more information on our management, see “Item 6. Directors, Senior Management and Employees.”
Our entrepreneurial spirit, professional culture, and partnership proposition disseminated at scale are powerful variables that contribute to our execution capabilities and, most importantly, to our ability to attract and retain talent across our business platform. We believe that our recognized brand, together with our cutting-edge transactions, and ability to offer multiple, challenging career paths, all aligned with our award-winning internship program, allows us to attract the best-in-class students from top universities in Latin America and consistently source young talent. Our culture, aligned with a meritocratic environment and a partnership open to all and fast career development, also helps us to retain talented professionals.
Unparalleled brand equity as one of the thought leaders in the region.
The performance of our funds coupled with our expanding range of investment strategies and geographic footprint, helps us attract and retain many of the largest and most relevant institutional global investors. We believe we have evolved to become one of the trusted partners to many of our global clients regarding their Latin American investment decisions. The recognition from such renowned investors reinforces our brand equity and strongly leverages our capital raising capabilities to attract new investors and increase our share of wallet of current clients. In Latin America, we believe our expanded investment capabilities and regional footprint combined with the brand equity we've built over three decades reinforces our position as a thought leader throughout the region. We also seek to provide investors with access to high quality middle market private equity solutions in Europe and North America through our GPMS business as we selectively expand our footprint into developed markets.
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Our more than three decades of successful investments in Latin America have made us one of the most recognized private markets investors in the region, especially in the industries in which we focus. Our strong reputation in the Latin American business community attracts talented entrepreneurs, who naturally approach us when seeking a partner to grow, allowing us to invest in attractive entry valuations.
Divestment activities are also positively impacted by our brand equity recognition. Public markets, large corporations, and other strategic investors, which are the usual buyers of our Portfolio Companies and infrastructure investments, recognize our track record of building and structuring companies and assets, with good governance and strong management teams and business processes.
Business Growth Strategy
The alternative investment industry has experienced significant growth, which we expect to continue and contribute to our future growth. Amongst mid-market focused alternative asset managers, we believe we are one of the market leaders with regard to fundraising for alternatives in the regions where we operate. For example, as of April 1, 2026, Preqin’s database on fund managers ranks us as the number one asset manager focused in Latin America for private equity and infrastructure in terms of funds raised in the last 10 years.
A key part of our growth strategy has been to expand our product offering to better serve local and regional investors, in addition to global investors. The expansion in our capabilities, which has been substantially fueled by acquisitions, is highlighted by the expansion in the number of investment strategies we offer to over 40 as of December 31, 2025. We have also expanded the range of asset classes in which we invest as well as our geographic reach. We expect our future growth will continue to be fueled by a combination of organic growth we generate internally, as well as through strategic acquisitions that further enhance our capabilities and scale.
Growing addressable market. Alternative investments are expected to continue to grow vigorously and sustainably over the long-term. According to Preqin’s special report published in 2025, 'The Future of Alternatives in 2030', assets under management ("AUM"), in alternative asset classes (including private markets and hedge funds) is expected to grow at a CAGR of more than 9% to reach more than US$32.0 trillion by the end of 2030, up from US$18.7 trillion in 2024.
We believe the penetration of Latin American private investments as a share of global private markets can increase from the historically low levels. Preqin data as of March 16, 2026 shows that Latin America accounted for approximately 1% of total global private markets AUM, while Latin America GDP in 2024 represented 7% of global GDP. We believe that the volume of capital flowing to private markets in Latin America will increase substantially over time, driven by positive economic and currency cycles and the low correlation between Latin America and the global economy.
Continue to diversify and grow our client base of large global investors. We have a strong, diversified and sophisticated global client base of over 600 institutional, 1,600 high-net-worth investors and over 1.1 million retail investors. As of December 31, 2025, our investors included: (1) 7 of the world’s 10 largest sovereign wealth funds (including LPs with indirect investments — source: Preqin—December 2025); (2) 10 out of the world’s 20 largest pension funds — source: Preqin—December 2025; and (3) 8 out of the U.S.’s 10 largest pension funds — source: Preqin—December 2025. We intend to continue to expand our relationships with existing clients and also intend to capitalize on significant opportunities in new client segments, such as high-net-worth individuals, regional and local institutional investors and also mass affluent investors. We believe these investors offer an attractive opportunity to further diversify and grow our client base because many of them have only recently begun to invest in, or increase their allocations to, private markets investments. In addition, in selected countries within Latin America such as Brazil and Colombia, certain institutional investors are required to invest in local markets, and we believe this home country bias will drive demand for local alternative investment solutions overtime. Developing local strategies to meet this evolving local demand has been a key new business initiative for us.
In this context, today’s largest private market investors are expected to continue their growth trajectory and diversification, establishing a presence in an increasing number of high-growth geographies. We intend to continue building relationships with investors around the world and to position ourselves to participate in the growth of the global private markets. We believe we are well-positioned to pursue the opportunities arising from increased allocations among institutional investors and the rapid wealth creation globally among high-net-worth individuals, given our strong brand and reputation, particularly in Latin America, multi-office resources, top talent investment professionals and comprehensive suite of products and services.
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We believe our existing long-term relationships have been built not only through our long-term investment track records and the trust we have engendered over the years, but also through other initiatives, such as:
•Sharing interesting co-investment opportunities: In our infrastructure strategy alone, we've offered more than US$3.3 billion in co-investment opportunities to our LPs since inception;
•Acting as a thought partner to our clients: We are often sought out by our client base for our insights on macroeconomic and sector-specific trends in Latin America, given our successful track record as an investor in key sectors such as healthcare, food & beverage, infrastructure and agribusiness, among others; and
•Our robust and structured reporting process: We offer transparent and regular disclosure of our funds’ performance, as well as detailed information on our portfolio of companies and investments.
As a result of our consistent track record and the trust we have been able to gain and nurture, many of our clients have been supporting us for many years. We intend to capitalize on these competitive strengths to expand the relationships with our existing clients and to pursue opportunities in new client segments such as high-net-worth individuals, regional and local institutional investors, and affluent mass investors, both in Latin America as well as globally.
Continue to increase our product portfolio. Starting from our closed-end private equity and infrastructure funds, we have made significant progress in diversifying our investment platform across major asset classes as we seek to offer a wider range of products to meet the needs of our growing client base. Aligned with our growth strategy, we have used capital raised in our January 2021 IPO, modest amounts of debt, and our strong cash flow to drive inorganic expansion, adding complementary products and scaling our presence in key asset classes such as credit, real estate and developed middle market private equity solutions. We also continue to expand our offerings in our legacy businesses in private equity and infrastructure.
We believe there is growing demand for an expanded product offering leveraging our investment approach and current capabilities, which could address the specific needs of both our current global institutional client base and Latin American investors, including institutional funds, private wealth managers and affluent retail investors. We expect to continue developing new offerings organically, and also pursuing strategic partnerships, including mergers and acquisitions, to expand our portfolio of products, our geographical reach and to strengthen our distribution channels.
Expand access to channels. While we have established a solid direct communication program with global institutional investors, we aim to continue to grow and leverage our existing investor relations and marketing capabilities to access new relationships and investor segments. In addition to continuing to cultivate our rich direct relationships with our current global client base, we expect that deepening our relationships with distributors, private banks, and digital platforms may significantly enhance the marketing potential of our products in Latin America and globally.
Tap a growing demand for private market investment products in Latin America. We believe that we are well-positioned to reap the benefits of the financial deepening in Latin America, which is expected to continue driving greater demand for alternative investment products in the region. We believe our platform has the investment track record and distribution expertise required to expand our capital raising in Latin America by leveraging and expanding our existing local investment products.
Environmental, Social and Corporate Governance—Responsible Investment and Sustainability
We recognize the crucial role that material environmental, social, and governance ("ESG"), considerations can play in shaping long-term value generation, and we assess them in our risk-return investment analysis and decisions. Our approach is governed by our Responsible Investment Policy, updated in 2024, which sets forth our general guidelines.
We believe our investments have positive impacts in the Latin American markets considering the volume of investments and the sensitivity of the industries in which they operate. With this, our investment philosophy is based on long-term value creation through strict investment guidelines and governance principles. Sustainability is an important part of our way of doing business and an important support to our value creation proposal. To underpin this approach, in January 2020, we became a signatory to the Principles for Responsible Investment (PRI), an independent institution supported by the United Nations (UN).
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We continue to improve our Responsible Investment framework to assess all considerations rigorously in our investment process through nine steps to evaluate and address material aspects in the three main stages of the investment cycle: (i) investment, (ii) active ownership and, (iii) divestment. The implementation of the different steps varies according to the asset class, the moment in the investment cycle when the step is considered, and the level of depth, based on our leverage, materiality, and priorities:
1.Exclusion List: compliance with the relevant exclusion list(s), according to the fund that will make the investment.
2.Screening: high level review of Responsible Investment Fundamentals that can impact the new investment, based mainly on industry, jurisdiction, and location.
3.Due Diligence (DD): assessment of applicable sustainability regulations, standards, and other relevant aspects identified during the DD process.
4.Action Plan Design: plan to be addressed by the target investment company in the short, medium, and long-term. It includes specific strategies, milestones, and required deliverables.
5.Investment Committee: presentation of sustainability materiality for consideration during the decision-making process.
6.Responsible Business support and Engagement: offering of sustainability expertise and facilitating knowledge building. Supporting investees in the identification and implementation of best practices. Particularly relevant for our private equity and infrastructure portfolio.
7.Key Performance Indicators (KPIs): monitoring, measuring and periodic reporting of material environmental, social, and governance aspects, based on our Responsible Investment Fundamentals.
8.Responsible Business Action Plans Execution in Ownership: monitoring, supporting and calibrating the implementation of Action Plans.
9.Divestment: preparation of material environmental, social, and governance related information to analyze a company’s integral performance for divestment purposes.
As of 2025, in a continuous improvement effort, we restructured our Responsible Investment Governance. The Head of ESG for the Portfolio, retained in 2025, has over 25 years of experience in sustainable business management. The Responsible Investment team sits within the Management and Transformation business area, being closer to the Portfolio Companies, exercising sustainable active ownership while contributing to the Responsible Management of all of our Assets.
The Responsible Investment Team is responsible for ESG-related risks identification and management, both on portfolio, funds and asset class levels, with deeper and more detailed assessments as required by each fund strategy and as requested by our investors. The team is also responsible for identifying and capturing ESG-related opportunities both on a portfolio and assets level.
Responsible investment oversight and implementation (which fall under the responsibility of the Responsible Investment team and Portfolio Companies) is further described in the Responsible Investment Policy.
People & Career
We work tirelessly to attract, develop, and maintain our talent. We believe in the collective, but we recognize the importance of each one of our team members. We look for the best in class, the problem-solvers, who approach challenging issues with an innovative and creative mindset, striving for excellence in everything they do. We value the proactive and hands-on individuals carrying an entrepreneurial spirit to transform ideas into real opportunities.
We and our Portfolio Companies offer multiple career and development opportunities, a combination of financial markets, strategic consulting and management within our investees. At Patria, each individual is ultimately responsible for their own career path, and our partnership is open to all based on meritocracy: performance and values.
Today, we have five seniority levels of investment professionals. Our analysts and associates go through rotations across different practice areas to enhance their development and to identify their talents. Our vice presidents and directors are encouraged towards specialization, in order to achieve elevated levels of performance. Finally, our managing directors and partners extend their range of operation and responsibility as partners with management responsibilities.
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We have a simple yet structured employee life cycle. When recruiting, we run well-reasoned processes looking for people with our values and a good fit within our culture and the required technical background and compatible experience with their activity and seniority. For career development, we aim to have multiple learning possibilities, giving equal development opportunities to all employees. The speed of growth is individual and always related to performance. We also have processes to incentivize everyone to take an active approach towards planning and developing their careers. Regarding performance management, all of us are assessed at least annually through a 360-degree review where we are evaluated by our subordinates, superiors, peers and across practice areas. We have three ways of recognizing an investment professional’s performance: (1) promotion; (2) allocation of additional responsibilities; and (3) compensation increase. Our compensation structure is consistently aligned with the performance of our funds and the investment cycle of our businesses. To match this business model, we deploy a competitive compensation package with an emphasis on variable and long-term compensation. Our short-term compensation consists of base salaries aligned with market standards and cash bonuses which are variable and designed to reward performance. Our long-term incentive plans were designed to foster adherence to our culture and values.
Corporate Management & Services Platform
Scalable and Robust Platform
(1)4-tier governance layers refer to the type of capacities present in our governance—strategy, protection, investment & divestment, managerial execution.
Our product lines act independently to preserve each of our funds’ mandates with their respective investors and strategies. Nevertheless, all products are managed as one company and benefit from the synergies and scalabilities of a solid corporate services platform based out of our main corporate and management office in George Town, Cayman Islands.
Our corporate office is responsible for the management of the firm, including financial planning & analysis, accounting, tax, treasury, procurement, funds administration, information technology, compliance, risk & controls and client onboarding functions. Our success is highly dependent on our solid human resources structure, which is composed of business partners distributed across areas and a centralized corporate team. Our corporate team is responsible for all of our support positions and also for any activity which is better and more efficient when centralized, such as payroll and benefits. Our legal and compliance team is structured similarly, through business partners with specialized knowledge and working closely with our investment areas, as well as a strong centralized corporate team. The corporate team not only leverages synergies and the efficiencies resulting from shared, centralized processes, but also ensures that we act as a unit, follow our policies and code of ethics, and support our values, principles and our way of conducting business across all our operations. Additionally, we make sure to partner with the best-in-class service providers available, with the appropriate technical and jurisdiction-specific expertise, building long-term solid relationships.
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Our compliance, code of ethics & policies. We have developed a code of ethics and rules of conduct that reflects our mindset on how business should be done and how people should behave to preserve and protect our values and reputation. We have developed a robust set of policies to govern our daily activities, especially with regards to protecting the interests of our investors, including but not limited to: anti-money laundering, confidentiality, documentation retention, conflicts of interest, employee trading, gifts and entertainment.
Our Information Technology. We have state-of-the-art infrastructure technology aligned with what we believe to be best practices. We work to achieve high performance and availability having all critical assets configured to be fault-tolerant to sustain operations in the event of a major failure. We keep appropriate backups through a disk-based and cloud-based approach with data duplication. We have a comprehensive and highly available disaster recovery (“DR”), strategy and solution with multiple layers of redundancy: our file and application servers are replicated in real time to the DR site, our maximum data loss in the event of a disaster is 15 minutes, and we perform disaster recovery tests annually. Finally, we are evolving towards browser-based applications, delivered through software as a service as they are easier to maintain, improve and roll out and are the right fit for most of our business activities, giving us the agility we need with known and recognized security structures.
We classify our security working effort in four categories: (1) monitoring—maintaining a diligent monitoring process aiming to identify potential threats in both internal and external environments; (2) protecting—implementing leading protection technologies ensuring confidentiality, integrity and availability; (3) responding—providing quick response, blocking and isolating the source of malicious behavior or content; and (4) educating—creating a security-aware culture through unique and innovative training exercises, constructing employee’s engagement.
Competition
We compete with a number of strategic buyers, wealthy individuals, private equity funds and other financial services companies such as hedge funds that seek acquisition opportunities in Brazil, Chile and other Latin American countries. The strategic buyers we expect to compete with will vary based on the industry in which the potential acquisition target operates. The asset management industry is intensely competitive, and we expect it to remain so. We compete both globally and on a regional, industry and sector basis. In particular, within our asset management business, we primarily compete in the market for investment products in private equity, infrastructure, credit, real estate sectors, fixed income instruments (private and public credit) and public equities and in fund distribution, including certain funds managed by third parties. Our asset management business competes with a number of private equity funds, specialized investment funds, hedge funds, funds of hedge funds and other sponsors managing pools of capital, as well as corporate buyers, traditional asset managers, commercial banks, investment banks and other financial institutions (including sovereign wealth funds). We compete on the basis of a number of factors, including investment performance, transaction execution skills, access to capital, access to and retention of qualified personnel, reputation, range of products and services, innovation and price.
In our asset management business, we compete with a larger number of financial institutions and asset managers which, in some cases, have much larger amounts of assets under management or offer a more diverse variety of financial products. We face competition both in the pursuit of outside investors for our investment funds and in acquiring investments in attractive Portfolio Companies and making other investments. Although many institutional and individual investors have increased the amount of capital they commit to alternative investment funds, such increases may create increased competition with respect to fees charged by our funds. Certain institutional and other sophisticated investors have demonstrated a preference to in-source their own investment professionals and to make direct investments in alternative assets without the assistance of private equity or public equity advisers like us. We compete for investments with such institutional investors and such institutional investors could cease to be our clients.
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Depending on the investment, we face competition primarily from sponsors managing other funds, investment vehicles and other pools of capital, other financial institutions and institutional investors (including sovereign wealth and pension funds), corporate buyers and other parties. Several of these competitors have significant amounts of capital and many of them have investment objectives similar to ours, which may create additional competition for investment opportunities. Some of these competitors may also have a lower cost of capital and access to funding sources or other resources that are not available to us, which may create competitive disadvantages for us with respect to investment opportunities. In addition, some of these competitors may have higher risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider variety of investments and to bid more aggressively than us for investments. Corporate buyers may be able to achieve synergistic cost savings with regard to an investment or be perceived by sellers as otherwise being more desirable bidders, which may provide them with a competitive advantage in bidding for an investment.
In addition, in recent years in Brazil, the equity capital markets have been a significant competition to our business by providing equity funds to companies in need of financing. The same applies to our business in public equities and fixed income funds managed by Moneda, which faces increasing competition to source institutional clients and in the distribution segment of offshore funds. In all of our businesses, competition is also intense for the attraction and retention of qualified employees. Our ability to continue to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees. For additional information concerning the competitive risks that we face, see “Item 3. Key Information—D. Risk Factors—Certain Factors Relating to Our Business and Industry—The asset management business is highly competitive with numerous competitors with greater resources.”
Regulation and Supervision
As a Global Business, we are regulated and supervised by the relevant authorities in the jurisdictions in which we operate and conduct our regulated activities.
Regulation and Supervision in Brazil
The Company is authorized and regulated in Brazil by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, “CVM”) which is the governmental authority responsible for overseeing and regulating the securities market and, on a self‑regulatory basis, by the Brazilian Financial and Capital Markets Association (“ANBIMA”). In addition, the Company is subject to anti-money laundering and counterterrorist financing (“AML/CTF”) governed by Law No.9.613 and Anti-bribery framework governed by Law No.12.846.
As a CVM‑regulated entity, the Company must comply with applicable securities laws and regulations, including prudential standards, conduct‑of‑business rules, disclosure obligations, and requirements governing the distribution and management of securities and investment products. The Company is associate and adheres to ANBIMA’s self‑regulatory codes, which establishes best practices the financial and capital markets relating to regulatory practice, governance, suitability, transparency, advertising, and fiduciary conduct. Both CVM and ANBIMA maintain supervisory and enforcement authority, including the ability to conduct inspections, request information, impose sanctions, and issue binding directives.
The Company is required to submit periodic regulatory reports, and any other information they may require under supervisory by the CVM or ANBIMA.
Regulation and Supervision in the Cayman Islands
Our Cayman based operations operate under legal entities acting as a registered person under the Securities Investment Business Act (As Revised) of the Cayman Islands (“SIBA”) and are therefore subject to the regulatory oversight of the Cayman Islands Monetary Authority (“CIMA”). As a SIBA‑regulated entity, the Company must comply with ongoing obligations, including adherence to prudential standards, implementation of robust anti‑money laundering and counter‑terrorist financing controls, and timely submission of regulatory filings and audited financial statements. CIMA retains broad supervisory powers, including the authority to conduct inspections, request information, and impose enforcement actions where necessary. Where the entities incorporated in the Cayman Islands sponsors, manages, or provides services to investment vehicles regulated as mutual funds or private funds, those vehicles must separately comply with the Mutual Funds Act (As Revised) and the Private Funds Act (As Revised), respectively. These regimes impose mandatory registration with CIMA, ongoing filing and audit requirements, and compliance with governance and record‑keeping standards established by CIMA. Such obligations operate in parallel with SIBA and are subject to continuous supervisory oversight from CIMA.
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Regulation and Supervision in Chile
Our operations in Chile are subject to oversight by the Comisión para el Mercado Financiero (“CMF”), which is the governmental authority responsible for regulating and supervising securities markets and financial service providers in Chile. As a CMF‑regulated entity, the Company must comply with a comprehensive regulatory framework that includes conduct‑of‑business rules, internal controls, risk‑management obligations, corporate governance standards, and the reporting and disclosure requirements established under applicable Chilean laws and CMF regulations. The Company is required to submit periodic regulatory reports, and any other information the CMF may require under its supervisory authority. The CMF has broad powers to oversee regulated entities, including conducting inspections and on‑site examinations, requesting information, issuing binding instructions, and imposing administrative sanctions and monetary fines for regulatory breaches.
In addition, the Company is subject to Chile anti‑money laundering and counter‑terrorist financing (“AML/CTF”) framework, primarily governed by Law No.19.913 and its associated regulations. As an entity obligated under this law, the Company must maintain AML/CTF policies, procedures, and controls and must report suspicious transactions and other required information to the Unidad de Análisis Financiero (“UAF”), Chile´s financial intelligence unit. The UAF also has supervisory and enforcement powers with respect to AML/CTF compliance and may impose administrative sanctions and monetary fines for violations of AML/CTF obligations.
Regulation and Supervision in Colombia
The Company operates in Colombia under the oversight of the Superintendence of Companies and in compliance with Chapters X and XIII of the Legal Basic Circular, which regulate SAGRILAFT and PTEE, respectively. Companies that operate in Colombia as professional investment fund managers belong to the real sector and are not financial institutions; accordingly, they are not supervised by the Financial Superintendence. Within this framework, the Company adopts a risk-based approach to identify, assess, mitigate, and monitor ML/TF/PF risks, as well as corruption and transnational bribery risks, in alignment with FATF Standards and international best practices. Procedures comprise customer, supplier, and employee due diligence (standard and enhanced), risk-factor segmentation, and ongoing monitoring of transactions, products, channels, and jurisdictions to detect red flags. Unusual activities are analyzed and, where appropriate, reported as suspicious transactions to the UIAF in the manner and within the time limits prescribed by law. The governing principles are set out in the SAGRILAFT and PTEE Manuals, approved by the Board of Directors and mandatory for all personnel. Training is provided to all staff, with differentiated content based on exposure to risk. The Board has appointed a Compliance Officer with decision-making authority and adequate resources to ensure proper management and reporting. Internal Audit and the Statutory Auditor conduct periodic and independent reviews to verify the effectiveness and proper implementation of SAGRILAFT and PTEE in accordance with applicable regulations.
Regulation and Supervision in the UK
The Company is authorized and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) as a full‑scope Alternative Investment Fund Manager (“AIFM”) under the UK Alternative Investment Fund Managers Regulations 2013 and the FCA Handbook. In addition to its AIFM permissions, the Company holds ancillary permissions under the Markets in Financial Instruments Directive (“MiFID”) regime, which subject it to additional conduct‑of‑business, organizational, and reporting requirements when providing investment services such as investment advice, reception and transmission of orders, or execution‑related activities. As an FCA‑regulated firm, the Company must comply with prudential standards, governance and risk‑management expectations, client‑asset protections where applicable, and detailed disclosure and transparency obligations under the AIFM and MiFID frameworks. The FCA exercises broad supervisory and enforcement authority, including the ability to conduct thematic reviews, request information, perform on‑site inspections, and impose sanctions or other remedial measures.
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Regulation and Supervision in Uruguay
The Company operates in Uruguay under the supervision of the Central Bank of Uruguay (Banco Central del Uruguay, “BCU”), acting through its Superintendency of Financial Services (“SSF”), which is responsible for regulating and overseeing financial institutions, securities market participants, and investment service providers. As a regulated entity, the Company must comply with the prudential, operational, and conduct‑of‑business requirements established under Uruguayan law and BCU regulations, including capital adequacy standards, reporting obligations, governance expectations, and rules governing the distribution and management of financial and investment products. The Company is also subject to the self‑regulatory framework of the Bolsa de Valores de Montevideo (“BVM”) or other applicable market institutions, which establish additional standards relating to market conduct, transparency, and professional ethics. The BCU and relevant self‑regulatory bodies maintain broad supervisory and enforcement authority, including the ability to conduct inspections, request information, impose sanctions, and issue binding directives.
Regulation and Supervision in the US
The Company conducts investment advisory activities in the United States through entities registered with the U.S. Securities and Exchange Commission (“SEC”) as investment advisers (“RIAs”) as well as entities that qualify as exempt reporting advisers (“ERAs”) under the Investment Advisers Act of 1940 (the “Advisers Act”). RIAs are subject to the full scope of the Advisers Act and related SEC rules, including fiduciary obligations, compliance program requirements, books‑and‑records rules, marketing and solicitation restrictions, custody requirements, and periodic regulatory reporting through Form ADV and other filings. ERAs, while exempt from full registration, remain subject to certain provisions of the Advisers Act and must comply with reporting obligations, anti‑fraud rules, and applicable state‑level requirements. The SEC maintains broad supervisory and enforcement authority over both RIAs and ERAs, including the ability to conduct examinations, request information, impose sanctions, and mandate remedial measures.
Other jurisdictions
Our subsidiaries in Dubai (UAE), and Hong Kong (China) perform activities that require registration with and regulation by appropriate regulatory authorities in their jurisdictions, as follows:
Patria Investments Hong Kong Limited is a company incorporated in Hong Kong and is licensed as a Type 1 Dealing in Securities, issued by the SFC (Securities and Futures Commission);
Patria Investments UK Ltd. has a branch established in the Dubai International Financial Centre (“DIFC”) and hold a Category 4 license (Advising on Investments and Arranging Deals in investments), regulated by the Dubai Financial Services Authority (“DFSA”).
C. Organizational Structure
For a chart showing our current corporate structure and equity ownership, see “Presentation of Financial and Other Information—Corporate Structure.” Such chart is provided for illustrative purposes only and does not show all of the legal entities.
D. Property and Equipment
Intellectual Property
Most of our services are based on the jurisdictions in which we have offices. We rely on a combination of copyright, industrial property, and software laws, as well as employee and third-party nondisclosure, confidentiality and other types of contractual arrangements to establish, maintain and enforce our intellectual property rights, including with respect to our proprietary rights related to our products and services. In addition, we license technology from third parties.
As of December 31, 2025, we owned a number of trademarks, including, but not limited to, Patria Investimentos, Patria Investments, Moneda, Moneda Asset Management and VBI Real Estate to identify several business and financial services, in Brazil, Chile, Colombia, United Kingdom and other jurisdictions, mostly in Latin America and the European Union. We also own other valuable trademarks and designs covering various brands, products, programs and services, including Patria Finance, Patria Real Estate, Moneda Corredores de Bolsa, Moneda Asset, VBI and VBI Real Estate. We have a number of registered copyrights, software and domain names.
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Properties
We lease our corporate business and management office, which is located in 60 Nexus Way, 4th floor, Camana Bay, PO Box 757, KY1-9006, Grand Cayman, Cayman Islands. We also lease additional office space in São Paulo (Brazil), Buenos Aires (Argentina), Montevideo (Uruguay), Bogota and Medellín (Colombia), Lima (Peru), Santiago (Chile), New York and Sausalito (United States), Edinburgh (Scotland), London (England), Dubai (UAE), Hong Kong (China) and Mexico City (Mexico). We do not own any property. Our current facilities are suitable for our business needs and we understand that adequate additional space will be available as and when needed.