Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 44

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 44
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 constrain Russian- and Ukrainian-related transactions. Our ability to engage in activity with certain consumer and institutional businesses in Russia and Ukraine or involving certain Russian or Ukrainian businesses and customers would be dependent in part upon whether such engagement is restricted under any current or expected U. S., EU, U. K. or other countries sanctions and laws. Our ability to engage would be further impaired in the event other countries were to become involved in the conflict and, as result, be subjected to sanctions or similar restrictions.

We do not have a physical presence in Russia and Ukraine and we understand that our direct exposure to the war, Russian or Ukrainian markets, investors and assets is not material and therefore does not represent a sanctions-related risk or a material risk in general. Despite the foregoing, our client base and investments are broad by nature, which means that certain of our investors have as personnel or beneficial owners certain Russian nationals, officials or individuals who might be included in certain international sanctions lists due to their proximity to or relationship with Russia and its ongoing invasion of Ukraine. Furthermore, certain of our funds hold indirect minority stakes in companies or other assets that might be subject to certain restrictions under sanctions administered by the United States or other jurisdictions. These investments do not represent the main strategy of the respective funds and represent a de minimis share of assets under management.

  Patria Investments Limited      27  

  Table of Contents  

Violations of anti-corruption, export control and sanctions laws and regulations are punishable by civil penalties, including fines, denial of export privileges, injunctions, asset seizures, debarment from government contracts and revocations or restrictions of licenses, as well as criminal fines and imprisonment. There can be no assurance that all of our employees, consultants, agents or other associated persons will not take actions in violation of these laws and regulations, and that our procedures will effectively prevent us from violating these regulations in every transaction in which we may engage or provide a defense to any alleged violation. In particular, we may be held liable for the actions that our local strategic partners take inside or outside of the United States, even though our partners may not be subject to these laws. Such a violation, even if our policies prohibit it, could have a material adverse effect on our reputation, business, results of operations and financial condition.

Regulators may increase enforcement of these obligations, which may require us to adjust our compliance and anti-money laundering programs, including the procedures we use to verify the identity of our clients and to monitor our transactions. In this sense, we are subject to a wide range