Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 153

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 153
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 Regulated Entities perform a range of fiduciary administration and portfolio management services to the Investment Funds under our management, as described above. In order to provide such services, the Brazilian Regulated Entity engages with local representatives and custodians to register and effect foreign investments in Brazil under CMN Rule 4,373 (the “4,373 Representatives and Custodians”). The 4,373 Representatives and Custodians are entities regulated by the CVM and the Central Bank, and are subject to the same AML/CFT rules described above, in addition to other rules on custody and representation applicable to nonresident investments in Brazil.

In addition, we currently perform fiduciary administration of some Investment Funds under our management, for the others, such as Investment Funds (f undos de investimentos em participação - FIPs), Financial Investment Funds (f undo de investimento financeiro - FIFs), Real Estate Investment Trusts ( fundos de investimento imobiliário - FIIs), and Credit Funds ( fundo de investimento em direitos creditorios - FIDC) we engage third-party fiduciary administration to perform fiduciary administration services.

Brazilian Regulated Entities

Our subsidiaries, Pátria Investimentos Ltda., VBI Real Estate Gestão de Carteiras S. A and Kamaroopin Gestora de Recursos Ltda performs activities that are subject to regulation in Brazil by the CVM and is a member of the Brazilian Financial and Capital Markets Association (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais or“ ANBIMA”), and the Brazilian Private Equity and Venture Capital Association (Associação Brasileira de Private Equity e Venture Capital) (“ ABVCAP”) (jointly the “ Brazilian Regulated Entities”).

As required by the applicable Brazilian regulation, these entities are authorized to operate by the CVM, as follows:

• to perform portfolio management services for all types of investment funds in Brazil (“ Investment Funds”); and

• to provide fiduciary administration services for Brazilian investment funds.

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Furthermore, the Brazilian Regulated Entities are duly authorized to act in the distribution of quotas of the Investment Funds that are manage by it, pursuant to CVM Resolution No. 21/2021, which allows asset management companies to perform distribution activities, however, with certain restrictions in relation to an entity fully authorized as a member of the distribution system, such as not