Company: PAX
Filing Date: 2025-01-16
Form Type: 424B3
Source: 0000950103-25-000600
Chunk: 16

Company: Patria Investments Ltd
Filing Date: 2025-01-16
Form: 424B3
Chunk 16
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 diversification and consistent returns, aiming
to be their partner of choice when investing in alternatives in Latin America. We have two flagship strategies: (1) private equity, launched
in 1994 (US$10.9 billion and US$9.0 billion in AUM as of December 31, 2022 and 2021, respectively, and currently in the market for its
seventh vintage fund); and (2) infrastructure, launched in 2006 (US$5.8 and US$5.1 billion in AUM as of December 31, 2022 and 2021, respectively,
and currently in the market for its fifth vintage fund). These flagship strategies utilize drawdown fund structures, which we define as
illiquid, closed-end funds in which upfront capital commitments are allocated to investments, and funded through capital calls from limited
partners over the contractual life of the fund, which typically ranges from 10 to 14 years. Over multiple fund vintages, these strategies
have generated solid returns allowing their sustained growth. The consolidated equal-weighted net internal rate of return, or “IRR,”
in U.S. dollars for all our flagship private equity and infrastructure products since inception was 28.6% and 28.7% as of December 31,
2022 and 2021, respectively (30.1% and 30.5% in Brazilian reais, respectively). We have overseen the deployment of more than US$25 billion
through capital raised by our drawdown products, capital raised in IPOs and follow-ons, debt raised by underlying companies and capital
expenditures sourced from operational cash flow of underlying companies, with more than 100 investments and over 290 underlying acquisitions
as of December 31, 2022.

Our credit and public equities
strategies gained traction with our combination with Moneda Asset Management concluded in December 2021. As of December 31, 2022 and 2021,
the total AUM for our credit platform was US$4.7 billion and US$5.0 billion, respectively. As of the same dates, the total AUM for our
public equities products was US$2.1 billion and US$2.2 billion, respectively.

In addition to these products,
we believe we have a compelling opportunity to develop our additional two asset classes. Our real estate strategy is currently focused
on real estate investment trusts, or “REITs,” to leverage on the