Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 56

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 56
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 an entire industry. Further, some matters covered by our diligence, such as ESG, are continuously evolving and we may not accurately or fully anticipate such evolution. In addition, when conducting due diligence on investments, including with respect to investments made by our funds, we rely on the resources available to us and information supplied by third parties, including information provided by the target of the investment. The information we receive from third parties may not be accurate or complete and therefore we may not have all the relevant facts and information necessary to properly assess and monitor our funds’ investment.

We expect to continue to make investments in companies that are based in Latin America, which may expose us to additional risks not typically associated with investing in companies that are based in the United States and Europe.

A substantial part of our funds’ investments are in the equity, debt, loans or other securities of issuers located in Latin America, including in Brazil, Chile, Mexico, Argentina and Colombia. Investments in non-U. S. securities involve certain factors not typically associated with investing in U. S. securities, including risks relating to:

• currency exchange matters, including fluctuations in currency exchange rates and costs associated with conversion of investment principal and income from one currency into another;

• less developed or efficient financial markets than in the United States, which may lead to potential price volatility and relative liquidity;

• the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation;

• changes in laws or clarifications to existing laws that could impact our tax treaty positions, which could adversely impact the returns on our investments;

• a less developed legal or regulatory environment, differences in the legal and regulatory environment or enhanced legal and regulatory compliance;

• heightened exposure to corruption risk in non-U. S. markets;

• political hostility to investments by foreign or private equity investors;

• reliance on a more limited number of commodity inputs, service providers and/or distribution mechanisms;

• higher rates of inflation;

• higher transaction costs;

• difficulty in enforcing contractual obligations;

• fewer investor protections and less publicly available information in respect of companies in non-U. S. markets;

• certain economic and political risks, including potential exchange control regulations and restrictions on non-U. S. investments and repatriation of profits on investments or of capital invested, the risks of political, economic or social instability, the possibility of expropriation or confiscatory taxation and adverse economic and political developments; and

• the possible imposition of non-U. S. taxes or withholding on income and gains recognized with respect