Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 135

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 135
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 Structure | Global Presence

Commercial Distribution Structure

  Patria Investments Limited      87  

  Table of Contents  

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 2023, our Total AUM increased at a compound annual growth rate, or “ CAGR”, of 20.3%. Since our IPO in 2021 our FEAUM grew at a compound rate of 44% to December 31, 2024. As of December 31, 2024 approximately 20% of our FEAUM are in permanent capital vehicles and over 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, 2024 and 2023, the sum of our net accrued performance fees was US$319 million and US$535 million, respectively. The decline was mainly the result of the combination of asset sales and realizations 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, 2024, we had a senior management team, composed of 21 members. Most of our 35 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 230 investment professionals and more than 90 client coverage professionals based in São Paulo, Santiago, Montevideo, Buenos Aires, Bogotá, Medellín, Buenos Aires, New York, Sausalito, London, Edinburgh, Dubai, and Hong Kong. Our team