Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 187

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 187
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1       1.7        
  Colombia (6)                                                                 2.0      —          n.m.       
  Uruguay (7)                                                                  2.2      —          n.m.       
  Colombia (8)                                                                 0.7      —          n.m.       
  United States of America (9)                                                 4.2      3.3        27.3       

n. m. = not meaningful

(1) Includes 50% attributable to non-controlling interest shareholders of VBI Real Estate. For more information on VBI

Real Estate, see “ - Agreement to Acquire VBI Real Estate to Anchor Brazil Real Estate Platform.”

(2) Performance fees and incentive fees are primarily generated when the return of the investment funds exceeds the performance hurdle set out in the related charters. Since the investment funds’ performance are susceptible to market volatility and to factors out of our control, the related fees fall under the variable consideration defined in IFRS 15. According to the referred standard, we recognize these fees at a point in time when the related uncertainties are resolved, the likelihood of a claw-back or reversal is improbable and the likely amount of the transaction prices can be estimated without significant chance of reversal, indicating high probability of economic benefits and cash inflow to us.

(3) Our Brazil revenue consists primarily of management and performance fees received by our Brazilian entities relating to the services provided to our funds and management and performance fees from VBI Real Estate.

(4) Our Cayman Islands revenue consists of management and performance fees received by our Cayman Islands entities for the services provided to our funds.

(5) Our Chile revenue consists of management, incentive, financial advisory and other fees from Moneda's funds managed in Chile.

(6) Our Colombia revenue consists of management fees from Patria Asset Management S. A.

(7) Our Uruguay revenue consists of management fees from management services rendered to Igah.

(8) Our United Kingdom revenue consists of management fees from Moneda and funds managed in the United Kingdom.

(9) Our United States revenue consists of management and incentive fees from funds managed by Moneda USA Inc.

  Patria Investments Limited      125  

  Table of Contents  

Net revenue from services in 2023 amounted to US$327.6 million, an increase of US$68.7 million, or 26.5%, from US$258.9 million in 2022, primarily attributable to an increase of US$29.4 million in revenue from