Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 129

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 129
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 on either committed or invested capital; (3) five to six years of investment period; (4) for the funds which charge fees over committed capital, reduction of the basis for calculation of the management fee from committed capital to invested capital at the end of the investment period; (5) 0.25% discount on the management fee after raising a successor fund (step-down); (6) 15% - 20% carried interest range, European waterfall structure with full catch-up, where performance is measured versus the preferred rate at the fund level (all distributions go to investors and the manager will not participate in profits until the investor’s capital, costs and preferred return have been fully satisfied); and (7) preferred returns from 6% p. a. to 8% p. a..

  Patria Investments Limited      79  

  Table of Contents  

As our business evolves, many larger investors are increasingly accessing our investment strategies and capabilities through separately managed accounts (“ SMAs”). SMAs by design each have unique and customized fee structures and terms and conditions but often allow for the recycling of capital and compounding, and we expect many SMAs will have lives that meet or exceed those of our drawdown funds. As of December 31, 2024 approximately 16% of our FEAUM were in SMAs across the entirety of our platform, including GPMS.

Private Equity and Infrastructure Development Drawdown Funds Investment Record as of December 31, 2024

Note: Patria will report investment performance for Private Equity and Infrastructure funds/strategies with Total AUM equal to or above $500 million. This table includes funds below that threshold given their disclosure in our reporting since the IPO.

Credit and Public Equities

The combination with Moneda Asset Management was an important step towards our diversification as it added two new product lines - credit and public equities. As of December 31, 2024 and 2023, the Total AUM for our credit platform was US$6.7 billion and US$5.4 billion, respectively, while FEAUM in credit were US$6.5 billion and US$5.4 billion. Our credit FEAUM grew 21% from December 31, 2023 to December 31, 2024 driven by a combination of strong investment performance, led by our Flagship USD Corporate High Yield fund, and net new business flows.

We expect credit will be a key driver of our growth driven by our strong investment performance, continued investor