Company: PAX
Filing Date: 2025-04-30
Form Type: NT 20-F
Source: 0000950103-25-005481
Chunk: 1

Company: Patria Investments Ltd
Filing Date: 2025-04-30
Form: NT 20-F
Chunk 1
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 or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and                                 |

| ☐ | (c) The accountant’s statement or other exhibit             
 required by Rule 12b-25(c) has been attached if applicable. |

PART III – NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,
10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed with the prescribed time period.

Patria Investments Limited (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 20-F for its fiscal year ended December 31, 2024 (the “Annual Report”). The Company has determined that it is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense, for the reasons set forth below.

The delay is attributable to the Company’s internal review processes, which have taken longer than anticipated due to significant business combinations closed throughout the year. These transactions necessitated additional time to ensure accurate disclosure of all relevant information in the consolidated financial statements.

The Company is working towards completing the necessary procedures and analyses in order to file its Annual Report as soon as possible.

PART IV – OTHER INFORMATION

| (1) | Name and telephone number of person to contact in regard to this notification. |

| Ana Cristina Russo,Chief Financial Officer |         +1 | 345 640           
 4900              |
| (Name)                                     | -Area Code | -Telephone Number |

| (2) | Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment 
 Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such reports been  
 filed?  If answer is no, identify report(s).                                                                                              
 ☒  Yes  ☐ No                                                                                                                              |

| (3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year 
 will be reflected by the earnings statements to be included in the subject report or portion thereof?                         
 ☐  Yes  ☒  No                                                                                                                 |

<div align='center'>PATRIA INVESTMENTS LIMITED

(Name of Registrant
as Specified in Charter)</div>

has caused this notification to