Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 169

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 169
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 IRR for our flagship private equity buyout funds, for example, was 12.2% as of December 31, 2024 in U. S. dollars and 19.1% in local currencies. For infrastructure, the pooled Net IRR in U. S. dollars for our latest two fully invested vintage flagship development funds was 10.7% as of December 31, 2024, and on a local currency basis was 19.8%.

With respect to credit, our Latin America High Yield Credit fund, our largest strategy, has outperformed its benchmark by 375 basis points ("bps") as of December 31, 2024 since inception in February 4, 2000. The fund has also beaten its benchmark CEMBI Broad Div Latam HY over the trailing 1, 3, 5 and 10-year periods through December 31, 2024. With respect to real estate, of our largest REITs with assets in excess U$75 million, which totals AUM of U$4.4 billion, 14 out of 21 have beaten the related benchmark since inception. Finally, in our GPMS business our investments in primaries, secondaries, and co-investments have generated gross IRRs of 17%, 19% and 19%, respectively, since inception and as of September 30, 2024, the latest date for which information is available. For further information on our funds performance, see “ - Our Business.”

We believe we have also generated attractive financial performance for our shareholders. Since our IPO, we have grown our Fee-Earning Assets Under Management from US$7.7 billion as of December 31, 2020 to US$ 32.9 billion as of December 31, 2024. Our Fee Related Earnings grew from US$56.8 million in 2020, adjusted for a comparable post-IPO compensation structure, to US$170.1 million in 2024, and our Distributable Earnings per Share rose to U$1.24 in 2024 from U$1.02 in 2021, our first year as a public company. Our Net Accrued Performance Fees increased from US$298.4 million as of December 31, 2020 to US$318.8 million as of December 31, 2024, even after the realization of US$162 million within the same period and adverse currency movements over that time.

In