Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 131

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 131
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4. LatAm Public Equities Strategy returns have been calculated by Moneda applying the Global Investment Performance Standard methodology and have not been certified by a third party. Inception date LatAm Equities Strategy: May 27th, 2008. Inception Date Chile Equities Strategy: March 18th, 1994. Source: Moneda Asset Management. Inception date PIPE Institutional: Oct 9th, 2014. PIPE Institutional returns are in BRL and as of June 30, 2024. (1) Outperformance reflects primary fund within strategy. Past performance is not a guarantee of future results.

Credit and Public Equities Investment Performance as of December 31, 2024

  Patria Investments Limited      82  

  Table of Contents  

Note: Includes composite investment performance for funds of strategies with or which have reached in the past Total AUM of $500 million or more, and where relevant, a weighted composite of underlying benchmarks.

Real Estate

We have significantly expanded our Real Estate investment capabilities in both Brazil and Colombia and total Real Estate AUM and FEAUM as of December 31, 2024 and 2023 were US$5.8 billion and US$3.7 billion and US$5.5 billion and US$3.8 billion, respectively. Approximately US$4.8 billion of our Real Estate FEAUM are in permanent capital vehicles, predominately listed REITs in Brazil.

The expansion of our Real Estate business in Brazil was substantially driven by our acquisitions of VBI and the CSHG Real Estate business, which we combined to create "Patria Real Estate" platform in Brazil, with total FEAUM as of December 31, 2024 of U$3.3 billion making us one of the largest independent managers of listed REIT strategies in Brazil. We believe our scale, breadth of strategies, and investment track record leave us well positioned to grow this business over time through a combination of new products, follow-on offerings of existing products, as well as the ability to continue to consolidate what is a highly fragmented market.

Through our business arrangement with Bancolombia and further acquisition of Nexus, we have also built a sizeable Real Estate platform in Colombia that as of December 31, 2024 totaled U$2.0 billion of FEAUM, versus U$1.4 billion at December 2023 and virtually zero as of December 31, 2022. Our Colombian Real Estate strategies are currently