Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 145

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 145
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 recent years in Brazil, the equity capital markets have been a significant competition to our business by providing equity funds to companies in need of financing. The same applies to our business in public equities and fixed income funds managed by Moneda, which faces increasing competition to source institutional clients and in the distribution segment of offshore funds. In all of our businesses, competition is also intense for the attraction and retention of qualified employees. Our ability to continue to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees. For additional information concerning the competitive risks that we face, see “ Item 3. Key Information - D. Risk Factors - Certain Factors Relating to Our Business and Industry - The asset management business is subject to substantial and increasingly intense competition.”

Regulatory Overview

We are subject to government authorities in the jurisdictions in which we operate and conduct our activities.

U. S. Investment Advisers Act of 1940

Certain of our subsidiaries, including Pátria Investimentos Ltda, Patria Finance Limited, Patria Investments Uruguay Agente de Valores S. A. and VBI Real Estate Gestão de Carteiras S. A. are exempt reporting advisers under the U. S. Investment Advisers Act of 1940, as amended (the “ Investment Advisers Act”), as each (i) acts solely as an adviser to private funds and has assets under management, as defined in Rule 203(m)-1, in the United States of less than US$150.0 million, or (ii) acts as an adviser solely to one or more venture capital funds, as defined in Rule 203(l)-1. Furthermore, each of Moneda USA, Inc., Patria Capital Partners, LLP and Patria Private Equity (Europe) Limited is a registered U. S. investment advisers (“ RIA”) under the Investment Advisers Act and is subject to oversight and regulation by the SEC. See “ Item 3. Key Information - D. Risk Factors - Certain Factors Relating to Our Business and Industry - If we are required to register under the Investment Advisers Act, our ability to conduct business could be materially adversely affected."

Main Regulatory Entities

The main regulatory authorities to which our subsidiaries are subject to are, in Brazil, the CVM, the Central Bank and the CMN; in the Cayman Islands, CIMA; in Uruguay, the Central Bank of Uruguay; in Chile, the CMF; and in the United Kingdom, the FCA. In addition