Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 184

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 184
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, we recognize these fees at a point in time when the related uncertainties are resolved, the likelihood of a claw-back or reversal is improbable and the likely amount of the transaction prices can be estimated without significant chance of reversal, indicating high probability of economic benefits and cash inflow to us.

(4) In prior financial periods, rebate fees were presented as general and administrative expenses.

(5) Our Brazil revenue consists primarily of management and performance fees received by our Brazilian entities relating to the services provided to our funds and management and performance fees from VBI Real Estate. The growth in revenue in Brazil was further supported by the acquisition of CSHG funds.

(6) Our Cayman Islands revenue consists of management and performance fees received by our Cayman Islands entities for the services provided to our funds.

(7) Our Chile revenue consists of management, incentive, financial advisory and other fees from Moneda's funds managed in Chile.

(8) Our Colombia revenue consists of management fees from Patria Asset Management S. A. and Nexus.

(9) Our Uruguay revenue consists of management fees from management services rendered to Igah.

(10) Our United Kingdom revenue consists of management fees from Moneda and GPMS funds managed in the United Kingdom.

(11) Our United States revenue consists of management and incentive fees from funds managed by Moneda USA Inc.

  Patria Investments Limited      122  

  Table of Contents  

Net revenue from services in 2024 amounted to US$374.2 million, an increase of US$46.6 million, or 14.2%, from US$327.6 million in 2023, primarily attributable to an increase of US$41 million in revenue from management fees as a result of additional management fees from acquired companies during 2024. Performance fees decreased by US$12.0 million and due to the variable nature of performance fees and dependency on the various stages of the life cycle of our investment funds and their respective investments, year-on-year comparison is not meaningful. The 2024 recognized performance fees are linked to Patria Infrastructure Fund III. In addition, revenue from incentive fees and from advisory and other ancillary fees collectively increased by US$17.9 million from US$6.8 million in 2023 to US$24.7 million in 2024. Main drivers for the incentives fees are i) Credit funds performance responsible for US$7.7 million and ii) Real Estate funds responsible for US$2.8 million; in both cases, as funds performance were