Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 185

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 185
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 above benchmark, incentive fees were triggered. Regarding, advisory and other ancillary fees the main drivers are higher fundraising for third party managers (mainly Carlyle) which respond for US$4.4 million.

Personnel expenses and carried interest allocation

Personnel expenses in 2024 amounted to US$111.7 million, an increase of US$32.9 million, or 41.8%, from US$78.8 million in 2023, mainly attributable to additional personnel expenses from acquired businesses. Carried interest allocation decreased by US$4.4 million, or 17.4% from US$25.3 million in 2023 to US$20.9 million in 2024, due to a decrease in recognized performance fee revenue.

Deferred consideration

Deferred consideration expenses, related to the business combinations with Moneda and CSHG, decreased by US$11.8 million in 2024. The decline in the expense is attributable to 50% of the Moneda deferred consideration matured during 2023 with the remaining 50% during December 2024. For Moneda, no further expense is expected in 2025. CSHG deferred consideration will be accrued for over the next five years.

Amortization of intangible assets

Amortization of intangible assets increased by US$8.3 million, or 37.4%, from US$22.4 million in 2023 to US$30.7 million in 2024, mainly due to an increase in the value of identifiable intangible assets (brands, non-contractual customer relationships and contractual rights) acquired as part of acquisition transactions.

Other expenses

Other expenses, net of other income increased by US$27.1 million, from US$18.7 million in 2023 to US$45.8 million in 2024, mainly attributable to: (i) a increase of of US$33.9 million related to consideration payable adjustment (mainly VBI and GPMS) partially offset by reduction in gross obligation of US$14.8 million; (ii) an increase of US$12.7 million other expenses as result of integrating acquired business; and (iii) increase in other expenses of US$5.2 million mainly related to a payment for the ISS settlement with the Municipality of São Paulo to the value of US$ 4.2 million. These expenses were partially offset by Energy Trading TRIA contracts of US$6.6 million.

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