Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 188

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 188
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 management fees as a result of additional management fees from acquired companies and management fees from newly launched investment fund Private Equity VII. Performance fees are variable in nature and dependent on the various stages of the life cycle of our investment funds and their respective investments. In 2023, performance fees increased by US$44.4 million in revenue primarily earned from Infrastructure Fund III and Private Equity Fund V. In addition, revenue from incentive fees and from advisory and other ancillary fees collectively decreased by US$3.4 million, or 34% from US$10.2 million in 2022 to US$6.8 million in 2023.

Personnel expenses and carried interest allocation

Personnel expenses in 2023 were US$78.8 million, an increase of US$9.0 million, or 12.9%, from US$69.8 million in 2022, mainly due to additional personnel expenses from acquired businesses. Carried interest allocation increased by US$15.0 million, or 147.2% from US$10.2 million in 2022 to US$25.2 million in 2023, due to an increase in performance fee revenue.

Deferred consideration on acquisition

Deferred consideration expenses, related to the business combination with Moneda, decreased by US$1.4 million in 2023 due to a decrease in head count for participants eligible for the deferred consideration payment.

Amortization of intangible assets

Amortization of intangible assets increased by US$5.0 million, or 28.7%, from US$17.4 million in 2022 to US$22.4 million in 2023, 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 income/(expenses)

Other expenses, net of other income increased by US$9.4 million or 101.1%, from US$9.3 million in other expenses to US$18.7 million in other expenses, mainly attributable to: (i) a decrease of US$4.2 million related to amortization of our SPAC initial public offering expenses; and (ii) a non-recurring gain of US$4.2 million from fair value remeasurement of previously held interest of Kamaroopin upon completing business combination in stages converting an associate investment to a fully controlled subsidiary. These were partially offset by (i) a decrease of US$2.