Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 116

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 116
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 asset managers in Brazil, which had approximately R$5 billion in assets under management across both development and core real estate vehicles.

The transaction was structured in two stages. The first stage closed on July 1, 2022, and entailed the acquisition of 50% of VBI for cash consideration, plus the contribution of Patria’s two existing Brazilian REIT vehicles. The second stage allowed us to exercise an option to acquire the remaining 50% of VBI and thus consolidate VBI’s platform into the Patria group.

Over the course of 2023, and in support of our growth initiatives, VBI acquired three small-scale independent asset managers focused on real estate in Brazil: (i) BlueMacaw Asset Management Ltda. ("BlueMacaw") the spun-off portion of BlueMacaw Gestora Limitada (“ BlueMacaw Gestora”), an investment manager focused on real estate assets in Brazil. BlueMacaw Gestora was created as a spin-off of Blackstone's Real Estate operations in Latin America, led by Marcelo Fedak, (ii) Bari Gestão de Recursos Ltda. (which was later renamed to VBI Securities Ltda.) and (iii) Morc Gestora de Recursos de Crédito Ltda. (which was later renamed to VBI Capital Ltda.).

On August 1, 2024, the second stage of our VBI acquisition was concluded when we exercised our call option and acquired the remaining 50% stake of VBI. As a result, Patria currently owns 100% of VBI.

More recently, upon completion of the transaction involving CSHG Real Estate, we combined it with VBI's strategy, reformulating our real estate platform in Brazil, which we rebranded as "Patria Real Estate". As of December 31, 2024, our Brazilian real estate platform had U$3.2 billion of fee-earning AUM including over 90% in permanent capital vehicles.

Expansion into Venture Capital

On December 1, 2022, we announced the launch of a new venture capital strategy anchored on the acquisition of Igah Partners LLC, PEVC I General Partner IV, Ltd and Igah Carry Holding Ltd. (collectively referred as "Igah Ventures" or "Igah"), one of the pioneers of the sector in Latin America. By expanding our platform to include venture capital, we seek to offer products and solutions throughout the equity investment cycle to address all stages of growth. We