# EDGAR Filing Document

**Accession Number:** 0002055657
**File Stem:** 0001104659-25-112563
**Filing Date:** 2025-11
**Character Count:** 18342
**Document Hash:** e89f99c2b21405a160d41481f7e69d2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112563.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001104659-25-112563

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Patria Investments Ltd
- **CENTRAL INDEX KEY:** 0001825570
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92495
- **FILM NUMBER:** 251486537

**BUSINESS ADDRESS:**
- **STREET 1:** 60 NEXUS WAY, 4TH FLOOR
- **STREET 2:** CAMANA BAY, PO BOX 757
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9006
- **BUSINESS PHONE:** 1 345 640 4900

**MAIL ADDRESS:**
- **STREET 1:** 60 NEXUS WAY, 4TH FLOOR
- **STREET 2:** CAMANA BAY, PO BOX 757
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9006
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Endure Capital Management, LLC
- **CENTRAL INDEX KEY:** 0002055657

**ORGANIZATION NAME:**
- **EIN:** 993030427
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 6500 RIVER PL BLVD BUILDING 7
- **STREET 2:** SUITE 250
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730
- **BUSINESS PHONE:** (513) 582-6030

**MAIL ADDRESS:**
- **STREET 1:** 6500 RIVER PL BLVD BUILDING 7
- **STREET 2:** SUITE 250
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78730

## Exhibit 99.1

**EXHIBIT 99.1**

**JOINT FILING AGREEMENT**

**November 14, 2025**

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), and the rules and regulations thereunder, each party hereto hereby agrees to the joint filing, on behalf of each of them, of any filing required by such party under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with the Securities and Exchange Commission (and, if such security is registered on a national securities exchange, also with the applicable exchange), and further agrees to the filing, furnishing, and/or incorporation by reference of this agreement as an exhibit thereto. This agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party.

**IN WITNESS WHEREOF**, each party hereto, being duly authorized, has caused this agreement to be executed and effective as of the date set forth below.

Date: November 14, 2025

---

| | |
|:---|:---|
| **ENDURE CAPITAL MANAGEMENT, LLC** | **ENDURE CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Ryan Simes |
| Name: | Ryan Simes |
| Title: | Managing Member |
| Date: | November 14, 2025 |
| **ENDURING ALPHA FUND, LP** | **ENDURING ALPHA FUND, LP** |
| By: | Endure Capital GP, LP |
| Its: | General Partner |
| By: | Endure Capital Management, LLC |
| Its: | General Partner of the General Partner |
| By: | /s/ Ryan Simes |
| Name: | Ryan Simes |
| Title: | Managing Member |
| Date: | November 14, 2025 |
| **ENDURE CAPITAL GP, LP** | **ENDURE CAPITAL GP, LP** |
| By: | Endure Capital Management, LLC |
| Its: | General Partner |
| By: | /s/ Ryan Simes |
| Name: | Ryan Simes |
| Title: | Managing Member |
| Date: | November 14, 2025 |
| **RYAN SIMES** | **RYAN SIMES** |
| /s/ Ryan Simes | /s/ Ryan Simes |
| Date: | November 14, 2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Patria Investments Limited

**Title of Class of Securities:** Class A common shares, par value US$0.0001 per share

**CUSIP Number:** G69451105

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Endure Capital Management, LLC | Names of Reporting Persons<br>Endure Capital Management, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>TX | Citizenship or Place of Organization<br>TX |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4318863.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4318863.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4318863.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4318863.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.6% | Percent of Class Represented by Amount in Row (9)<br>6.6% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, OO | Type of Reporting Person (See Instructions)<br>IA, OO |

**Comment for Type of Reporting Person:** The figures included above are based upon 65,021,566 Class A common shares, par value US$0.0001 per share ("Common Stock"), of Patria Investments Limited (the "Issuer"), outstanding as of September 30, 2025, as disclosed in Exhibit 99.2 to the Form 6-K filed on November 4, 2025, by the Issuer with the U.S. Securities and Exchange Commission (the "Form 6-K").

---

| 1. | Names of Reporting Persons<br>Enduring Alpha Fund, LP | Names of Reporting Persons<br>Enduring Alpha Fund, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4318863.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4318863.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4318863.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4318863.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.6% | Percent of Class Represented by Amount in Row (9)<br>6.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The figures included above are based upon 65,021,566 shares of Common Stock outstanding as of September 30, 2025, as disclosed in the Form 6-K.

---

| 1. | Names of Reporting Persons<br>Endure Capital GP, LP | Names of Reporting Persons<br>Endure Capital GP, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>TX | Citizenship or Place of Organization<br>TX |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4318863.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4318863.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4318863.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4318863.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.6% | Percent of Class Represented by Amount in Row (9)<br>6.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The figures included above are based upon 65,021,566 shares of Common Stock outstanding as of September 30, 2025, as disclosed in the Form 6-K.

---

| 1. | Names of Reporting Persons<br>Ryan Simes | Names of Reporting Persons<br>Ryan Simes |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>266133.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4318863.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>266133.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4318863.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4584996.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4584996.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.1% | Percent of Class Represented by Amount in Row (9)<br>7.1% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

**Comment for Type of Reporting Person:** The figures included above are based upon 65,021,566 shares of Common Stock outstanding as of September 30, 2025, as disclosed in the Form 6-K. The figures in Items 5, 7, and 9 include 101 shares of Common Stock held through two of the Reporting Person's IRA accounts.

---

**Item 1(a). Name of Issuer:**
Patria Investments Limited

**Item 1(b). Address of Issuer's Principal Executive Offices:**
60 Nexus Way, 4th floor, Camana Bay, PO Box 757 Grand Cayman, E9, KY1-9006

**Item 2(a). Name of Person Filing:**
This statement is jointly filed by and on behalf of each of Endure Capital Management, LLC, a Texas limited liability company ("Endure Management"), Enduring Alpha Fund, LP, a Delaware limited partnership ("Enduring Alpha Fund"), Endure Capital GP, LP, a Texas limited partnership ("Endure Capital"), and Ryan Simes (collectively referred to herein as "Reporting Persons"). Enduring Alpha Fund is the record and direct beneficial owner of 4,318,863 shares of Common Stock of the Issuer covered by this statement. Endure Capital is the general partner of, and may be deemed to have indirect beneficial ownership of securities owned by, Enduring Alpha Fund. Endure Management is the general partner of Endure Capital and the investment manager of Enduring Alpha Fund and may be deemed to beneficially own securities owned by Enduring Alpha Fund. Mr. Simes is the sole member of, and may be deemed to have indirect beneficial ownership of securities beneficially owned by, Endure Management. Mr. Simes is the record and direct beneficial owner of 266,133 shares of Common Stock of the Issuer covered by this statement. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock held directly by the other Reporting Persons.

Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.

Each Reporting Person may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each of the Reporting Persons is 6500 River Pl Blvd Building 7, Suite 250, Austin, TX 78730.

**Item 2(c). Citizenship:**
See Item 4 on the cover page(s) hereto.

**Item 2(d). Title of Class of Securities:**
Class A common shares, par value US$0.0001 per share

**Item 2(e). CUSIP Number:**
G69451105

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See Item 9 on the cover pages(s) hereto.

**(b) Percent of class:**

See Item 11 on the cover page(s) hereto.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See Item 5 on the cover pages hereto.

**(ii) Shared power to vote or to direct the vote:**

See Item 6 on the cover pages hereto.

**(iii) Sole power to dispose or to direct the disposition of:**

See Item 7 on the cover pages hereto.

**(iv) Shared power to dispose or to direct the disposition of:**

See Item 8 on the cover pages hereto.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Endure Capital Management, LLC**

**Date:** 11/14/2025

**By:** /s/ Ryan Simes

**Name & Title:** Managing Member

**Enduring Alpha Fund, LP**

**Date:** 11/14/2025

**By:** Endure Capital GP, LP

**Name & Title:** General Partner

**Endure Capital GP, LP**

**Date:** 11/14/2025

**By:** Endure Capital Management, LLC

**Name & Title:** General Partner

**Ryan Simes**

**Date:** 11/14/2025

**By:** /s/ Ryan Simes

**Name & Title:** Ryan Simes