Financial Data and Key Metrics Changes - Patria generated $21.5 million in IFRS net income in Q3 2021, with fee-related earnings of $21.8 million and performance-related earnings of $1.5 million, resulting in distributable earnings of $22.5 million or $0.165 per share [6][32] - Fee-related earnings increased by 24% from $17.6 million in Q2 2021, and fee revenue rose 16% to $37.4 million [33] - The FRE margin for Q3 was 58%, up from 55% in Q2, indicating strong revenue growth [34] Business Line Data and Key Metrics Changes - Fee earnings AUM reached $9.2 billion, up 11% from $8.3 billion in the previous quarter and up 22% from $7.5 billion a year ago [35] - The company expects to see fee-related earnings growth of over 50% in 2022 compared to 2021, driven by the addition of Moneda's fee-related earnings [13][44] Market Data and Key Metrics Changes - The company is analyzing a pipeline of around $50 billion in potential equity checks for transactions and CapEx in the infrastructure sector across various countries in the region [19] - The telecom sector saw significant developments, including a winning bid for 5G spectrum, which will lead to the construction of over 5,000 telecom towers [20] Company Strategy and Development Direction - Patria is focused on organic growth and has accelerated its flagship strategy timelines, with a new private equity fund in the market ahead of schedule [14] - The strategic combination with Moneda Asset Management is expected to enhance earnings and create a leading alternative credit platform in the region [15][26] - The company aims to expand its product offerings and geographic footprint through acquisitions, particularly in the credit and real estate sectors [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving targets for 2021 and anticipates strong growth in 2022, with a focus on maintaining high margins and expanding fee-related earnings [11][44] - The management noted that the current macroeconomic environment, including rising inflation and interest rates, could impact local investor behavior, but emphasized that their products are designed to be inflation-protected [61][63] Other Important Information - The company is raising a renewable energy fund to complement its flagship infrastructure fund, targeting to raise this fund before returning to market with the infrastructure fund next year [22] - The company has established anchor investors for its upcoming credit products, indicating strong demand for capital in the infrastructure and credit sectors [25] Q&A Session Summary Question: M&A outlook after Moneda - Management confirmed an appetite for further acquisitions post-Moneda, with $200 million in cash available for additional transactions [53][59] Question: Impact of rising interest rates on business - Management indicated that their products are designed to be inflation-linked, which should mitigate the impact of rising interest rates on their business [61][63] Question: Changes in the LP base and fundraising - The majority of capital raised is expected to come from existing LPs, with a goal of expanding the LP base to include more high-net-worth individuals [70][72] Question: Capital deployment and realizations in 2022 - Management expects to maintain or increase capital deployment levels in 2022, while being cautious about divestments due to current market conditions [86][92]

Patria Investments Limited (NASDAQ:PAX) Q2 2021 Earnings Conference Call August 19, 2021 9:00 AM ET Company Participants Josh Wood - Head of Shareholder Relations Alex Saigh - Chief Executive Officer Marco D'Ippolito - Chief Financial Officer Conference Call Participants Tito Labarta - Goldman Sachs Ricardo Buchpiguel - BTG Pactual Domingos Falavina - JPMorgan Operator Good day and thank you for standing by. Welcome to the Patria Investments Second Quarter Earnings Call. At this time, all participants are i ...

Financial Data and Key Metrics Changes - Patria generated $13.1 million in IFRS net income for Q1 2021, with fee-related earnings of $17.3 million, up 14% from $15.2 million in Q1 2020, driven by a 20% increase in total fee revenues [5][25] - Management fees reached $31.3 million in Q1 2021, a 31% increase compared to Q1 2020, largely due to inflows from Private Equity Fund VI and Infrastructure Fund IV [25] - Fee earnings AUM rose to over $8 billion, up 4% from the last quarter and 14% year-over-year [25] Business Line Data and Key Metrics Changes - Private Equity Fund VI is now 68% deployed, with expectations to reach the 75% threshold for launching fundraising for Fund VII by the end of Q2 2021 [14][41] - Infrastructure Fund IV remains at 56% invested and reserved, with a strong pipeline for deployment due to record levels of government concessions expected [28] - Actual capital deployments to portfolio companies in Q1 amounted to $277 million, including amounts reserved in prior quarters [27] Market Data and Key Metrics Changes - Latin America is showing encouraging trends in pandemic recovery, with over 110 million vaccines administered in the region [9][10] - The interbank rate in Brazil has recently reversed from 2% to 3.5%, with expectations of reaching 5% to 6% by year-end, which is seen as stabilizing for local currency [19][46] Company Strategy and Development Direction - The company is focused on deploying capital into resilient sectors linked to basic human needs, such as healthcare, food, transportation, and energy, which have lower correlations to economic cycles [17] - Patria is exploring opportunities for strategic M&A using IPO capital, viewing it as an upside to an already compelling organic growth profile [22] - The company aims to expand its country-specific strategies to drive organic growth in fee-related earnings [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of Patria's business model and investment performance, emphasizing the ability to navigate through various market environments [11][12] - The outlook for fee-related earnings growth remains intact, with expectations for strong fee revenue growth exceeding 20% year-over-year [34] - Management remains cautiously optimistic about performance fees, particularly from Private Equity Fund III and Fund V, with positive indicators from portfolio companies [60][66] Other Important Information - The net accrued performance fee balance was $253 million at the end of Q1, down from $276 million, primarily due to local currency depreciation [29] - The company is considering share buybacks but prioritizes capital for M&A opportunities [69] Q&A Session Summary Question: Is all of the binding and reserve capital in the 41% based on transactions that have already been announced? - Yes, two-thirds of the 41% is already committed and deployed, including investments in a gas distribution network and a healthcare initiative in Colombia [39][40] Question: How does the evolving interest rate backdrop change the domestic migration to equities and alternative investments? - The increase in interest rates is viewed positively, as it stabilizes local currency and allows for passing on inflation costs [42][46] Question: Can you provide additional color around the performance fee outlook for the remainder of 2021? - Performance fees are expected from Private Equity Fund III and Fund V, with strong performance indicators from portfolio companies [56][66] Question: Any updates on discussions regarding secondary market transactions? - The company is considering GP-led transactions in the secondary market, given the rebound in the region and the strengthening of currencies [85][88] Question: What is the appetite for acquiring private market businesses outside of Brazil? - The appetite is high, with plans to diversify into adjacent markets like Chile, Colombia, and Mexico [92][93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 001-39911 Patria Inve ...