One more for our next question. And our next question comes from William Barranjard with Itau BBA. Yes. Hi, William. Thanks. Thanks for your question, thanks for participating. Yeah. I think the way that these drawdown funds works is that you do the first close of the fund. And then as you raise money after the first close the fees are retroactive to the first close. So contrary to the liquid strategies as we talked here with Ricardo, when someone invests subscribes quotas for a liquid fund strategy the day ...

See notes and definitions at end of document. Totals may not add due to rounding. ▪ LTM growth was driven by capital inflows of $3.3 billion together with positive valuation and currency impact of $2.6 billion, partially offset by outflows of $(3.9) billion which included strong divestment activity in our flagship funds (1) Partnership with Bancolombia announced on 5-Jul-23 and expected to close in 3Q23 See notes and definitions at end of document. Totals may not add due to rounding. Total - 635 131 214 980 ...

Patria Investments Limited (NASDAQ:PAX) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Josh Wood - Head of Shareholder Relations Alex Saigh - Chief Executive Officer Ana Russo - Chief Financial Officer Marco D’Ippolito - Chief Corporate Development Officer Conference Call Participants Tito Labarta - Goldman Sachs Craig Siegenthaler - BofA Securities William Barranjard - Itau BBA Domingos Falavina - JPMorgan Michael Brown - Keefe, Bruyette, & Woods, Inc. Operator Good day, and ...

[FORM 20-F Filing Information](index=1&type=section&id=FORM%2020-F) This section details Patria Investments Limited's Annual Report on Form 20-F for FY2022, including share classes, Nasdaq listing, and IFRS compliance - The report is an Annual Report on Form 20-F for the fiscal year ended **December 31, 2022**[2](index=2&type=chunk) - Patria Investments Limited is incorporated in the **Cayman Islands**[3](index=3&type=chunk) Outstanding Shares as of December 31, 2022 | Share Class | Number of Shares | | :------------ | :--------------- | | Class A | 54,247,500 | | Class B | 92,945,430 | - The company is a **large accelerated filer** and uses **International Financial Reporting Standards (IFRS)** as issued by the IASB for its financial statements[12](index=12&type=chunk)[13](index=13&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section provides a comprehensive list of all chapters and sub-sections within the annual report, facilitating navigation [Presentation of Financial and Other Information](index=6&type=section&id=PRESENTATION%20OF%20FINANCIAL%20AND%20OTHER%20INFORMATION) This section outlines the basis of financial statement preparation, currency, key corporate events, non-GAAP measures, and KPIs [Financial Statements and Currency](index=6&type=section&id=Financial%20Statements) Patria maintains its records in U.S. dollars and prepares annual consolidated financial statements under IFRS for 2020-2022 - Patria was incorporated in Bermuda on July 6, 2007, and changed its jurisdiction to the **Cayman Islands** on October 12, 2020[23](index=23&type=chunk) - The company maintains its books and records in **U.S. dollars**, which is also the presentation and functional currency for its financial statements[24](index=24&type=chunk) - Annual consolidated financial statements for **2022, 2021, and 2020** are prepared in accordance with **IFRS** as issued by the IASB[24](index=24&type=chunk) [Corporate Events and Acquisitions](index=6&type=section&id=Corporate%20Events) Significant acquisitions and corporate events from 2021-2023 impact comparability of historical financial results to future periods - Historical financial results may not be comparable to future periods due to **significant acquisitions and corporate events**[26](index=26&type=chunk) - Completed combination with Moneda Asset Management on **December 1, 2021**, increasing AUM to **US$23.8 billion** and solidifying its position in Latin American private equity, infrastructure, and credit[27](index=27&type=chunk) - Launched a new Growth Equity strategy with Kamaroopin, acquiring a **40% stake in February 2022** and the remaining **60% in April 2023**, now owning **100%** of Kamaroopin[28](index=28&type=chunk) - Patria Latin American Opportunity Acquisition Corp. (SPAC) closed its IPO on **March 14, 2022**, raising **US$230 million**[30](index=30&type=chunk) - Acquired **50% of VBI Real Estate** on **July 1, 2022**, to anchor its Brazil Real Estate platform, with full ownership expected within **24-36 months**[32](index=32&type=chunk)[33](index=33&type=chunk) - VBI announced the acquisition of BlueMacaw Asset Management Ltda. on **April 3, 2023**, adding approximately **R$500 million** in AUM[34](index=34&type=chunk) [Non-GAAP Financial Measures](index=7&type=section&id=Special%20Note%20Regarding%20Non-GAAP%20Financial%20Measures) The report uses Fee Related Earnings (FRE) and Distributable Earnings (DE) as non-GAAP measures for operational profitability and dividend capacity - Non-GAAP measures, **Fee Related Earnings (FRE)** and **Distributable Earnings (DE)**, are used to assess financial performance and dividend distribution capabilities[38](index=38&type=chunk)[43](index=43&type=chunk) Fee Related Earnings (FRE) (US$ millions) | Metric | 2022 | 2021 | 2020 | Change 2022/2021 | Change 2021/2020 | | :-------------------------- | :---- | :---- | :---- | :--------------- | :--------------- | | Revenue from management fees| 220.6 | 144.7 | 112.9 | 75.9 | 31.8 | | Revenue from incentive fees | 6.1 | 4.9 | 3.5 | 1.2 | 1.4 | | Revenue from advisory and other ancillary fees | 4.2 | 0.7 | 2.5 | 3.5 | (1.8) | | Taxes on revenues | (3.7) | (3.9) | (3.8) | 0.2 | (0.1) | | Personnel expenses | (103.9)| (79.8)| (27.2)| (24.1) | (52.6) | | (-) Long-term employee benefits | 3.5 | 3.0 | 0.4 | 0.5 | 2.6 | | (-) Carried interest allocation | 10.2 | 30.2 | — | (20.0) | 30.2 | | (-) Carry bonus provision | — | 0.9 | — | (0.9) | 0.9 | | (-) Deferred and contingent consideration | 24.4 | 2.0 | — | 22.4 | 2.0 | | (-) Other transaction costs | 0.5 | — | — | 0.5 | — | | Administrative expenses | (30.4)| (14.4)| (14.6)| (16.0) | 0.2 | | (-) Amortization of intangible assets from acquisition | 3.1 | 0.3 | — | 2.8 | 0.3 | | (-) SPAC expenses and transaction costs | 0.8 | — | — | 0.8 | — | | Placement fees amortization and rebates | (5.3) | (2.5) | (2.3) | (2.8) | (0.2) | | **Fee Related Earnings (FRE)** | **130.0** | **86.0** | **71.3** | **44.0** | **14.7** | Distributable Earnings (DE) (US$ millions) | Metric | 2022 | 2021 | 2020 | Change 2022/2021 | Change 2021/2020 | | :-------------------------- | :---- | :---- | :---- | :--------------- | :--------------- | | Fee Related Earnings (FRE) | 130.0 | 86.0 | 71.3 | 44.0 | 14.7 | | Revenue from performance fees | 30.4 | 89.3 | — | (58.9) | 89.3 | | Taxes on revenue—performance fees | (1.2) | (0.2) | — | (1.0) | (0.2) | | Carried interest allocation | (10.2)| (30.2)| — | 20.0 | (30.2) | | Carry bonus provision | — | (0.9) | — | 0.9 | (0.9) | | Other income/(expenses) | (9.3) | (12.2)| (2.0) | 2.9 | (10.2) | | Other transaction costs | 6.7 | 11.8 | 2.1 | (5.1) | 9.7 | | Deferred and contingent consideration | (11.6)| (0.3) | — | (11.3) | (0.3) | | SPAC expenses and transaction costs | 10.6 | — | — | 10.6 | — | | Gross obligation - unwinding | 3.5 | — | — | 3.5 | — | | Net financial income/(expense) | 8.1 | (0.3) | (0.2) | 8.4 | (0.1) | | Option, warrant and trust account | (3.2) | — | — | (3.2) | — | | Share of equity-accounted earnings | (2.3) | — | — | (2.3) | — | | Amortization of intangible assets from equity-accounted investments | 2.2 | — | — | 2.2 | — | | Current income tax expense | (6.5) | (1.7) | (0.9) | (4.8) | (0.8) | | **Distributable Earnings (DE)** | **147.1** | **141.3** | **70.3** | **5.8** | **71.0** | [Key Performance Indicators (KPIs)](index=9&type=section&id=Certain%20Terms%20Used%20in%20this%20Annual%20Report%20as%20KPIs%20to%20Measure%20Operating%20Performance) This section defines key performance indicators like AUM, FEAUM, PREAUM, and Net Accrued Performance Fees for measuring operating performance - **Assets Under Management (AUM)** is defined as total capital funds managed plus direct co-investments, indicating business size and product evolution[47](index=47&type=chunk)[48](index=48&type=chunk) - **Fee Earning AUM (FEAUM)** measures total capital generating management fees[49](index=49&type=chunk) - **Performance Revenue Eligible AUM (PREAUM)** is the portion of AUM on which performance or incentive fees can be earned if targets are met[50](index=50&type=chunk) - **Net Accrued Performance Fees** represent the amount Patria would receive as realized performance fees (net of compensation) if all eligible funds were fully divested at their current valuations[51](index=51&type=chunk) [Market Data and Estimates](index=9&type=section&id=Market%20Share%20and%20Other%20Information) Market data and industry forecasts are based on third-party sources and internal estimates, subject to inherent uncertainty and risk - Market data and industry forecasts are derived from **public third-party sources, internal reports, and management estimates**[52](index=52&type=chunk)[54](index=54&type=chunk) - All market data and estimates are inherently **uncertain and imprecise**, and projections are subject to **high degrees of uncertainty and risk**[54](index=54&type=chunk) [Rounding Adjustments](index=10&type=section&id=Rounding) Rounding adjustments have been applied to figures, meaning numerical totals in tables may not be exact arithmetic aggregations - Rounding adjustments have been made, so numerical totals in tables may not be **exact arithmetic aggregations**[55](index=55&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=11&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section warns that forward-looking statements are subject to various risks and uncertainties, and the company does not undertake to update them - The report contains forward-looking statements based on management's beliefs and assumptions, identifiable by **specific forward-looking words**[58](index=58&type=chunk)[59](index=59&type=chunk) - These statements are subject to **risks and uncertainties**, including the impact of COVID-19, economic and political conditions in Latin America and globally, exchange rate fluctuations, ability to find suitable investments, and regulatory changes[59](index=59&type=chunk)[60](index=60&type=chunk)[64](index=64&type=chunk) - The company does not undertake any obligation to update forward-looking statements in light of **new information or future developments**[62](index=62&type=chunk) [PART I](index=13&type=section&id=PART%20I) This part covers general company information, risk factors, and business overview, providing foundational context for the financial report [ITEM 1. Identity of Directors, Senior Management and Advisers](index=13&type=section&id=ITEM%201.%20Identity%20of%20Directors,%20Senior%20Management%20and%20Advisers) Information regarding directors, senior management, and advisers is not applicable for this item as per filing requirements - Information for Directors and Senior Management, Advisers, and Auditors is **'Not applicable'** for this item[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [ITEM 2. Offer Statistics and Expected Timetable](index=13&type=section&id=ITEM%202.%20Offer%20Statistics%20and%20Expected%20Timetable) Information on offer statistics and expected timetable is not applicable for this report as per filing requirements - Information for Offer Statistics and Method and Expected Timetable is **'Not applicable'** for this item[69](index=69&type=chunk)[70](index=70&type=chunk) [ITEM 3. Key Information](index=13&type=section&id=ITEM%203.%20Key%20Information) This section covers key information, including a summary of risk factors related to the company's business, industry, Latin American operations, and Class A common shares - Sections A, B, and C of Item 3 (Removed and reserved, Capitalization and Indebtedness, Reasons for the Offer and Use of Proceeds) are marked as **'Not applicable'**[71](index=71&type=chunk)[72](index=72&type=chunk) [D. Risk Factors](index=13&type=section&id=D.%20Risk%20Factors) This subsection details risks across business, industry, Latin America, and Class A common shares, including market volatility, competition, and dual-class structure - Investment in Class A common shares is subject to risks related to **business and industry, Latin America, and the shares themselves**[73](index=73&type=chunk) - The COVID-19 pandemic has severely disrupted economies, impacting **capital raising, deployment, and realization activities**, and exacerbating existing risks[75](index=75&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - Difficult market and geopolitical conditions (e.g., rising interest rates, inflation, Russia-Ukraine conflict) can materially reduce **revenue, earnings, and cash flow**, and affect investment performance[75](index=75&type=chunk)[87](index=87&type=chunk)[92](index=92&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The asset management business faces **substantial and intense competition**, potentially leading to lower fees and reduced profitability[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - The **dual-class share structure** concentrates voting control with Patria Holdings (**83.3% voting power**), limiting other shareholders' influence on corporate matters[83](index=83&type=chunk)[319](index=319&type=chunk)[335](index=335&type=chunk) - Operations in Latin America expose the company to **political, economic, legal, and operational risks**, including government influence, inflation, exchange rate instability, and social unrest (e.g., in Brazil and Chile)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[94](index=94&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk) - Cybersecurity risks, rapidly changing global privacy laws (e.g., GDPR, LGPD), and potential employee misconduct could lead to **data loss, business interruptions, reputational damage, and significant liabilities**[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) - Poor performance of investment funds would reduce **revenue, income, and cash flow**, potentially obligating repayment of performance allocations and hindering future capital raising[185](index=185&type=chunk)[186](index=186&type=chunk) - The company's status as a **Cayman Islands exempted company** and **foreign private issuer** means shareholder rights and disclosure requirements differ from U.S. jurisdictions, potentially offering less protection[83](index=83&type=chunk)[340](index=340&type=chunk)[341](index=341&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk)[349](index=349&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk)[353](index=353&type=chunk)[354](index=354&type=chunk)[355](index=355&type=chunk) [ITEM 4. Information on the Company](index=55&type=section&id=ITEM%204.%20Information%20on%20the%20Company) This item details Patria Investments Limited's history, business overview, organizational structure, and property, plants, and equipment [A. History and Development of the Company](index=55&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Patria evolved from an M&A firm to a private equity leader, marked by rebranding, Blackstone partnership, IPO, and strategic acquisitions - Patria was founded in **1988** as Patrimônio Participações, initially focusing on M&A and financial advisory, then shifting to private equity operations[366](index=366&type=chunk) - Rebranded as Patria Investments in **2001**, solidifying its pioneer position in the private assets industry[366](index=366&type=chunk) - Blackstone acquired a non-controlling interest in Patria in **October 2010** and fully exited its position by **December 31, 2022**[367](index=367&type=chunk) - Completed an IPO on **January 26, 2021**, with Class A common shares trading on Nasdaq under **'PAX'**[371](index=371&type=chunk) - Acquired Moneda Asset Management on **December 1, 2021**, creating a combined asset manager with **US$23.8 billion** in AUM[372](index=372&type=chunk) - Launched Growth Equity strategy with Kamaroopin, acquiring **40% in February 2022** and **100% by April 2023**[374](index=374&type=chunk) - Acquired VBI Real Estate on **June 9, 2022**, to anchor its Brazil Real Estate platform, with **50% acquired in July 2022**[380](index=380&type=chunk)[381](index=381&type=chunk) - Expanded into Venture Capital with the acquisition of Igah Ventures on **December 1, 2022**, acquiring **100% ownership**[382](index=382&type=chunk)[383](index=383&type=chunk) - VBI acquired BlueMacaw Asset Management Ltda. on **April 3, 2023**, adding approximately **R$500 million** in AUM[385](index=385&type=chunk) [B. Business Overview](index=67&type=section&id=B.%20Business%20Overview) Patria is a leading Latin American alternative investment firm with US$27.2 billion AUM across six product lines, focusing on value creation and disciplined investment - Patria is a leading global alternative investment firm focused on Latin America, with **US$27.2 billion in AUM** as of **December 31, 2022**[389](index=389&type=chunk) - Product offerings include private equity, infrastructure, credit, public equities, real estate, and advisory & distribution, with **80 active funds** as of **December 31, 2022**[389](index=389&type=chunk) - Flagship private equity and infrastructure strategies have generated a consolidated equal-weighted net IRR of **28.6% in U.S. dollars** since inception (as of December 31, 2022)[390](index=390&type=chunk) AUM by Product Line (US$ billions) | Product Line | AUM (Dec 31, 2022) | | :----------------------- | :----------------- | | Private Equity | 10.9 | | Infrastructure | 5.8 | | Credit | 4.7 | | Public Equities | 2.1 | | Real Estate | 1.3 | | Advisory & Distribution | 2.3 | - The investment approach is based on **sector specialization, operational value creation, an associative approach, and gradual, disciplined portfolio construction**[443](index=443&type=chunk)[448](index=448&type=chunk)[449](index=449&type=chunk)[450](index=450&type=chunk)[459](index=459&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk) - Competitive strengths include **sustained strong investment performance, robust client relationships, scalable business model, seasoned management, and strong brand equity**[466](index=466&type=chunk)[468](index=468&type=chunk)[469](index=469&type=chunk)[478](index=478&type=chunk)[480](index=480&type=chunk)[481](index=481&type=chunk)[482](index=482&type=chunk)[483](index=483&type=chunk)[484](index=484&type=chunk) - Growth strategy focuses on expanding the addressable market for alternative investments in Latin America, **diversifying the client base, increasing product portfolio, and expanding access channels**[485](index=485&type=chunk)[489](index=489&type=chunk)[492](index=492&type=chunk)[498](index=498&type=chunk)[499](index=499&type=chunk)[500](index=500&type=chunk) - Integrates **ESG considerations** into investment analysis and decisions, governed by a responsible investment policy and signatory to the **Principles for Responsible Investment (PRI)**[501](index=501&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk) - The asset management business is **highly competitive**, facing strategic buyers, other funds, and financial institutions, competing on performance, service quality, and fees[528](index=528&type=chunk)[530](index=530&type=chunk)[531](index=531&type=chunk)[532](index=532&type=chunk) - The company and its subsidiaries are subject to **extensive regulation** by governmental agencies and self-regulatory organizations in Brazil (CVM, ANBIMA, ABVCAP), Cayman Islands (CIMA), Uruguay (Central Bank), and the UK (FCA)[533](index=533&type=chunk)[534](index=534&type=chunk)[537](index=537&type=chunk)[539](index=539&type=chunk)[540](index=540&type=chunk)[541](index=541&type=chunk)[543](index=543&type=chunk)[547](index=547&type=chunk)[548](index=548&type=chunk)[549](index=549&type=chunk)[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[553](index=553&type=chunk)[554](index=554&type=chunk)[555](index=555&type=chunk)[556](index=556&type=chunk)[557](index=557&type=chunk)[558](index=558&type=chunk)[559](index=559&type=chunk)[600](index=600&type=chunk)[601](index=601&type=chunk)[602](index=602&type=chunk)[603](index=603&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk] [C. Organizational Structure](index=93&type=section&id=C.%20Organizational%20Structure) The company's organizational structure reflects its corporate reorganization and recent acquisitions, with Patria Holdings Limited as the controlling entity - The corporate structure reflects the corporate reorganization and combination with Moneda, acquisition of Kamaroopin, Igah, BlueMacaw, interests in VBI, and listing of the SPAC[36](index=36&type=chunk)[607](index=607&type=chunk) [D. Property, Plants and Equipment](index=93&type=section&id=D.%20Property,%20Plants%20and%20Equipment) Patria relies on intellectual property rights and leases its global corporate offices, deeming current facilities suitable for its business needs - The company relies on **contractual rights, trademarks (e.g., Patria Investimentos, Moneda), trade secrets, copyrights, domain names, and software** to protect its intellectual property[608](index=608&type=chunk)[609](index=609&type=chunk) - Patria leases its corporate business and management office in Grand Cayman and additional office spaces in **São Paulo, Montevideo, Bogota, Santiago, New York, London, Dubai, and Hong Kong**[610](index=610&type=chunk) - The company does not own any property and believes its current leased facilities are **suitable**[610](index=610&type=chunk) [ITEM 4A. Unresolved Staff Comments](index=93&type=section&id=ITEM%204A.%20Unresolved%20Staff%20Comments) This section states that there are no unresolved staff comments applicable to the company - This item is **'Not applicable'**[611](index=611&type=chunk) [ITEM 5. Operating and Financial Review and Prospects](index=93&type=section&id=ITEM%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes Patria's financial condition, operating results, liquidity, capital resources, and critical accounting estimates [A. Operating Results](index=94&type=section&id=A.%20Operating%20Results) Patria reported US$27.2 billion AUM in 2022, with operating results driven by fees, acquisitions, and macroeconomic factors, using non-GAAP measures for insight - Patria is a leading global alternative investment firm focused on Latin America, with **US$27.2 billion in AUM** as of **December 31, 2022**[613](index=613&type=chunk) Key Operating Performance Metrics (US$ millions) | Metric | 2022 | 2021 | 2020 | Change 2022/2021 | Change 2021/2020 | | :------------------------------ | :------ | :------ | :------ | :--------------- | :--------------- | | Assets Under Management (AUM) | 27,250 | 23,815 | 14,408 | 3,435 | 9,407 | | Fee Earning AUM | 19,167 | 17,930 | 7,713 | 1,237 | 10,217 | | Performance Revenue Eligible AUM| 18,078 | 15,893 | 12,292 | 2,185 | 3,601 | | Net Accrued Performance Fee | 462 | 348 | 276 | 114 | 72 | - AUM increased by **US$3,435 million** in 2022, primarily due to acquisitions, valuation increases, new capital raised (PE VII), and exchange rate variations[625](index=625&type=chunk) - FEAUM increased by **US$1,237 million** in 2022, driven by new acquisitions, capital raised, and additional capital deployment[630](index=630&type=chunk) - Net Accrued Performance Fee increased by **US$114 million** in 2022, mainly due to valuation increases from Infra III, PE V, and PE VI funds[637](index=637&type=chunk) Net Income, FRE, and DE (US$ millions) | Metric | 2022 | 2021 | 2020 | Change 2022/2021 | Change 2021/2020 | | :-------------------------- | :---- | :---- | :---- | :--------------- | :--------------- | | Net income for the year | 94.1 | 121.3 | 61.9 | (27.2) | 59.4 | | Fee Related Earnings (FRE) | 130.0 | 86.0 | 71.3 | 44.0 | 14.7 | | Distributable Earnings (DE) | 147.1 | 141.3 | 70.3 | 5.8 | 71.0 | - Operating results are significantly affected by **business conditions** (attracting new capital, deploying capital, realizing investments), **foreign exchange rates** (**64% of 2022 revenues and 40% of expenses in USD**), and the **Latin American macroeconomic environment**[651](index=651&type=chunk)[652](index=652&type=chunk)[653](index=653&type=chunk)[654](index=654&type=chunk)[655](index=655&type=chunk)[656](index=656&type=chunk)[658](index=658&type=chunk)[660](index=660&type=chunk)[661](index=661&type=chunk)[662](index=662&type=chunk)[663](index=663&type=chunk)[664](index=664&type=chunk] - The company revised its consolidated income statement presentation to classify expenses by nature, which has **no impact on prior years' reported net income or EPS**[669](index=669&type=chunk)[670](index=670&type=chunk) Net Revenue from Services (US$ millions) | Revenue Type | 2022 | 2021 | 2020 | | :------------------------------- | :------ | :------ | :------ | | Revenue from management fees | 223.5 | 144.7 | 112.9 | | Revenue from incentive fees | 6.1 | 4.9 | 3.5 | | Revenue from performance fees | 30.4 | 89.3 | — | | Revenue from advisory and other ancillary fees | 4.2 | 0.7 | 2.5 | | Taxes on revenue | (5.2) | (4.1) | (3.8) | | **Net Revenue from services** | **258.9** | **235.5** | **115.0** | - Net revenue from services increased by **10% in 2022 to US$258.9 million**, primarily due to a **US$78.8 million increase in management fees** from acquired companies and deployed capital, partially offset by a **US$58.9 million decrease in performance fees**[692](index=692&type=chunk) - Net income for 2022 decreased by **22% to US$94.1 million**, mainly due to lower performance fees and higher personnel and amortization expenses, despite increased management fees[702](index=702&type=chunk) [B. Liquidity and Capital Resources](index=114&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Patria's non-capital-intensive business relies on fees for liquidity, with US$312.4 million in cash and no outstanding debt as of December 31, 2022 - Patria's business model is **not capital-intensive**, with management and advisory fees typically exceeding operating expenses[718](index=718&type=chunk) - As of December 31, 2022, cash, cash equivalents, and short-term investments totaled **US$312.4 million** (**US$167.1 million in 2021**), including **US$240.3 million in a SPAC trust account**[719](index=719&type=chunk) - Principal cash requirements include **acquisition consideration, operating costs, M&A, and dividends**[719](index=719&type=chunk) Cash Flow Summary (US$ millions) | Cash Flow Type | 2022 | 2021 | 2020 | | :------------------------------ | :------ | :------ | :------ | | Operating Activities | 81.1 | 107.6 | 52.7 | | Investing Activities | (189.3) | (284.2) | 23.5 | | Financing Activities | 118.5 | 177.9 | (66.2) | - Net cash from operating activities decreased by **US$26.5 million** in 2022, mainly due to working capital changes[721](index=721&type=chunk) - Net cash used in investing activities decreased by **US$94.9 million** in 2022, primarily due to lower acquisition capital compared to 2021[724](index=724&type=chunk) - Net cash from financing activities decreased by **US$59.4 million** in 2022, driven by SPAC IPO proceeds and dividend payments[726](index=726&type=chunk) - The company had **no outstanding financial indebtedness** as of **December 31, 2022 and 2021**[728](index=728&type=chunk) - Capital expenditures were **US$54.5 million in 2022** (**US$125.8 million in 2021**), mainly for acquisitions and property/equipment[730](index=730&type=chunk) [C. Research and Development, Patents and Licenses, etc.](index=115&type=section&id=C.%20Research%20and%20Development,%20Patents%20and%20Licenses,%20etc.) Information on research and development, patents, and licenses is covered under the Intellectual Property discussion in Item 4.D - Information on Research and Development, Patents and Licenses is covered under **'Item 4. Information on the Company—D. Property, Plants and Equipment—Intellectual Property'**[732](index=732&type=chunk) [D. Trend Information](index=115&type=section&id=D.%20Trend%20Information) Information on current trends affecting the company is directed to the 'Key Market Trends' section within Item 4.B - Information on Trend Information is covered under **'Item 4. Information on the Company—B. Business Overview—Key Market Trends'**[732](index=732&type=chunk) [E. Critical Accounting Estimates](index=115&type=section&id=E.%20Critical%20Accounting%20Estimates) Financial statement preparation requires significant management assumptions and estimates for employee benefits, asset impairment, deferred taxes, and fair value - Preparation of consolidated financial statements requires **significant assumptions, judgments, and estimates** in accordance with IFRS[732](index=732&type=chunk)[733](index=733&type=chunk) - Key estimates include **employee profit-sharing, asset useful lives and impairment, deferred tax asset recoverability, provisions for contingencies, revenue recognition, fair value of financial instruments, and purchase price allocations for business combinations**[1128](index=1128&type=chunk)[1129](index=1129&type=chunk) - Management regularly reevaluates these assumptions, judgments, and estimates, and actual results could **differ materially**[733](index=733&type=chunk)[1128](index=1128&type=chunk) [ITEM 6. Directors, Senior Management and Employees](index=116&type=section&id=ITEM%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details Patria's board, executive officers, compensation, board practices, employee information, and share ownership, including governance and incentive plans [A. Directors and Senior Management](index=116&type=section&id=A.%20Directors%20and%20Senior%20Management) Patria's board comprises seven members, including three independent directors, with Olimpio Matarazzo Neto as Chairman and Alexandre Teixeira de Assumpção Saigh as CEO - The board of directors is composed of **seven members**, including **three independent directors**: Sabrina Bridgett Foster, Jennifer Anne Collins, and Glen George Wigney[738](index=738&type=chunk)[739](index=739&type=chunk)[901](index=901&type=chunk) - Olimpio Matarazzo Neto serves as **Chairman**, and Alexandre Teixeira de Assumpção Saigh is the **CEO and a director**[738](index=738&type=chunk)[740](index=740&type=chunk)[742](index=742&type=chunk) - Key executive officers include **Ana Cristina Russo (CFO since January 2023)**, **Marco Nicola D'Ippolito (Chief Corporate Development Officer since January 2023)**, and other leaders across various functions[750](index=750&type=chunk)[751](index=751&type=chunk)[752](index=752&type=chunk) [B. Compensation](index=130&type=section&id=B.%20Compensation) Directors and executive officers received US$11.2 million in aggregate compensation in 2022, with long-term incentive plans aligning interests - Aggregate compensation for directors and executive officers was **US$11.2 million in 2022** and **US$17.6 million in 2021**, including benefits and variable compensation[766](index=766&type=chunk) - An Officer's Fund provides cash benefits to certain employees based on financial metrics, with **no new grants since the IPO**[769](index=769&type=chunk) - A **Long-Term Incentive Plan (LTIP)** was adopted in **November 2022**, allowing for equity incentive awards (**PSUs**) convertible into Class A common shares, with a maximum issuance of **5% of outstanding common shares**[770](index=770&type=chunk)[771](index=771&type=chunk)[773](index=773&type=chunk) - PSUs granted under the LTIP and IPO Grant are subject to **time and market performance (Total Shareholder Return) vesting conditions**[775](index=775&type=chunk)[1186](index=1186&type=chunk) [C. Board Practices](index=131&type=section&id=C.%20Board%20Practices) As a foreign private issuer and 'controlled company,' Patria utilizes Nasdaq exemptions for board independence and committee structures - As a **foreign private issuer** and **'controlled company'**, Patria relies on Nasdaq exemptions, not requiring a majority independent board or independent compensation/nominations committees[777](index=777&type=chunk)[779](index=779&type=chunk)[780](index=780&type=chunk)[781](index=781&type=chunk)[782](index=782&type=chunk) Board Diversity Matrix (as of December 31, 2022) | Gender Identity | Directors | | :-------------- | :-------- | | Female | 2 | | Male | 5 | - The Audit Committee consists of **three independent directors** (Sabrina Bridgett Foster, Jennifer Anne Collins, Glen George Wigney), with Sabrina Bridgett Foster as Chairman, and is responsible for overseeing accounting and financial reporting[784](index=784&type=chunk)[785](index=785&type=chunk) [D. Employees](index=134&type=section&id=D.%20Employees) As of December 31, 2022, Patria had 385 employees, including 97 investment professionals, maintaining constructive employee relations Full-time Personnel by Function (as of December 31, 2022) | Function | Number of Employees | % of Total | | :---------------------- | :------------------ | :--------- | | Management | 27 | 7% | | Investment | 97 | 25% | | Sales & IR | 70 | 18% | | General and Administrative| 191 | 50% | | **Total** | **385** | **100%** | - The company has a **constructive relationship with employees** and has not experienced strikes or work stoppages[788](index=788&type=chunk) [E. Share Ownership](index=134&type=section&id=E.%20Share%20Ownership) Information on share ownership by directors and officers is disclosed in Item 7.A, alongside details of the long-term incentive plan - Information on share ownership by directors and officers is disclosed in **'Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders'**[790](index=790&type=chunk) - A long-term incentive plan for share options is in place, as detailed in **'Item 6. Directors, Senior Management and Employees—B. Compensation—Long-Term Incentive Plan'**[790](index=790&type=chunk) [E. Disclosure of a registrant's action to recover erroneously awarded compensation](index=134&type=section&id=E.%20Disclosure%20of%20a%20registrant's%20action%20to%20recover%20erroneously%20awarded%20compensation) This section states that there is no disclosure applicable to the registrant's action to recover erroneously awarded compensation - This item is **'Not applicable'**[791](index=791&type=chunk) [ITEM 7. Major Shareholders and Related Party Transactions](index=125&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details beneficial ownership, with Patria Holdings as the controlling shareholder, and outlines various related party transactions and agreements [A. Major Shareholders](index=125&type=section&id=A.%20Major%20Shareholders) Patria Holdings Limited is the major shareholder, controlling 83.3% of voting power through Class B common shares as of December 31, 2022 - As of December 31, 2022, Patria Holdings Limited beneficially owns **55.9% of issued share capital** and **83.3% of total voting power**[319](index=319&type=chunk)[794](index=794&type=chunk)[798](index=798&type=chunk) Major Shareholders (as of December 31, 2022) | Shareholders | Class A Shares (%) | Class B Shares (%) | Total Voting Power (%) | | :-------------------------------------------- | :----------------- | :----------------- | :--------------------- | | Patria Holdings Limited | 0.8 | 88.1 | 83.3 | | Entities affiliated with Adage Capital Partners, L.P. | 5.2 | — | 0.3 | | Entities affiliated with Capital Research Global Investors | 20.0 | — | 1.1 | | Entities affiliated with Capital International Investors | 6.9 | — | 0.4 | | Entities affiliated with Wellington Management Group LLP | 12.8 | — | 0.7 | | Entities affiliated with FMR LLC | 10.0 | — | 0.6 | | Entities affiliated with Grandeur Peak Global Advisors, LLC | 7.1 | — | 0.4 | | All directors and executive officers as a group (19 persons) | 0.8 | 92.0 | 87.0 | | Total Free Float | 99.2 | — | 5.5 | - Class B common shares are entitled to **10 votes per share**, while Class A common shares have **one vote per share**[799](index=799&type=chunk) [B. Related Party Transactions](index=138&type=section&id=B.%20Related%20Party%20Transactions) Related party transactions include compensation to partners, long-term investments, carried interest allocations, lease commitments, and a 2022 investment sale - Cash payments to direct partners as compensation (excluding dividends) amounted to **US$5.7 million in 2022**, **US$2.8 million in 2021**, and **US$2.6 million in 2020**[804](index=804&type=chunk) - Certain founding shareholders hold participating shares in Patria Brazilian Private Equity III, Ltd. and Patria Brazil Real Estate Fund General Partner II, Ltd., entitling them to all returns on related investment funds[805](index=805&type=chunk) - Senior managing directors and certain employees are entitled to **35% of performance fees** from investment funds through a carried interest vehicle[806](index=806&type=chunk) - A share-based incentive plan provides **long-term incentives to employees and directors

Exhibit 99.1 Patria Investments Limited The accompanying notes are integral parts of these condensed consolidated interim financial statements. Patria Investments Limited Condensed Consolidated Income Statement For the nine and three-month periods ended September 30, 2022 and 2021 (In thousands of United States dollars - US$, except earnings per share) | | | Unaudited three-month | | Unaudited nine-month periods | | | --- | --- | --- | --- | --- | --- | | | | periods ended September 30, | | ended September ...

Disclaimer This presentation does not constitute an offer of any Patria Fund. We prepared this presentation solely for informational purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our portfolio companies, nor should it or any part of it form the basis of, or be relied on in connection with any contract to purchase or subscribe f ...

Financial Data and Key Metrics Changes - Patria generated fee-related earnings of $35.3 million in Q4 2022, up 20% compared to Q4 2021, and $130 million for the full year 2022, up 51% from 2021, achieving the annual growth target of 50% [30][13][9] - Distributable earnings were $53.3 million or $0.36 per share for Q4 2022, compared to $27.7 million or $0.19 per share in Q4 2021, with full year distributable earnings of $147 million equating to $1 per share [38][9] - Total AUM reached $27.2 billion, up 14% year-over-year, driven by $4.5 billion of organic and inorganic inflows [40] Business Line Data and Key Metrics Changes - In private equity, AUM increased by 21% year-over-year, with flagship funds generating net IRR of 21% and 15% respectively [25] - Infrastructure AUM grew by 15%, primarily due to strong portfolio appreciation, with Fund III achieving a net IRR of 13% [28][40] - Real estate AUM increased by nearly $1 billion through the acquisition of VBI, with VBI generating over $20 million of inflows in Q4 [34][40] Market Data and Key Metrics Changes - Latin America saw a large trade surplus of $62 billion and robust foreign direct investment of $90 billion, approximately 4.8% of Brazil's GDP [21] - The region's exchange rates generally strengthened in 2022, while equities outperformed peers in emerging markets [21] - Despite challenges, the macro outlook for Latin America in 2023 is positive, with expectations of larger capital flows [23] Company Strategy and Development Direction - Patria aims to grow AUM to $50 billion and fee-earning AUM to $35 billion by the end of 2025, targeting $20 billion of total new capital formation from 2022 through 2025 [17] - The company plans to continue expanding through M&A, having made several acquisitions in 2022, including Kamaroopin and VBI [16] - Patria is focusing on diversifying its product offerings, particularly in infrastructure and real estate, to capture growth opportunities [34][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a target of $150 million in fee-related earnings for 2023, with expectations of ramping revenue throughout the year [44] - The company anticipates meaningful contributions from new drawdown fund products and aims for $5 billion to $6 billion of organic inflows in 2023 [19][50] - Management highlighted the resilience of their business model amid global economic challenges and emphasized the importance of attracting top talent [24][49] Other Important Information - Operating expenses increased by 61% year-over-year, primarily due to the addition of Moneda and VBI [36] - The company declared a quarterly dividend of $0.308 per share, payable on March 22, 2023 [9] - Net accrued performance fees stood at $462 million, up 33% from the previous year, with expectations of realizing a significant portion by the end of 2025 [45] Q&A Session Summary Question: What are the main drivers for the targeted $5 billion to $6 billion inflows for 2023? - Management indicated that infrastructure and credit-related products are easier to fundraise, while equity-related products are more challenging due to the current interest rate environment [53][56] Question: Can you provide more detail on the infrastructure strategies and how they differ from global peers? - Patria differentiates itself by taking on development risk, focusing on creating value through the development of assets rather than purchasing mature assets [58][59] Question: How much of the expected FRE growth for 2023 is organic versus inorganic? - Management did not provide a specific breakdown but noted that the $5 billion to $6 billion target is based on organic growth, with previous inorganic growth contributing to overall AUM [75] Question: What is the outlook for the real estate segment in 2023? - Management expressed optimism about the real estate segment, particularly in Brazil, Chile, and Colombia, highlighting opportunities for consolidation and growth in the REIT market [77]

Patria Investments Limited (NASDAQ:PAX) Q3 2022 Results Conference Call November 3, 2022 10:30 AM ET Company Participants Josh Wood - Head of Shareholder Relations Alex Saigh - Chief Executive Officer Marco DÂ'Ippolito - Chief Financial Officer Ana Russo - Incoming Chief Financial Officer Conference Call Participants Craig Siegenthaler - Bank of America Ricardo Buchpiguel - BTG Pactual Tito Labarta - Goldman Sachs William Barranjard - Itaú BBA Operator Hello. Thank you for standing by and welcome to the Pat ...

Exhibit 99.1 Patria Investments Limited Condensed Consolidated Statement of Financial Position As of March 31, 2022 and December 31, 2021 (In thousands of United States dollars – US$) | | | Unaudited | | | Unaudited | | | --- | --- | --- | --- | --- | --- | --- | | Assets | | Note 3/31/2022 | 12/31/2021 Liabilities and equity | Note 3/31/2022 | | 12/31/2021 | | Cash and cash equivalents | 6 | 12,914 | 15,264 Client funds payable | 7 | 82,036 | 78,163 | | Short-term investments | 12(a) | 135,976 | 151,866 Co ...

Financial Data and Key Metrics Changes - Patria generated fee-related earnings of $31.1 million in Q2 2022, up 76% compared to Q2 2021, driven by organic growth in private equity and infrastructure as well as the addition of Moneda [31] - Distributable earnings were $29.2 million in Q2 2022, compared to $74.2 million in Q2 2021, with the difference attributed to performance-related earnings in the prior year [37] - Total assets under management (AUM) were $26.3 billion at June 30, 2022, down from $27.6 billion last quarter but up 66% from $15.8 billion one year ago [40] Business Line Data and Key Metrics Changes - Fee revenues of $55.6 million in Q2 2022 were up 73% from Q2 2021, with year-to-date fee revenues of $110.6 million up 76% from the prior year [32] - The private equity funds delivered strong net internal rates of return (IRRs) at 24% and 16% respectively in US dollars [14] - Infrastructure Fund IV neared the end of its investing cycle, with the acquisition of nine hydropower assets driving incremental deployment of approximately $200 million [15] Market Data and Key Metrics Changes - The Brazilian REIT market has grown at more than 20% over the last five years, with VBI becoming one of the largest independent players in this asset class [11] - Latin American corporates face low refinancing risks with reasonable liquidity and falling leverage, indicating a stable credit environment [20] Company Strategy and Development Direction - The company aims to grow fee-related earnings by at least 50% year-over-year, with a target of $4 billion in fundraising for 2022 [44][41] - Patria is focused on building its base of permanent capital, which has grown to more than $1 billion, representing 6% of total fee-earning AUM [9] - The acquisition of VBI is a strategic move to anchor the real estate platform in Brazil and expand into other Latin American countries [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundraising process despite challenges in the US market, highlighting Latin America's advantages due to low geopolitical risks and a favorable commodity cycle [50][53] - The company remains optimistic about the alternative asset management industry, emphasizing resilience and growth potential in the current environment [24] Other Important Information - The company declared a quarterly dividend of $0.1609 per share, payable on September 16, 2022 [5] - The net accrued performance fees stood at $419 million at June 30, 2022, down from $503 million last quarter but up 28% from one year ago [39] Q&A Session Summary Question: Update on fundraising and impact of market conditions - Management remains positive on fundraising, noting that Latin America is currently favored by investors due to low geopolitical risks and a favorable commodity cycle [50][53] Question: Scaling of VBI acquisition and impact of high interest rates - Management is optimistic about the VBI acquisition, indicating that the permanent capital business is growing and can scale effectively despite high interest rates [71][75] Question: Credit performance and net outflows - Management clarified that the net outflows in the credit segment were influenced by dividend payments and investor shifts between funds, with overall positive net inflows for the year [81][86] Question: Demand for products and AUM evolution - Management noted that inflation-protected and credit products are currently in high demand, with expectations for continued growth in AUM driven by various fundraising efforts [90][98]