Patria(PAX)

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Patria(PAX) - 2022 Q3 - Quarterly Report
2022-09-21 01:49
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 ...
Patria(PAX) - 2022 Q2 - Earnings Call Transcript
2022-08-09 17:25
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]
Patria(PAX) - 2022 Q2 - Earnings Call Presentation
2022-08-09 13:05
| --- | --- | --- | --- | --- | |-----------|--------|-----------------------------------------------|-------|----------| | | | | | | | São Paulo | Bogotá | Montevideo | | Santiago | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2022 Earnings AUGUST 9, 2022 | | | Disclaimer This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these f ...
Patria(PAX) - 2022 Q1 - Earnings Call Transcript
2022-05-10 18:49
Financial Data and Key Metrics Changes - Patria generated fee related earnings of $32 million in Q1 2022, up 85% compared to Q1 2021, and distributable earnings of $35 million, or $0.24 per share, up 90% year-over-year [6][14] - Total AUM increased by 96% year-over-year to approximately $27.5 billion, with fee earning AUM up 136% to approximately $19 billion [6][16] - The FRE margin for Q1 2022 was 58%, slightly higher than the guidance for the year, which is expected to be in the low to mid-50s range [14] Business Line Data and Key Metrics Changes - In private equity, AUM inflows exceeded $1 billion, driven by the first closing of over $800 million for the new flagship fund and a SPAC listing that raised $230 million [11][12] - Infrastructure Fund III is generating a two times multiple and 13% net IRR, while Infrastructure Fund IV is generating a 1.7x multiple and 37% net IRR [12] - Credit AUM increased by 7% in the quarter, with Moneda's flagship credit strategies outperforming benchmarks significantly [13] Market Data and Key Metrics Changes - Latin American economies are net exporters of commodities, benefiting from high demand and resulting in stronger foreign investment inflows [9] - The S&P Goldman Sachs commodity price index was up 34% in US dollars year-to-date to the end of April, while the MSCI stock market index for Latin America rose by 9% [9] - The broader global MSCI index was down by 13.5% during the same period, highlighting the relative strength of Latin American markets [9] Company Strategy and Development Direction - The company aims to build a reputation as a trusted long-term investor, focusing on investment performance as the core of its business [20] - Key areas of focus include executing on FRE guidance, fundraising for new products, divestment progress, and platform expansion through M&A [20][21] - The company is well-positioned to capitalize on the favorable investment climate in Latin America, particularly in light of geopolitical risks elsewhere [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong fundraising activity and a favorable macroeconomic environment in Latin America [8][20] - The company anticipates raising more than $4 billion organically in 2022, with significant inflows already achieved in Q1 [7][20] - Management noted that the geopolitical landscape has made Latin America an attractive investment destination, with lower leverage and fiscal deficits compared to advanced nations [9][20] Other Important Information - The company declared a quarterly dividend of $0.20 per share, payable on June 16, 2022 [4] - The net accrued performance fee balance reached a record high of $503 million, up 45% from the previous quarter [8][16] Q&A Session Summary Question: Fundraising activity and its impact - The CEO confirmed that fundraising for Private Equity VII is on track, with the first close aligning with expectations and a favorable market for Latin America [25][26] Question: Divestment opportunities in the current M&A environment - Management indicated that the active M&A environment facilitates divestments, with over 15 companies currently in the sale process [30] Question: Capital deployment outlook - The company maintains a $2 billion deployment guideline for the year, focusing on sectors like agribusiness, healthcare, logistics, and food [34][38] Question: Update on Infrastructure V and growth equity strategy - Management reported strong interest in Infrastructure V fundraising, with several divestments planned to enhance returns [45][47]
Patria(PAX) - 2022 Q1 - Earnings Call Presentation
2022-05-10 15:25
| --- | --- | --- | --- | --- | |-----------|--------|--------------------------------------------|----------|-------| | | | | | | | São Paulo | Bogotá | Montevideo | Santiago | | | | | | | | | | | | | | | | | | | | | | | First Quarter 2022 Earnings MAY 10, 2022 | | | Disclaimer This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward ...
Patria(PAX) - 2021 Q4 - Annual Report
2022-04-27 22:46
Table of Contents 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 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...
Patria Investments Limited (PAX) Investor Presentations - Slideshow
2022-02-18 15:53
| --- | --- | --- | --- | --- | |-----------|--------|---------------------------------------------------------------------|-------|----------| | | | | | | | São Paulo | Bogotá | Montevideo | | Santiago | | | | | | | | | | | | | | | | | | | | | | Patria Investments (Nasdaq:PAX) Investor Presentation FEBRUARY 2022 | | | Disclaimer This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act ...
Patria(PAX) - 2021 Q4 - Earnings Call Transcript
2022-02-15 18:55
Call Start: 09:00 January 1, 0000 10:15 AM ET Patria Investment Limited (NASDAQ:PAX) Q4 2021 Earnings Conference Call February 15, 2022, 9:00 AM ET Company Participants Alex Saigh – Chief Executive Officer Marco D'Ippolito – Chief Financial Officer Josh Wood – Head of Shareholder Relations Luis Fernando Lopes – Partner and Chief Economist Conference Call Participants Robert Lee – Keefe, Bruyette & Woods Craig Siegenthaler – Bank of America Tito Labarta – Goldman Sachs Marcelo Telles – Credit Suisse Riccardo ...
Patria(PAX) - 2021 Q3 - Earnings Call Transcript
2021-11-18 18:31
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(PAX) - 2021 Q2 - Earnings Call Transcript
2021-08-19 19:00
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 ...