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 ...