Financial Performance - Vinci Compass reported Fee Related Earnings (FRE) of R$657 million in 1Q'25, a 22% increase year-over-year[12] - The company's Performance Related Earnings (PRE) reached R$17 million in 1Q'25, up 37% compared to the same period last year[12] - Adjusted Distributable Earnings (DE) stood at R$623 million in 1Q'25, reflecting a 26% increase year-over-year[12] - Adjusted DE per share was R$098 in 1Q'25, a 6% increase year-over-year[12] - The company declared a quarterly dividend of US$015 per common share[88] Assets Under Management (AUM) - Total AUM reached R$3046 billion, a significant 342% increase year-over-year, primarily driven by the combination with Compass, as well as acquisitions of Lacan and MAV[17] - Capital subscriptions in 1Q'25 totaled R$11 billion, mainly from the Credit segment with PEPCO II and SPS IV[17] - AUM decreased 7% quarter-over-quarter, mainly due to a R$189 billion negative impact from FX variation[17] Segment Performance - Private Equity contributed 37% to Fee Related Earnings (FRE) in 1Q'25 LTM[48] - Real Assets accounted for 20% of FRE in 1Q'25 LTM[48] - Global IP&S contributed 17% to FRE in 1Q'25 LTM[48]

[Front Matter](index=1&type=section&id=Front%20Matter) [Presentation of Financial and Other Information](index=6&type=section&id=Presentation%20of%20Financial%20and%20Other%20Information) This section outlines the basis of presentation for the financial report, prepared in accordance with IFRS and highlighting the Compass Group business combination and the use of non-GAAP financial measures - The company's audited consolidated financial statements for the years ended December 31, 2024, 2023, and 2022 are prepared in accordance with IFRS as issued by the IASB, with the functional and reporting currency being the **Brazilian real (R$)**[24](index=24&type=chunk)[25](index=25&type=chunk) - A significant corporate event was the business combination with Compass Group, which closed on October 29, 2024, creating a Latin American alternative asset manager with **R$327.0 billion in AUM** as of December 31, 2024[26](index=26&type=chunk) - The report utilizes several non-GAAP financial measures for investor convenience, including Fee Related Earnings (FRE), Performance Related Earnings (PRE), Distributable Earnings, and their adjusted counterparts, to provide a clearer view of baseline performance, profit generation from performance fees, and earnings available for distribution[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=9&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section warns investors that the report contains forward-looking statements subject to risks and uncertainties, including economic conditions, competition, and regulatory changes - The annual report includes forward-looking statements that are subject to various risks and uncertainties, which may cause actual results to differ materially[43](index=43&type=chunk)[44](index=44&type=chunk) - Key risk factors influencing these statements include general economic conditions in Latin America, competition, investment fund performance, ability to integrate acquisitions like Compass, and the interests of the controlling shareholder[45](index=45&type=chunk) - The company does not undertake any obligation to update forward-looking statements to reflect future events or circumstances[46](index=46&type=chunk) [PART I](index=11&type=section&id=PART%20I) [Key Information](index=11&type=section&id=ITEM%203.%20KEY%20INFORMATION) [Risk Factors](index=11&type=section&id=D.%20Risk%20Factors) This section details significant risks that could adversely affect the company's business, financial condition, and results of operations, including market downturns, internal control weaknesses, and political instability - Difficult market and economic conditions can reduce the value of managed investments, decrease AUM, and negatively impact management and performance fees[56](index=56&type=chunk) - The company has identified material weaknesses in its internal control over financial reporting related to IFRS and SEC compliance, system access, and the financial closing process, which could prevent the timely detection of material misstatements[189](index=189&type=chunk)[190](index=190&type=chunk) - The governments of Latin American countries exercise significant influence over their economies, and political or economic instability in the region can adversely affect the company's business and share price[260](index=260&type=chunk)[264](index=264&type=chunk) - Gilberto Sayão da Silva controls approximately **71.8% of the voting power** through his ownership of all Class B shares, limiting the influence of Class A shareholders on corporate matters[306](index=306&type=chunk) - There is a risk that the company could be classified as a Passive Foreign Investment Company (PFIC), which would result in adverse U.S. federal income tax consequences for U.S. investors[346](index=346&type=chunk) [Information on the Company](index=69&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Vinci Compass is a leading Latin American alternative asset manager with **R$327.0 billion in AUM** as of December 31, 2024, operating across six segments and emphasizing diversified revenue streams and a strong investment track record - Vinci Compass was formed through the business combination of Vinci Partners and Compass, which closed on October 29, 2024, creating a leading Latin American alternative asset manager with **R$327.0 billion in AUM** as of December 31, 2024[357](index=357&type=chunk)[372](index=372&type=chunk) Assets Under Management (AUM) by Segment (in R$ million) | | As of December 31, | | | | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2022** | | Global IP&S | 255,403 | 25,514 | 26,650 | | Credit | 29,213 | 7,371 | 7,199 | | Private Equity | 16,760 | 14,593 | 13,781 | | Equities | 13,883 | 10,055 | 7,747 | | Real Assets | 11,702 | 10,992 | 7,705 | | **Total** | **326,961** | **68,525** | **63,081** | Fee-Related Revenues by Segment (in R$ million) | | For the Year Ended December 31, | | | | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2022** | | Global IP&S | 128.7 | 83.7 | 100.4 | | Credit | 83.8 | 52.2 | 33.0 | | Private Equity | 146.6 | 125.5 | 109.1 | | Equities | 59.2 | 58.8 | 64.0 | | Real Assets | 102.3 | 75.7 | 68.0 | | Corporate Advisory | 42.9 | 37.3 | 18.9 | | **Total** | **563.6** | **433.2** | **393.5** | - The company operates through six business segments: Global IP&S (**78% of AUM**), Credit (**9%**), Private Equity (**5%**), Equities (**4%**), and Real Assets (**4%**)[386](index=386&type=chunk)[417](index=417&type=chunk) - Key strategic initiatives since the IPO include the acquisition of SPS Capital (2022), a **US$100 million investment** from Ares (2023), and the acquisitions of MAV Capital (2024) and Lacan (2024), alongside the major business combination with Compass (2024)[363](index=363&type=chunk)[365](index=365&type=chunk)[368](index=368&type=chunk)[370](index=370&type=chunk) [History and Development of the Company](index=69&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) This section details the company's evolution, highlighting the merger of Vinci Partners and Compass in October 2024 to form Vinci Compass, a premier Latin American alternative asset manager with **R$327.0 billion in AUM** - Vinci Partners and Compass completed their business combination on October 29, 2024, creating Vinci Compass, a leading alternative asset manager in Latin America with **R$327.0 billion in AUM** as of December 31, 2024[357](index=357&type=chunk) - The company executed several strategic acquisitions to bolster its platform: SPS Capital (special situations) in August 2022, MAV Capital (agribusiness credit) in June 2024, and Lacan (forestry) in November 2024[363](index=363&type=chunk)[368](index=368&type=chunk)[370](index=370&type=chunk) - In October 2023, Ares Management Corporation formed a strategic partnership with the company, including a **US$100 million investment** in Series A convertible preferred shares to accelerate growth[365](index=365&type=chunk) [Business Overview](index=74&type=section&id=B.%20Business%20Overview) Vinci Compass is a leading alternative investment and global solutions provider in Latin America, with **R$327.0 billion in AUM**, operating six segments and emphasizing diversified revenue streams and a strong investment track record - The company's business is structured into six segments: Global IP&S, Private Equity, Real Assets, Credit, Equities, and Corporate Advisory[386](index=386&type=chunk)[417](index=417&type=chunk) - As of Q4 2024, revenue streams are geographically diversified, with **40.9% in Brazilian reais**, **32.3% in U.S. dollars**, and **17.2% in Chilean pesos**, providing resilience against local economic cycles[396](index=396&type=chunk) - The company has a strong commitment to sustainability, being a PRI signatory since 2012 and having an active private market impact strategy (Vinci Impact and Return)[406](index=406&type=chunk) - Competition varies by segment, including local banks, sector-focused asset managers, and international firms, with key competitors mentioned including Patria Investments, Kinea, XP Inc., and Banco BTG Pactual[113](index=113&type=chunk)[577](index=577&type=chunk)[590](index=590&type=chunk) [Organizational Structure](index=135&type=section&id=C.%20Organizational%20Structure) Vinci Partners Investments Ltd. is a Cayman Islands exempted holding company with a dual-class share structure, where founder Gilberto Sayão da Silva beneficially owns all Class B shares - The company is a Cayman Islands exempted company with a dual-class share structure[738](index=738&type=chunk) - As of Dec 31, 2024, there were **49,580,116 Class A shares** and **14,466,239 Class B shares** issued and outstanding, with Gilberto Sayão da Silva beneficially owning all Class B shares[739](index=739&type=chunk) [Property, Plant and Equipment](index=136&type=section&id=D.%20Property%2C%20Plant%20and%20Equipment) The company protects its brand and services through trademarks and leases its physical properties, including headquarters in Rio de Janeiro, Santiago, and New York - The company relies on trademarks and domain names to protect its intellectual property, with key registered marks including "Vinci Partners," "Vinci Compass," and "Compass Group" across various jurisdictions[744](index=744&type=chunk)[745](index=745&type=chunk)[746](index=746&type=chunk) - The company's main physical properties are leased, including its headquarters in Rio de Janeiro (**31,194 sq ft**), and regional headquarters in Santiago (**21,140 sq ft**) and New York (**7,613 sq ft**)[749](index=749&type=chunk) [Operating and Financial Review and Prospects](index=137&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's financial performance, highlighting a **377% increase in AUM** to **R$327.0 billion** and a **32% rise in net revenue** from services rendered, despite a **47% decrease in profit** for the year Key Financial Metrics (in R$ thousands) | | For the Year Ended December 31, | | | :--- | :--- | :--- | | | **2024** | **2023** | | Net revenue from services rendered | 600,779 | 454,420 | | Operating profit | 188,804 | 202,156 | | Profit for the year | 115,973 | 219,459 | | Adjusted Distributable Earnings | 239,056 | 245,836 | - AUM increased by **377% to R$327.0 billion** in 2024, primarily driven by the **R$241.7 billion in AUM** from the business combination with Compass[758](index=758&type=chunk)[759](index=759&type=chunk) - Net revenue from services rendered grew **32% to R$600.8 million** in 2024, driven by stronger management and advisory fees following the Compass combination and other acquisitions[764](index=764&type=chunk) - Profit for the year decreased by **47% to R$116.0 million** in 2024, mainly due to a **63% increase in G&A expenses** and a **R$25.4 million net finance loss**, compared to a **R$67.2 million net finance profit** in 2023[842](index=842&type=chunk)[845](index=845&type=chunk)[848](index=848&type=chunk) [Operating Results](index=137&type=section&id=A.%20Operating%20Results) For fiscal year 2024, Vinci Compass reported a **377% increase in AUM** to **R$327.0 billion** and a **32% rise in net revenue** to **R$600.8 million**, but profit for the year fell **47% to R$116.0 million** due to increased general and administrative expenses and a net finance loss Consolidated Results of Operations (in R$ thousands) | | For the Year Ended December 31, | | Variation (%) | | :--- | :--- | :--- | :--- | | | **2024** | **2023** | | | Net revenue from services rendered | 600,779 | 454,420 | 32% | | General and administrative expenses | (411,975) | (252,264) | 63% | | Operating profit | 188,804 | 202,156 | (7)% | | Profit for the year | 115,973 | 219,459 | (47)% | Non-GAAP Financial Measures Reconciliation (in R$ thousands) | | For the Year Ended December 31, 2024 | | :--- | :--- | | **FRE Reconciliation** | | | Operating profit | 188,804 | | (-) Net revenue from realized performance fees | (50,125) | | (-) Net revenue from unrealized performance fees | 12,937 | | (+) Share-based payments | 22,479 | | (+) Compensation allocated in relation to performance fees | 15,348 | | (+) Expenses relating to acquisitions and business combinations | 56,562 | | (+) Amortization of fund management contracts | 2,392 | | **FRE** | **248,397** | | **Distributable Earnings Reconciliation** | | | Profit for the year | 115,973 | | (-) Net revenue from unrealized performance fees | 12,937 | | (+) Adjustments for taxes, share-based payments, D&A, etc. | 69,824 | | **Distributable Earnings** | **183,857** | | (+) Expenses relating to acquisitions (net of tax) | 55,199 | | **Adjusted Distributable Earnings** | **239,056** | - The increase in General and Administrative expenses to **R$412.0 million** (a **63% rise**) was primarily due to higher personnel costs, third-party expenses related to M&A, and amortization of management contracts from the Compass, MAV, and Lacan acquisitions[845](index=845&type=chunk)[846](index=846&type=chunk) [Liquidity and Capital Resources](index=160&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) As of December 31, 2024, the company held **R$223.3 million in cash**, with a net cash outflow from financing activities of **R$429.2 million** and total debt liabilities of **R$981.0 million** Cash Flow Summary (in R$ thousands) | | For the Year Ended December 31, | | :--- | :--- | | | **2024** | | Net cash inflow from operating activities | 209,771 | | Net cash (outflow) from investing activities | (232,135) | | Net cash (outflow) from financing activities | (429,230) | | **Net decrease in cash and cash equivalents** | **(451,594)** | - Total debt liabilities as of December 31, 2024, were **R$981.0 million**, with major components being **R$578.0 million** in Series A convertible preferred shares and **R$210.7 million** in contingent considerations from acquisitions[885](index=885&type=chunk) - Capital expenditures for 2024 were **R$19.3 million**, mainly for systems development for Retirement Services and placement agent agreements[894](index=894&type=chunk) [Trend Information](index=162&type=section&id=D.%20Trend%20Information) The company operates in key Latin American markets, anticipating a constructive macroeconomic environment and opportunities from increasing demand for financial products and a shift towards alternative investments - The company is present in key Latin American markets (Brazil, Mexico, Argentina, Chile, Colombia, Peru, and Uruguay) which collectively account for about **90% of the region's GDP**[899](index=899&type=chunk) - Key market trends benefiting the company include the disintermediation of traditional banks, rising demand for diverse financial products, and a structural under-allocation to alternative assets by Latin American investors[903](index=903&type=chunk)[904](index=904&type=chunk) - The Brazilian and broader Latin American asset management industries are viewed as inefficient and ripe for disruption due to historical high interest rates and market concentration in traditional banks[902](index=902&type=chunk) [Directors, Senior Management and Employees](index=165&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the company's leadership, compensation structure, and workforce, noting an 11-member board, **R$24.0 million** in key management compensation, and **594 full-time employees** as of year-end 2024 - The Board of Directors is composed of **11 members**, including Chairman Gilberto Sayão da Silva, Vice-Chairman Manuel Jose Balbontín Fernandez, and CEO Alessandro Monteiro Morgado Horta[908](index=908&type=chunk)[909](index=909&type=chunk)[910](index=910&type=chunk) - Aggregate compensation for key management personnel was **R$24.0 million** in 2024, up from **R$16.7 million** in 2023[932](index=932&type=chunk) - The company has implemented several long-term incentive plans, including four stock option plans and a restricted shares plan, to align employee and shareholder interests[935](index=935&type=chunk)[936](index=936&type=chunk)[937](index=937&type=chunk)[940](index=940&type=chunk) - As of December 31, 2024, the company had **594 full-time employees**, with **48% in support areas** and **19% in client relations**[953](index=953&type=chunk)[954](index=954&type=chunk) [Major Shareholders and Related Party Transactions](index=172&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's ownership structure, where founder Gilberto Sayão da Silva holds **71.8% of voting power**, and outlines related party transactions including employee loans and a loan to Compass Group Cayman Ltd Major Shareholders' Voting Power (as of Dec 31, 2024) | Shareholder | % of Total Voting Power | | :--- | :--- | | Gilberto Sayão da Silva (Class B) | 71.8% | | Alessandro Monteiro Morgado Horta | 4.1% | | Ares Management LLC (Series A Preferred) | 3.6% | | Costanera Management LLC (M. Balbontín) | 3.5% | | Compass Group Cayman Ltd. (J. de la Barra) | 2.4% | | SPX Gestão de Recursos Ltda. | 1.7% | - Pre-IPO quotaholders and former Compass partners are subject to volume limitations on their ability to sell shares, with aggregate sales during any six-month period not to exceed **5% of the company's outstanding share capital**[964](index=964&type=chunk)[965](index=965&type=chunk) - Related party transactions include loans to employees (**R$15.1 million** in 2024), receivables from employees for share sales (**R$29.2 million**), and a **US$3.5 million loan** to Compass Group Cayman Ltd[970](index=970&type=chunk)[971](index=971&type=chunk)[972](index=972&type=chunk) [Financial Information](index=176&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section covers the company's dividend policy, targeting at least **70% of Distributable Earnings** or **100% of profit**, and legal proceedings, noting **R$203.2 million** in dividends paid in 2024 and **R$23.9 million** in possible tax and labor claims - The company's dividend policy targets a payout of at least **70% of Distributable Earnings** or **100% of profit** for the period, whichever is lower[976](index=976&type=chunk) Dividends Paid (in R$ million) | Year | Amount | | :--- | :--- | | 2024 | 203.2 | | 2023 | 190.1 | | 2022 | 211.3 | - As of December 31, 2024, the company had not recorded any provisions for legal proceedings, but it faced potential losses from tax and labor claims assessed as 'possible' totaling **R$23.9 million**[983](index=983&type=chunk)[988](index=988&type=chunk)[989](index=989&type=chunk) [Additional Information](index=179&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details the company's corporate structure and governance under Cayman Islands law, including its dual-class share structure, anti-takeover provisions, and U.S. federal income tax implications, notably the PFIC risk - The company has a dual-class share structure, where Class A shares have one vote per share, while Class B shares have ten votes per share and are **100% beneficially owned by Gilberto Sayão da Silva**[1002](index=1002&type=chunk)[1011](index=1011&type=chunk) - Holders of Class B shares have preemptive rights to purchase additional shares in new issuances to maintain their proportional ownership[1016](index=1016&type=chunk) - The Articles of Association contain anti-takeover provisions, including the board's authority to issue preferred shares and the concentrated voting power of Class B shares[310](index=310&type=chunk)[1061](index=1061&type=chunk) - The Cayman Islands has no corporate, income, or capital gains taxes; however, U.S. holders of Class A shares face material U.S. federal income tax considerations, including the risk that the company could be classified as a Passive Foreign Investment Company (PFIC)[1110](index=1110&type=chunk)[1114](index=1114&type=chunk)[1122](index=1122&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=199&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to market risks including currency, interest rate, and price risk, which are managed through diversification and established policies, alongside liquidity and credit risk - The company's primary market risks are foreign exchange variation, interest rates, and securities prices[1142](index=1142&type=chunk) - Currency risk arises from assets and liabilities denominated in currencies other than the company's functional currency (Brazilian real)[1143](index=1143&type=chunk) - Price risk from investments is managed through portfolio diversification and the use of derivatives for hedging purposes[1145](index=1145&type=chunk) - The company manages liquidity risk by maintaining adequate cash reserves and credit facilities to meet obligations[1147](index=1147&type=chunk) [Controls and Procedures](index=202&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) As of December 31, 2024, management concluded that disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting related to IFRS/SEC compliance, system access, and financial closing processes - Management concluded that disclosure controls and procedures were not effective as of December 31, 2024, due to identified material weaknesses in internal control over financial reporting[1163](index=1163&type=chunk)[1166](index=1166&type=chunk) - The material weaknesses relate to compliance with IFRS and SEC reporting requirements, managing access to systems and data, and controls around the financial reporting closing process[1169](index=1169&type=chunk)[1170](index=1170&type=chunk) - The recently acquired Compass business was excluded from the scope of the 2024 internal control assessment, as permitted by the SEC[1167](index=1167&type=chunk) - As an emerging growth company, this annual report does not include an attestation report from the registered public accounting firm on internal controls[1168](index=1168&type=chunk) [Other Information](index=204&type=section&id=ITEM%2016.%20Other%20Information) This section covers governance, including an audit committee with a financial expert, a code of ethics, **R$4.2 million** in principal accountant fees, an active share repurchase program, and a cybersecurity risk management program Principal Accountant Fees (in R$ thousands) | | For the Year Ended December 31, | | | :--- | :--- | :--- | | | **2024** | **2023** | | Audit fees | 1,323 | 1,229 | | Audit-related fees | 2,833 | 122 | | All other fees | — | 364 | | **Total** | **4,156** | **1,715** | - The company has an active share repurchase program; in September 2024, a new plan was approved to buy back up to **US$15.0 million** of Class A common shares[1181](index=1181&type=chunk) - The company has a cybersecurity risk management program overseen by the board and a cybersecurity committee, with no material cybersecurity threats identified in 2024[1191](index=1191&type=chunk)[1194](index=1194&type=chunk)[1203](index=1203&type=chunk) - As a foreign private issuer, the company follows home country (Cayman Islands) practices in lieu of certain Nasdaq corporate governance rules, such as the requirement for a majority-independent board[1186](index=1186&type=chunk) [Financial Statements](index=211&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section contains the audited consolidated financial statements for 2022-2024, prepared in accordance with IFRS, including balance sheets, income statements, and cash flow statements, with detailed notes on accounting policies and business combinations Consolidated Balance Sheet (in R$ thousands) | | **12/31/2024** | **12/31/2023** | | :--- | :--- | :--- | | **Total Assets** | **3,585,051** | **2,299,719** | | Current assets | 2,061,457 | 1,955,582 | | Non-current assets | 1,523,594 | 344,137 | | **Total Liabilities** | **1,643,008** | **918,946** | | Current liabilities | 351,643 | 235,351 | | Non-current liabilities | 1,291,365 | 683,594 | | **Total Equity** | **1,942,043** | **1,380,774** | Consolidated Statement of Income (in R$ thousands) | | **2024** | **2023** | **2022** | | :--- | :--- | :--- | :--- | | Net revenue from services rendered | 600,779 | 454,420 | 408,095 | | Operating profit | 188,804 | 202,156 | 178,746 | | Profit for the year | 115,973 | 219,459 | 219,401 | - The business combination with Compass on October 29, 2024, was accounted for using the acquisition method, resulting in the recognition of **R$213.3 million in goodwill** and **R$402.1 million in other intangible assets** (management contracts, brands)[1427](index=1427&type=chunk)[1428](index=1428&type=chunk) - The company's operations are divided into six reportable segments: Private Equity, Equities, Real Assets, Credit, Global IP&S, and Corporate Advisory[1267](index=1267&type=chunk)

Core Viewpoint - Vinci Partners Investments Ltd. will release its financial results for Q1 2025 on May 12, 2025, and will host a conference call to discuss these results [1]. Company Overview - Vinci Compass is a leading provider of alternative investments and global solutions in Latin America, with nearly three decades of experience and operations in eleven offices across Latin America and the US [3]. - The company manages R$327 billion in assets under management and advisory on a proforma basis as of December 2024 [3]. - Vinci Compass specializes in various sectors including Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory, with dedicated teams for each segment [3]. Conference Call Information - The conference call will be accessible via the Events section of the company's website, and a replay will be available for those unable to attend the live broadcast [2].

Group 1 - Vinci Partners Investments (VINP) shares increased by 5.2% to close at $10.13, following a notable trading volume, despite an 11% loss over the past four weeks [1] - The company has a diversified product offering across ten business strategies, establishing itself as a one-stop shop for investors, with fee-related revenues increasing by 30% year-over-year for VINP in 2024 [2] - Vinci Partners utilizes proprietary distribution channels and strategic partnerships to enhance access to high-quality investment opportunities, positioning itself as a comprehensive investment solutions provider [3] Group 2 - The upcoming quarterly earnings for Vinci Partners are expected to be $0.17 per share, reflecting a year-over-year decrease of 10.5%, with revenues projected at $20.82 million, down 5.5% from the previous year [4] - The consensus EPS estimate for Vinci Partners has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [5] - Vinci Partners is part of the Zacks Financial - Miscellaneous Services industry, with AlTi Global, Inc. (ALTI) also in the same sector, experiencing a 5.3% decline in the last trading session [5]

[Company Overview](index=2&type=section&id=Company%20Overview) Vinci Compass is a leading Latin American alternative asset manager, investing across diverse real and financial assets and providing advisory services [Introduction to Vinci Compass](index=2&type=section&id=1.1%20Introduction%20to%20Vinci%20Compass) Vinci Compass is a leading Latin American alternative asset manager, focusing on tangible income-generating assets and high-value financial and strategic advisory services - Vinci Compass is a leading full-service alternative asset manager in Latin America, managing **R$327 billion** in assets under management (AUM)[4](index=4&type=chunk)[5](index=5&type=chunk) - The company's business encompasses diversified strategies including private equity, credit, real assets, equities, and corporate advisory[5](index=5&type=chunk) [Geographic Presence and Scale](index=3&type=section&id=1.2%20Geographic%20Presence%20and%20Scale) Vinci Compass operates across 7 Latin American countries, plus the US and UK, with over 600 employees and 25+ years of investment experience - The company has offices in 7 Latin American countries (plus the US and UK) with over 600 employees, offering over 25 years of investment solutions experience[7](index=7&type=chunk) - It provides tailored local products and global investment solutions through "local-to-local," "local-to-global," "global-to-local," and "global-to-regional" models[7](index=7&type=chunk) [Diversified Exposure and Client Profile](index=4&type=section&id=1.3%20Diversified%20Exposure%20and%20Client%20Profile) Vinci Compass maintains diversified AUM and Fee Related Revenues across countries, business segments, and client types, with Brazil and institutional clients dominating AUM and Fee-Related Revenue Distribution by Country, Business Segment, and Client Type (as of December 2024) | Category | Brazil (%) | Chile (%) | Mexico (%) | Global (%) | Other LatAm Countries (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **AUM** | 40% | 16% | 13% | 23% | 8% | | **Fee-Related Revenue** | 50% | 14% | 16% | 17% | 3% | | Category | Private Equity (%) | Credit (%) | Corporate Advisory (%) | Real Assets (%) | Equities (%) | Global IP&S (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **AUM** | 5% | 9% | 1% | 4% | 4% | 78% | | **Fee-Related Revenue** | 11% | 19% | 6% | 11% | 7% | 46% | | Category | Institutional (%) | High Net Worth Individuals (HNWI) (%) | Intermediaries (%) | Public Market Vehicles (%) | | :--- | :--- | :--- | :--- | :--- | | **AUM** | 59% | 20% | 19% | 2% | | **Fee-Related Revenue** | 64% | 22% | 18% | 0% | [Client Relations and Distribution](index=5&type=section&id=1.4%20Client%20Relations%20and%20Distribution) The company has an expert distribution team of over 80 client relationship managers across 8 countries, effectively distributing proprietary products and offering solutions - The client relations team comprises over 80 client relationship managers across 8 countries, including Argentina/Uruguay, Brazil, Chile, Mexico, Peru/Colombia, and the US[10](index=10&type=chunk)[11](index=11&type=chunk) - The team possesses deep expertise in alternative products and global investments, with unique institutional coverage for distributing proprietary products[12](index=12&type=chunk)[13](index=13&type=chunk) [Vinci Compass Ecosystem and Competitive Advantage](index=6&type=section&id=Vinci%20Compass%20Ecosystem%20and%20Competitive%20Advantage) Vinci Compass leverages its unique ecosystem for superior sourcing and execution, ensuring seamless strategy implementation, continuity, and enhanced fundraising capabilities [Unique Ecosystem for Sourcing and Execution](index=6&type=section&id=2.1%20Unique%20Ecosystem%20for%20Sourcing%20and%20Execution) Vinci Compass's unique ecosystem, built on extensive networks and shared services, enables superior sourcing and execution, ensuring seamless strategy implementation and enhanced fundraising - The company expands its sourcing channels through an extensive network of over 40 partners and senior professionals, coupled with over 20 years of local operating experience[15](index=15&type=chunk) - A robust platform with over 24 strategies maximizes investment inflows, leveraging knowledge sharing and multidisciplinary expertise through strong research, macro, operational, legal, and compliance resources[15](index=15&type=chunk) - The company emphasizes a strong cultural fit and an independent investment team model, ensuring seamless execution and strategy continuity, while enhancing new fund fundraising capabilities through its ecosystem's track record and institutionalization[15](index=15&type=chunk) [Business Segments](index=7&type=section&id=Business%20Segments) Vinci Compass operates diverse business segments including Global IP&S, Credit, Private Equity, Equities, Real Assets, and Corporate Advisory, forming a comprehensive alternative asset management platform [Global Investment Products and Solutions (Global IP&S)](index=7&type=section&id=3.1%20Global%20Investment%20Products%20and%20Solutions%20%28Global%20IP%26S%29) Global IP&S manages R$255 billion in assets, offering customized global and local investment solutions through a network of world-class GPs and top asset managers - Global IP&S manages **R$255 billion** in assets under management (AUM)[16](index=16&type=chunk)[17](index=17&type=chunk) Global IP&S Fee-Related Revenue and AUM Distribution | Category | Global (%) | Brazil (%) | Mexico (%) | Chile (%) | Uruguay (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Fee-Related Revenue (by Country)** | 40% | 30% | 6% | 7% | 1% | | Category | TPD Liquid Products (%) | TPD Alternative Products (%) | Fund of Funds (%) | Brokerage (%) | Segregated Accounts (%) | Other (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Fee-Related Revenue (by Product Type)** | 13% | 21% | 22% | 18% | 5% | 1% | | Category | Institutional (%) | High Net Worth Individuals (HNWI) (%) | Intermediaries (%) | Pension Plans (%) | | :--- | :--- | :--- | :--- | :--- | | **AUM (by Client Type)** | 64% | 20% | 15% | 1% | [Credit](index=8&type=section&id=3.2%20Credit) The Credit business manages R$29 billion in assets, offering a diversified credit platform with local and hard currency strategies across various sectors - The Credit business manages **R$29 billion** in assets under management (AUM)[18](index=18&type=chunk)[19](index=19&type=chunk) - Credit strategies include local and hard currency private and liquid credit, structured credit, and capital solutions, covering high-grade, high-yield, infrastructure, real estate, and agribusiness sectors[19](index=19&type=chunk) Credit AUM Geographic and Client Type Distribution | Category | Brazil (%) | LatAm (%) | Argentina (%) | Mexico (%) | Peru (%) | Chile (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **AUM (by Geography)** | 44% | 15% | 12% | 8% | 24% | 3% | | Category | Institutional (%) | Intermediaries (%) | High Net Worth Individuals (HNWI) (%) | Public Market Vehicles (%) | | :--- | :--- | :--- | :--- | :--- | | **AUM (by Client Type)** | 50% | 32% | 12% | 6% | [Private Equity](index=9&type=section&id=3.3%20Private%20Equity) The Private Equity business manages R$17 billion in assets, primarily through VCP and VIR strategies, covering growth, buyouts, and impact investments with ESG integration - The Private Equity business manages **R$17 billion** in assets under management (AUM)[20](index=20&type=chunk)[21](index=21&type=chunk) - Key strategies include VCP (growth, buyouts) and VIR (minority growth, transformation, impact), integrating ESG criteria for long-term value and positive social impact[21](index=21&type=chunk) Private Equity Key Performance Indicators and Client Type Distribution | Metric | VCP Strategy | VIR Strategy | | :--- | :--- | :--- | | **Company Size** | R$100-500 million EV | R$1-2 billion EV | | **Gross IRR** | 22.4% | 10% | | **Gross MOIC** | 2.5x | 1.6x | | Client Type | Institutional (%) | High Net Worth Individuals (HNWI) (%) | Intermediaries (%) | | :--- | :--- | :--- | | **Client Type Distribution** | 64.6% | 23% | 10% | [Equities](index=10&type=section&id=3.4%20Equities) The Equities business manages R$14 billion in assets, focusing on publicly traded companies in Latin America and specific countries, utilizing regional expertise for various strategies - The Equities business manages **R$14 billion** in assets under management (AUM)[22](index=22&type=chunk) - Strategies include Latin American equities and country-specific equities, such as long-only, dividend, and small-cap strategies in Brazil, Chile, and Argentina[22](index=22&type=chunk) - Institutional investors comprise **85%** of the investor base[22](index=22&type=chunk) [Real Assets](index=11&type=section&id=3.5%20Real%20Assets) The Real Assets business manages R$12 billion in assets, investing in tangible income-generating assets like forestry, real estate, and infrastructure across Latin America - The Real Assets business manages **R$12 billion** in assets under management (AUM)[23](index=23&type=chunk)[24](index=24&type=chunk) - Strategies encompass forestry (eucalyptus, pine, native forests, carbon credits), real estate (seven listed REITs in the Brazilian stock market, opportunistic development), and infrastructure (power, water, sanitation, transportation, and logistics)[24](index=24&type=chunk) Real Assets Client Type Distribution | Client Type | Institutional (%) | High Net Worth Individuals (HNWI) (%) | Intermediaries (%) | Public Market Vehicles (%) | | :--- | :--- | :--- | :--- | :--- | | **Client Type Distribution** | 47% | 42% | 7% | 1% | [Corporate Advisory](index=12&type=section&id=3.6%20Corporate%20Advisory) The Corporate Advisory team provides multi-industry M&A, financing, and capital markets advisory services, specializing in diverse sectors with experienced professionals - Corporate advisory services cover M&A (total/partial acquisitions, joint ventures, mergers), financing (equity offerings, debt issuances), and capital markets (IPOs, follow-ons, distributable securities offerings)[26](index=26&type=chunk) - The team has accumulated over **R$161 billion** in M&A transactions, over **R$60 billion** in financing transactions, and over **R$40 billion** in capital markets transactions[26](index=26&type=chunk) - Services span a wide range of industries, including consumer & retail, oil & gas distribution, healthcare, real estate, financial services, logistics & transportation, technology, energy, and mining[26](index=26&type=chunk) [Financial Highlights and Strategic Fundraising](index=13&type=section&id=Financial%20Highlights%20and%20Strategic%20Fundraising) Vinci Compass achieved significant growth in Q4 2024, with AUM increasing by 377% to R$327 billion, driven by strategic acquisitions and robust fundraising across initiatives [Fourth Quarter & Full Year 2024 Highlights](index=14&type=section&id=4.1%20Fourth%20Quarter%20%26%20Full%20Year%202024%20Highlights) In Q4 2024, AUM grew 377% to R$327 billion, driven by acquisitions; the company secured R$1.4 billion in new commitments and R$21.9 million in PRE - In Q4 2024, AUM increased by **377%** year-over-year, reaching **R$327 billion**, primarily driven by the acquisitions of Compass and Lacan[31](index=31&type=chunk) - The company secured **R$1.4 billion** in new commitments during Q4, including the first closing of SPS IV and the final closing of VCP IV, making it the largest private equity fund in the company's history at **R$3.1 billion**[31](index=31&type=chunk) - For fiscal year 2024, performance-related earnings (PRE) totaled **R$21.9 million**[31](index=31&type=chunk) [Strategic Fundraising - Cross-Border Initiatives](index=15&type=section&id=4.2%20Strategic%20Fundraising%20-%20Cross-Border%20Initiatives) The company actively pursues cross-border fundraising, with VICC fund reaching 70% of its target, SPS Vintage IV completing its first closing, and plans for VIR V and UCITS platforms - The VICC fund has reached **70%** of its fundraising target, attracting strong interest from international investors[33](index=33&type=chunk) - SPS Vintage IV successfully completed its first closing in Q4 2024, primarily from reinvestments by existing funds and commitments from local High Net Worth Individuals (HNWIs)[33](index=33&type=chunk) - The fourth fund for the forestry strategy is expected to finalize its closing by year-end, receiving positive responses from European LPs[33](index=33&type=chunk) - Plans for 2025 include launching the VIR V fund to expand impact investment strategies and developing a UCITS listed equities platform offering daily liquidity[33](index=33&type=chunk) [Strategic Fundraising - Local-to-Local Initiatives](index=16&type=section&id=4.3%20Strategic%20Fundraising%20-%20Local-to-Local%20Initiatives) The company expands in local markets, advancing MAV III and open-ended credit products in Brazil, fundraising in Peru, Chile, and Colombia, and planning new real estate products - In Brazil, MAV III and open-ended credit products, including the flagship VCE fund, are being advanced[35](index=35&type=chunk) - Fundraising for existing strategies (e.g., closed-end senior secured loans and public/private credit funds) is underway in Peru and Chile; in Colombia, the first closed-end senior secured loan fund, COPCO I, is being structured[35](index=35&type=chunk) - A structured private credit fund is being established in Mexico, entering the factoring and accounts receivable financing sectors[35](index=35&type=chunk) - Global IP&S plans to launch VSP II (fund of funds) and VSP semi-liquid funds in 2025, alongside new real estate products in Brazil for industrial warehousing and residential sectors[35](index=35&type=chunk) [Financial Performance and AUM Analysis](index=17&type=section&id=Financial%20Performance%20and%20AUM%20Analysis) Vinci Compass demonstrated strong financial performance in Q4 and FY2024, with significant growth in Fee Related Revenues and AUM, driven by strategic acquisitions and organic fundraising [Segment Earnings Overview (4Q24 & FY24)](index=17&type=section&id=5.1%20Segment%20Earnings%20Overview%20%284Q24%20%26%20FY24%29) In Q4 2024, total Fee Related Revenues increased by 84% to R$218.4 million, and FRE grew by 38% to R$79 million; full-year revenues grew 30% to R$563.6 million, and FRE grew 19% to R$248.4 million Fourth Quarter & Full Year 2024 Key Financial Metrics | Metric (R$ million) | 4Q'23 | 3Q'24 | 4Q'24 | YoY Change (%) | FY23 | FY24 | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Management Fees | 99.98 | 106.75 | 170.19 | 70% | 393.37 | 487.53 | 24% | | Net Advisory Fees | 19.00 | 5.97 | 40.33 | 112% | 39.80 | 68.13 | 71% | | Total Fee Related Revenues | 118.97 | 112.72 | 218.45 | 84% | 433.17 | 563.59 | 30% | | Total Fee Related Expenses | (61.68) | (58.90) | (139.42) | 126% | (224.73) | (315.19) | 40% | | **Fee Related Earnings (FRE)** | **57.30** | **53.82** | **79.03** | **38%** | **208.43** | **248.40** | **19%** | | FRE Margin (%) | 48.2% | 47.7% | 36.2% | - | 48.1% | 44.1% | - | | FRE per Share (R$/share) | 1.07 | 1.02 | 1.23 | 16% | 3.86 | 4.42 | 15% | | Performance Related Earnings (PRE) | 2.85 | 0.98 | 16.48 | 478% | 10.61 | 21.84 | 106% | | Segment Distributable Earnings (DE) | 65.28 | 59.34 | 109.15 | 67% | 238.93 | 307.45 | 29% | | Distributable Earnings (DE) | 62.01 | 53.38 | 35.39 | (43)% | 244.21 | 183.86 | (25)% | | Adjusted Distributable Earnings (Adjusted DE) | 63.64 | 57.10 | 73.95 | 16% | 245.84 | 239.06 | (3)% | | Adjusted DE per Share (R$/share) | 1.18 | 1.08 | 1.15 | (2)% | 4.54 | 4.26 | (6)% | [Assets Under Management (AUM) and Capital Subscriptions](index=18&type=section&id=5.2%20Assets%20Under%20Management%20%28AUM%29%20and%20Capital%20Subscriptions) As of December 31, 2024, total AUM reached R$326.9 billion, a 377% increase, driven by acquisitions and organic fundraising, with R$3.4 billion in capital subscriptions - As of Q4 2024, total Assets Under Management (AUM) stood at **R$326.9 billion**, representing a **377%** year-over-year increase, primarily driven by the Lacan acquisition and Compass merger[39](index=39&type=chunk)[40](index=40&type=chunk) - AUM also benefited from organic fundraising in private equity (VCP IV final closing) and credit (SPS IV first closing)[40](index=40&type=chunk) Total Capital Subscriptions for Fiscal Year 2024 | Business Segment | Share (%) | Amount (R$ billion) | | :--- | :--- | :--- | | Private Equity | 51% | | | Global IP&S | 28% | | | Credit | 16% | | | Real Assets | 5% | | | **Total** | **100%** | **3.4** | [Performance Eligible AUM and Accrued Performance Fees](index=19&type=section&id=5.3%20Performance%20Eligible%20AUM%20and%20Accrued%20Performance%20Fees) In Q4 2024, PEAUM totaled R$45 billion, with accrued performance fees reaching R$437 million, a 17% increase, primarily from the Private Equity VCP strategy - In Q4 2024, Performance Eligible AUM (PEAUM) totaled **R$45 billion**[44](index=44&type=chunk) - Total accrued performance fees amounted to **R$437 million**, representing a **17%** quarter-over-quarter increase[43](index=43&type=chunk) - The VCP strategy in Private Equity contributed **R$377.3 million** in accrued performance fees, accounting for **86%** of the total[43](index=43&type=chunk) Performance Eligible AUM and Accrued Performance Fees by Business Segment | Business Segment | PEAUM Share (%) | Accrued Performance Fees Share (%) | | :--- | :--- | :--- | | Private Equity | 28% | 86% | | Global IP&S | 21% | 8% | | Credit | 20% | 6% | | Real Assets | 18% | 0% | | Equities | 13% | 0% | [Fee Related Revenues Analysis](index=20&type=section&id=5.4%20Fee%20Related%20Revenues%20Analysis) In Q4 2024, Fee Related Revenues totaled R$218.4 million, up 84%, driven by management and advisory fees; full-year revenues grew 30% to R$564 million - In Q4 2024, total Fee Related Revenues amounted to **R$218.4 million**, an **84%** year-over-year increase, primarily driven by growth in management and advisory fees[45](index=45&type=chunk)[47](index=47&type=chunk) - Management fees totaled **R$170 million**, up **70%** year-over-year, mainly due to contributions from the Compass and Lacan transactions, as well as organic fundraising in private equity (VCP IV) and infrastructure (VICC) strategies[45](index=45&type=chunk) - Advisory fees include fees from the corporate advisory business and one-time upfront fees for third-party distribution of alternative commitments in Global IP&S[46](index=46&type=chunk) - For fiscal year 2024, total Fee Related Revenues reached **R$564 million**, representing a **30%** year-over-year increase[47](index=47&type=chunk) [Key Financial Metrics (4Q24 Overview)](index=21&type=section&id=5.5%20Key%20Financial%20Metrics%20%284Q24%20Overview%29) In Q4 2024, FRE was R$79 million (R$1.23/share, +38%), PRE was R$16.5 million (R$0.26/share, +478%), and Adjusted DE was R$73.9 million (R$1.15/share, +16%) Fourth Quarter 2024 Key Financial Metrics | Metric (R$ million) | 4Q'23 | 4Q'24 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Fee Related Earnings (FRE) | 57 | 79 | +38% | | FRE per Share (R$/share) | 1.07 | 1.23 | +16% | | FRE Margin (%) | 48% | 36% | - | | Performance Related Earnings (PRE) | 3 | 16 | +478% | | PRE per Share (R$/share) | 0.05 | 0.25 | - | | PRE Margin (%) | 44% | 60% | - | | Adjusted Distributable Earnings (Adjusted DE) | 64 | 74 | +16% | | Adjusted DE per Share (R$/share) | 1.10 | 1.15 | - | | Adjusted DE Margin (%) | 42% | 27% | - | - FRE growth was primarily driven by organic and inorganic factors, leading to increased Global IP&S advisory fees and retroactive fees from VCP IV's final closing[50](index=50&type=chunk) - PRE growth stemmed mainly from realized performance in Global IP&S, Credit, and Real Assets (Argentina and Peru real estate funds)[50](index=50&type=chunk) [Key Financial Metrics (Full Year Overview)](index=22&type=section&id=5.6%20Key%20Financial%20Metrics%20%28Full%20Year%20Overview%29) For FY2024, FRE was R$248.4 million (R$4.42/share, +19%), PRE was R$21.8 million (R$0.36/share, +106%), and Adjusted DE was R$239.1 million (R$4.26/share, -3%) Full Year 2024 Key Financial Metrics | Metric (R$ million) | FY23 | FY24 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Fee Related Earnings (FRE) | 208 | 248 | +19% | | FRE per Share (R$/share) | 3.86 | 4.42 | +15% | | FRE Margin (%) | 48% | 44% | - | | Performance Related Earnings (PRE) | 11 | 22 | +106% | | PRE per Share (R$/share) | 0.14 | 0.36 | - | | PRE Margin (%) | 50% | 59% | - | | Adjusted Distributable Earnings (Adjusted DE) | 246 | 239 | (3)% | | Adjusted DE per Share (R$/share) | 4.54 | 4.26 | (6)% | | Adjusted DE Margin (%) | 44% | 35% | - | - FRE growth was primarily driven by strong management and advisory fee performance in 2024, along with the acquisitions of Compass, MAV, and Lacan[52](index=52&type=chunk) - Adjusted DE decreased by **3%**, mainly due to lower financial income from cash positions, impacted by acquisitions, GP investment deployment, and foreign exchange fluctuations on net debt positions denominated in USD[52](index=52&type=chunk) [Realized GP Investment and Financial Income](index=23&type=section&id=5.7%20Realized%20GP%20Investment%20and%20Financial%20Income) In Q4 2024, realized financial income decreased 53% to R$10.3 million; for FY2024, realized GP investment income increased 32% to R$25.4 million, while financial income decreased 42% to R$49.3 million - In Q4 2024, realized financial income decreased by **53%** year-over-year to **R$10.3 million**, primarily due to cash being used for capital calls in closed-end funds and acquisition-related payments, leading to a reduction in the liquid portion of the investment portfolio[53](index=53&type=chunk) - For fiscal year 2024, realized GP investment income increased by **32%** to **R$25.4 million**, mainly benefiting from capital returns from FIP Infra Transmissão in Q2[53](index=53&type=chunk) - For fiscal year 2024, realized financial income decreased by **42%** to **R$49.3 million**, also due to a reduction in the liquid investment portfolio[54](index=54&type=chunk) [GP Commitments and Fair Value of Investments](index=24&type=section&id=5.8%20GP%20Commitments%20and%20Fair%20Value%20of%20Investments) As of Q4 2024, total GP commitments were R$1.373 billion (50.3% called); fair value of GP investments was R$670.8 million, or R$10.52 per share - As of Q4 2024, Vinci Compass's total capital commitments to its own funds amounted to **R$1.373 billion**, primarily distributed across private equity, infrastructure, credit, and real estate sectors[57](index=57&type=chunk) - Total capital called was **R$690.8 million**, representing **50.3%** of total committed capital[57](index=57&type=chunk) - The fair value of GP investments was **R$670.8 million**, or **R$10.52 per share**[59](index=59&type=chunk) - Realized GP investment income in Q4 was **R$5 million**, mainly from dividend distributions from REITs[58](index=58&type=chunk) [Balance Sheet Highlights](index=25&type=section&id=5.9%20Balance%20Sheet%20Highlights) In Q4 2024, cash decreased to R$223.3 million, net investments grew to R$1.297 billion, and net cash and investments stood at R$876.7 million, or R$13.69 per share Balance Sheet Key Metrics (R$ million) | Metric | 3Q'24 | 4Q'24 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 534.4 | 223.3 | | Net Investments | 1,132.1 | 1,297.0 | | Liquid Assets | 570.0 | 626.3 | | GP Fund Investments | 562.1 | 670.8 | | Debt Obligations | (563.9) | (643.7) | | Net Cash and Investments | 1,102.6 | 876.7 | | Net Cash and Investments per Share (R$/share) | 20.85 | 13.69 | - Cash and cash equivalents decreased in Q4, primarily due to the completion of the Compass and Lacan transactions, which involved cash payments[60](index=60&type=chunk) - Net investments grew due to the integration of Compass's proprietary investments and the appreciation of GP fund investments[60](index=60&type=chunk) GP Commitments and GP Fund Investments by Business Segment | Business Segment | Total Committed Capital Share (%) | GP Fund Investment Fair Value Share (%) | | :--- | :--- | :--- | | Private Equity | 27% | 28% | | Credit | 19% | 19% | | Infrastructure | 17% | 17% | | REITs | 16% | 16% | | Real Estate | 10% | 13% | | Global IP&S | 4% | 4% | | Public Equities | 3% | 2% | | Forestry | 3% | 1% | [Segment-Specific Financial Summaries](index=26&type=section&id=Segment-Specific%20Financial%20Summaries) This section details each business segment's financial performance, highlighting their individual contributions to the company's overall Fee Related Earnings (FRE) and Distributable Earnings (DE) for FY2024 [Overview of Segment Earnings (FY24)](index=27&type=section&id=6.1%20Overview%20of%20Segment%20Earnings%20%28FY24%29) For FY2024, FRE totaled R$248.4 million (Private Equity 38%, Real Assets 21%, Global IP&S 12%); Segment DE totaled R$307.5 million (Private Equity 30%, Real Assets 28%, Global IP&S 13%) Fiscal Year 2024 Segment Fee Related Earnings (FRE) Distribution | Business Segment | Share (%) | | :--- | :--- | | Private Equity | 38% | | Real Assets | 21% | | Global IP&S | 12% | | Credit | 10% | | Equities | 10% | | Corporate Advisory | 9% | Fiscal Year 2024 Segment Distributable Earnings (DE) Distribution | Business Segment | Share (%) | | :--- | :--- | | Private Equity | 30% | | Real Assets | 28% | | Global IP&S | 13% | | Credit | 12% | | Equities | 9% | | Corporate Advisory | 7% | [Global Investment Products & Solutions (Global IP&S)](index=28&type=section&id=6.2%20Global%20Investment%20Products%20%26%20Solutions%20%28Global%20IP%26S%29) Global IP&S FRE grew 239% to R$14.1 million in Q4 2024, PRE grew 902% to R$10 million, and total AUM reached R$255.4 billion, up 901% Global IP&S Fourth Quarter & Full Year 2024 Financial Metrics (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY24 | | :--- | :--- | :--- | :--- | :--- | | Net Management Fees | 19,468 | 101,945 | 424% | 224,753 | | Net Advisory Fees | 8 | 17,988 | 224750% | 19,045 | | Total Fee Related Revenues | 19,476 | 128,737 | 561% | 243,798 | | **Fee Related Earnings (FRE)** | **4,166** | **14,100** | **239%** | **28,974** | | FRE Margin (%) | 21.4% | 10.9% | - | 11.9% | | Performance Related Earnings (PRE) | 1,000 | 10,169 | 902% | 15,005 | | PRE Margin (%) | 50.2% | 68.4% | - | 67.8% | | Total AUM (R$ million) | 26,255 | 255,403 | 901% | 255,403 | | Average Management Fee Rate (%) | 0.34% | 0.29% | - | 0.33% | - AUM growth was driven by inorganic expansion, portfolio appreciation, and positive foreign exchange movements[67](index=67&type=chunk) Global IP&S AUM Strategy Distribution | Strategy | Share (%) | | :--- | :--- | | TPD Alternative Products | 40% | | TPD Liquid Products | 25% | | Fund of Funds | 18% | | Global Solutions | 7% | | Segregated Accounts | 3% | | Other | 1% | [Credit](index=29&type=section&id=6.3%20Credit) Credit FRE grew 30% in Q4 2024, PRE grew 106% to R$3.1 million, total AUM reached R$29.2 billion, up 296%, and the segment raised R$1.7 billion for the full year Credit Business Fourth Quarter & Full Year 2024 Financial Metrics (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY24 | | :--- | :--- | :--- | :--- | :--- | | Net Management Fees | 13,032 | 38,923 | 199% | 83,489 | | Total Fee Related Revenues | 13,032 | 38,947 | 199% | 83,792 | | **Fee Related Earnings (FRE)** | **5,500** | **7,139** | **30%** | **25,826** | | FRE Margin (%) | 42.2% | 18.3% | - | 30.8% | | Performance Related Earnings (PRE) | 1,528 | 3,117 | 104% | 8,403 | | PRE Margin (%) | 55.8% | 62.9% | - | 59.5% | | Total AUM (R$ million) | 7,371 | 29,213 | 296% | 29,213 | | Average Management Fee Rate (%) | 0.75% | 0.80% | - | 0.87% | - FRE growth was primarily driven by increased management fees from SPS III and Credit Infra, along with strong deployment activity[71](index=71&type=chunk) - PRE growth was mainly driven by strong returns from Brazilian private credit funds[71](index=71&type=chunk) - In fiscal year 2024, the Credit business organically raised **R$1.7 billion**, including the first closing of SPS IV and continued successful fundraising for Vinci Credit Infra[72](index=72&type=chunk) Credit AUM Strategy Distribution | Strategy | Share (%) | | :--- | :--- | | Hard Currency | 38% | | Local Currency | 24% | | Structured Credit | 11% | | Real Estate & Infrastructure Credit | 10% | | Diversified Direct Lending | 9% | | Agribusiness | 6% | | Factoring & Accounts Receivable Financing | 2% | [Private Equity](index=30&type=section&id=6.4%20Private%20Equity) Private Equity FRE reached R$29.2 million in Q4 2024, up 54%, driven by VCP IV's strong fundraising and final closing; total AUM reached R$17 billion, up 15% Private Equity Business Fourth Quarter & Full Year 2024 Financial Metrics (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY24 | | :--- | :--- | :--- | :--- | :--- | | Net Management Fees | 32,385 | 45,711 | 41% | 146,547 | | Total Fee Related Revenues | 32,386 | 45,711 | 41% | 146,647 | | **Fee Related Earnings (FRE)** | **18,917** | **29,200** | **54%** | **75,127** | | FRE Margin (%) | 58.4% | 63.9% | - | 51.2% | | Total AUM (R$ million) | 15,803 | 17,000 | 15% | 17,000 | | Average Management Fee Rate (%) | 1.25% | 1.47% | - | 1.27% | - The VCP IV fund reached its final closing, with a total size of **R$3.1 billion**, becoming Vinci Compass's largest private equity fund and boasting the largest share of Brazilian institutional investors[77](index=77&type=chunk) Private Equity AUM Flagship Fund Distribution | Flagship Fund | Share (%) | | :--- | :--- | | VCP III | 53% | | VCP IV | 19% | | VCP II | 18% | | VIR IV | 6% | | Other | 4% | [Equities](index=31&type=section&id=6.5%20Equities) Equities FRE was R$4 million in Q4 2024, down 63%, due to AUM decline from market volatility and increased expenses; total AUM reached R$14 billion, up 38% Equities Business Fourth Quarter & Full Year 2024 Financial Metrics (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY24 | | :--- | :--- | :--- | :--- | :--- | | Net Management Fees | 14,145 | 16,150 | 14% | 58,259 | | Total Fee Related Revenues | 14,145 | 17,098 | 21% | 59,216 | | **Fee Related Earnings (FRE)** | **8,279** | **3,898** | **(53)%** | **26,317** | | FRE Margin (%) | 58.5% | 22.8% | - | 44.4% | | Performance Related Earnings (PRE) | 840 | 1 | (100)% | 3,121 | | PRE Margin (%) | 33.7% | 174.5% | - | 55.1% | | Total AUM (R$ million) | 10,005 | 13,843 | 38% | 13,843 | | Average Management Fee Rate (%) | 0.65% | 0.61% | - | 0.63% | - FRE decline was primarily due to AUM reduction and lower management fees resulting from Brazilian stock market volatility, alongside increased expenses from the integration of Compass's regional equities business[84](index=84&type=chunk) Equities AUM Strategy Distribution | Strategy | Share (%) | | :--- | :--- | | Brazil | 69% | | Chile | 14% | | LatAm | 8% | | Argentina | 5% | [Real Assets](index=32&type=section&id=6.6%20Real%20Assets) Real Assets FRE was R$12.9 million in Q4 2024, up 16%, driven by new product launches and inorganic growth; total AUM reached R$12 billion, up 6% Real Assets Business Fourth Quarter & Full Year 2024 Financial Metrics (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY24 | | :--- | :--- | :--- | :--- | :--- | | Net Management Fees | 20,946 | 25,304 | 21% | 97,183 | | Total Fee Related Revenues | 22,593 | 27,700 | 23% | 107,565 | | **Fee Related Earnings (FRE)** | **11,064** | **12,885** | **16%** | **46,400** | | FRE Margin (%) | 49.0% | 46.5% | - | 43.1% | | Performance Related Earnings (PRE) | (504) | 3,333 | N/A | 4,275 | | PRE Margin (%) | N/A | 68.3% | - | 68.3% | | Total AUM (R$ million) | 11,230 | 11,702 | 4% | 11,702 | | Average Management Fee Rate (%) | 0.86% | 1.01% | - | 0.96% | - Organic FRE growth was driven by the launch of FDIRS and additional VICC commitments, while inorganic growth was positively impacted by Lacan and Compass real estate funds in Uruguay and Peru[88](index=88&type=chunk) Real Assets AUM Strategy Distribution | Strategy | Share (%) | | :--- | :--- | | Real Estate | 52% | | Infrastructure | 33% | | Forestry | 15% | [Corporate Advisory](index=33&type=section&id=6.7%20Corporate%20Advisory) Corporate Advisory net advisory fees grew 12% to R$19.4 million in Q4 2024 due to increased transaction activity; FRE for Q4 was R$11.9 million, and R$21.9 million for the full year Corporate Advisory Business Fourth Quarter & Full Year 2024 Financial Metrics (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY24 | | :--- | :--- | :--- | :--- | :--- | | Net Advisory Fees | 17,343 | 19,390 | 12% | 42,896 | | Total Fee Related Revenues | 17,343 | 19,390 | 12% | 42,896 | | **Fee Related Earnings (FRE)** | **9,373** | **11,866** | **27%** | **21,937** | | FRE Margin (%) | 54.0% | 61.2% | - | 51.1% | | Segment Distributable Earnings (DE) | 9,373 | 11,866 | 27% | 21,937 | | Segment DE Margin (%) | 54.0% | 61.2% | - | 51.1% | - Net advisory fee growth was primarily due to increased transaction activity in Q4 2024[94](index=94&type=chunk) [Financial Statements](index=34&type=section&id=Financial%20Statements) This section presents the company's consolidated financial statements, including the income statement, non-GAAP reconciliation, and balance sheet, providing a comprehensive view of its financial position and performance [Income Statement](index=35&type=section&id=7.1%20Income%20Statement) For FY2024, total net service revenue was R$600.8 million (+32%), operating profit was R$270.2 million (+23%); however, net income decreased 47% to R$115.1 million due to increased non-operating expenses Fourth Quarter & Full Year 2024 Income Statement Key Data (R$ thousand) | Metric | 4Q'23 | 4Q'24 | YoY Change (%) | FY23 | FY24 | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Net Service Revenue | 125,442 | 245,858 | 96% | 454,420 | 600,779 | 32% | | Total Expenses | (65,291) | (150,348) | 130% | (235,373) | (330,542) | 40% | | Operating Profit | 60,151 | 95,510 | 59% | 219,047 | 270,237 | 23% | | GP Investment Income | 14,914 | 3,903 | (74)% | 26,018 | 16,063 | (38)% | | Financial Income | 22,046 | 10,308 | (53)% | 84,345 | 49,269 | (42)% | | Non-Operating Expenses | (1,924) | (39,827) | 1970% | (1,924) | (56,562) | 2840% | | Gross Profit | 78,210 | 10,770 | (86)% | 269,385 | 161,950 | (40)% | | Net Income | 63,384 | 549 | (99)% | 219,459 | 115,073 | (47)% | | Adjusted Net Income | 67,706 | 51,596 | (24)% | 231,566 | 185,884 | (20)% | [Non-GAAP Reconciliation](index=36&type=section&id=7.2%20Non-GAAP%20Reconciliation) The company provides reconciliations from operating profit to FRE, PRE, and Segment DE, and from net income to Adjusted DE, for clearer business and cash distribution views Fourth Quarter & Full Year 2024 Non-GAAP Financial Metrics Reconciliation (R$ thousand) | Metric | 4Q'23 | 3Q'24 | 4Q'24 | FY23 | FY24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Profit | 60,151 | 54,803 | 95,510 | 219,047 | 270,237 | | **Fee Related Earnings (FRE)** | **57,297** | **53,819** | **79,028** | **208,433** | **248,397** | | **Performance Related Earnings (PRE)** | **2,854** | **984** | **16,482** | **10,614** | **21,840** | | **Segment Distributable Earnings (Segment DE)** | **65,275** | **59,342** | **109,150** | **238,930** | **307,451** | | Net Income | 63,384 | 41,369 | 549 | 219,459 | 115,073 | | **Adjusted Distributable Earnings (Adjusted DE)** | **63,641** | **57,104** | **73,946** | **245,836** | **239,056** | [Balance Sheet](index=37&type=section&id=7.3%20Balance%20Sheet) As of December 31, 2024, total assets increased to R$3.585 billion, liabilities to R$1.643 billion, and equity to R$1.942 billion, driven by various asset and liability changes Balance Sheet Key Data (R$ thousand) | Metric | September 30, 2024 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 534,406 | 223,302 | | Financial Instruments (Fair Value) | 1,499,067 | 1,651,528 | | Trade Receivables | 73,036 | 227,951 | | Intangible Assets | 251,170 | 1,057,949 | | **Total Assets** | **2,457,666** | **3,585,051** | | Labor and Social Security Obligations | 81,772 | 191,063 | | Loans and Financing | 649,661 | 861,542 | | **Total Liabilities** | **1,149,181** | **1,643,008** | | Equity Capital | 1,405,559 | 2,097,712 | | **Total Equity** | **1,303,485** | **1,942,043** | | **Total Liabilities and Equity** | **2,457,666** | **3,585,051** | [Supplemental Details](index=38&type=section&id=Supplemental%20Details) This section provides additional detailed information on AUM rollforward analysis and investment records for various funds, offering deeper insights into the company's asset growth and fund performance [AUM and Fee-Earning AUM Rollforward](index=39&type=section&id=8.1%20AUM%20and%20Fee-Earning%20AUM%20Rollforward) As of December 31, 2024, total AUM increased from R$70.4 billion to R$327 billion, primarily due to R$241.1 billion from acquisitions; FEAUM also grew from R$66.7 billion to R$321.4 billion AUM Rollforward Analysis for the Three Months Ended December 31, 2024 (R$ million) | Metric | Global IP&S | Credit | Private Equity | Equities | Real Assets | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 24,330 | 9,067 | 15,803 | 10,856 | 10,338 | 70,395 | | Capital Subscriptions/(Returns) | - | 820 | 356 | - | (118) | 1,058 | | Acquisitions | 218,007 | 18,720 | - | 4,355 | 2,006 | 241,147 | | Net Inflows/(Outflows) | (2,011) | (742) | - | (200) | (14) | (3,047) | | FX Variation | 15,772 | 1,347 | 343 | 312 | 135 | 17,909 | | Appreciation/(Depreciation) | 1,305 | (60) | 258 | (1,361) | (644) | (501) | | Ending Balance | 255,403 | 29,213 | 16,760 | 13,883 | 11,702 | 326,961 | Fee-Earning AUM (FEAUM) Rollforward Analysis for the Three Months Ended December 31, 2024 (R$ million) | Metric | Global IP&S | Credit | Private Equity | Equities | Real Assets | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 24,043 | 8,866 | 12,690 | 10,823 | 10,294 | 66,717 | | Capital Subscriptions/(Returns) | (4) | 823 | 358 | - | (118) | 1,057 | | Acquisitions | 215,477 | 18,340 | - | 4,316 | 2,006 | 240,138 | | Net Inflows/(Outflows) | (2,009) | (727) | - | (278) | (14) | (3,028) | | FX Variation | 15,733 | 1,315 | 343 | 310 | 135 | 17,836 | | Appreciation/(Depreciation) | 764 | (77) | 82 | (1,356) | (786) | (1,322) | | Ending Balance | 254,004 | 28,540 | 13,471 | 13,815 | 11,567 | 321,397 | [Investment Records - Credit and Equities Funds](index=40&type=section&id=8.2%20Investment%20Records%20-%20Credit%20and%20Equities%20Funds) The company disclosed investment performance for several credit and equities funds, with varied Q4 2024 and year-to-date results, some outperforming or underperforming benchmarks Credit and Equities Funds Investment Performance (R$ million) | Fund | Sub-Segment | NAV | 4Q'24 (%) | YTD (%) | 12 M (%) | 24 M (%) | Benchmark | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Vinci Total Return® | Equities | 228.6 | (10.1) | (11.5) | (11.5) | 12.2 | IPCA4 + Yield IMA-B5 | | Mosaico Strategy | Equities | 797.3 | (12.2) | (14.2) | (14.2) | 6.5 | IBOV | | Vinci Gas Dividendos FIA | Equities | 338.4 | (8.9) | (10.7) | (10.7) | 7.9 | IBOV® | | Compass CRECE+ | Equities | 158.4 | (2.0) | (2.5) | (2.5) | 9.2 | S&P/BMV IPC | | Compass Crecimiento | Equities | 628.5 | 50.6 | 166.3 | 166.3 | 245.3 | S&P MERVAL3 | | Compass Small Cap Chile | Equities | 1,082.2 | 0.6 | 9.5 | 9.5 | 12.6 | - | | Vinci Credito Imobiliario II | Credit | 721.5 | (0.9) | 2.4 | 2.4 | 18.8 | IPCA4+6% | | Vinci Energia Sustentável | Credit | 538.1 | (1.1) | 3.5 | 3.5 | 17.9 | IPCA4+6% | | Vinci Crédito Multiestratégia | Credit | 321.6 | 0.3 | 8.5 | 8.5 | 20.3 | CDI | | Compass Latam Corporate Debt Fund | Credit | 3,795.5 | (1.0) | 7.9 | 7.8 | 7.6 | CEMBI Broad Div | | Compass Latam High Yield USD | Credit | 1,848.6 | 0.8 | 11.3 | 11.3 | 10.1 | CEMBI Broad Div HY | | Compass +LIQG | Credit | 1,970.3 | 2.7 | 11.8 | 11.8 | 11.8 | PIP Cetes 28D | | Compass Credit Selection | Credit | 764.0 | 2.3 | 12.0 | 11.9 | 12.4 | CDI3 | | Compass Yield 30 | Credit | 1,868.8 | 2.3 | 12.9 | 12.8 | 13.9 | CDI- | | Compass Deuda Plus | Credit | 417.2 | (0.2) | 10.5 | 10.5 | 7.2 | - | | Compass Renta Fija-B | Credit | 850.5 | 0.4 | 3.7 | 3.6 | 3.6 | CBMBI Broad Div | | **Benchmark** | **4Q-24 (%)** | **YTD (%)** | **12 M (%)** | **24 M (%)** | | | IPCA + Yield IMA-B3 | 3.1 | 11.6 | 11.6 | 23.5 | | | IBOV | (8.7) | (10.4) | (10.4) | 8.6 | | | S&P/BMV IPC7 | (4.7) | (11.0) | (10.9) | 0.9 | | | S&P MERVAL® | 49.3 | 172.5 | 170.3 | 252.9 | | | CDI | 2.7 | 10.9 | 10.9 | 25.3 | | | IPCA | 1.5 | 4.8 | 4.8 | 9.7 | | | CEMBI Broad Div12 | (1.1) | 8.7 | 8.7 | 9.0 | | | CEMBI Broad Div HY11 | (0.1) | 11.6 | 11.6 | 11.3 | | | PIP Cetes 28D12 | 2.5 | 11.4 | 11.4 | 11.6 | | [Investment Records - Global IP&S and Real Assets Funds](index=41&type=section&id=8.3%20Investment%20Records%20-%20Global%20IP%26S%20and%20Real%20Assets%20Funds) The company disclosed investment performance for Global IP&S and Real Assets funds, with Global IP&S funds generally stable, while some listed REITs underperformed in Q4 and year-to-date Global IP&S and Real Assets Funds Investment Performance (R$ million) | Fund | Sub-Segment | NAV | 4Q'24 (%) | YTD (%) | 12 M (%) | 24 M (%) | Benchmark | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Vinci Multiestratégia FIM | Global IP&S | 143.0 | 2.4 | 8.6 | 8.6 | 22.3 | CDI4 | | Allas Strategy | Global IP&S | 229.4 | 4.2 | 8.9 | 8.9 | 19.1 | CDI+ | | Vinci Valorem FIM | Global IP&S | 926.7 | 2.4 | 7.6 | 7.6 | 20.3 | IMA-B5 | | Equilibrio Strategy | Global IP&S | 1,229.0 | 2.7 | 7.5 | 7.5 | 19.8 | IPCA | | Vinci Retorno Real FIM | Global IP&S | 175.0 | 2.3 | 7.0 | 7.0 | 19.9 | IMA-Be | | VISC11 | Real Assets (listed REIT) | 2,798.1 | (8.6) | (21.6) | (21.6) | 11.3 | IFIX | | VILG11 | Real Assets (listed REIT) | 1,118.8 | (9.7) | (18.3) | (18.3) | (11.9) | IFIX | | VINO11 | Real Assets (listed REIT) | 404.9 | 0.8 | (27.7) | (27.7) | (36.8) | IFIX® | | VIF111 | Real Assets (listed REIT) | 54.4 | (8.9) | (17.5) | (17.5) | 20.8 | IFIX | | VIUR11 | Real Assets (listed REIT) | 160.3 | (3.8) | (26.1) | (26.1) | (5.1) | IFIX | | VCRI11 | Real Assets (listed REIT) | 117.9 | (14.8) | (19.4) | (19.4) | (1.2) | IFIX | | VICA11 | Real Assets (REIT) | 380.0 | 0.5 | 1.2 | 1.2 | 1.0 | IFIX® | | VINCI FOF IMOBILIARIO FIM CP | Real Assets (REIT) | 53.7 | (2.4) | (1.2) | (1.2) | - | IFIX | | VIGT11 | Real Assets (listed REIT) | 252.9 | (49.4) | (58.6) | (62.5) | (47.8) | - | | **Benchmark** | **4Q'24 (%)** | **YTD (%)** | **12 M (%)** | **24 M (%)** | | | CDI | 2.7 | 10.9 | 10.9 | 25.3 | | | IMA-B5 | 0.8 | 6.2 | 6.2 | 19.0 | | | IPCA® | 1.5 | 4.8 | 4.8 | 9.7 | | | IFIX | (5.7) | (5.9) | (5.9) | 8.7 | | [Investment Records - Closed End Funds](index=42&type=section&id=8.4%20Investment%20Records%20-%20Closed%20End%20Funds) The company disclosed performance for various closed-end funds, including Private Equity, Credit, and Real Assets strategies, showcasing diverse MOIC and IRR, with some achieving significant value creation Closed End Funds Historical Investment Performance (R$ million) | Fund | Sub-Segment | Investment Year | Committed Capital | Invested Capital | Realized/Partially Realized | Unrealized | Total Value | Gross MOIC (BRL) | Gross IRR (BRL) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fund 1 | Private Equity | 2004 | 1,415 | 1,206 | 5,131 | 79 | 5,210 | 4.3x | 71.5% | | VCP II | Private Equity | 2011 | 2,200 | 2,658 | 1,844 | 2,402 | 4,246 | 1.6x | 6.0% | | VCP III | Private Equity | 2018 | 4,000 | 2,347 | 65 | 5,347 | 5,412 | 2.2x | 30.8% | | VCP IV | Private Equity | 2022 | 3,089 | 335 | - | 504 | 504 | 1.5x | - | | SPS Strategy | Credit | - | 1,870 | 2,320 | 1,399 | 2,052 | 3,451 | 2.7x | 24.8% | | MAV Strategy | Credit | - | 370 | 370 | 131 | - | 131 | 0.4x | 19.9% | | Lacan Strategy | Real Assets | - | 1,275 | 1,073 | 380 | 1,501 | 1,881 | 1.8x | 12.5% | | FIP Transmissão® | Real Assets | 2017 | 211 | 104 | 289 | 87 | 376 | 3.6x | 56.6% | | Vinci Credit Infra12 | Credit | 2022 | 1,798 | 1,152 | - | 681 | 681 | 1.20x | NM | [Shareholder Information](index=43&type=section&id=Shareholder%20Information) This section provides key information for shareholders, including details on dividends, share repurchase programs, and the company's share capital structure [Dividends and Share Repurchase](index=43&type=section&id=9.1%20Dividends%20and%20Share%20Repurchase) In Q4 2024, Adjusted DE was R$1.15/share ($0.20); the company declared a quarterly dividend of $0.15/share, with $8.5 million remaining for share repurchases - In Q4 2024, Adjusted Distributable Earnings (Adjusted DE) were **R$1.15 per share** (**$0.20**)[111](index=111&type=chunk) - The company declared a quarterly dividend of **$0.15 per share**, with a record date of March 13, 2025, and a payment date of March 27, 2025[111](index=111&type=chunk) - As of December 31, 2024, the remaining authorized amount under the share repurchase program was **$8.5 million**[111](index=111&type=chunk) [Share Capital Structure](index=43&type=section&id=9.2%20Share%20Capital%20Structure) In October 2024, 11,783,384 shares were issued for Compass Group; total common shares outstanding were 64,046,355, comprising Class B and Class A shares - In October 2024, the company issued **11,783,384 shares** for Compass Group[111](index=111&type=chunk) Share Structure (as of Q4 2024) | Share Type | Quantity | | :--- | :--- | | Class B Shares | 14,466,239 | | Class A Shares | 49,580,116 | | **Total Common Shares** | **64,046,355** | - As of December 31, 2024, the public float consisted of **11,795,538 Class A common shares**[122](index=122&type=chunk) [Notes and Definitions](index=44&type=section&id=Notes%20and%20Definitions) This section provides essential notes and definitions for key financial and business terms used throughout the report, ensuring clarity and comprehensive understanding for all readers [Glossary of Terms](index=44&type=section&id=10.1%20Glossary%20of%20Terms) This section defines key financial and business terms like AUM, FRE, PRE, DE, MOIC, and IRR, ensuring transparency and understanding of the report's content - AUM (Assets Under Management) is defined as the fair market value of all funds and managed accounts administered by Vinci Compass, along with capital callable from investors and the value of limited partners' co-investments[123](index=123&type=chunk) - FRE (Fee Related Earnings) measures the baseline performance of the business, excluding performance fees and non-recurring operating expenses[123](index=123&type=chunk) - DE (Distributable Earnings) is used to assess the company's ability to distribute dividends to shareholders[123](index=123&type=chunk) - MOIC (Multiple on Invested Capital) and IRR (Internal Rate of Return) are key metrics for measuring investment returns[124](index=124&type=chunk)

Vinci Partners Investments Ltd. (NASDAQ:VINP) Q4 2024 Earnings Conference Call February 26, 2025 5:00 PM ET Company Participants Anna Castro - Investor Relations Manager Alessandro Horta - Chief Executive officer Bruno Zaremba - President, Finance & Operations Sergio Passos - Chief Operating Officer & Chief Financial Officer Conference Call Participants Ricardo Buchpiguel - BTG Guilherme Grespan - JPMorgan William Barranjard - Itaú BBA Tito Labarta - Goldman Sachs Operator Good evening, and welcome to the V ...

Fourth Quarter & Full Year 2024 Earnings Presentation February 26, 2025 1 Disclaimer This presentation contains forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to eve ...

Core Viewpoint - Vinci Partners Investments Ltd. is set to release its financial results for Q4 2024 on February 26, 2025, and will host a conference call to discuss these results [1]. Company Overview - Vinci Compass is recognized as a leading partner for alternative investments and global solutions in Latin America, with nearly three decades of experience [3]. - The company operates from eleven offices across Latin America and the US, specializing in various sectors including Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory [3]. - As of September 2024, Vinci Compass managed R$296 billion in assets under management and advisory on a Proforma basis [3]. Conference Call Details - The conference call will be accessible via the company's website, and a replay will be available for those unable to attend the live broadcast [2].

Summary of Vinci Partners Investments Ltd. and Compass Group M&A Call Company and Industry Overview - **Company**: Vinci Partners Investments Ltd. (NASDAQ: VINP) and Compass Group LLC - **Industry**: Alternative Investments in Latin America Key Points and Arguments Combination Announcement - The merger between Vinci Partners and Compass Group officially creates Vinci Compass, marking a transformative moment for the organization [7][15][19] Strategic Vision - Vinci's strategy focuses on becoming a leader in alternative investments in Latin America, leveraging Brazil's underpenetrated alternatives market [8] - The combination aims to redefine alternative investments in Latin America, targeting a market with less than 5% of AUM allocated to alternatives [15][19] Financial Performance - Since its IPO in 2021, Vinci raised over BRL12 billion, increasing long-term AUM to BRL38 billion, a 52% increase from 2020 [9] - The merger is expected to nearly double fee-related revenues, with pro forma FRE for Q3 year-to-date reaching BRL218 million compared to BRL169 million for Vinci standalone [40] - Distributable earnings per share increased by 44% since the IPO, with a commitment to maintain dividends at $2.60 per share [14][41] Growth Opportunities - The combination is expected to unlock significant growth potential, particularly in the underpenetrated Latin American market [44][53] - Pension fund reforms in Mexico could increase allocations to alternatives from $50 billion to $140 billion by 2028 [47] - The firm plans to scale regional mandates, particularly in private equity and infrastructure, with a target of launching the first pan-regional alternative product [48] Integration and Governance - The unified leadership team includes executives from both firms, ensuring seamless integration and operational efficiency [25][29] - The combined platform spans seven countries in Latin America, enhancing distribution capabilities and client reach [30][31] Market Positioning - Vinci Compass will serve as a leading full-service alternative asset manager in Latin America, with combined AUM of nearly BRL300 billion [24] - The firm aims to capitalize on the increasing demand for alternatives across various client segments, including institutional investors and high-net-worth individuals [31] Financial Structure and Tax Implications - The merger will alter the currency balance, with a shift towards a more dollarized business model [73] - The blended tax rate for the group is expected to be between 15% and 20% post-acquisition [76] Future Outlook - Management anticipates a strong contribution from Compass in Q4 2024, projecting approximately BRL15 million in FRE [43] - The focus will be on enhancing FRE margins and driving efficiency through integration [42] Additional Important Insights - The merger is seen as a strategic move to enhance governance, earnings visibility, and create new recurring revenue streams [14] - The integration of distribution teams from both firms aims to deliver tailored solutions to clients across diverse markets [29] - The firm is exploring additional M&A opportunities in Latin America, identifying over 30 potential targets across various sectors [52] This summary encapsulates the key points discussed during the conference call, highlighting the strategic vision, financial performance, growth opportunities, and future outlook for Vinci Compass following the merger with Compass Group.

Core Points - Vinci Partners is conducting a combination with Compass Group, which was announced in a press release and slide presentation available on their website [3]. Group 1 - The conference call features key participants including Anna Castro (Investor Relations Manager), Alessandro Horta (CEO), and Bruno Zaremba (President of Finance and Operations) [1][3]. - The call is recorded and will include a question-and-answer session later [1]. - The company emphasizes that the call may contain forward-looking statements that are uncertain and outside of the firm's control [4]. Group 2 - The company will refer to certain non-GAAP measures during the call, with reconciliations provided in the press release [5]. - The call does not constitute an offer to sell or solicit an offer to purchase interests in any Vinci or Compass fund [5].