Financial Data and Key Metrics Changes - Patria reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6.6 billion by over $1 billion [5][34] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [6][23] - Total fee-earning AUM rose to $41 billion in Q4 2025, a 5% sequential increase and 24% year-over-year growth [8][17] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly up from the previous year, driven by strong global interest [11] - GPMS raised nearly $2 billion in 2025, reflecting strong client support and integration success [12] - The credit platform raised a record $1.8 billion, surpassing the previous year's record of $1.4 billion [12] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with an estimated $800 billion addressable market for asset-backed, non-bank private credit [13] - The company is positioned to capitalize on the growing demand for private credit in Brazil, supported by favorable regulations and financial deepening [13][28] Company Strategy and Development Direction - Patria aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, supported by recent acquisitions and strong fundraising momentum [8][10] - The company is expanding its investment strategies, including infrastructure development, private equity, and real estate, to enhance its competitive position [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising and fee-related earnings targets, citing strong market demand and operational efficiencies [34][41] - The macroeconomic environment is seen as favorable, with increasing allocations to alternatives and robust demand for infrastructure investing [28][30] Other Important Information - The company announced a share buyback program of up to 7 million shares to return capital to shareholders [9] - A transition in the CFO role is planned, with Rafael Denadai set to take over in April 2026 [31][32] Q&A Session Summary Question: Inquiry on private equity valuation process - Management explained that an independent appraiser is used annually to value private assets, employing a discounted cash flow model and comparing results with industry peers [55][56] - The valuation process is standard in the industry, and unrealized performance fees do not impact management fees or employee bonuses [60][62] - Management confirmed that two private equity funds are currently underperforming and do not expect performance fees from these funds [66][68]