Summary of Patria Investments (NasdaqGS:PAX) Update / Briefing Company Overview - **Company**: Patria Investments - **Event**: Third edition of Pax Talks, focusing on Global Private Markets Solutions (GPMS) business - **Date**: September 18, 2025 - **Key Speakers**: Andrea Medina (Shareholder Relations), Merrick McKay (Partner and Head of Private Equity for GPMS), Charles Keenan (Portfolio Manager at Long Light Capital) Key Points Industry and Business Model - **Industry**: Private Equity, specifically focusing on middle-market investments - **Business Model**: GPMS invests in middle-market private equity primaries, secondaries, and co-investments primarily in Europe and to a lesser extent in the U.S. [3][4] Financial Metrics - **Assets Under Management (AUM)**: As of Q2, GPMS had $13.9 billion in AUM, with $11.4 billion being fee-earning AUM, $1.4 billion pending fee-earning AUM, and $3 billion uncalled capital [3] - **Patria Private Equity Trust (PPET)**: Represents over $1.6 billion of permanent capital fee-earning AUM and has raised over $3.5 billion since the acquisition of Aberdeen's middle-market private equity solutions business [4] Growth Strategy - **Growth Target**: Patria aims to double GPMS fee-earning AUM within the next three years [4][53] - **Focus Areas**: - Maintain and grow the separate managed account (SMA) client base - Expand successful secondaries strategy (SOF) - Develop new pooled products and explore opportunities in LATAM [54][55] Market Dynamics - **Middle-Market Focus**: The mid-market has historically generated superior returns compared to large-cap investments due to lower pricing, more growth opportunities, and lower correlation with public markets [23][24] - **Investor Sentiment**: There has been a shift in focus from large mega-cap investments to mid-market opportunities as private equity returns have begun to decline [26][27] Client Relationships - **Client Base**: Predominantly consists of separate managed accounts (SMAs) and pooled products, with a strong emphasis on maintaining close relationships with clients [12][41] - **Investor Preferences**: Clients prefer tailored strategies that leverage Patria's expertise in specific market segments, particularly in Europe [17][18] Competitive Advantage - **Relationship-Driven**: The success of GPMS is heavily reliant on long-term relationships with both limited partners (LPs) and general partners (GPs), which are crucial for co-investment opportunities and secondary market transactions [40][42] - **Operational Efficiency**: Patria's ability to move quickly and adapt to market changes is highlighted as a significant advantage over larger, more bureaucratic institutions [70] Future Outlook - **Expansion Plans**: Patria aims to broaden its private market solutions beyond private equity to include venture capital, infrastructure, private credit, and real estate [62][63] - **LATAM Market Potential**: There is a significant opportunity for growth in the LATAM market, which is currently under-allocated to private equity compared to developed markets [55][66] Challenges and Considerations - **Market Conditions**: The dynamics in different LATAM countries vary significantly, affecting the pace of growth and investment opportunities [67] - **Investment Performance**: Maintaining strong performance is critical for client retention and attracting new investments [53] Additional Insights - **Historical Context**: The discussion reflects on the evolution of private equity, noting that the last decade has seen significant tailwinds that have now shifted, necessitating a focus on alpha generation rather than beta [36][38] - **Investment Philosophy**: Patria emphasizes the importance of sector specialization and operational value-add in mid-market investments, which differentiates them from larger players [24][25]

Group 1 - Warren Buffett emphasizes that building wealth does not need to be complicated and suggests that ordinary investors should avoid overcomplicating their investment strategies [2][3] - Buffett's first tip for investors is to "not swing at every pitch," which means waiting for the right investment opportunities rather than chasing every trend [4][5] - The article highlights the potential of diversifying investments through commercial real estate, which can provide additional cash flow and help manage risk [5][6] Group 2 - First National Realty Partners (FNRP) is mentioned as a private equity firm that allows accredited investors to invest in necessity-based commercial real estate leased by national brands, providing a structured investment process [6] - The Fine Art Group is noted for offering alternative investment opportunities in fine art, reporting a 14% return on its assets, which outperforms the S&P 500's annualized return of 11.88% [7]

Industry Overview - India's mergers and acquisitions market has reached nearly $41 billion in 2025, driven by significant deals from major players like Reliance, JSW Group, and Tata Sons [1] - Private equity activity in India is at its highest level in over a decade, with global investors and sovereign funds actively seeking opportunities alongside influential Indian conglomerates [1] Company Expansion - Navatar, a leader in AI-powered CRM for private markets, is expanding its operations in India with a dedicated local office and founders of Indian origin, providing deep market insights and necessary technology for Indian dealmakers [2] Technology and Features - Navatar's CRM integrates seamlessly with Outlook and Salesforce, automating data capture and transforming daily activities into structured intelligence without manual entry [4] - The platform is built on Salesforce and integrated with Microsoft Copilot, offering enterprise-grade AI and privacy safeguards to ensure client confidentiality [4] - AI-driven features include automated intelligence capture, deal origination and sourcing, buyer-seller matching, document intelligence, fundraising LP intelligence, and real-time workflow insights [7] Market Impact - As global capital flows into sectors such as healthcare, consumer goods, renewables, and technology, Navatar provides the infrastructure for Indian dealmakers to scale their operations confidently [5] - Hundreds of leading firms worldwide already utilize Navatar to enhance their competitive edge in winning mandates, deepening relationships, and closing deals more efficiently [5]

Core Insights - The article highlights the author's extensive background in finance, particularly in corporate finance, M&A, and investment analysis, with a focus on real estate, renewable energy, and equity markets [1] Group 1: Professional Background - The author holds a Master's degree in Banking & Finance from Université Paris 1 Panthéon-Sorbonne, indicating a strong academic foundation in finance [1] - The author's experience spans over 10 years in investment banking, showcasing a deep understanding of financial markets and investment strategies [1] - The author specializes in financial modeling, valuation, and qualitative analysis, which are critical skills for assessing investment opportunities [1] Group 2: Investment Focus - The author emphasizes a focus on sectors such as real estate and renewable energy, which are increasingly relevant in today's investment landscape [1] - The article suggests a commitment to sharing insights and analysis on companies of interest, aiming to engage with a global audience [1] Group 3: Engagement and Growth - The author expresses a desire to connect with readers and foster discussions, indicating an intention to build a community around informed investment decisions [1] - There is a clear motivation for continuous improvement and growth as a thought leader in finance, which may attract readers seeking expert opinions [1]

Private equity firms are doubling down on pouring funds into struggling companies but only a handful of them see meaningful or lasting improvement in their credit quality, according to S&P Global Ratings https://t.co/4ta7kBPLSR ...

Core Insights - The fifth annual Palm Beach CorpGov Forum will take place on November 5-6, 2025, at the Palm Beach Lake Pavilion, featuring panels and networking events [1][2] - The event is expected to attract around 300 attendees, including institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [2] - The forum will cover various topics including Private Equity, IPO Execution, Shareholder Activism, and Industry Panels on Cybersecurity, Real Estate, Blockchain, AI, and Sports [5][6] Event Details - The forum will run from 1 PM to 5 PM each day, followed by networking receptions from 5 PM to 7:30 PM [1] - The event will be digitized into a report and published by CorpGov and its content partners, including Yahoo Finance and Bloomberg [2] Speakers - Keynote speaker will be Josh Frank, Partner and Co-Investment Officer at Trian Fund Management, along with other notable speakers from various sectors [6]

Fundraising - Advent 筹集了 200 亿美元的旗舰基金 [1] - 此次募资发生在具有挑战性的募资环境下 [1]

Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 August 2025, with a total NAV of $1.3 billion [2][3] - The NAV total return (TR) for the year-to-date is 4.5%, while the one-year return is 11.1% [4] - The company has realized $86 million year-to-date and has $269 million in available liquidity as of 31 August 2025 [5][8] NAV Performance - NAV per share was $27.79 (£20.57), reflecting a total return of 0.9% for the month [6] - Private company valuations increased by 2.3% during Q2 2025 and 1.9% year-to-date on a constant currency basis [6] - The NAV experienced a 0.6% increase ($7 million) from changes in quoted holdings and a similar increase from FX rate changes [7] Share Buybacks - Approximately 52,000 shares were repurchased in August 2025 at a weighted average discount of 28%, contributing ~$0.01 per share to NAV [10] - Year-to-date, around 921,000 shares have been repurchased at a weighted average discount of 29%, adding ~$0.17 per share to NAV [10] Portfolio Composition - As of 31 August 2025, 7% of the portfolio was valued based on public securities, while 93% was based on private direct investments [10] - The portfolio is primarily concentrated in North America (76%) and Europe (23%), with only 1% in Asia and the rest of the world [12] - The top 30 investments account for 78.2% of the total portfolio value, with significant holdings in sectors such as Technology, Consumer, and Industrials [11][12] Investment Strategy - NBPE focuses on direct private equity investments alongside leading private equity firms globally, aiming for capital appreciation and bi-annual dividends [13] - The investment manager, Neuberger Berman, emphasizes fee efficiency by avoiding management fees and carried interest payable to third-party GPs [13]

Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 August 2025, with a total NAV of $1.3 billion [1][2]. NAV Highlights - The NAV total return (TR) for the year-to-date is 4.5%, with a one-year return of 11.1% and a ten-year return of 165.2% [3]. - The MSCI World TR shows a year-to-date return of 14.1% and a ten-year return of 214.5% [3]. - The share price TR in GBP has decreased by 7.0% year-to-date, with a ten-year return of 186.6% [3]. - The FTSE All-Share TR has a year-to-date return of 14.5% and a ten-year return of 108.5% [3]. Portfolio Update - Year-to-date realizations amount to $86 million, with total liquidity at $269 million as of 31 August 2025 [4]. - The NAV per share is reported at $27.79 (£20.57), reflecting a total return of 0.9% for the month [5]. - Private company valuations increased by 2.3% during Q2 2025 and 1.9% year-to-date on a constant currency basis [5]. - Approximately 52,000 shares were repurchased in August 2025 at a weighted average discount of 28%, contributing approximately $0.01 per share to NAV [5][8]. Realizations and Valuations - A $7 million increase in NAV is attributed to changes in quoted holdings and foreign exchange rates [6]. - $13 million was received from the partial realization of Tendam, with additional pending realizations of $9 million expected [6]. - The fair value of the portfolio as of 31 August 2025 is based on various private equity investments, with 7% valued as of the reporting date and 93% as of 30 June 2025 [8]. Geographic and Sector Allocation - The portfolio is geographically distributed with 76% in North America, 23% in Europe, and 1% in Asia/Rest of World [10]. - Sector allocation includes 22% in Tech, Media & Telecom, 22% in Consumer/E-commerce, and 18% in Industrials/Industrial Technology [10]. Investment Strategy - NBPE focuses on direct private equity investments alongside leading private equity firms globally, aiming for capital appreciation and bi-annual dividends [10].

Group 1 - Shanghai Songze Private Equity Investment Fund has been established with a capital contribution of approximately 1.3 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The enterprise is co-funded by Shanghai Puxi Investment Co., Ltd. and other partners [1]