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Vinci Partners(VINP) - 2025 Q1 - Earnings Call Transcript
2025-05-12 22:02
Financial Data and Key Metrics Changes - Venture Compass generated fee-related earnings of R65.7 million or R1.04 per share and adjusted distributable earnings of R62.3 million or $0.98 per share for Q1 2025, with adjusted distributable earnings up 26% year over year [4][45] - Fee-related revenues totaled R112.5 million, representing a 117% increase year over year and 6% growth quarter over quarter [38] - FRE margin ended the quarter at 28.4%, with expectations for a margin in the low 30s for 2025 [42][84] Business Line Data and Key Metrics Changes - The credit segment was a highlight, with successful fundraising including over R600 million raised for PEPCO II and close to R200 million for MAF III [7][21] - The agribusiness credit strategy is expected to benefit from favorable trends in global trade flows and tariffs [21] - The equities segment is seeing compelling opportunities, with Latin American equities trading at attractive valuations [16] Market Data and Key Metrics Changes - The Brazilian real appreciated approximately 7% against the U.S. dollar, negatively impacting reported AUM, which decreased 7% quarter over quarter [36][37] - Foreign investors returned as net buyers of BRL3.8 billion in Q1 2025, compared to a net sell-off of BRL6 billion in Q4 2024, indicating a potential reversal in market sentiment [25] Company Strategy and Development Direction - The company is focused on integrating its platforms to create operational synergies and accelerate value creation [5][6] - There is a strong emphasis on credit strategies, with plans to scale initiatives across various geographies [7][9] - The company aims to leverage technology, particularly AI, to enhance operational efficiency and decision-making [33][34] Management's Comments on Operating Environment and Future Outlook - Management views the current macroeconomic environment as an opportunity rather than a challenge, particularly in the credit segment [9][10] - The geopolitical backdrop is seen as favorable for attracting capital to Latin America, with increasing interest from global investors [12][82] - The company remains optimistic about its growth prospects, supported by a strong pipeline of products across all segments [18][84] Other Important Information - The company hosted annual global investment conferences across multiple Latin American countries, drawing over 1,300 LPs [13] - The successful launch of large-scale events under the Vinci Compass brand is expected to deepen the company's presence in the region [13] Q&A Session Summary Question: What is the expected growth range for fee-related costs over the next four years? - Management expects fee-related costs to remain disciplined, with inflation being the primary factor affecting costs, and anticipates mid double-digit revenue growth to leverage costs effectively [49][50] Question: What was the impact of the Brazilian real appreciation on FRE? - The impact was not significant, with a positive effect of approximately $2 million on distributable earnings, and a minimal effect on FRE due to the currency's influence on AUM [51] Question: What are the drivers behind the decline in the IP and S segment? - The decline was attributed to net outflows in liquid TPD, primarily due to market volatility, rather than specific asset concentration [58][66] Question: Is there a trend of capital return in TPD alternatives? - Management clarified that capital returns do not impact future revenue significantly, as they charge placement fees on fundraises, and noted a positive trend in April with net inflows in TPD liquids [69][70] Question: What is the outlook for interest in Latin America from global investors? - There is a growing real interest from global investors in Latin America, particularly in equities, infrastructure, and credit, with ongoing discussions for commitments [81][82] Question: What is the expected FRE margin for the rest of the year? - Management maintains a target of low 30s for the FRE margin, with expectations for recovery in corporate advisory revenues and a stronger second half of the year [84][86]