Financial Data and Key Metrics Changes - Vinci Compass generated BRL 77.1 million in earnings for Q3 2025, translating to BRL 1.22 per share, with a FRE margin of 32.3% and adjusted distributable earnings of BRL 73.1 million, or BRL 1.16 per share, marking a 28% increase year-over-year on a nominal basis [3][25] - Total assets under management (AUM) reached BRL 316 billion, a 4% increase quarter-over-quarter, with capital formation and appreciation totaling BRL 19 billion [22][13] Business Line Data and Key Metrics Changes - The credit segment raised over BRL 1 billion in the quarter, with 30% coming from international investors, indicating strong global interest [11] - The global IP&S segment saw AUM exceed BRL 241 billion, supported by approximately BRL 8 billion of inflows, with TPD alternative funds being a key growth driver [17][12] Market Data and Key Metrics Changes - Brazil is expected to benefit from a potential political shift reinforcing fiscal responsibility and a likely Selic-cutting cycle, creating a favorable environment for asset re-rating [10] - The trend of global investors seeking exposure beyond the U.S. is expected to support fundraising efforts, offering attractive risk-adjusted opportunities [11] Company Strategy and Development Direction - The acquisition of Verde is a significant milestone in strategic expansion, enhancing Vinci Compass's position as a leading alternative investment platform in Latin America [5][6] - The company aims to achieve a 38% FRE margin target by 2028, supported by cost reduction initiatives and substantial fundraising across all segments [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, citing broad-based asset appreciation and easing rate bias across emerging economies as constructive for the platform [10] - The company is well-positioned to capture generational shifts in the global economy and markets, compounding value for clients and shareholders [13][22] Other Important Information - The company is adopting AI across its operations, with approximately 80% of the team using AI to enhance productivity and risk management [21] - The first Brazilian pension plan commitment to the SPS4 fund is expected to unlock further commitments from similar institutional investors [26][27] Q&A Session Summary Question: Regarding the first Brazilian pension plan commitment to SPS4, how fast do you think this new demand could come? - Management expects further commitments for this strategy but cannot predict the exact size of it, noting the low penetration of this type of investment among local and international institutions [26][27] Question: Should the improved FRE margin be considered the new base for the next quarter? - Management indicated that while there is some seasonality in expenses, they expect margins to remain above 30% going forward, with the Verde acquisition expected to positively impact margins in 2026 [29][30] Question: How much of the strong global IP&S inflows this quarter was related to TPD alternatives? - TPD alternatives had a significant positive impact, with a $2 billion contribution from a regional player into a US-based closed-end fund, and management remains optimistic about future inflows [31][32]