Financial Data and Key Metrics Changes - For Q4 2025, Vinci Compass generated Fee Related Earnings (FRE) of BRL 80.4 million or BRL 1.23 per share, with a FRE margin of 32.6% [3] - Full year 2025 FRE reached BRL 188.4 million or BRL 4.52 per share, with a FRE margin of 30.4% [3] - Adjusted Distributable Earnings for Q4 2025 were BRL 81.3 million or BRL 1.24 per share, while for the full year, it totaled BRL 292.4 million or BRL 4.58 per share, reflecting 22% nominal growth [34] Business Line Data and Key Metrics Changes - The credit vertical delivered approximately BRL 3 billion of capital formation appreciation in Q4, contributing to a total of roughly BRL 10 billion for the full year, with credit AUM reaching BRL 36 billion, up 25% year-over-year [22] - Management fees for Q4 2025 were BRL 220 million, up 29% year-over-year, driven by strategic transactions and strong fundraising momentum [29] - Advisory fees totaled BRL 15 million in Q4, showing a decrease year-over-year due to quieter deal activity [29] Market Data and Key Metrics Changes - Total Assets Under Management (AUM) reached BRL 354 billion, reflecting a 13% year-over-year growth [8] - The company ended the year with BRL 42 billion in capital formation and appreciation, indicating strong fundraising momentum across global IP&S and credit segments [9] Company Strategy and Development Direction - Vinci Compass aims to capture growth in alternatives in Latin America, leveraging synergies from its merger with Compass and the acquisition of Verde [6][8] - The company is focused on expanding its solutions set and deepening synergies between its teams, particularly in the infrastructure credit space [8][10] - The strategic rationale behind acquisitions is to enhance asset base and drive shareholder value through accretive transactions [18] Management's Comments on Operating Environment and Future Outlook - Management anticipates a gradual reduction in debt service costs and lower discount rates in Brazil, which could support growth in 2026 [13] - The company remains optimistic about its fundraising pipeline and expects continued momentum in FRE growth supported by the full contribution of Verde's revenue [31][34] - Management acknowledges potential volatility due to upcoming electoral cycles but believes the firm is well-positioned to navigate and capitalize on market dislocations [13][14] Other Important Information - The company declared a quarterly dividend of $0.17 per common share, payable on April 2nd to shareholders of record as of March 19th [3] - Vinci Compass has launched new products in collaboration with Verde, indicating early success in capturing synergies from the acquisition [10][52] Q&A Session Summary Question: Impact of elections on fundraising - Management noted that while elections are a variable, the main impact on fundraising will come from cyclicality related to interest rates, which could positively affect capital raising in cyclical asset classes [38][40] Question: Advisory fees expectations - Management expects advisory fees to be slightly lower in 2026 compared to 2025, with the first half of the year likely to remain soft due to lower deal activity [42][44] Question: M&A synergies and their impact - Management confirmed that there are still synergies to be captured from previous M&A activities, particularly from the Compass and Verde transactions, which are expected to contribute to results in 2026 [50][52] Question: Investment-related earnings expectations - Management indicated that unrealized investment-related earnings are expected to become more material in 2026, with potential contributions to distributable earnings as funds start returning capital [56][57] Question: Sentiment on private credit fundraising - Management expressed optimism about the credit vertical, noting that their diversified credit business is less affected by global private credit concerns, with a focus on institutional investors [60][62]