Patria Investments Ltd (NASDAQ: PAX)

Patria Investments Limited is a global alternative investment firm focused on the middle market segment, specializing in resilient sectors across Latin America and Europe. The firm manages assets across private equity, infrastructure, credit, public equities, real estate and global private markets solutions, serving as a gateway for investors to access alternative investments in the region and abroad.

Patria Investments Limited generates revenue primarily through management fees charged on fee earning assets under management and performance or incentive fees linked to investment returns. The firm’s fee earning AUM grew from 7.7 billion dollars at the end of 2020 to 32.9 billion dollars at the end of 2024, driving its revenue base.

The company operates through the following segments.

• Private Equity: focuses on investments in resilient sectors such as agribusiness, healthcare, food and beverage and logistics, employing a partnership oriented approach with owner operators to build scale and drive operational improvements.

• Infrastructure: invests in brownfield expansions, upgrades and de risking of projects in Latin America, emphasizing long term project finance and operational efficiencies, and also offers infrastructure credit strategies.

• Credit: provides Latin American high yield, local currency and Chilean credit strategies, delivering excess returns over benchmarks through disciplined underwriting and active portfolio management.

• Public Equities: manages Latin American and Chilean equity portfolios, seeking risk adjusted returns through fundamental analysis and active trading, though the business has experienced net outflows and lower returns in recent periods.

• Real Estate: oversees a platform of listed REITs and private real estate funds in Brazil and Colombia, with a focus on permanent capital vehicles and long duration institutional vehicles.

• Global Private Markets Solutions (GPMS): offers primary, secondary and co investment exposure to middle market private equity in North America and Europe, enabling Latin American investors to access global private market opportunities.

Patria Investments Limited holds a leading position as one of the largest asset managers in Latin America for private equity and infrastructure, ranking number one in the region for funds raised over the past ten years according to Preqin data. Its competitive advantages include a strong investment performance track record, a scalable business model with predictable management fee cash flows, a seasoned management team with deep sector expertise, and a well recognized brand that attracts sovereign wealth funds, pension funds and other institutional investors.

The firm serves a diversified client base that includes eight of the world’s ten largest sovereign wealth funds, ten of the world’s twenty largest pension funds, six of the United States’ ten largest pension funds, over five hundred institutional and high net worth investors, and more than 1.3 million retail investors across the globe.