Patria Investments (PAX) investor relations material

Business overview and strategy

• Leading alternative investment firm with over 37 years of experience and $47bn pro-forma fee-earning AUM, targeting $70bn by 2027.

• Offers 35+ investment strategies across infrastructure, credit, real estate, private equity, and solutions, with a diversified product suite and global reach.

• Focuses on being the gateway to alternative investing in Latin America while expanding into developed markets.

• Employs a client-centric approach, serving over 500 global institutional investors and more than 1 million individuals.

• Strategic acquisitions have expanded capabilities in private equity, real estate, credit, and global private market solutions.

Financial performance and growth

• Fee-earning AUM grew at a 44% CAGR since IPO, reaching $47bn in 4Q25, with a target of $70bn by 2027.

• Management fees totaled $338.7mn in 2025, up 16% year-over-year; FRE reached $202.5mn, up 19%.

• FRE per share was $1.28 in 2025, with a target of $1.60–$1.80 by 2027 (15–20% CAGR from 2024).

• Distributable earnings per share were $1.27 in 2025, with net accrued performance fees of $249mn ($1.58/share).

• FRE margin improved to 58.9% for 2025, with a quarterly margin of 63.6% in 4Q25.

Capital formation and fundraising

• Raised $7.7bn in 2025, exceeding the $6.6bn fundraising target for the year.

• Organic net inflows and positive investment returns were primary drivers of AUM and FEAUM growth.

• Fundraising targets $21bn for 2025–2027, with a focus on both organic and inorganic growth.

• Pending FEAUM of $2.9bn as of 4Q25 represents capital available for future deployment.