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Patria Investments
Patria Investments (PAX) investor relations material
Patria Investments Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved record organic fundraising of $7.7 billion in 2025, with $1.7 billion in Q4, surpassing targets and driving FEAUM up 24% year-over-year to $40.8 billion.
Major acquisitions included a 51% stake in Solis (private credit, $3.5bn FEAUM), RBR (REIT manager, $1.3bn FEAUM), and WP Global Partners (PE solutions, $1.8bn FEAUM), significantly expanding capabilities and scale.
Management expressed confidence in exceeding three-year fundraising and FRE objectives set in December 2024, supported by strong momentum across strategies.
Board approved an additional 3 million share buyback, with up to 7 million shares now authorized for repurchase, and Patria Partners intend to purchase up to 2.5 million shares.
Financial highlights
Fee-related earnings (FRE) for 2025 were $202.5 million, up 19% year-over-year, with Q4 FRE at $64.3 million, up 17% year-over-year and 30% sequentially, and a Q4 margin of 63.6%.
Distributable earnings for 2025 reached $200.9 million ($1.27 per share), a 6% increase from 2024, with Q4 distributable earnings at $78.5 million ($0.50 per share).
Net income for 2025 was $85.6 million, up 19% from 2024, with Q4 net income at $34.5 million.
Total AUM at year-end was $52.6 billion, up 26% from 4Q24.
Operating expenses for 2025 were $141.6 million, up 8% year-over-year, mainly due to acquisitions and salary adjustments.
Outlook and guidance
2026 FRE guidance is $225 million-$245 million ($1.42-$1.54 per share), and 2027 target is $260 million-$290 million ($1.60-$1.80 per share), with margin objectives of 58%-60%.
Fundraising targets for 2026 and 2027 remain at $7 billion and $8 billion, respectively, with management confident in exceeding these based on current momentum.
Performance-related earnings target of $120 million-$140 million from Q4 2024 to end of 2027, with $62 million already realized.
Annual tax rate expected to average around 10% over the next three years.
Detail how recent acquisitions bolster 3-year targets
Strategy to grow fee-earning AUM from total AUM
Elaborate on RBR's competitive advantages from scale
Remaining M&A target and transaction cost outlook
Path to $120M-$140M PRE target by 2027
Patria's competitive edge in Brazil private credit
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Next Patria Investments earnings date
Q1 20261 May, 2026
Patria Investments
Next Patria Investments earnings date
Q1 20261 May, 2026
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Frequently asked questions
Patria Investments Limited is a Cayman Islands-based investment firm specializing in alternative asset management across Latin America. The company provides investment solutions in private equity, infrastructure, real estate, credit, and publicly listed equities. Patria serves institutional investors, including pension funds, insurance companies, and sovereign wealth funds, offering expertise in sourcing, structuring, and managing investments. The company is headquartered in George Town, Cayman Islands, and its shares are listed on the NASDAQ.
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