Patria Investments (PAX) Q2 2025 earnings summary

Executive summary

• Achieved $1.3 billion in fundraising in Q2 2025, totaling $4.5 billion for the first half, reaching 75% of the original $6 billion annual target and prompting an upward revision to $6.3–$6.6 billion for the year, 5–10% above initial guidance.

• Annualized organic growth rate exceeded 8% in the first half of 2025, with continued platform diversification and robust AUM growth.

• Total AUM reached $48.7 billion, with fee-earning AUM at $37.2 billion, up 20% year-over-year and 6% sequentially.

• Declared a quarterly dividend of $0.15 per share, payable September 15, 2025.

Financial highlights

• Fee-related earnings (FRE) reached $46.1 million, up 17% year-over-year and 8% sequentially, with a margin of 56.8%.

• Distributable earnings were $39 million ($0.24 per share), up 9% year-over-year and 4% sequentially.

• Total fee revenue in Q2 was $81.1 million, up 14% year-over-year and 5% sequentially.

• Net income attributable to shareholders was $12.9 million in Q2 2025.

• Net debt stood at $130 million at quarter end.

Outlook and guidance

• Full-year 2025 fundraising target raised to $6.3–$6.6 billion, 5–10% above the original $6 billion guidance.

• FRE guidance for 2025 reaffirmed at $200–$225 million ($1.25–$1.40 per share), with a margin target of 58–60%.

• 2027 targets include $70 billion fee-earning AUM and $260–$290 million FRE ($1.60–$1.80 per share).

• Performance-related earnings target of $120–$140 million for Q4 2024 through 2027.

• Management remains confident in achieving three-year growth targets despite global economic and trade war concerns.