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Here are 1-3 brief analogies for Patria Investments (PAX):

• Blackstone for Latin America.
• The KKR of Latin American private markets.

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• Private Equity Funds: These funds invest directly into private companies with the goal of increasing their value over time.
• Infrastructure Development Funds: These funds focus on financing and developing large-scale infrastructure projects.
• Co-Investments Funds: These funds allow investors to participate alongside Patria in specific investment opportunities.
• Constructivist Equity Funds: These equity funds take an active approach to investing, often engaging with company management to drive strategic improvements.
• Real Estate Funds: These funds invest in various types of real estate properties and developments.
• Credit Funds: These funds provide debt financing to companies or projects, generating returns through interest payments.

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Patria Investments (PAX)

Patria Investments (PAX) operates as a private market investment firm, providing asset management services to investors. Its customer base primarily consists of sophisticated investors and large financial entities rather than individual retail customers or a small number of specific public companies. The company serves the following categories of customers:

• Institutional Investors: This category includes large organizations such as pension funds, sovereign wealth funds, endowments, foundations, and insurance companies that allocate capital to private market strategies for long-term growth and diversification.
• Family Offices and High-Net-Worth Individuals (HNWIs): Wealthy families and individuals who seek to invest in private equity, infrastructure, real estate, and credit funds to enhance their portfolios and gain exposure to specific market opportunities.
• Other Financial Institutions and Funds of Funds: This can include other asset managers, wealth management firms, or specialized "funds of funds" that invest in underlying private market funds managed by firms like Patria to build diversified portfolios for their own clients.

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• PricewaterhouseCoopers Auditores Independentes
• Davis Polk & Wardwell LLP
• Conyers Dill & Pearman

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Alexandre Teixeira de Assumpcao Saigh, Chief Executive Officer, Senior Managing Partner & Director

Alexandre Saigh is a co-founder of Patria Investments. He was responsible for the Private Equity division from its inception, overseeing its growth to become a leader in Latin America. Prior to co-founding Patria, Mr. Saigh worked at J.P. Morgan Investment Bank and served as the Managing Partner of Banco Patrimônio, where he was responsible for its Private Equity division. He has also held roles as Chairman, CEO, and CFO for various portfolio companies.

Ana Cristina Russo, Partner & Chief Financial Officer

Ana Russo serves as Patria's Partner and Chief Financial Officer, having fully assumed the role by January 1, 2023. She is an experienced finance and business executive with extensive global experience, having managed a wide array of finance functions. Her career includes roles as department head and Brazil CFO for Philip Morris International, Remy Cointreau, and Unilever. Ms. Russo possesses significant experience in distribution processes, government relations, and mergers and acquisitions.

(Effective April 2026, Raphael Denadai will assume the role of Chief Financial Officer. Mr. Denadai has over 25 years of experience in financial and strategic planning, corporate integration, and transformation across Latin America and Europe, having previously served as vice-president of Telefônica, CFO of Cinemark, and CEO and CFO of SKY. He is currently Head of Finance for Value Creation at Patria, overseeing finance for the Private Equity and Infrastructure portfolios.)

Olímpio Matarazzo Neto, Senior Managing Partner & Chairman

Olímpio Matarazzo Neto is a Senior Managing Partner and the Chairman of Patria, where he oversees the board's direction. He is also recognized as a Founding Partner of the firm.

Daniel Rizardi Sorrentino, Managing Partner, Global Head of Commercial & Director

Daniel Rizardi Sorrentino is a Managing Partner and the Global Head of Commercial at Patria, focusing on client and product distribution. He also holds the title of Managing Partner & Country Manager for Brazil.

Andre Franco Sales, Managing Partner & Chief Executive Officer for Infrastructure

Andre Franco Sales is the Chief Executive Officer and Chief Investment Officer of Infrastructure at Patria, where he leads this core asset class.

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The key risks to Patria Investments (PAX) primarily stem from its concentrated focus on the Latin American private markets and its growth strategy, which heavily relies on acquisitions and successful fundraising.

1. Geopolitical Instability and Latin American Market Volatility: As a private market investment firm deeply focused on Latin America, Patria Investments' performance is intrinsically linked to the economic health, political stability, and currency fluctuations within the region. Geopolitical risks, specifically in nations like Brazil and Colombia, are highlighted as significant concerns that could discourage foreign investment and devalue assets.
2. Acquisition and Integration Challenges: Patria Investments has pursued an aggressive growth strategy through acquisitions (e.g., GPMS, Solis Investimentos, Share Student Living, WP Global Partners). The successful integration of these acquired entities is crucial. Challenges in integrating new businesses, including their operations, cultures, and financial reporting, pose a risk to the company's financial performance and strategic objectives.
3. Competition and Fundraising Environment: Patria operates in a highly competitive asset management landscape, vying for capital against global mega-funds. The firm's ability to consistently raise funds and retain sophisticated institutional investors, who have the flexibility to reallocate capital, is vital. Furthermore, the industry faces pressures from fee rate compression, which could impact Patria's revenue and profitability.

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The clear emerging threat for Patria Investments is the advancement of technologies facilitating the direct and fractionalized investment in private assets, primarily through tokenization and blockchain platforms. These emerging models have the potential to disintermediate traditional private market fund structures by offering investors more direct access to private deals, potentially with greater liquidity and lower fees. This shift could reduce the reliance on traditional fund managers, impacting their ability to attract and retain capital for their various fund offerings, similar to how digital platforms disrupted traditional physical distribution models in other industries.

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Patria Investments Limited (PAX) operates as a private market investment firm with a focus on Latin America. The addressable markets for their main products and services in the Latin American region are outlined below:

• Private Equity Funds: The total alternative asset allocation by Latin American investors exceeded USD 100 billion in 2024, demonstrating a 21% increase in exposure to the alternative asset market compared to 2020. Private equity investment in Latin America reached a record high of USD 46.4 billion in 2025. Latin America-focused private equity funds raised USD 1.7 billion in 2025, following USD 8.0 billion in 2024. Venture capital deployments in Latin America amounted to USD 4.5 billion in 2024.
• Infrastructure Development Funds: The Latin American private infrastructure sector recorded USD 88.12 billion in deals reaching financial close in 2025. This figure is a decrease from a peak of USD 92.47 billion in 2021 and lower than the USD 113.5 billion observed in 2024. To meet Sustainable Development Goals by 2030, Latin America and the Caribbean need to invest an estimated US$2.22 trillion in infrastructure across water and sanitation, energy, transportation, and telecommunications, equating to at least 3.12% of its GDP annually. In Brazil, infrastructure investment (covering transport, water, telecoms, and energy) is projected to reach a record 300 billion reais (approximately US$55 billion) in 2025, an increase from 260 billion reais in 2024.
• Real Estate Funds: The Latin America real estate investment market was valued at USD 731.7 billion in 2025 and is projected to grow to USD 1,292.8 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.33% from 2026-2034. The Latin America residential real estate market was valued at USD 243.05 billion in 2025, increasing to USD 256.23 billion in 2026, and is forecast to reach USD 333.37 billion by 2031, growing at a CAGR of 5.42%. The Latin America office real estate market is valued at approximately USD 29.02 billion in the current year (based on a March 2023 report) and is anticipated to grow at a CAGR of over 5.5% during the forecast period (2023-2028). Overall, the Latin America real estate market generated USD 122.4 billion in revenue in 2024 and is expected to reach US$142.2 billion by 2030, with a CAGR of 2.7% from 2025 to 2030.
• Credit Funds: Private credit constitutes less than 1% of Latin America's approximately US$2.3 trillion corporate credit system as of December 2025. Latin American private debt strategies attracted about USD 800 million in 2025. Private credit deployments in GPCA markets, which include Latin America, reached USD 18 billion in disclosed value through the first three quarters of 2025, with Latin America accounting for 45% of the total deployed private credit capital since 2021. Venture debt and private credit financing in Latin America reached a peak of USD 1.3 billion in 2022.
• Co-investments Funds: null
• Constructivist Equity Funds: null

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Here are the expected drivers of future revenue growth for Patria Investments (PAX) over the next 2-3 years:

1. Growth in Fee-Earning Assets Under Management (FEAUM) through Organic Fundraising: Patria Investments expects continued revenue growth by increasing its fee-earning assets under management through robust organic fundraising efforts. The company has consistently met or exceeded its fundraising targets, with expectations of significant capital inflows contributing to AUM expansion over the coming years.
2. Strategic Acquisitions and Expansion into New Market Segments and Geographies: Patria is actively pursuing strategic acquisitions to diversify its business and expand its presence in new market segments and geographies. Recent examples include the acquisition of a majority stake in Solis Investimentos to bolster its credit platform in Brazil, the acquisition of WP Global Partners to enhance its U.S. private equity solutions and North American middle-market presence, and the acquisition of RBR Gestão de Recursos to expand its listed REITs in Brazil. These acquisitions broaden Patria's fee streams and deal flow across various asset types and regions.
3. Development and Expansion of Private Credit Strategies: The firm is focusing on launching and expanding its private credit strategies, particularly in Latin America, which is identified as a significant growth area. Patria is preparing the next vintage of its Latin America private credit strategy, following the successful deployment of its initial fund. This strategic focus is expected to capture opportunities in structurally under-levered corporate credit markets.
4. Strong Investment Performance: Consistent strong investment performance across its various funds is a crucial driver. High-performing investments not only attract new capital but also contribute to increased fee-earning AUM, as a significant portion of Patria's management fees are tied to Net Asset Value (NAV) or market value. Additionally, successful realizations from investments generate performance-related earnings, directly boosting revenue.

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Share Repurchases

• Patria Investments initiated a share repurchase program on August 2, 2024, as part of its capital allocation strategy.
• On August 1, 2025, the company announced a program to repurchase up to 3,000,000 Class A common shares, which is set to continue until August 2026.
• An expanded buyback program for 2026 allows for the repurchase of up to 7 million shares.

Share Issuance

• Patria Investments completed its initial public offering (IPO) in January 2021, issuing 30,098,824 shares and raising $511.68 million at a price of $17 per share.
• Less than 4 million shares were expected to be issued in 2024.

Inbound Investments

• No information is available regarding large strategic investments made directly into Patria Investments Limited by third-party strategic partners or private equity firms over the last 3-5 years. The company itself is an investment firm that raises capital for its funds.

Outbound Investments

• In January 2026, Patria completed the acquisition of a 51% stake in Solis Investimentos, a Brazilian private credit firm, adding $3.5 billion in Fee-Earning Assets Under Management (AUM).
• In February 2026, Patria acquired Brazilian REIT manager RBR Gestão de Recursos, which is expected to add $1.3 billion of permanent capital and $1.5 billion in assets.
• Patria also announced the pending acquisition of WP Global Partners, a U.S.-based Lower-Middle-Market Private Equity Solutions Manager, with $1.8 billion of Fee-Earning AUM, aimed at strengthening its capabilities in the U.S. market.
• In 2023, Patria acquired the Blue Macaw entities, focused on infrastructure and real estate investments in Brazil, for US$4.4 million in cash.

Capital Expenditures

• For the last 12 months, Patria Investments reported capital expenditures of -$6.98 million.