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

• Blackstone for Latin America
• KKR for Latin America
• Brookfield Asset Management for Latin America

• Private Equity Funds: These funds acquire and grow private companies, aiming to create value through operational improvements and strategic initiatives.
• Infrastructure Funds: Dedicated to investing in and developing essential infrastructure assets, such as energy, transportation, and utilities.
• Credit Funds: Provide debt financing solutions to companies, often specializing in private credit, special situations, or distressed debt opportunities.
• Real Estate Funds: Focus on acquiring, developing, and managing various types of real estate properties across different sectors.
• Growth Equity Funds: Invest in high-growth private companies, typically taking minority stakes to support their expansion and market penetration.
• Public Equities Funds: Manage portfolios of publicly traded stocks for investors, aiming for capital appreciation or income.

Patria Investments (PAX) is a leading alternative asset manager focused on Latin America. Its customer base primarily consists of institutional investors, private wealth clients (including family offices and high-net-worth individuals), and other sophisticated investors.

Due to the confidential nature of client relationships in the alternative asset management industry, Patria Investments does not publicly disclose the specific names of its institutional customer companies. However, Patria does directly serve a significant segment of individual and private wealth clients. Therefore, focusing on the categories of customers that it serves, particularly within the private wealth segment:

1. High-Net-Worth Individuals (HNWIs): These are wealthy individual investors who seek direct access to specialized alternative investment opportunities, such as private equity, infrastructure, or credit funds managed by Patria.
2. Family Offices: These are private companies or entities established by ultra-high-net-worth families to manage their wealth, investments, and financial planning. Family offices act as sophisticated investors, often investing substantial capital into alternative asset classes on behalf of the families they serve.
3. Private Banks and Wealth Managers: These financial institutions and advisory firms act as intermediaries, consolidating investments from a multitude of affluent and high-net-worth individual clients. They then invest this aggregated capital into funds managed by firms like Patria, providing their clients access to alternative investment strategies.

Alexandre Saigh, Co-Founder & Chief Executive Officer

Alexandre Saigh is a co-founder of Patria Investments and currently serves as its Chief Executive Officer and a member of its Board of Directors. He was responsible for establishing and overseeing the Private Equity division, guiding its growth to become a leader in Latin America. Throughout his career, he has also held positions as Chairman, CEO, and CFO of various portfolio companies. Before co-founding Patria, Mr. Saigh worked at J.P. Morgan Investment Bank and was the Managing Partner of Banco Patrimônio, where he led its Private Equity division. Patria Investments itself has been backed by private equity, with Blackstone acquiring a significant stake in 2010 and increasing it further in 2014.

Ana Russo, Partner & Chief Financial Officer

Ana Russo is Patria's Partner and Chief Financial Officer, a role she officially assumed on January 1, 2023. She is a highly experienced finance and business executive with global expertise, having managed a full spectrum of finance functions. Her prior roles include serving as Brazil CFO for Philip Morris International, Remy Cointreau, and Unilever. Ms. Russo also held positions as Central America & Caribbean and Latin America & Canada CFO for Philip Morris International, and Chief Auditor for the same company. She has extensive experience with distribution processes, government relations, and mergers and acquisitions, and has managed full profit and loss statements as a General Manager.

Marco Nicola D'Ippolito, Chief Corporate Development Officer

Marco Nicola D'Ippolito is the Chief Corporate Development Officer at Patria Investments. Previously, he served as the Chief Financial Officer of Patria Investments from January 2017 until January 1, 2023. In his current role, he is responsible for developing Patria's organic and inorganic growth strategies and overseeing a new business vertical, while also continuing to manage shareholder relations.

Ricardo Leonel Scavazza, Managing Partner & CEO/CIO Private Equity

Ricardo Leonel Scavazza is a Managing Partner and serves as the CEO and CIO of Private Equity at Patria Investments. He has held various operating roles within Patria's investments, notably serving as Chief Executive Officer of Anhanguera Educacional between 2009 and 2013. He also held the position of Chief Financial Officer at DASA in 2001 and at Anhanguera Educacional from 2003 to 2006. Anhanguera Educacional was a flagship investment for Patria, demonstrating Mr. Scavazza's experience in managing companies backed by private equity firms.

Alexandre Coutinho, Chief Investment Officer & Senior Portfolio Manager

Alexandre Coutinho holds the titles of Chief Investment Officer and Senior Portfolio Manager at Patria Investments. In his role, he is involved in the company's investment strategies across various sectors.

1. Increasing LP Preference for Direct Investments and Co-Investments: Institutional investors (Limited Partners or LPs) are becoming more sophisticated and are increasingly choosing to invest directly in private assets or co-invest alongside fund managers, rather than allocating solely through traditional fund structures. This trend, driven by a desire for greater control, lower fees, and tailored exposure, could reduce the capital available for Patria's traditional funds, putting pressure on management fees and potentially limiting AUM growth as LPs bypass fund structures for a portion of their private market allocations.

2. Sustained Higher Cost of Capital and Macroeconomic Headwinds in Latin America: The global shift to a higher interest rate environment, coupled with persistent inflation, currency volatility, and political uncertainty in key Latin American markets, poses a significant threat. A prolonged period of expensive debt impacts the financing of new acquisitions, increases the cost of capital for portfolio companies, and could depress asset valuations and exit multiples. This macroeconomic shift directly challenges the private equity model that thrived on cheap credit and stable growth, potentially leading to lower returns and a more difficult fundraising environment.

Patria Investments (PAX) operates across several core business segments, primarily focused on Latin America. The addressable markets for their main products or services are as follows:

• Private Equity:
  • Latin America: The total investment opportunity set is estimated to be between $2 trillion and $3 trillion. In 2022, investments in Latin American private capital markets reached $11.3 billion across 587 deals.
  • Brazil: The private equity market size was valued at USD 17,015.68 million in 2024 and is projected to reach USD 36,110.58 million by 2033, growing at a CAGR of 8.72% from 2025 to 2033. Brazil remains the most active private equity market in Latin America.
• Infrastructure:
  • Latin America: The infrastructure construction market size was evaluated at $230.6 billion in 2023. It is estimated to grow at a compound annual growth rate (CAGR) of 3.8% over the forecast period.
  • Brazil: The infrastructure market size was valued at USD 350.2 billion in 2024 and is expected to reach USD 653.8 billion by 2031, growing at a CAGR of 8.1% from 2024 to 2031.
• Real Estate:
  • Latin America: null
  • Brazil: null (While Patria invests in real estate, a specific market size for the entire real estate market in Brazil, distinct from construction, was not found.)
• Credit:
  • Latin America: The syndicated loan market experienced a year-on-year growth of 21% in 2024, reaching $36.7 billion. The structured finance market is projected to reach $35 billion in 2025. Domestic credit to the private sector in Latin America reached 50% of GDP in 2022.
  • Brazil: The total credit portfolio reached R$6.02 trillion (approximately $1.2 trillion USD) in June 2024, representing a 9.90% increase over the last year. Private credit funds captured R$323.1 billion (approximately $64.6 billion USD) in net inflows during 2024.
• Public Equities:
  • Latin America: null
  • Brazil: The Brazilian Stock Exchange Total Market Cap was 806,382.46 million USD in November 2025. Brazil's market capitalization accounted for 704.236 USD billion in February 2025.
• Global Private Markets Solutions:
  • Global: The alternative asset fund managers globally had assets under management (AUM) totaling $13 trillion, and this figure is expected to reach $23.2 trillion by 2026. (This represents the broader market for alternative asset management, which encompasses global private market solutions.)

**Share Repurchases**

• In Q2 2025, Patria Investments announced a new share repurchase program, authorizing the repurchase of up to 3 million Class A common shares through August 2026.
• The primary goal of these share repurchases is to offset stock-based compensation and maintain a stable share count, targeting 158-160 million shares from 2025 to 2027.
• While no shares were repurchased in Q2 2025, the company expressed an intention to repurchase shares later in 2025, and Class A common shares were reduced by 1,500,000 due to a total return swap in Q3 2025.

**Share Issuance**

• Patria Investments completed its Initial Public Offering (IPO) in January 2021, issuing 30,098,824 shares at $17 per share and raising $511.68 million.
• The company has regularly issued shares in connection with M&A activities and personnel compensation, for example, issuing over 3.67 million shares for M&A and over 818,000 for compensation in Q1 2025.
• Total shares outstanding increased from approximately 151.8 million in Q2 2024 to 159.47 million in Q2 2025, before a slight reduction to 157.97 million in Q3 2025.

**Inbound Investments**

• The company's IPO in January 2021 served as a significant inbound investment, raising $511.68 million through the sale of Class A common shares.
• Patria Investments has substantial institutional ownership, with 282 institutional owners holding over 60 million shares.
• Major institutional investors include Capital Research Global Investors, which reported beneficial ownership of 14.9% of shares in 2025.

**Outbound Investments**

• Patria, as an alternative asset manager, makes strategic investments across various asset classes, including Private Equity, Infrastructure, Credit, Real Estate, and Public Equities, predominantly in Latin America, but also in Europe and the U.S.
• The company's Fee-Earning Assets Under Management (AUM) grew 20% year-over-year in Q2 2025, driven by over $600 million in organic net inflows. Total AUM surpassed $50 billion in Q3 2025, marking a significant increase since its 2021 IPO.
• Outbound investments have included acquisitions, such as several REITs in Brazil and Mexico, and the acquisition of the remaining 50% stake in VBI Real Estate in August 2024.

**Capital Expenditures**

• Patria Investments reported capital expenditures of $11.99 million as of June 30, 2025.
• Annual capital expenditures were $8.28 million in 2024, $15.02 million in 2023, $6.71 million in 2022, and $284.23 million in 2021.