Patria Investments Limited

and thank you for standing by. Welcome to PATRA's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Rob Lee, Head of Investor Relations. Please go ahead, sir.

Thank you. Good morning, everyone, and welcome to Patria's first quarter 2025 earnings call. Speaking today on the call are our Chief Executive Officer, Alex Saig, and our Chief Financial Officer, Ana Roos, and our Chief Economist, Luis Fernando Lopes, for the Q&A session. This morning, we issued a press release and earnings presentation detailing our results for the quarter, which you can find posted on the investor relations section of our website or on form 6K filed with the Securities and Exchange Commission. This call is being webcast and a replay will be available. Before we begin, I'd like to remind everyone that today's call may include forward-looking statements which are uncertain, do not guarantee future performance, and undue reliance should not be placed on them. PATRIA assumes no obligation and does not intend to update any such forward-looking statements. Such statements are based on current management expectations and involve risks, including those discussed in the risk factors section of our latest form 20F annual report. Also note that no statements on this call constitute an offer to sell or a solicitation of an offer to purchase an interest in any PATRIA fund. As a foreign private issuer, PATRIA reports financial results using International Financial Reporting Standards, or IFRS, as opposed to US GAAP. Additionally, we would like to remind everyone that we will refer to certain non-IFRS measures which we believe are relevant in assessing the financial performance of the business, but which should not be considered in isolation from or as a substitute for measures prepared in accordance with IFRS. Reconciliations of these measures to the most comparable IFRS measures are included in our earnings presentation. Now, I will turn the call over to Alex. Alex?

Thank you, Rob. And good morning, everyone. 2025 is off to a very exciting start, as fundraising totaled a record $3.2 billion, highlighting the expanded reach of our investment platforms and distribution capabilities, and putting us well on the way to achieving our $6 billion fundraising target for the year. This record fundraising benefited from the signing of several large customized investment accounts and SMA's special manager accounts, emblematic of how we evolved from a product-centric asset manager to becoming a solutions provider for our investors. We also reported first quarter 25 fee-related earnings, or FRE, of $42.6 million, or 27 cents per share, representing 21% and 16% year-over-year growth, respectively, despite rising global uncertainty. Fee-earning AUM grew 6% sequentially and 46% year-over-year. Most notably, we generated over $700 million of organic net inflows into fee-earning AUM in the first quarter 25, reflecting an annualized organic growth rate of over 8.6%. This is an important KPI to monitor over time as it highlights our ability to drive organic revenue and earnings growth independent of M&A and investment returns. As we highlighted at our recent Investor Day on December 9th, our increased diversification and the expansion of our investment and product capabilities is paying off in the form of robust fundraising and profitable net organic growth. In addition, fee-earning AUM growth and management fee revenues benefit from the over 60% proportion of our assets which earn fees based on net asset value and or market value compared to below 10% at the time of our IPO and which provides the opportunity for long-term compounding. All of the above reinforces our confidence in the three-year targets we introduced at the event. Now, let me quickly summarize our first quarter results before we move on to some of the other highlights for the quarter. First, as we just noted, FRE per share of 27 cents in the first quarter 25 rose 16% year-over-year, driven by higher management fees due to higher fee-earning AOM. The sequential decrease of 22% mainly reflects the expected seasonal decline in incentive fees, which totaled $12 million in the fourth quarter 24. Overall, we remain comfortable with our 2025 FRE per share guidance of $1.25 to $1.50, reflecting at the midpoint of the range approximately 20% year-over-year growth. We generated $37 million of distributable earnings in the first quarter of 2025, or $0.23 per share. up 12% year-over-year, driven by strong FRE growth, performance-related earnings were the diminished in the quarter. However, the net accrued performance fee balance of $368 million, or $2.33 per share, rose 15% in the quarter, mainly due to the depreciation of the dollar partially offset by declines in publicly listed portfolio companies within private equity. For perspective and notwithstanding changes in the value of the public holdings in our carrying funds, underlying business trends at our private equity portfolio companies generally remain positive. In local currency terms, EBITDA at our non-public PE portfolio companies rose approximately 15% on average in 2024, as we focus on resilient sectors of the economy, such as agribusiness, food and beverage, and healthcare. Furthermore, Infrastructure 3, with $53 million of net accrued performance fees, remains in catch-up, and we expect it will be the main source of realized performance-related earnings over the year. Assets under management of $46 billion grew 43% year-over-year and over 9% sequentially, with a sequential growth driven by the record quarterly fundraising of $3.2 billion and positive impacts from investment returns and FX. Moving on, fee-earning AUM of $35 billion rose a robust 46% year-over-year and 6% sequentially. There are several important things to keep in mind regarding our fee-earning AUM results. There were no acquisitions in the quarter and net organic inflows in the first quarter 25 were above $700 million, representing an 8.6% annualized organic growth rate. This was our second straight quarter of positive net organic fee-earning AOM growth, and we believe it highlights how our expanded platform is primed to grow organically, supported by the capabilities we have acquired through our M&A activity, in addition to those we have developed internally. As a result, we have built a better and more resilient business. Fee-earning AUM in the quarter also benefited from continued strong investment returns and a positive FX impact. Keep in mind that, as we highlighted at Investor Day, the FRE impact from soft currency FX volatility is modest given that most of our expense base is denominated in local currency, providing a substantial natural hedge. We estimate that for every 10% change in soft currencies, our fee-related earnings impact is approximately 2%. Finally, as we highlighted in the earnings presentation, investment performance remains strong, particularly within credits. It is worth keeping in mind that even though many of our strategies are US dollar or hard currency denominated, local currency returns are increasingly important as, over time, we expect to source more assets from local investors to invest in local strategies. Moving on to fundraising, as I noted at the start of my remarks, we are very excited to report that we raised $3.2 billion in the first quarter of 2025 and $7.4 billion over the last 12 months, both a record for Patria. The quarter's outstanding results highlight the diversified product offering and distribution capabilities of the platform we have been building. Fundraising included a mix of customized investment accounts, SMA special managed accounts, and other fund structures, including drawdown funds, permanent capital listed vehicles, and interval funds, all spread across a variety of asset classes. As of the end of the first quarter 2025, approximately 20% of our fee-earning AUM were in permanent capital vehicles, the growth of which remains a key long-term objective. Drilling down into some of the fundraising highlights for the quarter, we continue to see strong demand from Asian sovereign wealth fund investors, and we closed on approximately $1 billion of commitments from these investors in customized investment accounts and SMAs, special managed accounts, that will be invested in or in conjunction with our current vintage private equity buyout and infrastructure development funds. The quarter amply demonstrated the expertise we have developed in crafting customized solutions for our investors, and we continue to work on additional mandates for these strategies. We hope to have more news to share over the coming quarters. Within GPMS, we raised over $620 million in a new special managed account, in addition to normal course fundraising in our commingled vehicles and other special managed accounts. We also continue to see significant momentum across our credit platform, led by our flagship US dollar high-yield credit fund. Regarding real estate, while high interest rates in Brazil have impacted demand for many of our listed REITs, we see selected opportunities to raise capital on the floor of the exchange through M&A and consolidation, as well as through credit-oriented REIT strategies. It's important to keep in mind that a significant portion of the capital we raised in the quarter is customized accounts, SMAs, and other products will flow into fee-earning AUM as capital is deployed and our current pending fee-earning AUM totals about $3.5 billion. Also, we will earn fees on most of the co-investment capital sourced through the customized accounts and SMAs once deployed. Of course, while we are excited about our robust fundraising this quarter and believe we are comfortably on track to hit our $6 billion target for the year, it is important to note that the first quarter benefited from the closing of several large SMAs and customized accounts that we have been working on for some time. While we continue to work on other customized solutions across the platform, in addition to our normal fundraising, the timing of when large and complex customized investment contracts will close is very difficult to predict. With that, we caution against extrapolating the extraordinary fundraising success in the first quarter across the entire year as a new level of quarterly fundraising. Our efforts to diversify our platform and increase the resiliency of our business could not be timelier considering the highlighted global macro uncertainty and increased volatility that has gripped economies and markets around the world since the proposed imposition of widespread tariffs by the US on its trading partners and uncertainty over future trade and economic policies. Against this backdrop, it's important for investors to understand and appreciate how the region in general and Patria specifically are positioned in these uncertain times. In a nutshell, while it's possible that increased economic uncertainty and volatility could have a dampening impact on investors' willingness to commit capital to new investments in the short run, we believe Latin America is becoming a more attractive destination for capital, even as our locally focused and diversified business model enhances our resilience. While much uncertainty remains and the potential for a global recession creates challenges and headwinds, we believe the region and patria are positioned to weather and indeed possibly thrive in these challenging conditions. Consider that, save for Mexico, where our current exposure is minimal at below 3% of AOM, the region is less exposed to potential tariffs and initially faced lower effective tariffs than other regions. Long term, however, we believe Mexico remains an attractive potential market for expansion. As the trade war between the US, China, and other countries escalates, we believe Latin America as a region is a beneficiary given the region's low level of geopolitical risk and export markets that focus on in-demand agricultural products in addition to both hard and soft commodities. With a population of over 650 million people and a combined GDP of over $6.5 trillion, the region also has large and growing internal markets that provide an attractive export destination for trading partners. As evidence of these attributes, China is already Brazil's largest trading partner and the largest in the region when excluding Mexico. Also, the European Union and Mercosur, a regional consortium of countries including Brazil and Argentina, recently signed a trade agreement after nearly 20 years of negotiation. Spurred on, we believe, by the pending imposition of tariffs and increased uncertainty out of the US. The region's relative attractiveness as a destination for investment can also be seen as it captures a growing market share of foreign direct investments, which the United Nations Trade and Development Organization estimates reached 14.5% in 2023, more than three times the 4% in 1990, which represents the beginning of the data series, making Latin America one of the few regions to record a pickup in market share. From Patra's perspective, as investors in the region, with over 36 years with significant boots on the ground resources, we have extensive experience in dealing with and investing through periods of high interest rates, FX volatility, and economic uncertainty. At the strategy or investment level, our private equity investments are mostly oriented toward domestic consumption markets, not export markets. Infrastructure by its nature is local, and our GPMS solutions business is focused on European and to lesser extent US, middle market PE secondaries, primaries, and co-investments. Direct exposure to export-focused businesses and or investments in the US is minimal. Our position within Latin America as the go-to alternative manager for global investors looking to invest in the region is best evidenced by the customized investment accounts we completed in the first quarter with several Asian sovereign wealth funds. While this interest preceded the recent tariff-induced economic uncertainty We believe recent trade actions by the US have led to early signs of increased interest from Asian, Middle Eastern, and increasingly European investors in our infrastructure and other strategies, including our European solutions business, as investors seek alternative destinations outside the US to deploy capital and earn returns. Also, the potential for the denominator effect to once again rear its head, as well as the prospect for lower DPIs in the global PE industry should also benefit our solutions business, particularly our secondary strategies. Our business is also built to serve local investors and at the local level. We continue to see early signs of increased allocations to alternatives from local investors and institutions that are both under-allocated to alternative strategies and are often required to invest locally and understandably have a home country bias in times of economic stress and uncertainty. Local investors in LATAM accounted for approximately 17% of our fundraising in the first quarter 2025 and over 40% in 2024. And we believe the current uncertainty is also supportive of demand for our European solutions business. Last but not least, economically, Our fee-earning AUM and management fees are very sticky and highly predictable as approximately 20% of our fee-earning AUM are in permanent capital vehicles and approximately 90% in vehicles with no or limited redemption features. At the same time, our FRE has little sensitivity to both currency FX volatility as we mentioned earlier. Pulling this all together, our financial results and strong fundraising provide additional evidence that our strategy to diversify and grow our business both organically and inorganically while also increasing our resilience is paying off in the form of better organic growth and growing FRE. It's been only four years since our IPO, but as we highlighted at our Investor Day, which is available on our website, over that brief period, we have greatly expanded our regional and global investor base and distribution capabilities. And we have significantly diversified our investment strategies and product offering. In addition to consistently achieving or beating virtually all of the objectives we set for ourselves since the time of our IPO, we believe we are off to a strong start to deliver on the new fundraising, fee-related earnings, and other targets we unveiled at our recent Investor Day. Now, let me turn the call over to Anna to review our financial results in more detail. Thank you.