Vinci Compass Investments Ltd.

Good afternoon and welcome to Vinci Compass first quarter 2025 results conference call. At this time all participants are in a listen only mode. Later we will conduct a question and answer session and instructions will follow at that time. As a reminder this call will be recorded. I would now like to turn the conference over to Ana Castro, investor relations manager. Please go ahead Ana.

Thank you and good evening everyone joining us today are Alessandro Horta, chief executive officer, Bruno Zaremba, president of finance and operations and Sergio Passos, chief financial officer. Earlier today we issued a press release, slide presentation and our financial statements for the quarter which are available on our website at .vincicompass.com. I'd like to remind you that today's call may include forelooking statements which are uncertain outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For discussion of some of the risks that could affect results please see the risk factor section of our 20f. We will also refer to certain non-GAAP measures and you'll find reconciliations in the release. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Vinci Compass fund. On results, Vinci Compass generated fee related earnings of 65.7 million reais or one real and four cents per share and adjusted distributable earnings of 62.3 million reais or 98 cents per share for the first quarter 2025. We declared a quarterly dividend of 15 cents on the dollar per common share payable on June 10th to shareholders of record as of May 27th. With that I'll turn the call over to Alessandro.

Thank you Ana. Good evening and thank you all for joining our call. We are very pleased to join you today as we announce results for the first quarter of 2025. Our first full quarter operating as Vinci Compass and a meaningful milestones marking six months since the successful closing of our combination. During these six months we have advanced significantly in the integration of our combined platforms by fostering collaboration at every level from operational synergies in our office to the unification of expertise across management and commercial teams. By bringing together complementary capabilities in diverse perspectives we have accelerated value creation and have been laying a strong foundation for sustainable growth across the short, medium and long term. Moving on to our results, historically the first quarter tends to be a quieter quarter for the industry. However, despite seasonality we delivered strong fundraising results with 1.1 billion reais in capital subscriptions during the quarter. This represents our most active first quarter in recent years and reflects the growing momentum of our combined platform. As highlighted in our recent calls, credit remains a cornerstone of our strategic focus. We are actively scaling multiple initiatives across a wide range of strategies and geographies continue to lean into areas where we hold strong conviction. It is no coincidence that the segment was one of the main highlights this quarter. We successfully completed the second closing of our long term private credit fund in Peru, PEPCO 2, raising more than 600 million reais from Peruvian pension funds, insurance companies and other institutional LPs. Fundraising has also been active across our credit fund SPS 4 and our agribusiness credit fund MAVI 3, both raising commitments this quarter and marking each fund's first closing. This achievement underscores both the scalability of our platform and our ability to deliver differentiated solutions across Latin America. FRE totaled 66 million reais in the first quarter, up 22% year over year. Adjusted distributable earnings reached 62 million reais or 98 cents per share, up 26% and 6% year over year. We continue to see growth across our main financial metrics coming mainly from the strategic movements made in 2024 with Compass, MAVI and Lacan and the ongoing organic fundraising which will continue to drive growth in 2025. While in 2024 we saw most of the organic growth coming from private market funds such as private equity with VCP4 and VICC in infrastructure, in 2025 we expect most of the growth to come from our credit segment, as was the case in the first quarter and from our global IP&S segment. We are aware of the concerns surrounding the global macroeconomic environment and its potential impact on alternative managers' portfolios. However, our business was built to thrive through volatility and dislocation and now, especially after the combination with Compass, our platform provides a natural hedge to global dynamics with opportunities to allocate capital on a local, regional or global basis, while serving investors on a global scale. We view this environment not as a challenge but as an opportunity to capture value for our investors. In credit specifically, we see opportunities arising from the evolving global trade landscape. Sectors such as agribusiness may stand to benefit from the ongoing U.S.-China tensions and resulting tariff-free alignments. The ability to adapt swiftly to these changing conditions, combined with our disciplined credit risk management, will be key to consistently delivering long-term risk-adjusted returns to RLPs. In the near term, market volatility is already creating compelling entry points for private credit strategies. We are seeing attractive valuations across corporate issuers with resilient fundamentals both globally and in our -to-local portfolios. In Brazil, following an extended cycle of interest rate hikes, the central bank has signaled that it is nearing the end of its tightening phase. This is now reflected in the futures curve, which points to the potential rate cuts in the second half of the year. As a result, credit markets may soon begin to benefit from a more supported interest rate environment. Looking more broadly, we believe the geopolitical backdrop is setting the stage for a reallocation of capital globally. As investors seek to diversify away from U.S.-centric exposures, Latin America, seen as a geopolitical neutral and increasingly stable region, is poised to attract important inflows. The region benefits from strong diplomatic ties across the West and East with no significant regional conflicts, which further enhances its appeal as a strategic allocation. This shift is already evident in our recent global roadshows, where we have seen growing investor interest in building more geographically diversified portfolios. Given the historically low allocation to Latin America, we believe Vinti Compass is exceptionally well positioned to capture this potential rotation of capital into the region. In more concrete developments, we have recently raised money from VCP4 and VICC from Asian investors and have ongoing conversations about broader pan-regional SMAs with selected investors. In parallel, the successful launch of our first large-scale events under the Vinti Compass brand represented a landmark moment in deepening our presence across Latin America. During the first quarter, we hosted our annual global investment conferences across Chile, Brazil, Argentina, and Uruguay, drawing more than 1,300 LPs, including pension funds, insurance companies, intermediaries, single-family offices, and -net-worth individuals. These events featured a distinguished lineup of speakers, including the president of the Central Bank of Argentina, a former board member of Tesla and SpaceX, and a former finance minister of Chile, among others. They reinforced our position as a trusted partner for capital locators in the region. Leveraging the current market environment from a different angle, we are planning to bring additional private debt and middle market funds on board from world-class GPs in our third-party distribution business. Investor appetite for these strategies remains strong, particularly among institutional clients seeking yield and diversification in a dislocated credit environment. We are pleased to share debt as of the close of first quarter of 2025. Vinci Compass maintained its position as the leading partner to Chilean pension funds providing access to offshore liquid funds, holding a close to 20% market share. Within our global IP&S segment, we continue to see robust inflows into our third-party distribution for alternative GPs, this momentum translating into a great quarter for advisory fees in global IP&S. Although we do not expect this level of fees to impact us every quarter as those revenues are more volatile, being directly tied to closing of third-party funds, we expect a contribution for this strategy in 2025. Another key opportunity for growth sits across our equity segment. We continue to see compelling opportunities in Latin American equities, which are currently trading at some of the most attractive valuations in the past 15 years, particularly when compared to both emerging and developed market peers. With inflation rates trending lower across the region and interest rate cuts underway, the macro backdrop is increasingly supportive of equity performance. Looking ahead, presidential elections in Chile in late 2025 and in Colombia, Peru, and Brazil in 2026 could pave the way for more liberal and market-oriented policy agendas, further strengthening the outlook for equities across the region. Against this backdrop, we believe our platform is well positioned to capture upside, supported by long-term track record across our equity strategies. As an example, our Chile small cap investment fund has delivered a robust -to-date return of .1% in US dollar terms, maintaining its position as a performance leader among its peers. Finally, looking into a real segment, Latin America already sources more than 60% of its power from renewables, twice the global average, giving the region an uncommon head start in the energy transition. This clean energy backbone, combined with the urgent need to modernize grids, expand war and sewage networks, and boost energy efficiency across industry underpins the investment thesis of our climate infrastructure fund, the ICC. With its final closing scheduled for the second quarter, the ICC still holds ample dry powder that will deploy into high-impact projects, such as renewable generation, war and sewage, and energy efficiency upgrades throughout Brazil, areas fully aligned with the fund's sustainable infrastructure mandate. In closing, we remain confident in the strength of our platform and energized by the opportunities for 2025. We have a strong pipeline of products coming across all our segments, which could drive substantial growth for us. This is only the beginning for Vinci Compass, and we are more than well positioned to thrive into the alternatives market in Latin America. With disciplined execution and a long-term mindset, our goal is to continue to deliver solid returns to our clients and long-term value to our shareholders. Let me now hand it over to Bruno to walk you through our fundraising highlights, and then Sergio will cover our financials for the quarter in more detail. Thank you again for joining our call. With that, I'll turn it over to Bruno.