{"product_id":"pax-vrio-analysis","title":"Patria Investments Limited (PAX): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs Patria Investments Limited (PAX) truly built to last? This VRIO analysis distills the essence of their competitive edge, scrutinizing whether their core assets are Valuable, Rare, Inimitable, and Organized for sustained success. Dive in now to see the definitive verdict on their market dominance.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 1. Deep Latin American \u0026amp; Sector-Specific Local Expertise\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at Patria Investments Limited (PAX) and wondering how their deep regional roots translate into a durable edge. Honestly, it’s the bedrock of their entire operation. This local expertise allows Patria Investments Limited to source proprietary deals and execute a hands-on approach, creating value in specialized, resilient sectors like Agribusiness and Healthcare, which are critical to the Latin American economy. For instance, their recent acquisition of a 51% stake in Solis Investimentos on November 26, 2025, directly bolsters their Credit franchise by adding approximately US$ 3.5 bn in Assets Under Management in the fast-growing CLO market there.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue: Creating Tangible Returns\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe value here isn't abstract; it shows up in the numbers. Their focus on sectors like Agribusiness, Power \u0026amp; Energy, and Healthcare - all key to regional stability - helps them navigate macro noise. This specialized sourcing capability is why they are projecting Fee-Related Earnings (FRE) between $200 million and $225 million for the full 2025 fiscal year. Their Fee-Earning AUM (FEAUM) stood at $37.2 billion as of Q2 2025, a 20% year-over-year increase, partly fueled by this localized deal flow. That’s real value creation, plain and simple.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity: A Team Built Over Decades\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eWhat makes this rare is the sheer depth of embedded knowledge. It’s not just having an office; it’s the combination of investment leaders, sector experts, and on-the-ground presence across Latin America, Europe, and the U.S. that is rare for a firm of their scale. Patria has 37 years of experience in the region. As of late 2025, their team includes 25 members, with 18 Partners, many based in key hubs like Brazil and Colombia. That kind of network doesn't form overnight; it takes decades to build the trust required for proprietary deal access.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability: The Cost of Replication\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eReplicating this is high, which is good for PAX. Think about it: you can hire a few smart people, but you can’t buy decades of local relationships and on-the-ground experience across multiple geographies and sectors quickly. It is very difficult and time-consuming to replicate the institutional memory they possess regarding local regulatory environments and cultural nuances. It’s not just about having the playbook; it’s about having lived through the cycles. This makes their sourcing advantage defintely hard to copy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization: Structuring for Local Edge\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003ePatria Investments Limited explicitly structures itself around this local proficiency to identify opportunities inaccessible to others. Their entire platform is geared to convert that local knowledge into capital deployment. They raised a record $3.2 billion in Q1 2025 alone, putting them on track to hit their revised 2025 fundraising target of $6.3 billion to $6.6 billion. This shows the organization is highly effective at monetizing that local expertise through global capital raising.\u003c\/p\u003e\n\u003cp\u003eHere’s the quick math on the VRIO assessment for this core competency:\u003c\/p\u003e\n\u003ctable border=\"1\"\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eVRIO Dimension\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eAssessment\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eScore (0-3)\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eValue\u003c\/td\u003e\n    \u003ctd\u003eYes, drives deal sourcing and strong growth (e.g., 20% FEAUM growth in Q2 2025).\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e3\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eRarity\u003c\/td\u003e\n    \u003ctd\u003eYes, deep, multi-decade, multi-country team presence is rare.\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e3\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eImitability\u003c\/td\u003e\n    \u003ctd\u003eHigh, due to time\/relationship dependency.\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e2\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eOrganization\u003c\/td\u003e\n    \u003ctd\u003eHigh, platform is structured to leverage local proficiency.\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e3\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained Edge\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eBecause this deep, embedded knowledge is the foundation of their deal sourcing and execution edge, and it meets all four criteria, it translates into a \u003cstrong\u003eSustained Competitive Advantage\u003c\/strong\u003e. What this estimate hides is the risk that a major political shift could temporarily devalue some local relationships, but the breadth of their sectors and regions should mitigate that. This is the moat you want to see in an emerging market asset manager.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 2. Diversified \u0026amp; Scaled Alternative Asset Platform\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Supports a robust Fee-Related Earnings (FRE) base, with Fee-Earning AUM (FEAUM) at \u003cstrong\u003e$37.2 billion\u003c\/strong\u003e in Q2 2025, aiming for a 2025 fundraising target between \u003cstrong\u003e$6.3 billion\u003c\/strong\u003e and \u003cstrong\u003e$6.6 billion\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Many large firms have scale, but Patria's specific mix across Private Equity, Infrastructure, Credit, Real Estate, Public Equities, and Global Private Markets Solutions strategies is distinct.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. Competitors can acquire scale, but replicating the specific, successful integration of these diverse asset classes takes time.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The platform is organized to manage this breadth, evidenced by the record \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e raised in Q1 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Scale is often copied, but the current efficiency is a strong, near-term advantage, supported by Q2 2025 FRE of \u003cstrong\u003e$46.1 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eKey Financial and Operational Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Context\u003c\/th\u003e\n\u003cth\u003eCitation\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$37.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-Related Earnings (FRE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$46.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFRE Year-over-Year Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFundraising\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025 (Record)\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFundraising Target (Revised)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.3 billion - $6.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDistributable Earnings Per Share (DE\/share)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.24\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$40.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2024\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe platform's diversification is a core component of its structure, enabling resilience and varied growth drivers:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003ePrivate Equity\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eInfrastructure\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eCredit\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eReal Estate\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003ePublic Equities\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eGlobal Private Markets Solutions strategies\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 3. Proven Fundraising \u0026amp; Capital Deployment Engine\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Directly translates to revenue growth, with management reaffirming the 2025 FRE guidance of \u003cstrong\u003e$200-$225 million\u003c\/strong\u003e based on strong inflows. The updated 2025 fundraising target is now between \u003cstrong\u003e$6.3 billion and $6.6 billion\u003c\/strong\u003e, up from the initial \u003cstrong\u003e$6 billion\u003c\/strong\u003e goal.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Consistent, high-volume fundraising in a volatile environment is not common among all peers. For instance, fundraising reached a record \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e in Q1 2025 and an additional \u003cstrong\u003e$1.3 billion\u003c\/strong\u003e in Q2 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. While processes can be copied, the trust built over \u003cstrong\u003e37 years\u003c\/strong\u003e that leads to a raised 2025 target of \u003cstrong\u003e$6.3 to $6.6 billion\u003c\/strong\u003e is hard to imitate.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The firm is clearly structured to convert fundraising success into deployed capital and fee generation. Fee-earning Assets Under Management (AUM) grew to \u003cstrong\u003e$37.2 billion\u003c\/strong\u003e as of Q2 2025, up \u003cstrong\u003e20%\u003c\/strong\u003e year-over-year.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Performance attracts capital, but sustained outperformance is needed to maintain this momentum.\u003c\/p\u003e\n\u003cp\u003eThe engine's operational metrics demonstrate its effectiveness:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Fundraising Achieved\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFirst Half of 2025 (75% of initial target)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-Related Earnings (FRE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$46.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$37.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$48.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePending Fee-Earning AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExpected to transition in 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eKey indicators of the engine's current momentum include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFee-related earnings (FRE) growth of \u003cstrong\u003e17%\u003c\/strong\u003e year-over-year in Q2 2025.\u003c\/li\u003e\n\u003cli\u003eOrganic net inflows into fee-earning AUM over the last 12 months exceeding \u003cstrong\u003e$2.4 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal AUM reaching over \u003cstrong\u003e$51 billion\u003c\/strong\u003e as of Q3 2025.\u003c\/li\u003e\n\u003cli\u003eManagement fees on pending AUM projected to align with an average rate of \u003cstrong\u003e96 basis points\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 4. Strategic M\u0026amp;A Integration Capability\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Allows for rapid franchise expansion, as seen with the November \u003cstrong\u003e26, 2025\u003c\/strong\u003e acquisition of \u003cstrong\u003e51%\u003c\/strong\u003e of Solis Investimentos, adding approximately \u003cstrong\u003eUS$ 3.5 billion\u003c\/strong\u003e in Fee-Earning AUM (FEAUM) to the Credit franchise. Pro-forma for this transaction, Patria\\'s total Credit FEAUM increased by \u003cstrong\u003eover 40%\u003c\/strong\u003e to more than \u003cstrong\u003eUS$ 11.7 billion\u003c\/strong\u003e as of 3Q25.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Many firms do M\u0026amp;A, but Patria shows a specific knack for acquiring and integrating platforms that enhance existing strengths. Solis Investimentos, for example, was a market leader in the CLO segment, whose aggregate fund growth had been expanding at roughly \u003cstrong\u003e45% annually since 2021\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. Successful post-acquisition integration, especially in specialized financial services, is a complex organizational skill. The integration of Solis is expected to combine Solis\\' speed and technical capability with Patria\\'s sector intelligence and access to global and local capital.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The firm successfully executes these bolt-on acquisitions to build out key segments. The Credit segment, post-acquisition, is projected to account for \u003cstrong\u003eover 25%\u003c\/strong\u003e of Patria\\'s total FEAUM.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. A proven, repeatable M\u0026amp;A playbook provides a structural growth lever. Patria has stated its intention to continue doing strategic M\u0026amp;A to add products and geographic expansion.\u003c\/p\u003e\n\u003cp\u003eThe capability is evidenced by the following data points:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eData Point\u003c\/td\u003e\n\u003ctd\u003eContext\/Source\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquisition Date\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eNovember 26, 2025\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSolis Investimentos 51% Stake Acquisition\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdded FEAUM (Solis)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eUS$ 3.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAdded to Credit Franchise\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit FEAUM Increase\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 40%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePro-forma Credit FEAUM growth\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePro-forma Credit FEAUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMore than US$ 11.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of 3Q25\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Share of Total FEAUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eOver 25%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePro-forma for Solis acquisition\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSolis Fund Growth CAGR (since 2021)\u003c\/td\u003e\n\u003ctd\u003eRoughly \u003cstrong\u003e45%\u003c\/strong\u003e annually\u003c\/td\u003e\n\u003ctd\u003eOutpacing broader market\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrazil CLO Market CAGR (last 5 yrs)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e35%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSupporting M\u0026amp;A rationale\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePatria Total FEAUM (Prior to Solis)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$37.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eReported for Q2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePatria Total Pro-forma AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+US$ 50 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eOverall firm AUM figure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eKey organizational and historical metrics supporting the capability:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePatria has \u003cstrong\u003e37 years\u003c\/strong\u003e of experience in alternative asset management.\u003c\/li\u003e\n\u003cli\u003eThe firm has \u003cstrong\u003e385\u003c\/strong\u003e employees.\u003c\/li\u003e\n\u003cli\u003ePatria is a leading asset manager in \u003cstrong\u003eLatin America\u003c\/strong\u003e with a strong presence in \u003cstrong\u003eEurope\u003c\/strong\u003e and the \u003cstrong\u003eU.S.\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe firm's asset classes include Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities.\u003c\/li\u003e\n\u003cli\u003eIn Q2 2025, Fee-Earning AUM grew by \u003cstrong\u003e20%\u003c\/strong\u003e year-over-year to \u003cstrong\u003e$37.2 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003ePatria raised its 2025 fundraising target to \u003cstrong\u003e$6.3-$6.6 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 5. High-Performance Credit Franchise\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Drives high-quality fee revenue and is a key area of focus, expanding with recent strategic deals in the CLO market. The Credit platform's Fee-Earning Assets Under Management (FEAUM) is projected to exceed \u003cstrong\u003e$11.7 billion\u003c\/strong\u003e on a pro forma basis as of the third quarter of 2025 following the acquisition of a 51% stake in Solis Investimentos, which adds approximately \u003cstrong\u003e$3.5 billion\u003c\/strong\u003e in FEAUM and represents an increase of over \u003cstrong\u003e40%\u003c\/strong\u003e to the platform. Post-acquisition, Credit will account for over \u003cstrong\u003e25%\u003c\/strong\u003e of Patria's total FEAUM.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e High. Being cited as having one of the largest and most experienced corporate credit teams in Latin America is a specific, rare asset. The platform currently has over \u003cstrong\u003e+40\u003c\/strong\u003e Investment Professionals dedicated to Credit strategies.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. Building a top-tier credit team with deep local market knowledge takes years of specialized hiring and experience. The acquired Solis team, established in 2015, has seen its funds grow at an approximate \u003cstrong\u003e45%\u003c\/strong\u003e Compound Annual Growth Rate (CAGR) since 2021, outpacing the Brazilian CLO market's \u003cstrong\u003e35%\u003c\/strong\u003e CAGR over the last five years.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The firm is actively supporting this franchise's growth through targeted acquisitions, such as the agreement to acquire 51% of Solis Investimentos, which currently manages over \u003cstrong\u003e120 funds\u003c\/strong\u003e and serves more than \u003cstrong\u003e30,000 investors\u003c\/strong\u003e. The transaction is expected to be accretive within the first year.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Date Reference\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Platform FEAUM (Pro Forma)\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e$11.7 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Platform FEAUM Increase from Solis Deal\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e$3.5 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003ePost-acquisition estimate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Platform FEAUM Percentage Growth\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e40%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003ePost-acquisition estimate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Investment Professionals\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+40\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eReported figure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Investment Funds\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+10\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eReported figure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSolis Funds Managed\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e120\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eReported figure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSolis Funds CAGR (Since 2021)\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e45%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eReported figure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePatria Total AUM\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e$51 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eReported figure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. Specialized talent in a complex area like credit, evidenced by the platform's scale of over \u003cstrong\u003e$11.7 billion\u003c\/strong\u003e in FEAUM and the successful integration of specialized managers like Solis, is a durable advantage. The Patria Structured Credit FIDC I, launched in 2018, has \u003cstrong\u003eBRL 1.2 billion\u003c\/strong\u003e in committed capital.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 6. Strong Track Record in Real Assets Development\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Underpins the Infrastructure and Real Estate strategies, backed by a track record of developing\/contracting over \u003cstrong\u003e$20 billion\u003c\/strong\u003e in Capital Expenditure (CapEx).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. A large, verifiable track record of developing physical assets on time and on budget is valuable in infrastructure investing.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. Competitors can raise capital for infra, but replicating the operational development expertise is harder.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. This capability is central to their Infrastructure strategy execution.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. While the track record is established, new projects face new execution risks.\u003c\/p\u003e\n\u003cp\u003eThe firm's operational history supports its current scale, with total Assets Under Management (AUM) reported at over \u003cstrong\u003e$51 billion\u003c\/strong\u003e as of late 2025.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets Under Management (AUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$48.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of Q2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$37.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of Q2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$38.8 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of Q3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee Related Earnings (FRE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$49.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReal Estate AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+US$5.1b\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot specified\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe Real Estate platform specifically pursues value-add transactions, including development and repositioning through a \u003cstrong\u003ecapex program\u003c\/strong\u003e. The Infrastructure vertical has been active since 2006, focusing on sectors such as:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePower and energy.\u003c\/li\u003e\n\u003cli\u003eLogistics and transportation.\u003c\/li\u003e\n\u003cli\u003eDigital infrastructure.\u003c\/li\u003e\n\u003cli\u003eEnvironmental services.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe firm's track record includes specific project execution, such as the sale of Aguas Pacifico, an infrastructure investment, contributing to \u003cstrong\u003ePerformance Related Earnings (PRE)\u003c\/strong\u003e in 2024. The firm also secured a new infrastructure fund with commitments reaching \u003cstrong\u003eBRL5 billion ($1 billion)\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 7. Sticky Capital Base \u0026amp; Strong Margin Profile\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides revenue predictability, with the AUM base being mostly permanent capital, supporting an expected 2025 FRE margin of 58%-60%. The Fee Earning Assets Under Management (FEAUM) stood at $37.2 billion as of Q2 2025.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eExpected FRE Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e58%-60%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFull Year \u003cstrong\u003e2025\u003c\/strong\u003e Guidance\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAchieved FRE Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e58.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 \u003cstrong\u003e2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$37.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 \u003cstrong\u003e2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$48.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 \u003cstrong\u003e2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePermanent Capital Addition\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eUS$ 680 million\u003c\/strong\u003e+\u003c\/td\u003e\n\u003ctd\u003eJuly \u003cstrong\u003e2024\u003c\/strong\u003e Acquisition\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFirm History\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e30+ years\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGeneral\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. A high proportion of permanent capital is a significant differentiator from firms reliant on shorter-duration funds. The firm offers strategies through product structures that generally fall into categories including \u003cstrong\u003epermanent capital listed vehicles\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. Investor loyalty built over decades is not easily replicated by new entrants. The firm has \u003cstrong\u003eover 30 years of history\u003c\/strong\u003e or \u003cstrong\u003e37 years of experience\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The firm's structure and client relationships foster long-term commitments. Total Assets Under Management (AUM) reached \u003cstrong\u003e$48.7 billion\u003c\/strong\u003e as of Q2 2025.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe firm's product structures are designed to meet client goals and liquidity needs through various means, including:\n\u003cul\u003e\n\u003cli\u003eDrawdown funds\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003ePermanent capital listed vehicles\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003eInterval funds\u003c\/li\u003e\n\u003cli\u003eOpen end funds\u003c\/li\u003e\n\u003cli\u003eSeparately managed accounts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. Long-term capital relationships create a stable, high-margin revenue stream, targeting an expected \u003cstrong\u003e2025 FRE margin of 58%-60%\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 8. Expertise in Secondary \u0026amp; Co-Investment Strategies\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSecondaries and Co-investments, represented by the Global Private Market Solutions (GPMS) segment, demonstrate performance metrics as of June 30, 2025 (2Q25).\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue (as of 2Q25)\u003c\/td\u003e\n\u003ctd\u003eContext\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal GPMS Net IRR\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCash-weighted internal rate of return on limited partner invested capital for Total GPMS.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSOF IV Net IRR\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e19%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNet IRR for SOF IV (a fund likely including these strategies) as of 2Q25.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-Earning AUM (FEAUM) Growth (YoY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth in FEAUM for the first half of 2025.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$37.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTotal Fee-Earning AUM as of Q2 2025.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe segment contributes to the overall platform AUM, which stood at over \u003cstrong\u003e$51 billion\u003c\/strong\u003e as of a recent report, indicating significant scale in alternatives management.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSpecialized sourcing networks and analytical capabilities are required, distinct from traditional primary fund investing, supporting the complexity of achieving performance metrics like the \u003cstrong\u003e16%\u003c\/strong\u003e Net IRR for Total GPMS in 2Q25.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThese strategies are explicitly supported by aggressive growth targets:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFundraising target for full-year 2025 raised to between \u003cstrong\u003e$6.3 billion\u003c\/strong\u003e and \u003cstrong\u003e$6.6 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTarget for total fee-earning AUM by 2027 is \u003cstrong\u003e$70 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFee-related earnings (FRE) projected to reach \u003cstrong\u003e$200 million\u003c\/strong\u003e to \u003cstrong\u003e$225 million\u003c\/strong\u003e in 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe platform generated over \u003cstrong\u003e$600 million\u003c\/strong\u003e of organic net inflows in the first half of 2025, reflecting successful capital deployment and momentum.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ePatria Investments Limited (PAX) - VRIO Analysis: 9. Natural Currency Hedging Mechanism\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eFinance:\u003c\/strong\u003e draft the Q3 2025 cash flow sensitivity analysis by next Tuesday.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Protects the bottom line; a 10% change in soft currencies impacts FRE by only about 2%, providing resilience against regional volatility. The operational base as of Q3 2024 included Fee Earning AUM of \u003cstrong\u003e$34 billion\u003c\/strong\u003e, with Fee Related Earnings (FRE) of \u003cstrong\u003e$40.6 million\u003c\/strong\u003e for the quarter, demonstrating a \u003cstrong\u003e53%\u003c\/strong\u003e FRE margin.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e High. This structural hedge, derived from having a local expense base relative to hard-currency management fees, is a subtle but powerful feature. Management fees for Q3 2024 reached approximately \u003cstrong\u003e$78 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. It is an inherent result of their operating model and geographic footprint, not an easily implemented policy change. The firm is an asset manager in Latin America with a presence in Europe.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The financial structure naturally aligns expenses with revenue sources to mitigate FX risk. The net accrued performance fee balance stood at \u003cstrong\u003e$455 million\u003c\/strong\u003e, or \u003cstrong\u003e$2.97 per share\u003c\/strong\u003e, as of Q3 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. It is embedded in their operational footprint in Latin America.\u003c\/p\u003e\n\u003cp\u003eThe operational scale supporting the revenue base includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\nFee Earning AUM (FEAUM) as of Q3 2024: \u003cstrong\u003e$34 billion\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nFee Related Earnings (FRE) in Q3 2024: \u003cstrong\u003e$40.6 million\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\n2025 FRE Target Range: \u003cstrong\u003e$200 million\u003c\/strong\u003e to \u003cstrong\u003e$225 million\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nCredit FEAUM as of Q3 2024: \u003cstrong\u003e$6.5 billion\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eKey Financial Metrics (Q3 2024 Data):\u003c\/p\u003e\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eAmount\u003c\/td\u003e\n\u003ctd\u003eContext\/Comparison\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee Related Earnings (FRE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$40.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUp \u003cstrong\u003e13%\u003c\/strong\u003e from $36.0 million in Q3 2023.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFRE Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e53%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eReported for Q3 2024.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee Earning AUM (FEAUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$34 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eRepresents year-over-year growth of \u003cstrong\u003e58%\u003c\/strong\u003e.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eManagement Fees (Q3 2024)\u003c\/td\u003e\n\u003ctd\u003eApprox. \u003cstrong\u003e$78 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eRepresents a \u003cstrong\u003e26%\u003c\/strong\u003e year-over-year increase.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDistributable Earnings (DE) per Share (Q3 2024)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.23\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSame as $0.23 a year ago.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516227444885,"sku":"pax-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/pax-vrio-analysis.png?v=1740204362","url":"https:\/\/dcf-model.com\/fr\/products\/pax-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}