• Patria Investments (NasdaqGS:PAX) is preparing to launch its next Latin America private credit fund after deploying its first vehicle.
• Patria is also actively pursuing large acquisitions as part of a broader plan to grow assets under management.
• These moves aim to address a capital gap in Latin America and scale its alternatives platform through inorganic growth.

Patria Investments focuses on alternative assets in Latin America, including private credit, private equity, infrastructure and related strategies. The upcoming private credit fund and acquisition push come as more institutional and high net worth investors look for income focused, less liquid instruments outside public markets.

For you as an investor, these new initiatives could influence how Patria’s revenue mix, fee profile and risk exposure evolve over time. The combination of a larger private credit footprint and potential acquisitions may reshape the company’s position among regional asset managers and change how the market views NasdaqGS:PAX within the alternatives space.

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The new Latin America private credit fund and the push for roughly US$10b of additional fee paying AUM acquisitions sit at the core of how Patria makes money, through management and performance fees on a growing pool of capital. The first private credit fund, which raised US$314 million and is already mostly deployed into 14 deals, gives Patria a reference point it can use with limited partners for the next vintage. At the same time, management is targeting a mix of US$21b in organic fundraising and US$18b in acquired fee paying AUM by 2027. If executed, this would reshape the firm’s scale and product mix. For you, this raises questions about integration risk, fee rates on acquired assets, and how quickly new funds move from committed to fee earning. It also sits against a backdrop where fourth quarter 2025 revenue was US$133.2 million and net income was US$34.5 million, while full year revenue was US$381.7 million and net income was US$85.6 million. The decision to declare a US$0.15 quarterly dividend suggests management is keeping capital returns in the mix as it pursues growth.

How This Fits Into The Patria Investments Narrative

• The planned private credit fund and AUM build-out align with the narrative that Patria is trying to capture growing allocations to alternatives, particularly credit and infrastructure, and lean into higher-fee, income-focused products.
• The reliance on acquisitions to reach fee paying AUM targets ties into concerns in the narrative about integration challenges and rising complexity that could pressure margins if costs climb faster than fees.
• The specific focus on Latin American private credit and the scale of contemplated deals adds detail that is not fully reflected in the broader narrative about expansion across regions and strategies.

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The Risks and Rewards Investors Should Consider

• ⚠️ A fast acquisition program that targets around US$10b of fee paying AUM by 2027 could strain integration capacity and lead to higher operating costs if systems and teams are not aligned.
• ⚠️ Concentration in Latin America private markets exposes Patria to regional political and economic swings that could affect fundraising, credit quality and the pace of capital deployment.
• 🎁 Growing private credit and real assets platforms may give Patria a broader product set to offer institutional clients compared with regional peers and potentially support more recurring fee income.
• 🎁 A larger AUM base, if combined with disciplined cost control, could increase operating leverage and give Patria more flexibility when competing with global managers such as Blackstone, KKR and Apollo that also target institutional capital.

What To Watch Going Forward

From here, you may want to watch how quickly Patria raises and deploys the next private credit fund, the pricing and terms of any acquisitions it completes, and whether newly acquired platforms move onto consistent fee earning status without margin pressure. The relationship between AUM growth, fee rates and net income will be important, particularly after the 2025 results, as will any commentary on credit performance in its Latin America loan book. Patria’s participation at events such as the KBW 2026 Winter Financial Services Conference may also provide clues about investor appetite for its new funds and how the firm positions itself against larger global alternatives groups.

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