The following is a summary of the Patria Investments Limited (PAX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Patria Investments Limited reported Q1 2024 distributable earnings of $31.3 million, or $0.21 per share.
Fee-related earnings rose 13% to $35.1 million in Q1 2024 from the same period last year.
The company distributed a dividend of $0.18 per share this quarter.
Year-to-date capital raised reached $1.1 billion, contributing to the 12-month tally of $5.1 billion.
Total AUM and fee-earning AUM grew 17% and 20% respectively YoY.
Net accrued performance fee balance reported was $514 million.
Patria's long-term debt of $83.4 million was primarily used for the acquisition of real estate business Credit Suisse.
FRE per share for 2024 is projected between $1.08 and $1.12, showing a growth of 10% to 12% from 2023's FRE per share.
Overall, FRE per share growth between 2023 and 2025 could be up to 40%.
Business Progress:
Patria's portfolio updates included solid investment performance coupled with substantial capital raising.
The company has expanded its platform and diversified its strategy, resulting in over $34 billion of fee-earning AUM.
Acquisitions like Aberdeen's private equity solutions business added over $10 billion of fee-earning AUM to their new GPMS vertical.
The company announced a significant investment in a greenfield solar plant in Colombia.
Over $1 billion of commitments have been secured for Patria's new infrastructure fund, with an operating target of $2.5 billion.
Patria's ongoing credit platform expansion includes potential mergers and acquisitions.
The partnership with Bancolombia provided Patria with a $1.4 billion real estate investment trust.
GPMS acquisition is undergoing integration, and there's positive feedback on fundraising from investors.
More details: Patria Investments IR
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