Patria Investments (PAX) investor relations material

Business overview and recent developments

• GPMS platform manages $13.9 billion in AUM, with $11.4 billion fee-earning and $3 billion uncalled capital as of Q2.

• The listed Patria Private Equity Trust (PPET) on the London Stock Exchange represents $1.6 billion in permanent capital.

• GPMS focuses on middle-market private equity primaries, secondaries, and co-investments, mainly in Europe and some in the U.S.

• Since acquiring Aberdeen's middle-market private equity solutions business in April 2024, over $3.5 billion has been raised.

• GPMS generated about 17% of management fee revenues in Q2 and is a key growth driver.

Client relationships and investment approach

• GPMS serves about 20 meaningful SMA clients and several pooled products, with a high client retention rate post-acquisition.

• Clients include large U.S. and Dutch pension plans seeking tailored European mid-market exposure.

• SMAs offer flexibility and close client relationships, while pooled products target investors seeking diversification.

• Relationships with GPs and LPs are long-term, providing access to co-investments and secondaries with information advantages.

• Deep sectoral expertise and operational value add are emphasized in manager selection and portfolio construction.

Market positioning and performance

• Middle-market private equity has historically outperformed large/mega-cap segments, with better returns and more resilient distributions.

• The market has shifted from generalist to sector-specialist managers, increasing the need for local expertise.

• GPMS leverages long-standing relationships to access top-tier opportunities and co-investments.

• The business is positioned to deliver alpha as private market beta has diminished and exit markets have become more challenging.