All right. Good morning, everyone. I'm Josh Wood, Head of Shareholder Relations at Patria. Welcome to our first Investor Day event. We're excited to have all of you here, and we appreciate your interest and your time. Before we get started, I have the privilege, as always, of sharing some important disclaimers with you. Today's presentation will include forward-looking statements which are uncertain and do not guarantee future performance. Patria does not intend to update any such forward-looking statements. These statements are based on current management expectations and involve inherent risks, including those discussed in the risk factor section of our latest Form 20-F annual report. Also note that no statements today constitute an offer to sell or a solicitation of an offer to purchase an interest in any Patria fund. Patria reports financial results using international financial reporting standards or IFRS, as opposed to U.S. GAAP. Additionally, we'll refer to certain non-GAAP industry measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with IFRS. Reconciliations of these measures to the most comparable IFRS measures are included in the appendix of our presentation. With that out of the way, we're here nearly two years from Patria's IPO, which was celebrated right here at the Nasdaq MarketS ite. A lot's happened in those two years. The world looks different in many ways. The alternative asset management industry continues to evolve. Patria has taken some major steps in its journey. Those are only the first steps, and today we've gathered and invited you here to talk about the next chapter. Here in person, I see investors and analysts that we've gotten to know very well over the last few years, also some who are just getting started on our story. I know that we have a similar mix on the webcast tuning in from around the world. I love having that mix here today. I think this program will be very engaging for all of you as we reinforce the major themes that we talked about at the time of our IPO, also give you a comprehensive deep dive into our platform as we look forward from today. Today, you'll hear from a full spectrum of Patria's leadership. You'll hear about the incredible opportunity that we see for alternative investments in Latin America. You'll hear why we believe that Patria is uniquely positioned to seize that opportunity. Hopefully, you'll come away with the conviction that we can deliver some attractive shareholder value as that story unfolds. For those who are here in person, please note that we do not intend to take questions during the program, but rather we're going to have a condensed Q&A session at the end during lunch. For those of you on the webcast, we welcome you to submit your questions via the platform, and we'll try to answer as many of those as we can during the session as well. We thank you all for being here, and with that, we'll get things started with a short video to kick off the day. Over the last three decades, Patria has built a premier alternative asset management firm and become a partner of choice for investing in Latin America. Today, we manage $27 billion across a comprehensive platform of more than 30 products, spanning private and public equity, infrastructure, credit, and real estate. We invest in Latin America, but we are truly a global firm. Today, we have a complete platform of for investment in equities from private to public markets. In all of these segments, our approach is always very strategic, focusing on certain industries that we feel that have the strongest fundamentals for strong growth and resilience. Our main industries of focus are healthcare, agribusiness, basic consumption, especially food and beverage, and business services. Our full understanding of the ecosystem of each of these industries, we believe that credentials us to be the most intelligent and qualified investor for these particular industries, which, in our opinion, are the most attractive investment spaces in Latin America. When we look at the infrastructure in Latin America, it's a giant pipeline ahead of us. Talking about $100 billion of equity, actionable opportunities again in the next 10 years. Whatever sector you look at, there are bottlenecks. Logistics, power and energy, solar, wind, hydroplants, telecom-related sectors. A number of sectors there are bottlenecks, and the pipeline is really massive in the next 10 years. Private markets are growing globally, with AUM expected to threefold by 2030, and they are under-allocated to Latin America. The asset management industry here is highly fragmented and investors are looking for leadership at scale. Latin America looks like developed markets 20 years ago, and with a financial deepening underway, we can lead the democratization of alternatives in the region. We knew the expansion of the platform was an important step if we wanna be a one-stop shop for investors in the region. Our IPO was a major step in this journey as we were able to both raise capital and have the currency to partner with the best managers in the region. Our M&A program is meant to bring to the platform distribution, p roduct and geographical capabilities. More recently, we added to the platform credit and real estate permanent capital, both growing, large and very interesting asset classes to our platform. Latin America is a challenging place to invest, but we are homegrown with boots on the ground and three decades of experience to perfect our investment approach. We are uniquely positioned to lead the future of alternatives in the region. I'm incredibly proud of what our team has built today, and even more excited about the journey that lies ahead. All right. I'll now welcome to the stage our Chief Executive Officer, Alex Saigh. Alex. All right. Thank you very much for being here. Good morning to you all. I think I already talked to most of you. It's a real honor and pleasure to be here today. Hope you enjoy the first part of the event here. All of us are gonna present to you. I think we have the most senior officers of Patria here. You're gonna be able to interact also during the break, at lunch, during the Brazilian soccer game. I hope we also have a positive outcome out of that game. It does affect what Luis Fernando said this morning, okay? Our head economist. It does change things. No, I'm joking here. Yes, I think we have all of us here, most senior officers of Patria to interact with you, so welcome from us all, and I'm gonna actually present all of them here in some of the future slides that I have in this presentation. Well, as Josh mentioned, I think that we have a tremendous opportunity ahead of us in Latin America. There is a consolidation going on, a financial deepening going on that all of you know about, and I think we are uniquely positioned to lead the future of alternative asset management in the, in the, in the region, not only growing organically, but inorganically. We'll mention some of the very interesting add-ons, acquisitions that we did over the last years and we will continue doing that as we move ahead. On delivering such a leadership, we'll drive very attractive shareholder value along the way. We'll show you what we have accomplished until now, and I think we're very excited and very positive with what we have ahead of us in the next coming years. What drives our business? People, people and people. Like in real estate, you have location, location. In our business, we have people, people. We do work relentlessly to attract, to develop, and retain the best talents, and we have succeeded in doing that. I think you're gonna see today several of our leaderships here presenting to you. We have been able to do the dream team scenario, I think we have the best in class in our industry, in real estate, in private equity, in infrastructure, public equities, credit, you name it, in our corporate functions, in our commercial and sales functions. If we have the best and we continue to attract the best as we have been succeeding, we will then deliver whatever numbers that we're gonna show you here today. It is a people business. We have more than 30 years of experience investing in Latin America with boots on the ground, as we mentioned during the video, in private equity, infrastructure, credit. Look how many vintages and years that we have been actually investing and successfully returning capital to investors at very, very attractive rates and returns, generating alpha at scale with $27 billion of AUM, six asset classes, more than 30 products. We will continue doing that, attracting talent, expanding our footprint, expanding our menu of products and our also geographic exposure. We have more than a two-folder, 2.3 x to be exact, fee related earnings from the pre-IPO levels. We will show you that in more detail during the morning here. Well, just taking a step back, what we have accomplished here since the IPO, we went public beginning of last year, as you guys know, and we were managing at that time approximately $14 billion. We're now managing approximately $26 billion under these asset classes that you can see. We're number one in private equity, number one in infrastructure, number one in credit, not only in size, but in returns. We have second-to-none returns in private equity, in infrastructure, in credit, and in public equities, mainly small caps, Chilean equities. In real estate as well, VBI, our partner now in real estate in Brazil, have the best returns in the business, second to none as well. We're extremely proud, and I go back to my message here, people make a difference in our business. We have the best talents, and we continue to attract the best, and that's gonna lead us to continue delivering exceptional results. We have grown also through associations and M&A. We associate ourselves with Moneda, as you guys know, on the credit and public equity side. We also did buy a participation in a growth equity firm called Kamaroopin, and Pedro Faria, the founder of that firm, is here today, if you also wanted to interact with him. Recently, we announced also the acquisition of a venture capital firm called Igah. Pedro Melzer is also here today. If you call us Pedro, you know you're gonna get, you know, a 50% chance that you get it right. Andre, another 50%. Pedro Melzer is here with us today, and he is the founder of Igah, the venture capital firm, that we did announce, that we associate ourselves with them, last week. Also, we have here with us, Ken Wainer, that is gonna be speaking here this morning. He is our partner at VBI, the real estate firm that we did, also partner with, that has been expanding tremendously, the permanent capital structure REITs in Brazil. All of us here available for you for your questions and your doubts. Now turning to, you know, hard numbers here, I'm very proud to show you here on the top left, you can see that we actually increased fee earning assets under management by more than twofold, from $8 billion to $19 billion as of the third quarter of 2022. We also fee related earnings by more than twofold to $130 million. That's the guidance for this year. Which we gave the guidance that we were gonna increased fee related earnings by 50%, we're gonna deliver on that. Again, as Josh mentioned in the beginning of his speech, a different year when we were actually projecting these numbers, late last year, we didn't know about the war. We didn't know about the extension of interest rate hikes and potential recession in the U.S. and other markets. Nevertheless, I think we managed to deliver, and we're very proud that we've been able to accomplish this. You're gonna see that the numbers for 2023 onwards look extremely promising as well. On net accrued performance fees, we increased it by over 50% to $428 million. In, we have to take into account that we did actually realize $58 million in 2021, so this number would be greater than that. We're pursuing relentlessly our performance fees still in 2022 and 2023. Of course, it's hard to predict specifically one day, one week, one quarter, it might slip here or there, you're gonna see that the amount of performance fee that we have in total, $428 million, is very significant, and we do anticipate, of course, realizing a good portion of that over the next few years, as you're gonna see the numbers as we go along during the day here. On distributable earnings, we did accumulate $1.66 DE per share, dividends of $1.41. If you do the math here, at the $17 per share, which is the value of the share when we went public, it's approximately a 5% dividend yield. At the current prices that we have our stock trading is more than 5%. It's over 6% dividend yield. We do actually distribute, as you know, 85% of our distributable earnings. Extremely healthy company, not only do we grow, as you can see the numbers here, we grow significantly, but we don't need the capital in order to finance our growth. We are growing, and we are distributing dividends, which is, you know, very, very good position to be in. We're still just in the beginning of this journey. I think we started this journey so many years ago. My co-founder and executive chairman is here with me. We started this in 1988. I joined the firm in 1994, so it's been a while, but we're still in the beginning. We started with a $230 million fund in 1997, now with $26 billion and joining forces, with the best of the best in the industry, as I will show you guys here, our, you know, partners from Moneda that joined us and others. Extremely proud to be here. I know also we have our board members here with us today, Otavio in the back seat there, and that founded our infrastructure efforts. We have also Glen, Sabrina. We have Jennifer also here in the back, so you can also reach out to our board members if you guys want to. We're still in the beginning, and that's what's very exciting. We wake up every day, feeling that we are just in a such a an interesting series of events that are happening favoring us as you will see hopefully during this presentation. How are we looking into this, and how do we transform this major, you know, financial deepening opportunity into a strategy? First and foremost, I think we are, you know, the gateway to Latin America for global institutional investors investing in the alternative investment space in Latin America. We became that since we started. As I mentioned, our first fund, the private active fund number one in 1997, 80% of that capital was raised with global institutional investors. Investors that were willing to expand their exposure to other parts of the world, Latin America specifically. They started investing in alternatives. Private equity was the number one product that actually the region started actually raising capital with global international investors. We, all the way to today, over 80% of our capital still funded, being raised with global institutional capital. We definitely became their knowledge partner. As we expanded to other products, infrastructure, real estate, credit, et cetera, these global institutional investors saw at Patria, a partner of choice. Say, "You know, not only I feel comfortable that actually they can help me invest in private equity, they can also help me invest in other asset classes in the alternative space." You know that the number of relationships of these mega global institutional investors are willing to entertain are getting smaller and smaller, and we are the number one relationship for them to LATAM. We are the gateway. We're the conduit of capital. We will continue to be. More even so, I think we're now also raising money and with other institutional investors, or the size of institutional investors which are the global wealthy families around the world. Another amazing opportunity that in absolute numbers invest in alternatives the same as the global institutional guys. We have another huge opportunity to continue raising money with global clients. What happened over the years as the economies in the region stabilized, local investors, local institutional investors started looking for alternatives, also to enhance their returns of their portfolio. We became also this conduit of capital in local products to local investors. What we saw that these local institutional investors became more comfortable investing in entry-level alternative products in their local currencies. You're gonna listen from Ken Wainer today, you know, real estate is definitely REITs, definitely an entry-level product here for alternative investments in the region. Brazilian reais in Brazilian reais, Chilean pesos with Chilean pesos exposure, that's how the investors, actually local investors, institutional investors started getting exposed to the asset class. I think that we also became a conduit of capital, most so in Chile. In Chile, we have an amazing relationship with the Chilean institutional clients, as you will listen from my partners from Chile. We you know, we continue to do the same in Brazil. We did that in Chile through an association with Moneda. We wanna do the same in Colombia, the same in Mexico, to have this deep relationship with the local institutional investors and, of course, the wealthy individuals that are, you know, willing to get exposed to the alternative asset class through Patria. Finally, what's also going on, which is the third vector of our strategy here, once these local investors, they get acquainted with the asset class, they want to invest outside of the region, and we are also becoming a conduit of capital for local institutional investors, you know, accessing global alternative asset managers, huh? You'll also listen here that we call it the advisory business. We have today $1.7 billion of feeders structured to cater to the local institutional investors, mainly Chileans, that have been doing this for a while longer because of the Chilean economy have stabilized for a while longer in the region, looking for global institutional investors to allocate some of their capital, and we also became the conduit of capital for these investors. All of these different vectors of our strategy actually deepen, strengthen the relationship with the global investors, be them international, be them local investors. Then we can sell more products to these investors, and that's why we're expanding our product offering. As a macro drop backdrop, you guys know these numbers. You did also go through the presentation here today by Luis Fernando and Nazir. It's a amazing space to invest, Latin America as a whole, you know, a very one of the highest middle class regions in the world with 47%, believe it or not, higher percentage-wise than China. 658 million people, it's scale, you know. It is, though, very under-penetrated on as far as the allocation to private markets is concerned. Just 1% of the private markets investments are allocated to Latin America versus the region represents 6% of global GDP. This under-allocations were exactly where we try to play by attracting more capital from global investors in the region and attracting capital from the local institutional investors also to the asset class. As you also saw during this morning, the low correlation with the G7 economies, that's very important when you diversify. If you're a global institutional investor, you wanna diversify, you want a, you know, high Sharpe ratio, absolute returns with very low correlation, high Sharpe ratios. That's good for your portfolio. That's what we actually tell investors and show investors, as Luis Fernando, our head economist, has showed to you guys here today. I think we are anchored in these very strong secular trends that are happening in the alternative asset space worldwide. You guys know this upside down. Private equity year after year after year do perform better than public equities. You see that's why you have, in the middle of the graph here, increasing allocations from institutional investors to the asset class from 14% in 2010 to 19% in 2020 and growing. A GP consolidation. I know, 73% of the capital raised in the first quarter of 2022 were by funds of over $1 billion in size. That's exactly what I said a couple minutes ago, this concentration in, in few GPs like us and in larger funds. That's exactly where we are inserted. These global trends, they reflect also in Latin America, and Patria is largely and readily to lead this consolidation and to become even more so the partner of choice for private markets allocations in the region. How do we do this, right? If this is the opportunity set, this is what we wanna do, we wanna be this conduit of capital, we have to then increase our product offering, as I mentioned. You know, we have these amazing relationships with global and local institutional clients, with global and local high-net-worth individuals or wealthy individuals. We have to offer them more products as they seek from us a deeper relationship. I think you're gonna also listen throughout the day today that we are also giving clients options to invest in other kind of structure, not only the typical fund structure, but SMAs, special managed accounts, or continuation funds, or et cetera, et cetera. That's the very dynamic relationship that we have to under- with these global institutional clients and local to understand their demands and then offer products that cater their needs. Expanding their geographic footprints. As they also look into the region for Patria to give them exposure to other countries in Latin America, besides Brazil and Chile, mainly Colombia and Mexico, that's where we want to expand. Trying to extend our client base, I mentioned, global wealthy individuals is one of them, and strengthening our platform. We did, I think, invest tremendously in our platform over the last years, even before the IPO. You're gonna see today here from our human resources head, what we have been doing in attracting, I think, the best of the best talents for our corporate functions. As we do develop this and start executing this strategy, of course, we are an investment firm and this is what we have to do and very well. We have four career paths in at Patria, and one of the main career paths, of course, is the investment career path. We are based on a very deep sector expertise. You will probably see during the morning here how do we actually get to understand the sector very deeply. I think you did watch and notice during the video that we were on and on mentioning that, you know, we know very well this sector and that sector. That's why we feel very comfortable in actually owning assets in these specific industries, and this is what actually guides our investment approach. For a culture of collaboration, you're gonna see here today that we have, you know, partners from our association with Moneda leading several asset classes here and we know we are together on this culture of collaboration, understanding exactly what they think also about not only Brazil, us about Chile, but other asset classes. Everybody together in the investment committee exchanging idea. Our investment committee became a lot better, to be honest, when we bring diversification, we bring different cultures, we bring different mindsets to give us a, you know, different optics how we look at that investment. Local presence, of course, boots on the ground is part of our investment approach. No, it's our DNA. It's more than a part of our investment approach. Without that, it's very hard for us to do what we do, like, you know, construct a new thermal plant I don't know where, and build a toll road in Colombia, whatever you need to be exactly with those boots on the grounds there to do the job that we do very well. Talking about the, you know, four career paths that I mentioned, starting with investments, and this is how we organizing our firm. Again, four career paths that you're gonna see here, investments, portfolio management, then, with, you know, value creation, then sales commercial, and our corporate functions. I think we have the best of the best leaders running our asset classes, our main asset classes, private equity, infrastructure, credit, public equities, and real estate. They're gonna be presenting to you here today. Ricardo has been with us for 23 years. Ricardo started as an intern at Patria. A third of our partners started as interns at Patria. We have a renowned Patria Academy that actually picks and selects trainees from college, and they start working with us as trainees. A third of our partners actually came from that program. Today, Ricardo runs our buyout growth and SPAC within the private equity vertical. Andre Sales, you saw also in our video, he runs infrastructure, 25 years experience. Fernando Tisné, when we associate ourselves with Moneda, we invited Fernando and Pablo that were the founding partners of Moneda, to join forces and lead our verticals in credit and public equities. Uh, very important for us to recognize and have the... And that's why we, we looked for Moneda because we wanted to have Fernando and Pablo with us, uh, leading these asset classes because they are the best in the industry in Latin America. So we have today the best, uh, uh, in, in credit with Fernando leading the team. You're gonna see the track record, second to none, amazing. Same with public equities with Pablo, uh, been running Pionero, the small caps Chilean, uh, equities fund, uh, since, uh, 1994 with, you know, just amazing returns, and you're gonna see here. And then Ken Wainer, again, bringing Ken from, uh, VBI, as we mentioned, uh, our, uh, acquisition in the real estate space in Brazil, and Ken also then leading our real estate space. Interesting to see that from the five asset classes, we have two partners that were Patria partners, two partners that were Moneda partners, and one partner which, you know, was a VBI partner. Actually having the humbleness and humility to call all of these best of the best as we go through, you know, acquisitions and associations to run very important businesses and for us here at Patria. Of course, in the, you see that we are looking for more permanent capital and drawdown funds as we move into these asset classes. Also portfolio management for us is key. You know, we do take on development risks in our infrastructure funds. We do own companies and consolidate sectors all over Latin America. You know, we value creation capabilities under the leadership of Peter Estermann, that is here today, if you guys wanna talk to him. Peter has 40 years of experience and he has under him, as you can see, a very deep and broad team of functional specialists and sector specialists, again, going back to the sector specialization. This team actually works for the portfolio companies like an internal consulting company, helping the portfolio companies reach their desired results and budgets. The commercial team, we do have over 58 people working for sales and commercial. The best of the best, again, You know, I couldn't have... If I wanted to pick in the region the best officers and leaders in the commercial area, I would pick them. Like, if I could have the dream team, you know, for the soccer team today, you have the dream team for my commercial team. These are the guys that I would pick, the Neymars and the Mbappes of the commercial area in Latin America. They're gonna be speaking to you here today. You did already interact with Luis Fernando this morning. They are, you know, they did build this very strong relationship with institutional clients. You know, when a client writes you a $300 million check for your private equity or infrastructure or credit fund, or when they have, you know, an exposure of $1 billion with you have to have very deep relationships with these clients. They, as we do nurture this and through their leaderships, we managed to, you know, fundraise what we have been fundraising, which are, you know, very, very positive numbers that you saw in the beginning, our fee earnings, AUM growing significantly. Managing the firm, we have our, as I mentioned, our executive chairman here and, co-founder together with me, Olímpio. Hopefully you can be able to talk to them. I mentioned that we have our board members as well, myself, we have been adding a lot of top-tier corporate leaders, like Ana Russo, our CFO, that's taking on Marco's role as Marco moves on to lead corporate development to find other interesting associations or acquisition opportunities for us. Ana Santos leading human resources. She's also gonna present here today. Pedro Rufino, our legal and compliance officer, is also here today. Hopefully we're not gonna need much of Pedro as we go forward. Yes, it's very, very important to have him with us here, not only on the legal side, but also, of course, very importantly on the compliance side. Finally, our ambition. You know, $50 billion of AUM by 2025. You know, doubling is a lot easier than actually going from the $230 million Private Equity Fund Two to Three, to $27 billion as we are managing today. You're gonna see and get very comfortable, hopefully you're gonna get very comfortable how we're gonna do this. I am extremely comfortable whether we can get there, you know, step by step, process by process, hopefully you enjoy the rest of the morning. Thank you very much. From, we're gonna go straight on to the first business unit presentation of the day. I'll call here to the stage Ricardo Scavazza. Thank you. Thank you. Good morning, everyone. I'm gonna give you an overview of our private equity platform and the opportunities that we see for private equity in Latin America. I'm Ricardo Scavazza, Head of Private Equity, as Alex already introduced. The themes that we're highlighting here is first the opportunity. One thing that you're gonna find very interesting is the low penetration of private equity currently in Latin America, and the size of the opportunity versus the current low level of competition. The figures we're showing here, we're gonna give you more detail about this, is our estimate of the potential investments that we have through the specific sectors that we focus in Latin America. This is a study that we did with McKinsey, with a lot of filters, taking the type of company that we invest on, so filtering for size of company and filtering for the sectors. We got to an estimate of near $200 billion of investments, of which for the next vintage, we are engaged with a pipeline of $8 billion. We are currently working on developing less than 5% of this pipeline. It's very interesting to see how low the competition is on these situations. We get to engage with these companies on one-on-one negotiations, and this is purely a function of how low the penetration of the market is. Through the years, applying exactly the same framework that we apply today, we have been delivering 450 basis points above global benchmarks of private equity. That is a very large alpha. Comparing through the world, you'll find a very selected list of funds that have been able to outperform for so long in such a magnitude. We have been top quartile funds in Latin America for all our five vintages. That's also very unique. When you look at emerging markets, you don't have funds that have such a long streak of top quartile performance. I believe that this is a function of the framework that we have developed, which focus on being sector-oriented, having a framework which for buyout focuses on consolidation. For the other verticals that we're adding, venture and growth, I'm gonna give you also some highlights of the framework, and always focus on the hands-on approach and value creation. In terms of the team, it's a very mature and solid team. Professionals have more than 20 years of work experience on private equity, which for Latin America is unique. You don't have vast supply of professionals with such long private equity experience. Especially for Patria, on average, our partners have been working together for 15 years. The team that I work with today is basically the team that I was working with Fund Four. All of our partners came from Fund Four. We're raising Fund Seven now. It's a team that is very well coordinated and mature. Our platform has more than $10 billion under management, which is by far the largest platform in Latin America. In terms of the sizing of the market, here's a breakdown of the opportunity. This is a study again that we did with McKinsey, sizing the opportunity for each of these target industries, filtering for profile of company, filtering for size. We got to $80 billion for food and beverage, $40 billion for healthcare, $40 billion for agribusiness, and $27 billion for food and beverage. I think the message here is not to be specific about what these numbers are, but just for you to get an idea that it is a very large opportunity. Latin America is 5% of the world's GDP. We're not just the largest private equity fund, but, you basically have two funds of scale, some scale, present in Latin America. It's us and Advent. You don't have other funds of over $1 billion. That's pretty amazing when you think about the size of the market and the lack of competition. These numbers, you could argue if they are a little bigger or, or smaller, but, the message here is that we can be very focused and selective. Inside these buckets, we're prioritizing a subset, and, we're on one-on-one negotiations. That's, that's the uniqueness of the opportunity. Looking at the returns here, we compare ourselves to all benchmarks across regions, global benchmark, U.S. benchmark, and LATAM. It's amazing to see how big the gap is between us and LATAM, which I think it was driven by the unique approach that we have developed for the region and also the maturation of our returns over time. The LATAM market, there was a lot of turnover of teams that got assembled and are not present in the market anymore. We are, frankly, the survivors. We survived the cycles. We found a framework that worked. Obviously, we developed it over the years, and we were able to deliver this very strong returns across, you know, the very long haul. The most important pillars of our strategies are listed here on the right of the page. The first, sector selection. When you're investing in emerging markets, it's very important to be thematic because there are certain teams that have a very big gap in terms of performance versus others. I'm going to elaborate more on that. To my previous point on low competition, you can allow yourself to be selective because you don't have all that competition, so you can pick your spots, and you can really play wide spaces, and you don't have to be all over the place. Be selective. The framework that we found the most successful for buyouts has been consolidations, which is a very classic approach to private equity that has been extensively deployed notably in the U.S. You find less and less space to play consolidations as industries have consolidated to a large extent. A lot of the plays that we do in Latin America currently are plays that were done in the 1990s in the U.S. We get to take this experience. A lot of what we do is really study cases and replicate these cases in Latin America. Strong value creation and hands-on approach, I think this is not just something that fuels our performance, but also an enabler of the strategy. Frankly, you don't have that many quality platforms in Latin America, so the value creation is an important enabler. Stage capital deployment on the consolidations, we get to pace the deployments, and that's very important. Associative approach, meaning we partner with families, through the consolidation that we execute. In terms of the sectors that we focus, this is a very interesting statistics here, we show the growth of the GDP of our target sectors, namely the ones on the left, healthcare, agribusiness, food and beverage, and business services, versus the GDP of LATAM and the GDP of the G7. What you see is an amazing outperformance. Really these sectors, they have very strong drivers of growth over the long haul. They have largely outperformed LATAM, largely outperformed the G7. On the last five years, which have been challenging for Latin America, these sectors have been very resilient. That includes the pandemic, where they've shown strong growth, and includes all of the global crisis that we've come across the, the years. Agribusiness has been stellar. Healthcare, through 28 years that we invest in healthcare in Latin America, we have never seen a negative year of growth. This is a very reliable growth source. I would say even on the current shape of the global economy, where certainly growth is a factor, Latin America, these sectors, they're gonna continue to grow healthy as we see them growing today. That's a very important element. In terms of the consolidations, through the add-on consolidation strategy, we've been able to consistently build market leaders. That is a key element of our strategy. We buy smaller companies, combine them into larger companies and also market leaders. That creates uniqueness, that creates franchise value, that increases multiples. By that process of consolidation, we've been able to build value not just through the consolidations and synergies, but also expanding the multiples of the companies, from the small company multiple to the market leader multiple. You see how consistent, this process has been across time. In terms of value creation, we have really a very sizable and mature platform. This has been evolving over the years. Today we have a group of sector specialists, which are former CEOs of companies in our target sectors that assist our investment team and also the boards of our companies. They are the chairmen of the boards of the companies, and they help us execute this consolidation strategies. We have a very sizable team of functional specialists that help us build the platforms, and we always have in-company teams that also assist us, our C-level executives that assist us execute on the companies. By function of this platform, we have these amazing figures in terms of growth. It's 18%, last 12 months growth on EBITDA, you know, I mean, in the current environment. As I mentioned, our sectors are growing, but, you know, considering everything that's happening in the world, growing at 18% is pretty amazing. That has been the type of growth that we've seen on the portfolio across the years. That, with acquisitions, gets to 31%. In terms of the potential for growth in the future, we believe that this platform has a tremendous potential for future growth. First is just plainly the opportunity for growing penetration of private equity in Latin America. I mentioned the 1% current penetration of private equity in LATAM. On the world, the average is 7%, in North America is 14%. There you can see how important the opportunity for growing private equity is on the region. Specifically, the sectors that we invest on, they are growing sustainably. I've shown you the growth of the GDP. These are driven by the very strong fundamentals of each of these sectors. One easy to explain trend is healthcare. The expenses in healthcare in Latin America, they are undersized. There are substantial bottlenecks. The population is aging. That pushes the growth of healthcare. The other sectors, similarly, they have very strong fundamentals. You look, another highlight, the agricultural inputs market in the U.S. is growing 1%, in Latin America is growing 16%. That is, these are all markets where Latin America compares very favorably to developed markets. Another very important route of expansion for us has been the expansion from an originally Brazil-based firm where we were founded. Over many years, we've been investing more and more in getting more Latin and expanding our presence through Latin America. We've learned to build regional platforms. That is a key asset that we have and a competence that we have. It started more notably with Smart Fit, an investment from 2010, where we really built a LATAM leader, a company that is a leading company in this is fitness clubs. Leading company in Brazil, Colombia, Mexico, Chile, all major economies in Latin America. We achieved leadership with Smart Fit, we are replicating this approach. We highlight another case here, SuperFrio. In other sectors, we're taking the same route, creating a regional platform and doing the consolidation not just in Brazil, but across Latin America. Also, not just, we're expanding regionally, but we're also looking at the process of development of companies in private equity as a cycle. Our view starts with venture, on the AB series. Exactly to be present in that segment, we've recently announced our association with Igah. My friend Pedro Melzer here, he's the founder of Igah Capital, leading venture capital firm, and he's going to lead this effort. We evolve to growth equity, which would be C series and forward. That's led by Pedro Faria, where we acquired Kamaroopin. For the larger scale private equity, we already have the Patria franchise. I think it's very important for us to be connected through all the cycle, especially in our sector view. Healthcare is a sector that we focus in all of these segments. Pedro Melzer, Igah, Kamaroopin, they all have a presence, we can have a complete view of the ecosystem across the phases and really be a dominant player in these sectors for all these parts. Naturally, as the companies evolve to a listed company, we have Moneda, that's a leading manager of listed equities. In between, we have our SPAC and PIPE strategies. Our team is really second to none. I think it's in proportion to our market share. We also have a concentration of the best talent in the industry. Here I list my partners averaging 15 years working for us. We already have Pedro Faria here for Kamaroopin. We didn't update to include Pedro Melzer, that's also here. A very strong sector expertise, a very strong 65 people team, and the value creation team that I have already described. With that, I'm going to share with you a highlight of two cases. First, a small video of Lavoro. The cultural influence retailer in Latin America. We provide valuable services to farmers across the region, advising our clients on key decisions all year long. We work to empower small and medium-sized farmers so they can adopt breakthrough technology, innovation that transforms the land and nourishes our global population sustainably. The heart and soul of Lavoro is our world-class team of technical sales representatives or agronomists. Our agronomists meet with well over 50,000 farmers every season in the fields and at our retail locations. We provide a wide portfolio of seeds, crop protection, fertilizers, biologics, and other specialty products to serve farmers' needs. Our agronomists are trusted advisors to farmers. At Lavoro, we operate at the forefront of agriculture and technology. Our vertically integrated specialty ag inputs business, CropCare, is a rapidly growing supplier of biologics and specialty fertilizers in Brazil. At CropCare, we use technology to help farmers nourish and protect crops from disease, pests, and weeds with a growing selection of natural and sustainable products. We are a scaled, profitable, growing business with significant headroom for years to come. We are now taking the next step in our evolution by partnering with The Production Board. TPB was founded by Dave Friedberg, who pioneered the ag tech sector by founding The Climate Corporation. TPB builds and invests in exciting businesses at the very frontiers of science and technology. Together, we will work to bring the best solutions to farmers so they can farm with confidence. This is a case from our Fund Five. The reason we highlight this case is, well, it's very successful. You see here, we've been growing the revenues of this company at 90% a year. This is with acquisitions, but the organic growth of each company that we buy is topping 20% CAGR, driven by the strong fundamentals of the input market in Latin America. This is the leading company in Brazil, Colombia, Chile, also with a presence already in Paraguay and Uruguay. Have 7% market share, 23 acquisitions. Interestingly, it is a company that we expect to be listing on the Nasdaq on January of this year. We have signed a transaction with a SPAC listed on the Nasdaq, The Production Board. We're very excited about also being listed on the Nasdaq. With that, I conclude the presentation and I'm gonna call Andre Sales for the next segment on infrastructure. Thank you very much. All right. Hello, everyone. Happy to be here. I am Andre Sales, head of the infrastructure practice within Patria. I've been with the firm for 20 years now, and let's share some of the infrastructure experience with you. We manage $5.7 billion, that's the AUM on our major funds. The infra development fund, each of Funds 2, 3, and 4 were the largest funds ever raised for the region. We're very proud of that. We operate in a very attractive and large addressable market. We're talking about $100 billion of equity opportunities. If you look at our fund sizes, those are, you know, really a drop in the ocean of this really giant addressable market in the region, $100 billion. We have been delivering a strong performance. You'll see the figure in the screen, it's a 12.9% net U.S. dollar return. Again, that is with a good downside protection. Remember that we're doing infrastructure. We have as a base, real assets. If you look at the performance figures, it's again, it's an interesting and nice performance with real asset as a base, a strong downside protection, and again, way above benchmarks. We're gonna cover that in a minute. Patria, in infrastructure, we do have a competitive edge. If you take, you know, one message from this discussion here on infrastructure, take this one here. We have this competitive edge of doing development. We have a team, structure, track record to do new infrastructure, to do new things, new assets, creating platforms, running the execution risks. By doing so, this is the competitive edge that we have in infrastructure. We sell once the asset is fully operational. That's our competitive edge. The team is a very technical team. We know we are, of course, we have a financial background. That's the nature of Patria as a manager. Within infrastructure, we have specialists throughout the areas of the infra, you know, development, execution, operating assets, but also in the sectors. People are specialists in power, in logistics, in telecom. We are engineers. We're technical people. We have the engineering mindset. That is again, another competitive edge that we have in Patria in infrastructure. We do have a diversified platform. We started doing what I call the development funds, which is again, doing execution, running the execution risk. This is the more complex part of the investment within infra, you know, doing the assets. We moved from, you know, greenfields to core assets. We do have, we have core funds. From, you know, 10-year funds to permanent capital, from equity also to credit. We now have an infrastructure in Patria, a very well-diversified platform. Let me zoom in each of the aspects here for you to get the messages. On addressable market, this is the size of it. We split between here, you know, among the sectors. $25 billion for power, $35 billion for logistics and transportation, $10 billion in data infrastructure, that's telecom-related sectors. $30 billion in environmental services. A message from this page here, if you think about infra, you're looking at some other, let's say, managers being more creative, going to, let's say, infra-related sectors. We don't need to do that in LATAM. The bottleneck is so big. Whatever sector you look at, there's bottlenecks. Even in traditional sectors like those ones here, those are the sectors that we've been investing in. Again, with a giant addressable market ahead of us, and the size of the funds, still a drop in the ocean. With respect to performance, you see the figures here in the page. Again, this is net U.S. dollar performance of the last 10 years, of the last two vintages, way above benchmarks, 4.7% above benchmarks. If you compare to publicly traded benchmarks, you know, even, or, you know, a larger difference, 15% above the publicly traded benchmarks. Very healthy benchmarks. Again, remember that we have as a base real assets, so with a strong downside protection as well. On our, you know, competitive edge here. What we do, and we've been discussing this, you know, those days, it's very hard to execute, I can tell you, but hopefully simple to explain. What we do is develop, de-risk, and then sell. Develop the assets, de-risk them, and then sell. We've been doing so for the last, you know, six, 17 years, $13 billion of assets, of CapEx, of, you know, CapEx expenditures, capital deployed. Again, developing, de-risking, and then being able to sell once the assets are fully operational. That's very much the model. Let me give you know, real examples. In power, 10 investments, 17 years doing power. We've done thermoelectric power plants using natural gas, by the way, coming from the pre-salt reserves. We have in that specific project, Shell as a minority shareholder. They are minority. We are operating. They selected Patria to be the operator. We're proud to have, you know, a giant energy global player selecting Patria to be the operator. That's thermoelectric. You see some pictures here of small hydro plants. We're doing that since Fund One, since 2006. Wind farms, solar, you know, power plants. This picture of the solar power plant is a project developed by us in the northeast of Brazil, now fully operational, contracted. Three years from zero, it was a blank piece of paper, three years after, we're now positioning this platform, this asset, for a sale. In transmission line, this is another example of our case here. We entered this auction in 2016 with nothing. There was a blank piece of paper. We developed from, you know, that until a fully operational, asset. You know, we did the environmental licensing, regulatory approvals, all the project finance, all, you know, dealing with local communities, dealing with, you know, indigenous people. You know, we bought the land. It was 2,000 lands that we bought, passing through, you know, 50 municipalities, four different states in Brazil, 1,500 km of transmission line, done by a team of Patria. You know, people came from Patria, CEO, COO, CFO, regulatory director. Those are people that are doing different, you know, different companies within our, within our team. Very, you know, interesting and real case of, you know, developing, de-risking, and then selling. We sold that platform two years ago to a large strategic player. They didn't wanna go through all this process. They wanted to buy fully operational. That's what we did. Invested around $120 million, sold for more than $500 million, this asset here. If you think about transmission lines, this is a boring thing? No, no. Not boring thing. We invested $120 million, sold for more than $500 million, very much proving the concept what we have as a competitive edge. In logistics, nine investments, 13 years doing logistics. This is real picture of a waterways platform that we also created from scratch. This company has shares traded in the stock exchange. We already sold a portion of that, collected all capital back in U.S. dollars, still have a big portion of the company, you know, controlled by Patria. In toll roads, also part of the logistics, we are one of the largest operators of toll roads in LATAM. We entered in 2006. Five concessions, three in Brazil, two in Colombia. This picture that you see here, we recently sold this company. That was announced last week. Again, very similar to the model. We entered the auction. It was a BRL 2 billion CapEx, you know, duplications, enhancements, installation of toll plazas, a number of things. Three or four years after, we then sold the company to a large strategic player. This group is a giant global group called VINCI. Those that are, you know, follow the infrastructure, it's a global infrastructure player that was looking at LATAM saying, "Well, who's the, you know, who has the best assets here?" We're very proud that they negotiated and so, and bought from us. $300 million back to investors just with that one. By the way, we still hold 45% of that company. In data infrastructure, we did towers. Third time that we're doing towers, 9,000 towers. We did it once, sold. Did it twice, sold to another player. Are doing it for the third time. In data center, we created the largest and fastest-growing independent platform for data centers in Latin America. This is a company, again, created by us. This company is called ODATA. You know, developed from zero until where we are as of now. Please, you know, think about this name, ODATA here. You know, by being the leader, we really attracted the interest of large global players. At some point, this company will be also positioned for sale. In environmental services, also another sector. We're doing this you know, big project in Chile, a desalination project and a 100 km pipeline in Chile, all developed by us. Again, CEO, COO, all directors coming from Patria developing that project. You know, I gave you real examples. I think, you know, some of the images help you understand what is the competitive edge that we have, in infrastructure. In talking about team, you know, everybody says they have the, you know, the best team. We believe, we do believe we have the best team. In private equity, you saw Ricardo speaking about it. Let me speak about the infra team. You know, take this message here. Again, a technical team and, you know, I'm an engineer. Of course I am not on the day-to-day, but again, I have this mindset. When we interact with suppliers, with, you know, counterparties, with project finance, with, you know, the ones that from whom we're buying the companies or the projects, the ones that we're selling the projects, we have, you know, the technical expertise. People in power, in logistics, in environmental, in telecom, they know what they're talking about. They're really technical. They're really sectorial team. As private equity, we have also been working for years together. The faces don't mean that much to you, mean to us here. The faces of the partners we have been working for more than 11 years. In the case of, you know, take Marcelo, for example, since Fund One, we're now in Fund Four, going to Fund Five. You know, Felipe, Roberto, the same. We're working together for years. Not only a strong, but very cohesive team that we have. Finally, we expanded the platform. Remember that we started with this development funds. We're now in vintage, going to vintage five of the development fund. We move. Those are the, let's say, the riskier and the higher returns. We moved to core. Already two funds in core. Now credit starting infra credit. In terms of investors, if you look at the right of this page, from institutional to retail, from high to low sophistication of type of investors, in terms of terms, from 10 year to permanent capital, we're doing permanent capital now. International to local investors. Ticket size from large to small. We have ticket sizes of $300 million in our development fund. We have ticket sizes for a Brazilian individual in the core funds of $30,000. That's very much the, let's say, the expanded product offering that we did. By the way, after the IPO, very much after the IPO. We're very happy and proud with that. Again, to, you know, make it real, you know, you see the image, you saw some of the pictures, but I think the ideal dynamics here is for you to see a three-minute video that I'm showing now, explaining a little bit of the competitive edge, the team, the structure, the track record. Again, it's three-minute only. Please know that all of the scenes, all of them, 100% of the assets are assets of Patria. Assets of Patria Funds 1, 2, 3, and 4, and the core Funds 1 and 2. With that, I hope you like this video. With over $5 billion in assets under management, Patria's infrastructure vertical has created, developed, or invested in more than 20 assets. Patria's assets and platforms are present in the most attractive markets in Latin America, primarily Brazil, Colombia, and Chile. Patria has been investing across a variety of infrastructure sectors. In the power sector, Patria has developed, built, or invested in more than 3,800 MW of installed capacity, providing electricity to over 9 million households each year. With investments in solar panels, wind farms, and small hydro plants, Patria has become one of the largest developers of renewable power projects in Latin America. In the past years, Patria has created a platform company that has developed over 1,500 km of transmission lines, crossing more than 50 municipalities in four Brazilian states. Patria is one of the largest managers of toll road concessions in Latin America, with around 3,500 km in Brazil and Colombia, with over 230 million vehicles served every year. In a highly connected world, Patria has developed over 9,000 towers, providing infrastructure for the wireless telecom industry. Patria has created one of the leading and fastest growing independent data center platforms in the region, serving hyperscale global clients in four countries within the region. Environmental services, one of the more strategic sectors of focus. Patria has developed a greenfield sustainable water desalinization plant in the Quintero Bay in Chile. The Aconcagua project has signed 20-year contracts amounting to over $2.5 billion of revenues. Those are examples of the achievements and the capacity of this team. Patria has developed one of the most experienced teams dedicated to infrastructure with strong sectoral, technical, and financial expertise. With more than $100 billion of actionable opportunities across sectors, Patria plans to broaden its investments in all infrastructure segments, consolidating its practice in credit and equity, from greenfield to core assets. Patria's business model has created a competitive advantage in Latin America based on discipline and execution capacity. Infrastructure investments that promote efficiency and competitiveness with inflation protection and solid business plans, anchored by long-term contracts that can be replicated in different geographies and sectors. Patria Infrastructure, real value in real assets. Okay, thank you very much, guys. Okay, you heard about private equity, you heard about infrastructure. Let me call Fernando Tisné to talk about credit now. Okay. Thanks, Andre, for the, for passing me the responsibility to follow the show here. I'm very pleased to be here. I mean, it's very challenging to be here after hearing Alex, Ricardo, and Andre. I am a credit guy, so I am the boring guy, and after this very impressive presentation, I want to take 10 or 15 minutes of your time, huh? Thank you first of all, for having us here. We at Moneda are very happy to be part of this platform, Patria, Moneda. It's almost one year since we're together, and we're very, very happy. I am Fernando Tisné. I am been with Moneda, now Patria, for the last 28 years of my career, doing credit, I would say almost all my life. That's me. I have the responsibility of being the head of the CIO of this vertical. Let me tell you a little bit about our platform. We have had an amazing ride since we started on the credit funds over the last 22 years. We have been one of the largest and more experienced team dedicated to credit in the region, and we have delivered outstanding performance in our main strategies and grown our business. Today, we're managing $4.5 billion in seven different strategies. Our addressable market, where are we in? I would say there's three main pockets where we are. We are inside, and with where we started, it's a $580 billion U.S. dollar bonds issued by Latin American companies. This size has grown more than 10x, 7 x over the last 10 years. On the local currency sides, that mean bonds, public bonds issued by Latin American corporates in local currencies, BRL, Mexican peso, Chilean peso, Colombian peso, the stock of bonds is around $400 billion. On the public side of the fixed income market in LATAM, the credit, we're talking about roughly $1 trillion. In those two pockets, we have developed our two main strategies that I'm gonna tell you a little bit more about them later and represent three quarters of our AUM. On the private market side, Latin America is still behind. On a worldwide basis, there is around $1 trillion of AUM invested in private credit. LATAM is behind for accounting for just 0.5%, growing 32% over the last two to three years. The private credit market is a natural step for us to jump in, I hope soon. Let me tell you a little bit about our main strategy and our track record. It's important to understand the root of our credit platform and how we became what we are today. We are, since our beginning, we are niche. We try to strive and to add value to our investor by looking for niche and at the derived opportunities where we can have a niche to provide true value to our investors. After launching in Moneda last century, our small cap equity that my partner Pablo is going to tell you a little bit more about, we launched our first credit fund invested in LATAM U.S. dollar-denominated high yield companies. To put this into perspective, while the high yield market in the U.S. was highly recognized since the 1880s, in Latin America, there were no dedicated fund investing in this asset class. In 2000, with only $50 million, we launched our high yield strategy, becoming the first dedicated LATAM high yield fund and pioneering the asset class. It was only until 2007, seven years after we launched, that JPMorgan create the CEMBI Index. Indexes that today are very familiar and track corporate bonds in emerging markets and Latin America. Throughout the history of our funds, we have been able to deliver consistent outperformance in different trade cycles and macroeconomic environment. Our flagship strategy, the LATAM Corporate High Yield, has delivered 350 basis points of alpha in the last 10 years and 410 since inception. Our local currency strategy that invests in a portfolio of companies in different currencies throughout the region, we have been able to deliver close to 200 basis points of outperformance in different times. This performance has enabled us to rank at the top of more than 200 funds in emerging market that invest in U.S. dollars over the last 10 years. In our local currency funds, number one since inception. I can't stay behind of the real and great performance of our, my former partners that present. They show tremendous numbers. This is our numbers, our total return numbers. Our flagship fund, the Moneda Deuda Latinoamericana, over the last 20 years has outperformed all the major high yield asset classes in the world global U.S. emerging market. It has also beat the S&P 500 over the last 20 years. It's really impressive, and every time I show this graph, it's really, really impressive. Another finding that is very interesting, at least to me, in this chart, is that LATAM high yield, even though all the crisis that maybe you have heard over the last 20 years, has outperformed the U.S. high yield by more than 50 basis point over 20 years. It's impressive. It's really, really impressive. Our success is not just under our regional funds. Our youngest and single currency funds in CLP and BRL, Chilean pesos and Brazilian reais, that target the local money in Chile and Brazil, have also succeeded, and they have started to build their own names in the portfolios of local investors. How do we do it? What our competitive advantage? Why we have done so well over such a long period of time? I would say there is four main things that I would like to highlight. First is dedication. We have been doing, and myself and my team, we have been doing just LATAM, just credit in LATAM for 20 years. That repeating one and eight year after year doing the same, give us an edge. All of us in all of our strategy, we do have the boot on the ground. What does it mean for us? Is, I mean, knowing the companies, knowing the environment where they are, knowing the management, knowing the owners of the companies, knowing the cultures, knowing how the companies have behaved in good times and bad times. That is very, very, very important. Also, we have a deep knowledge about our issuer. Our research team will cover more than 200 companies, and that's an important number. Also, our the way we do invest. We're completely benchmark agnostic. We do not build our portfolio tracking indexes. We have a very, very large active share. In order to do that, we need to combine what we have what I've told you before. We need to combine knowledge, dedication, and the experience of our team. Everyone in here has a great team, but this is my team. The team that I have, that I lead. We have the PMs, the co-PM, the people leading this, we have more than 100 years of experience doing credit. Our team is 39 people. I would say this must be one of the largest teams dedicated to credit in LATAM with an amount of years of experience that is incredible. We are spread all across the region. How our platform looks like. We try to put in one single slide. We have a very diversified platform and funds. Today, we have seven. $4.5 billion, $3.2 of them are in U.S. asset, underlying asset of U.S. dollars, and $1.3 in local currencies. We have regional funds, that's been regional, that invest all across the region from Mexico to Patagonia and target global investors. Not just only locals, but also global investors. Then we have our, I would say, onshore funds or funds dedicated in single currencies like Chilean pesos and Brazilian reais that target the local markets, the onshore market, the local investor. In there, we have three different funds in Chile in this high yield space, in the high grade space, and in factoring type of funds. And in Brazil, we have our high yield private trade. What are we working on, the things that we are working in the credit team in two things, as I was mentioning to you. We're working in a corporate private debt fund in U.S. dollar to invest all across the region in LATAM, that is going to be funded with international or global investors. Also, we're working on two local fund in Brazil to invest and to provide financing for the huge demand that there is in infrastructure and agribusiness. What is on our future and how do we see our pillars of growth? We put in this slide, basically, how do we see it? We have our current products, new product, current markets and new market. At the bottom left is what we have today, the $4.5 billion that we're managing in seven strategies. As new product in our current market is the one that we discussed, private trade, agri in Brazil and infrastructure in Brazil. Those funds can be put it in that box. On new markets and current product, what are we doing? Today, we do have flagship funds with 10, 20 years of tremendous track record that are listed in the local markets in Chile. We need to give to those tremendous product more visibility. We need to make it easy for global investor to invest in them. We are looking for opportunities to list our main and flagship funds into global exchanges in order to facilitate the access for global investors to our funds. Looking beyond, and in the medium term is the new products and new market. What does it mean? When you look at the industry of asset management in the region, the amount of money that is invested in fixed income funds, Brazil is huge, $600 billion. Mexico, $100 billion. Chile, $36 billion. Colombia, $20 billion. Today, we have small operation in Chile that account for roughly 1% of the market share. We are starting in Brazil. If we can grow our goal is to grow our Chilean operation and also to expand and replicate what we have done in Chile all across the region. The opportunity is huge. There is close to, I mean, $750 billion in the industry invested in fixed income, and we should be a player in that market. That's it. Thank you very much. I would like to introduce my partner, Pablo. Is his turn to talk about equity. Congratulations. Good luck. Hello. Good morning, and thanks for being with us in our first Patria Day here in New York. being interesting in the development of our firm. One year ago, we were merging Patria with Moneda, I am very exciting about the future. I am Pablo Echeverría. I'm the founding partner of Moneda, the chairman of the company. I'm the head of LATAM Equities, currently I am partner and board member at Patria. Before to go through the presentation, let me tell you about our investment philosophy. We have five pillars. One is our only focus is LATAM equities. Second, we are long-term and fundamental investors. Third, our investment process is research-driven. We do company by company, bottom up. In that sense, we're agnostic about indexes. The active share of most of our funds is higher than 50%, and we have some funds that are 70% and 80% active share compared to the index. Finally, we are friendly activists in the companies where we invest. We don't buy stocks. We invest in companies. Let's go through our platform. As a firm, we have a big opportunity to continue growing the business in LATAM. The addressable market measured by the free float of the MSCI LATAM is $650 billion, and currently we are managing less than 0.5% of that amount. By other side, we have delivered more than 550 basic points of overperformance since inception of the company 28 years ago in 1994. We can be long-term investors because our main clients are institutional and long-term investors like pension funds, life insurance companies, sovereign wealth funds, among others. Our senior investment team has more than 20 years average experience in the business, and most of us have been together as a team for more than 10 years. Our pan-LATAM and country focus strategy. Despite the cycles, we have grown the business 19% compounds since 1994 to reach $2.3 billion. These are currently strategies that we are handling. We do LATAM small caps, LATAM all caps, LATAM large caps. We see some interest on LATAM all caps ex-Brazil. We are running a mandate that is not here. We have Chile small caps, Chile large cap, and the PIB in Brazil. Despite the very pessimistic atmosphere in the markets over the last two years or during this year on what's going on in fixed income and what's going on in global equities, our funds have shown a very, very strong performance. In all caps LATAM, we are 10% up. In small caps Chile, we are 29% up during the year. In large cap Chile, we're 33% up during the year. We have built a differentiated platform in a competitive space. We have a long-term client base. As I mentioned before, we have a deep bottom up research capability with our own proprietary business, with a large team of analysts. We have a constructed expertise in at the local levels. Examples are the, our PIB in Brazil and in Pionero in Chile that have been invested in the small and midcap companies since 1984. In both funds, we nominate board members in many of our investments. Our holding period is very long, over seven to eight years. If you look more or less the clients that we have, 80% of our clients have been investing with us for more than 12 years. Currently, 56% of our AUMs are from Latin American clients, and 44% of the AUMs are from foreign clients abroad the region. Let's talk about a little bit about the team. This is our senior team. As I mentioned, more than 20 years experience investing in LATAM. We have a group of very, uh... We have a young analyst, a junior analyst, then analyst, then senior analyst. There is some analysts that have been working and that have been in the business, an analyst that is not common in Latin America, for more than 15 years, analyzes the same sectors, et cetera. You can see here, bueno, by the way, Alejandro Olea is here. Where? Alejandro is over there. He's our LATAM portfolio manager, 20 years experience. I would like to highlight here in every of the strategies that we manage, we have a co-portfolio manager or an assistant portfolio manager. This is an strategic to be consistent in delivering returns over the time and keep the knowledge in Moneda and in Patria. As I mentioned, one year before we integrate both companies. We're in an early stage to integrate both team, Moneda and Patria team. Currently, the research team is run by Camila. We have eight analysts that are based in Santiago de Chile and five analysts that are led by Flavio, that are based in Brazil. Here is the performance of our strategies. In the left side, we have Pionero in CLP, and the compound annual return of the fund have been 13% since inception in 1994. In that sense, the people that invest in the beginning of the fund have multiplied their money for 33 x. Compared to the MSCI Chile Small Cap, that you have multiplied your money for a little more than 6.4 x. If we, if we look, LATAM equities, we are 51% up since inception, compared to the MSCI LATAM, that is 27% down. This is in dollar terms. Our PIPE in Brazil is 260% up, compared to the Bovespa, that is 103% up. In the bottom of the slide, you can see the overperformance over the time of the different strategies. In returns, in this instance, it's not just to have a good year. You have to show your investors that you can consistently deliver alpha, you can consistently beat the markets and your peers. Here, we did an exercise that shows the rolling the three rolling, the three-year rolling average period over the since inception of every strategy. You can see it, that in the case of Pionero, in 96% of the period, we beat the index. In the case of LATAM equities, 85% of the period, we overperformance the benchmark. In the PIPE, in 84% of the period, we overperformance the benchmark. Let's talk a little bit about the opportunity? Let's go to grow, go to the future. LATAM is fully under-penetrated in the stock market. You can see it here in this chart, Luis Fernando mentioned this morning some topics about this. LATAM represent 12% of the land in the world, 8% of the productive land in the world. LATAM represent 8% of the population in the world, and 12% of the growing middle class in, around the world. The region is capturing 9% of the FDI in the world. However, if we look at the bottom part of the slide, LATAM represent 4% of the market capital of the world, and it is barely 1% of the MSCI equity. I think the huge for LATAM is quite impressive. We can see it, that the region, despite all of the political turmoil, et cetera, is in quite good shape. Latin America is going to take the advantage of what's going on in commodities. If you look the commodity industries all around the world, there's a big lack of CapEx. In that sense, the supply is going to be very, very tight over the next 10 years. I'm very sure that prices of commodities are going to be higher than the average of the last 10 years. It was mentioned in the morning, the low geopolitical risk that the region has. From one side, we have a very strong trade relationships with U.S. and China, and we have been neutral in all of the geopolitical problems around the world. I think a main, very big strengths in Latin America is our independent central banks. They have done a terrific job running inflation. They were ahead of the curve on inflation, raising interest rates. I'm quite optimistic that inflation next year is going to reduce? I think they have done that, they have done much better than the ECB, done much better than the Fed. Let's go. This is another way to see the opportunity to raise money, a very good entry point for the investors. If you look here in this chart, in the left side, Latin America used to trade at 15x earnings since the year 2000. Now it's trading at below 7 x earnings forecast for 2023. We've... If we compare LATAM in the right side of the chart, against the emerging markets, LATAM used to trade with 10% premium against the emerging markets, and now it's trading with 40% discount. The addressable market that I mentioned in the beginning is if we take the free float of the asset class in Latin America, it's 650 basic points. Currently, Brazil is around 64% of the free float, Mexico 27%, and Chile around 6% of the free float. In the right side, in the blue box is the asset class that we are working and playing today. LATAM, large cap LATAM, small caps LATAM, I mentioned all caps LATAM, and I mentioned all caps LATAM ex Brazil. We don't have any PIPE in LATAM. I think with the infrastructure that we have in Patria, I think it's a very addressable product that we can develop. I'm talking about thinking not in next year, probably over the next three years, I think there's an opportunity for create PIPEs in the region. If we go to Chile, we have large cap and small caps, as I mentioned before. If we go to Brazil, we don't have any many product, any product is focused on large cap or small caps or long bias. In Brazil, we have just the PIPE that is quite small today. In term of the demand, there is demand from regional. There is regional to global. There we have developed, sorry, regional products to global and local investors. In LATAM, in the case of Chile, local to local and local to global. This is the same case of Brazil. I think there is opportunities in the near future to develop products in other countries, country-specific products for local investors. Just to finish, the key issue here, before all of these goals, is to keep performance and is to keep continue delivering alpha to our clients in a long-term basis. That's the key. I think we can continue growing in our current products. We have opportunities to increase our market share to continue growing in local products to local clients. All right. Local products to global clients. I think we have a big challenge that is continue growing around the outside Latin America. There's many sovereign wealth funds, pension funds. We have some of them. We are working to bring more of that kind of investor, long-term investor that fit very well with our investment strategy to bring to the our platform. Develop new products. As I mentioned before, Brazil I think is the most obvious in the short term. Moneda was it had been an institutional shop. In that sense, most of our relations are direct with the clients because they are institutions. It's I think it's similar to the history of Patria. Most of the clients of Patria are institution. We want to bring our products to new retail investors or family office or multifamily office. I think in term of the commercial side, we have a very important goal that is develop the products to being part of global distribution and local distribution platforms. Thank you very much. Josh. Thank you, yes. Okay. We're gonna take a very quick break, aim for 10 minutes. We'll be back, to start with our real estate presentation. Thanks, guys.. If I could ask everyone to take their seats again, please. We'll get started in just two minutes. two minutes. If everyone will take their seats, we'll get started in just a moment. We're gonna resume now with our presentation on real estate. I'd like to welcome Ken Wainer to the stage. Ken's a founding partner of VBI, which is Patria's real estate platform in Brazil. Ken? Thank you, Josh. Good morning. My name's Ken Wainer. I'm a founding partner of VBI Real Estate. VBI is the real estate investment management platform of Patria Group. It's a pleasure to be here, at my first PAX Investor Day. We became part of Patria in Q3 of 2022, this year. I'd like to just give you a little bit of background on our real estate investment platform, what we see as our trajectories of growth and how we fit into Patria Group. To start, the Brazilian real estate market, when we look at just as a proxy for the market, the listed REIT market, it's a $28 billion market cap, total market. Roughly BRL 150 billion. It's a large addressable market and as we'll explain a little bit later in the presentation, highly fragmented in terms of the number of investment managers. VBI is a platform, we started in 2006. Today, we manage $1.4 billion. We have a 16-year track record. Our performance speaks to the success of the platform we built. Looking at two of our flagship products, our office REIT and our credit REIT have outperformed their respective indices by 8.8% and 14.2% since inception. At the end of the day, our competitive edge comes from our people and our strong sector specialization. We're real estate people. We're organized by sector, verticals, sector specialization. We began our business as real estate developers at a time when global institutions were interested in building their exposure to Brazilian institutional real estate, where there was a limited amount of institutional real estate available to invest in. We became developers as a consequence of that. Today, we retain that tooling as the developer, but we have investment programs based in development, based on core, and based on real estate credit. As the origin of our firm, it's been focused on institutional investors, we've built the investment process, risk management, and reporting systems required by global sophisticated investors. That's stood us in good stead as we've made a pivot, as you'll see in some of the following slides. We pivoted our business to focus more on local permanent capital, and we stand out from our peer group because of those institutional processes that we developed accommodating sophisticated global investors over the years. Our team today is 50 people. The senior team has roughly 20 years of, on average, of Brazilian real estate investment management experience. Our platform is diversified. We manage seven listed REITs listed on the B3. These are permanent capital vehicles without redemption provisions. Investors who require or seek or desire liquidity, achieve liquidity through the sale of shares in an organized stock market environment. We also manage multiple joint ventures, as well as private equity real estate drawdown funds. Total AUM of $1.4 billion, of which 77% is permanent capital. Let's talk a little bit about the market. We like to use the REIT market as a proxy. Of course, the REIT market is just the tip of the iceberg. We like to use that as a proxy. Its growth is very relevant to the growth of our platform. Looking out over the past five years, the REIT market has grown at a 34% five-year compound annual growth rate. Today, roughly market cap of BRL 150 billion. Just five years ago, it was BRL 50 billion or BRL 45 billion-BRL 50 billion. We see this growth continuing as we'll show you in a few slides how under-penetrated the market is relative to, for example, the United States REIT market. Real estate's very interesting in how it fits into Patria Group as a whole, primarily because it's the first and primary beneficiary of the financial deepening that we're seeing that's been a trend occurring over Latin America for the past decade, or more. So real estate tends to be, particularly listed real estate products, REITs, an entry-level alternative investment product for individuals who are taking capital out of fixed income and looking for other kinds of exposure. Generally, over time, what happens is that as they become comfortable with their exposure in the REIT market, they expand their exposure to private equity, infrastructure, and other alternative investments. Just look at the number of investors. Over the past five years, in 2018, just five years ago, there was roughly 200,000 people participating in this market. Today there's roughly 2 million people participating in this market. We've seen 10 x growth over five years in the number of participants in this market. Again, this capital in the local REIT market is permanent capital, so investors who invest, they can achieve liquidity through the sale of shares, not through redemption of shares. It's truly permanent capital. From an investment manager's point of view, from Patria's point of view, from VBI's point of view, this is an extremely attractive source of capital because it generates a perpetual management fee revenue stream for us. Now today, the primary focus at the start of the market has been retail investors, we're seeing a migration slowly from retail investors to institutional investors. As this market picks up scale, we're gonna see increasing migration, not just of individuals, but also of the large local pensions into this sector. This market is supported by strong tax incentives, so inspired by the U.S. REIT rules, rental income of a Brazilian REIT's not subject to taxation. Today, the dividend distributions made by REITs are also not subject to taxation. It's a very attractive, tax-free product for individual investors. Give a little comparison. I wanna point out how much room there is for growth, not only in the size of the REIT market, but also for potential for consolidation for the larger managers that can grow through acquisitions. Let's just look at U.S. versus Brazil. The population of Brazil is roughly 2/3 of the United States. GDP is roughly 7% of the United States. Despite that, there's about double the number of REITs in Brazil as there are in the U.S. Despite that the market cap of the Brazilian REIT segment's only about 2% of the U.S. REIT market. The number of investors in the Brazilian REIT market is 1/70th of the number of investors in the U.S. REIT market. When we step back and we look at our market, we see a certainly fragmented and structurally underdeveloped market that's poised for consolidation. As another point of reference, when we think about our growth prospects, the inorganic growth prospects, our ability to grow through either acquiring other managers or taking over their investment vehicles, we see 143 real estate investment management firms which represent 20% of the REIT market. All of them might have very interesting businesses, on a standalone basis, but probably aren't very profitable and would fit very nicely into the VBI Patria Group structure. Our culture is a primary driver of our success. We built our business purely as real estate people. We are real estate people. Our initial core competencies were in the five primary real estate groups. We started off, as I mentioned, in developers, as developers. Development was our primary focus as global institutions sought to take access to institutional real estate in Brazil and found there was not a lot of it. We built it. We've done more than 40 real estate developments, commercial, industrial, and residential, since inception in 2006. Not only that, but we've built the business not only in bricks and mortar, real estate investment, but also in real estate lending. Today we have exposure to BRL 1.4 billion of real estate credit. We've become vertically integrated real estate lenders, from origination, structuring, syndication as appropriate, and asset management. We're a process-oriented firm. As I mentioned earlier, our institutional or our first investor base was primarily pensions, foundations, endowments, family offices, that had very specific standards and requirements as pertains investment process, risk management, and reporting. We retained that standard of care for our investors, and it stood us in very good stead as we began to pivot toward the local market, serving retail investors, individual investors in Brazil, but standing out as a firm that had an extraordinary capacity to service that investor base and to communicate with that investor base, and probably most importantly, to educate and to bring that investor base to a level of comfort that they could increase their exposure to the sector. Now of late, our primary focus has been on the REIT market. Primarily, as we started out, our focus was on drawdown funds, seven to 10-year capital with institutions. We've pivoted over the past several years to focus on the burgeoning REIT market. Today, we manage seven REITs listed in the B3 with roughly BRL 3.3 billion of aggregate market cap, and we continue to grow in that sector. Just talk about when we say we're real estate people, just want to give a few example. Here you have photos of the leadership. These are the people who run the investment management verticals of VBI today. I'll give you a few examples, just to give you an idea what it means when we say we are real estate people. Well, let's talk about Alexandre. Alexandre runs our industrial logistics vertical. He's developing warehouses. He's managing LVBI, which is a listed REIT, that owns warehouses in Greater Rio, Greater São Paulo. Alexandre has 21 years of experience. 12 years at VBI. When he started his career, he was one of the first research analysts at Richard Ellis in São Paulo, going around Greater São Paulo and Greater Rio, knocking on doors, looking at warehouses, trying to figure out who the tenants are, how much occupancy there is, measuring floors, and creating the first database of, well, what's this market look like? What's the total supply of Class A industrial logistics real estate? Who are the tenants? What's the occupancy rate? What's the supply? He continued now. He joined VBI 12 years ago. He runs our development effort. He runs our asset management effort. He runs the external property management efforts. He's exclusively focused on industrial logistics real estate. To give you another example, Rodrigo, my founding partner, we founded VBI together. Rodrigo started at Richard Ellis 27 years ago. Very similar story. Around the time when he graduated from university, there was the Real Plan. What we saw was a tremendous interest in multinational companies to add to their headcount in São Paulo and Rio, elsewhere in Brazil. They were coming to Brazil, but they didn't have the office space with the specifications that they required elsewhere. One of Rodrigo's first tasks when he joined Richard Ellis, twenty-something years ago, was to go to Chicago, London, and New York and just have a look and try to understand what top-quality leading-edge office buildings look like and to come back to Brazil so that he could advise with a Richard Ellis business card, advise local developers on exactly how they can build their developments to attend to this new demand for global multinationals looking to increase their headcount in Brazil. Now, certainly, the culture of VBI expresses itself best in returns. I'll give you an example of three of our flagship products. First is our industrial logistics REIT. This is listed in the B3, BRL 1.3 billion market cap. Since inception, it's outperformed the overall IFIX REIT index by roughly 10%, generating 40% total return versus 31% for the index. Over the past 12 and 24 months, it's also outperformed its respective index. Our office REIT, which is called PVBI, also listed in the B3, has roughly BRL 1 billion market cap, roughly at the index over the past since inception, but has outperformed 15.5% versus 11.8% for the index over the past 12 months, and 12% versus 8% over the past 24 months. Our credit REIT, we're also roughly BRL 1 billion in market cap, has outperformed the IFIX index, performing at 28% total return since inception versus 14% for the overall index. We believe that certainly our returns are critical, but our returns reflect a process, a culture, an attitude, and a team of excellence. A big priority for VBI, and I think Patria Group as well, is to make the increasing migration to permanent capital. And we can see that VBI has made a pivot over the past five years. In 2017, really all of our capital came from global institutions and drawdown funds, roughly seven to 10 year money. We've grown as our AUM grew from BRL 1.9 billion to BRL 6.2 billion roughly today. We went from 0% permanent capital to 77% permanent capital. Of that 77% permanent capital, roughly 70% comes from Brazilian individuals that are accessed through wealth managers or specific specialized distribution channels. Roughly 30% comes from local pensions and institutions and funds of funds that also provide permanent capital for this sector. We see the permanent capital as an extremely attractive source of revenues. It generates a perpetual revenue stream for VBI. Again, this is truly permanent capital. There's no redemption provisions or any other ability for an investor to achieve liquidity other than by selling shares in the secondary market. Of course, we're seeing increasing liquidity in the secondary market, which is what gives comfort for investors to allocate to a product where the only way that they can generate liquidity is by selling in the stock exchange. Now our path to growth has three pillars. Number one, certainly is to enhance the critical mass in our core real estate products, specifically through follow-on offerings of our office, logistics, retail, and credit REITs. That basically entails accessing local individual capital through wealth managers and through distributors through follow-on offerings of those vehicles. That's the primary organic path to growth. Secondly, we've been pioneers in real estate sectors that exhibit secular growth trends that are present in Brazil. A very good example, we were a pioneer in the purpose-built student housing sector. That's a sector where over the past five years, there have been $10 billion, $15 billion of global capital invested in the space. Brazil has the 4th largest university student population on the globe. Universities don't provide housing, and there was no purpose-built student accommodation player. We used our knowledge as a global firm, as a firm with a global view, to understand that this was a sector with potential that we could see in other markets in North America, particularly Europe and the U.K. We've partnered with a local operator that understood that view, and we're now the largest player in the purpose-built student accommodation sector. That's an example of how we can grow, not just through the primary real estate groups, by being innovators and understanding unmet demand for the Brazilian context. Thirdly, as I pointed out earlier, we see an opportunity in inorganic growth, meaning to acquire either other managers or acquire their management contracts. The sector is very fragmented. There's roughly double the number of REITs as there are in Brazil as there are in the United States, despite a much smaller market capitalization. There's 143 real estate investment managers that manage 20% of the entire market. Many of those businesses are not extraordinarily viable on their own, but could make a lot of sense inside the structure of VBI Patria. We have an intention and a systematic process to work with Patria to identify targets, to filter through those targets, and to work through a process of acquiring other managers to increase our assets under management. Today, real estate is roughly 5% of Patria's total assets under management. We see a tremendous room to grow this AUM and to grow as a percentage of the total Patria AUM. We're very excited about this opportunity to work with Patria to realize this. We think we're a much stronger firm together with Patria. We have much more market power. We have a better access to investors. We're much more relevant and interesting to the distribution channels that bring us that individual and institutional local permanent capital. That's why we made the decision in Q3 of last year to join Patria Group. Thank you very much. I'd like to now introduce José Teixeira, who's going to speak, introduce the team and speak about our local distributions strategy. Thank you very much, Ken. Thank you, all of you for being here today and joining us for our first PAX Day. My name is José Teixeira. I'm a partner in the firm and have been here for nearly 20 years. As a matter of fact, today, exactly today, it's been 19 years since my good friend, Ricardo Scavazza called me to invite me to join Patria. Yeah, it's a coincidence today, Alex. 19 years with Patria, exactly today. Good to be here celebrating with all of you, this moment, personally for me as well as for PAX. Hey. After this tour de force with Ken talking about real estate and then such experienced partners as Pablo, Fernando, and of course, Andre and Ricardo talking about our investment capabilities, I think it's well established that our investment capabilities, they do represent a core, a key strength of our Patria Investments platform. They're certainly the big draw, right? Investors globally and locally are attracted to invest with us. Now for the next 15 minutes or so, I want to together with my partners, talk a little bit about how distribution and fundraising capabilities of Patria can also be a key driver of value for the firm. Let me get that. We'll think about it. To start with, I'll start with something familiar. This is something that those of you who were, present and following our story, during, our IPO, certainly have seen. I don't know if you remember, but you certainly have seen. Over the past 15 years, we've been able to raise, $13 billion, organically from investors, which is, you know, for a, for a humble, Brazilian Latin American company, something that we think is expressive. But maybe you do remember the $13 billion. What I think it's interesting to point out about this slide is just, you know, how we've been upping the game vintage after vintage after vintage, again, organically, to the point that, over the past vintage, we raised $5.8 billion from originally $600 million. What is not in this page, and I do think it's interesting to bring forth, and I think it's even more interesting from a perspective standpoint, is that as we were establishing different offices throughout the world, we managed to firm up our distribution capabilities in such way that from raising certainly more than 90% of capital with placement agents back in 2007, 2008, by the last vintage, which was our largest vintage so far, we were raising capital for up to or over 95% directly. This ability to raise a lot of capital directly came on the back. Obviously, as I said, we were opening offices throughout the globe and today we have nine fundraising offices. Very much in the Patria way, as we developed these offices, we hired a team, we promoted people internally. Andre started, I think, as an intern as well at Patria. I started nearly as an intern. We built a team to what is today, I think a significant, a significantly large team with 58 professionals spread out through all these offices around the world. What this 58 professionals team allows us to do is to be very close to the clients and to be very intense in the way that we cover our clients. That gives us this chance to be really close to clients, the complex client, institutions that we can assess at different levels of their respective organizations. We can do so not only with intensity, but also with a lot of seniority. A lot of us have been here, I think the average is more than 15. It's, you know, certainly Andre, 20+. I'm nearly 20. Our Moneda friends as well have been there for a long time. With this combination of intensity and experience, we can actually. I believe we can actually deliver on what Alex was talking about like this three-pronged, three-vector growth strategy. I think we've become very, very close to global institutional clients, and I think Andre Penalva will explain more about that. By pleasing them, not only with the great returns that certainly our investment strategies provide, but also providing great service, being close to them, becoming thought partners to them. We keep them happy, we gain in reputation. That allows us to also invite our local allies, our local friends, that start to look into alternatives. When they start to look into alternatives, where they go to? Well, they go to those investors, through the asset manager that is very local, that is very close to entrepreneurs, that's who they wanna do business with. Daniel Sorrentino's gonna talk about how we attract LATAM capital, to invest in our own investments, in our own LATAM products. Finally, as I think our friends from Chile have been able to do, particularly, as these local clients trust us even more, as they see the results of their investments, as we become thought partners to them, as we are to global investors, they start to trust us also when they look abroad or offshore or internationally to the Northern Hemisphere for global products as well. To talk a little bit about all of these different paths to growth that we have, the different ways that we can pursue to achieve our ambition of $50 billion in AUM, we'll start out with prong number one of our strategy, and I invite Andre Penalva to comment on that. Thank you very much, José. I'm Andre Penalva. I'm one of the managing partners of the firm. I'm responsible for the global institutional distribution channel of the firm. I've been with the firm for the last 29 years. Marco D'Ippolito that you know used to say, and I agree with that I'm fully depreciated by now, which is a fact. 30 years will depreciate you. In the last 17, I've been running exactly the development of this channel that you see here, which brought us so far. Actually, it's a pretty big asset of ours to have the relationship, the kind of relationship that we built with all these investors. Now, the message that you're gonna hear from me that I would like you to retain is exactly the fact that we, at the end of the day, with all of this effort that we put together, you heard it time and again in this presentation, which is we came a long way, but the future really looks bright ahead, and I'm gonna show you evidence of that. I'm gonna use some metrics that are familiar to you. They may sound and look familiar to you because they were used in our IPO. The first one is the penetration that we have in the market. If you look on the left-hand side, you can see the way that we look at it. That's one of the most, I think the best ways to look into it, which is our penetration into the top 100 global LPs. 55% of the capital that's allocated today to alternatives, it's coming from that, from that group. In terms of our penetration, if you look at it, we're cycle after cycle growing our penetration from three to 13 to 20 names. We're very proud, very happy with the effort so far. It really underscores the fact that we still have 80% of that list for us to work on. It's great that we have that list 'cause it shows the potential that we have in terms of development. Not only that, if you look at the other trend that's at the bottom, maybe you guys in the back are not gonna be able to see it, but at the very bottom, you have the average ticket size that investors put to work with us, growing steadily cycle after cycle, from $33 way back in the beginning of our, of our path here to $113 to $150. Growing healthily. This is a trend that's happening in the market, and we piggyback on that, which is more exposure to alternatives, which is what investors really wanna have it. The other point that we explored with you in the IPO was exactly the type of investors that are with us. If you look at the top 20 LPs that invest with Patria, you have $8 trillion of assets under management in total. Average of $400 billion. We're talking about large, influential, sophisticated LPs that are with us, and they're part of a group that have an addressable market. The total addressable market of institutional capital is of $14 trillion. This is the market that we've been exploring so far, which grows a very healthy 22% per year. Large industry grows a lot, and we've been able to penetrate that. As you can see here, eight out of the 10 largest sovereign wealth funds are with us, half of the 20 largest pension plans in the globe are with us, and half of the 10 largest in this country here are with us as well. Once again, highlighting that came a long way. Lots for us to do, lots of opportunities. One of the most interesting opportunities, as Alex mentioned in the beginning of the presentation, is exactly the fact that we're developing a new channel, which is on the private wealth and family office side, with a size that is equivalent to the size of the channel that we already explore, and it grows at even steeper rates. Another big market, another market that grows really well. We're exploring these two and very happy with that. Talking about penetration of the markets, talking about increasing share of wallet. When you look at it, Alex mentioned at the beginning of this presentation as well that these investors that you're looking at, they change over time. Exactly they did not only in the last years, five years or so, but even more so from our IPO until today. One of the points is really how do you we serve them. In the past, what used to be is flagship strategies, primary investments in flagship strategies. Now, this evolved and two trends, two big trends came along, which one is they want more products. They definitely want different ways to relate to us. Through not only primary commitments, which are continues to be important, but also through SMAs, co-investments, continuation funds. We have active conversations on all of those. We've been able to actually craft SMAs with North American, Asian, so, sovereign wealth funds, Middle Easterners as well, on the credit side, on the infrastructure side. We're very happy that not only on the primary side but on the other product side, we've been able to do that because we are the ones in Latin America that can fulfill this demand of different products and obviously our size as well. Our size matters because of the fact that these investors want to put to work $500 million or more, and we're the ones with the size to fulfill that demand from investors. Through that demand, what they really wanna do is concentrate relationships. They don't wanna have five relationships. They don't wanna have four or three relationships. They wanna have somebody in the region that sorts it out for them. We're the ones exactly doing that with the capacity, not only in terms of size, but in terms of the technical capabilities. You saw all my partners here talking about the investment capabilities that we have. We are the go-to manager in the region to do that. All in all, happy with the path so far that we trailed, but really a lot of opportunities ahead of us that we wanna explore. I'd like to hand over to my partner, Daniel Sorrentino. Thanks, Andre. Good morning, everyone. I'm Daniel Sorrentino, one of the partners of the firm. Joined the firm 20 years ago. 18 years working on the private team. Over the last two years, I've been responsible for leading the local strategy for Brazil. I'll give you some highlights on what we're seeing on the market in Brazil and also in Chile. Brazil is a sizable market with a 2.8 billion BRL in total size, which represents about over $500 billion. It's a market that has been posting solid growth rates at 10% per annum, still very low in terms of penetration rates. You can see here that we are averaging 4%. That is very low compared to developed economies. If you look into the institutional investors, still very low, 1%, that represents a great growth opportunity for us. We're still in the beginning of this process. In terms of the concentration of the market, you can see here that the market is concentrated into 10 basically large names. It means for us that basically to assess the market, we have to dominate those 10 relationships. That has been our focus since the last two years when I joined this effort in Patria. How are we structured and what we are doing there? This is our clients team. We have put together, which is probably the largest and the best team in the region. We total about 15 people within the clients team. We, of course, have the traditional client coverage and client service, servicing being really relevant to what we do in Brazil, given the relationship that we have with those, top 10 large names. Also we have putting some together, something that is very unique for the Brazilian market, what is the marketing and the products team. Both of these teams are supporting what we are doing on the clients front, strengthening the relationship, developing new products, and that has been really key to our growth strategy. I think that's also great to mention on the product side. I think it's not only about the flagship products. I think the new products that we talked a lot today represents a great portion of what we have been raising over this last year. This year, we're raising about 55% of everything that we raised in Brazil for new products, which is great for us when you think about the growth perspectives of Patria in local markets. Also important to highlight the 20% number, which is the amount of capital that we raised through permanent vehicle strategies, especially on the core assets funds, real estate and infrastructure. The local market in Brazil posted a significant growth for us this year. We tripled the size of our local market from BRL 5.7 billion to BRL 16 billion. We see a great opportunity for us to keep on growing this strategy, this platform, and we see that we can triple the size within the next three years. That represents a great opportunity for Patria looking ahead. Brazil is not only what we have. We still have Moneda in our, in the Chilean market. It's very interesting that we, through the partnership, we assess what for us is the second-largest market in the region. The Chilean market represents $200 billion in total size, which is approximately 40% of what we have in Brazil. Even though the GDP of the Chilean market is 20% of Brazil, the market is more developed, more sophisticated than Brazil, and still presents a great opportunity for us. Again, the market has been growing at a solid growth rates of 9%. The penetration rate is still very low, well compared to Brazil, 5%. Moneda has been the number one player within the industry, right? Moneda is the largest, the most well-known, and is two times larger what we have in Brazil. Moneda is really well-positioned within the market, and you can see here in the client's base, right? They basically assess 100% of the pension funds, 73% of the family offices, a third of the life insurance companies. Basically, Moneda have access to the whole market with this number one position. Here, on the client side, I think they have a great team as well, with over 26 professionals working to sustain that relationship with our clients, and that has been playing a great example of what we can do in local markets. In terms of the products, we already highlighted that, but they are number one in terms of market share on the Chilean equities market, LATAM credit, and the Chilean credit. It's also interesting to highlight what José and Alex mentioned earlier today, that we have been able to assess Chilean investors and offer them an alternative to invest in global alternative strategies. Today, basically 20% of what we manage in Moneda, this $1.7 billion that you can see in the bottom of this page, is dedicated to invest in global alternative space. With that, I conclude, and I call back up José for his final remarks here. Thanks very much. Thanks, Daniel. Yeah, I think, I think all good points from Daniel and from, and from Andre as well. I think this last point is quite interesting, right? We have already gearing towards $2 billion raised with Chilean clients investing in global products. That's, that's incredible. That opens up a whole avenue of growth for us throughout Latin America. Certainly in Brazil, we haven't even started to scratch the surface on vector number three here that you see on the page. I think the overall message as Andre and Daniel walked through these three prongs here, basically is one of risk mitigation, right? However you look at it, from Andre's point, you can certainly see that the 20 very large top 20 institutional investors that are super representative, that have a great reputation, how they can provide us with, you know, a great growth opportunity. They can certainly increase their tickets by quite a bit. Their reputation will continue to help us do as we have done. Andre showed the graph, right? To penetrate more on that top 100 global investors league, so we can grow that as well. And we can enter new channels. We talked about the wealthy individuals globally. If you start adding these opportunities up, certainly you know, we have more there than what we need to achieve our $50 billion ambition. Just looking at that, the international vector here, vector number one. From Daniel's point, you can see that our experience in Brazil and Chile, although different, they're both very valuable, very complementary as well. I think in Brazil, again, our short-term goal or medium-term goal, depending on your time horizons here, you know, in three years to triple, after having tripled year-over-year, 2022 over 2021, I think is certainly something that we think is achievable. Again, that plan might include even sort of the third prong here, which is raising local capital in Brazil to invest abroad. I think from these two experiences, though, in LATAM with local clients, with Chile and Brazil, we certainly garner from that a lot of confidence that we can replicate that model in other countries as well. As we step into Colombia, Mexico, and other such countries, we are very confident that we can replicate that model or that we can create a new model from a synthesis of some of the lessons that we have from Brazil and Chile. To wrap up, I think, you know, the message is one of both risk mitigation and confidence. I think those things come together. We approach our investments a lot of ways. They're risky investments, and we do a lot of things to mitigate risk in private equity and infrastructure. That's in our DNA. Here as well, we try to provide you with all that, with that view, right? To get to $50 billion, which is our ambition, is very possible. When you add all these opportunities that we showed here in terms of a client's, a distribution, we certainly could add up to much more than $50 billion, but that's how we are. You know, we'll open up these opportunities and then try to execute on as many as we can, with discipline to get to our targets. Because we've mitigated so much of the risk and because we have such great products and such strong investment teams and fundraising capabilities, the final message is one of confidence. We're very confident that we can get to that $50 billion in three years' time. We're sure also that that will create a lot of value for all of you as shareholders and investors of PAX. With that said, I'll invite Ana Santos to speak here about a theme that will be sort of the underlying power behind our investment teams and our distribution teams, which is the power of our culture and of our people, about which she can speak very properly. Ana, please. Hi, everyone. I'm Ana Santos, head of HR and partner at Patria. I'm really excited to be here with you to tell you a very successful human capital story, which has been built over the years. You just heard so great achievements from my colleagues and may wonder how it was all possible. Well, it was all possible because over the years, we have assembled the best team in LATAM. We have the very best professionals in private equity, infrastructure, credit, equities, and distribution. Let me show you how. It all starts by building from within. One third of our partners join us as intern. As José just said, some of them are here, Daniel, Penalva, Scavazza. That's very impressive, but also very inspiring to our young talent. We have award-winning internship program called Patria Academy. Well, the success and the numbers talk by themselves. I'd like to highlight the great female attractiveness from young talent in the market and of course we do hire the majority of them. We also have been able to attract experienced professionals as well. As market leaders, we have been able to attract senior talent. For example, the last two years we have hired eight managing directors, 50% of them female. We do have a seasoned team of experts, functional experts, as well as vertical experts. We make sure we have the right talent to run our portfolio companies by hiring our C-level. Of course, when needed, we bring in new expertise. Since the IPO, we brought in new experts and skill sets in credit, real estate, equities and most recently in venture capital. Since we bring our talent, most of our talent as a young age, we help them grow. We have four career paths. We have the investment career path, commercial career path, corporate career path, as well as portfolio management career path. We offer a robust learning platform with over 15 technical courses from the most recognizable institutions. Each young investment professional has to complete over 50 hours of technical training per year, which is a lot. We take our own cases and theses and transform into business cases for people to learn and grow. We are very actively in knowledge management. We manage performance, right? Performance is key for our business. We value the high performers. We make sure we recognize, reward, compensate, and stand out our top performers. Our top performers can make top decile compensation package within the industry. That's very robust. Our senior leader package is aligned with our long-term results. Of course, you know, the name of the game for an investment team is a great chunk of performance fee. At the end of the day, we are all human beings, right? We work so hard in communicating, celebrating, engaging, and respecting each individual to create a strong sense of belonging, great team spirit, to touch people's heart according to our values. Future. We are always looking to our future, as you may have noticed. We've been working very hard on succession planning for a long time. We take it very seriously, and we have fully demonstrated it. For example, our CEO here is the third generation of a CEO. Our business units heads are longstanding Patria professionals. We continue to make new partners every year, and we do have a robust assessment program in place. Every year, we fit in who is gonna be the next generation of leaders. We continue to evolve as an institution. Since the IPO, we brought in corporate leaders in key areas. Again, I'd like to highlight great female representation. Those professionals has evolved us as systems, process, and practice. Therefore, we fully believe we are prepared to grow and expand our business in a successful manner. We have the right people, the right competencies and skill sets, and the culture to do it. We are a people business. Thank you very much. I'd like to welcome Ana Russo to the stage. Hello, everyone, I'm Marco D'Ippolito. As many of you know, after serving in the CFO and COO since 2016, we've announced my transition to focus on the growth of the firm as Chief Corporate Development Officer starting in 2023. Hi, everyone. I'm Ana Russo. Actually two month in the company. I'm in transition with Marco. That's the reason you're gonna see both of us today. Over the last few hours, we've heard Alex talk about our strategy, our positioning at the firm level, and you also heard our leaders talking about their strategies, the addressable market, and the compelling opportunities of their businesses. Now Ana and I will give you an overview of how does that translate into numbers. Our business model is powerful. It's driven by fee-related earnings, which is highly predictable, stable, and based on sticky and long-term fee-related earnings. This fee-related earnings spans across six vertical strategies in a variety of permanent capital, drawdown funds, and open and perpetual funds. This capital is trusted to us by different type of investors from different geographies, ranging from local and global institutions to local individuals. What makes me even more enthusiastic about the model is that FRE is consistently growing not only by our internal efforts, but also by powerful secular trends, with investors increasing their allocation to alternatives. Definitely a good industry to be exposed. We operate with an FRE margin of over 55%, which compares very well within the sector. Our management fee revenue is not only diverse, but also highly insulated from currency fluctuations. Our model also allows shareholders to share the success through performance fee. Given the strong performance fee of our funds, we currently accrue $428 million, which equates to $3 per share. Together, these two streams account for distributable earnings, which we pay out an attractive 85% to shareholders each quarter. At our recent share price, the predictable FRE portion of our DE alone would generate an annualized yield of 5% based on the most recent quarters. This is a very attractive baseline compared to the peer group. On top of that, the potential for performance fee has a tremendous upside over the course of the fund for the next cycles. Our management fee revenues are not only predictable but also very fee related earnings has consistently been progressing, even as equity market in the U.S. and Brazil shows significant volatility. You could replace the stock index S&P 500, Ibovespa, with any economic measure, like currency interest rates, but the point would be the same. The range of products and geographies in our platform give us many vectors for growth, and we believe that diversification and thickness of capital would allow us to scale FRE in a steady and consistent manner. While our business is obviously not immune to any market condition, our earnings structure is built to remain stable during short-term market volatility and deliver value to shareholders through cycles. What matters over the long term is our ability to deliver great investment performance to our client, which in turn allows us to raise larger sums of capital to scale our platform. We've done a lot since our IPO about two years ago. We not only increased our AUM by 84%, but most importantly, we became a better company. We expanded our existing funds with strong support to our investors. We added new product verticals like credit, public equities, and real estate. With that, we expanded our offering to over 30 products. We brought new geographies, new clients, and new distribution capabilities, and we increased our permanent capital base. As we march forward in building the most comprehensive alternative asset management platform in the region, I feel great about our path, both to grow this, both organic and inorganic. Most importantly, I can say with confidence that we continue to do exactly what we conveyed to you at IPO. Let's look into the financial performance, like Alex mentioned in the beginning. Our earnings have grown significantly since the IPO as a result of our platform expansion mentioned by Marco, but also with M&As. In numbers, our f ee earnings AUM has grown to approximately $19 billion, or about 2.4x. With the drive, driving fee revenues at a similar level, we expect 2022 FRE to be roughly 2.3 x what we earn in 2020. Our investment performance, our expectation to reach FRE of $130 million this year is represent 50% increase versus last year, includes a steady and a strong margin between 55% and 60%, and the crystallization of our incentive fee, which is all consistent with the guidance we give it to you throughout this year. Our investment performance has driven solid growth on the performance fee accrual, which should be indicative of the value of the future realization as we divest our portfolio. Our net accrued performance fee of $428 million at the third quarter is up 55% pre-IPO level. Keep in mind that we already realized $58 million in 2021, if we add up that to the current performance accrual, we are actually more on the 75% growth. From the distributable earnings perspective, we have generated $1.66 per share over the first seven quarters of the IPO, which with at our 85% payout ratio, translating to $1.41 dividend to the shareholders. We're proud of our execution since we stood here at Nasdaq about two years ago, and we believe we demonstrated our ability to deliver on our targets. That being said, where do we think the future takes us? Let's take a look. Our ambition is to reach $50 billion of total AUM by end of 2025. You've seen today the compelling opportunity that is set to each of the verticals, as well as some ideas of new products that can drive this growth. Across all business verticals, we believe we can identify large and growing addressable markets, often under-penetrated, which can accommodate multi-billion dollars of AUM. This AUM is expected to come through a combination of scaling our existing products, new products, and extending our distribution capabilities. While organic growth is our predominant drivers, we do expect M&A to contribute to this growth. Our program remains focused on exactly what we told you, acquiring products, distribution, and geographical competence, all connected with the strategy described today. The $50 billion aspiration in total AUM reflects a headline metric. As everyone in this room knows, it is really fee earnings AUM and fee-related earnings that really drives the shareholders' value. In our outlook, we believe the $50 billion platform translates to $35 billion of fee earnings AUM and about $200 million-$225 million in fee-related earnings for 2025. Let's go a little deeper on that. Starting with capital formation, we're targeting to add $20 billion of total capital inflows from 2022 through 2025. This is a combination of organic fundraising and M&A. Note that we included 2022 in aggregation as it helps to reflect the full fundraising cycle for our flagship funds. Through the third quarter of 2022, we added about $3.8 billion, of which about $1 billion came from M&A. Permanent capital is comprised of non-redeemable, publicly traded real estate and infrastructure core products, and we see this as a significant opportunity for organic and inorganic growth, especially in local markets. The drawdown funds include our flagship private equity and infrastructure products, along with some new complementary products, some of which you heard here today. As a reminder, we indicated in our recent earnings call that we expect to raise between $6 billion and $7 billion of drawdown funds by 2023, which represents a bulk of this estimate. The amount for open and perpetual strategies reflect a target inflow of products that is consistent with our recent quarters. Can fundraise on a continuous basis. This includes the strategies like high yield and public equities. How does that translate into fee-earning AUM growth? While a precision look into the next three years is not practical, we do think it's reasonable to offer some range of what we think that platform will trend. As you saw earlier, our fee earnings AUM of nearly $19 billion has diversified significantly since the IPO, with the addition of credit and public equity verticals. $35 billion of fee earnings AUM of 2025 would represent more than 20% annualized growth. As you can see, we expect the trend of diversification to continue, in particular in the real estate. It is a clear area of opportunity where we think our platform remains subscale today and can give us an even better quality of the fee earnings AUM. Along that same theme, but now with the type of product, we believe permanent capital strategy will become more relevant and could represent approximately between 15%-25% of fee earnings AUM by 2025 is strengthening our framework. Okay. As we look forward to 2025, let's first take a moment to zoom in the next year. Given the structural fee related earnings, fee earnings AUM, our current positioning already gives us a lot of visibility for 2023. We expect to grow FRE by approximately 15% in 2023, resulting in about $150 million while maintaining margins at 55%-60%. Keep in mind that for our drawdown funds, fee earnings AUM generally increases as we deploy capital, and a reasonable annual run rate for deployment is about $1.5 billion-$2 billion. Of course, this figure is also offset by any type of realizations or fee step-downs or contractual expirations. In addition to that, we have our permanent capital strategies that are driven by core infrastructure and real estate, where we see an opportunity to grow both organically and inorganically. We also feel strong about the continued success of the fundraising for the open and perpetual strategies that have demonstrated a consistent performance relative to the benchmark, and where the fees are mostly based on NAV with the ability to raise capital on a more continuous basis. Finally, remember, we have the ability to add fee earnings AUM through M&A, which we will continue to pursue. As an example, just last week, we announced the acquisition of Igah Ventures, which is purely additive to our FRE. We expect to provide you with further details in the next quarter. As we look forward ahead to 2025, we indicated that we expect to grow the fee earnings AUM to around $35 billion. This will drive management fees and FRE to an annualized growth of between 15% and 20%, resulting in a range between $200 million-$225 million by 2025, keeping a similar margin. As you heard from Ana, we expect the fee earnings AUM mix to reflect the positive shifts toward increasing permanent capital. This means, of course, an even higher quality of fee earnings AUM driving FRE. One outcome of that trend is that we also expect a slight reduction in the effective management fee rate given the profile of the products. That's explain why the implied growth rate in fee earnings AUM will be higher than the implied growth fee related earnings. This FRE growth is very achievable, but of course require us to execute on the different phases of the business. As we succeed on, one, reaching the $20 billion in total capital formation organically and inorganically, following a similar pace with 2022. Two, we deploy a large portion of the drawdown funds that are being raised in 2022 and 2023 at the same pace that we have been deploying. Three, we continue to perform on our perform the same level on our permanent and perpetual funds, with the fee-based NAV. The path to achieve the target fee earnings AUM looks very good. Given all we've shown today, we feel very confident we can deliver on those targets. Our net accrued performance fees of $428 million increased 55% since the IPO, reflecting continuous outperformance of our flagship private and infrastructure funds. We've always said that performance fee is hard to predict due to the exit time, uncertainty of the exit time. For that reason, we won't give you any guidance on any particular single year. It is, however, more reasonable to think about performance fee capacity over the cycle. Right now we have 2014 and 2015 ventures funds, private equity five, infrastructure three, generating excellent performance and prying for their investment cycle. PE5 and Infra III had $6,363 million based on based on third quarter marks. That represent more than 80% on the current overall net accrual of $428 million. These two funds are mature. Their portfolio companies have largely executed their business plan, we're actively engaged into the divestment process for a number of portfolio companies. Recently, we've seen to take Lavoro Public in PE5, creating a better liquidity profile. Just last week, we saw the partial exit on Entrevias, a toll road platform in the Infra III, like Andre mentioned. These first few exits in the funds are key steps to returning and reaching performance fee waterfall hurdle so that we can begin realizing the accrual. While revenue stream may be more episodic in nature compared to the FRE, our progress should keep investors excited about the nearly $3 per share represented by our current accrual. The $363 million, especially on these two funds, which is high potential for realization in the next three years. I guess this is the most expected page. Putting all together, we believe Patria is positioned to deliver a very strong earnings per share between 2020 and 2022. Patria will have delivered between $2.25 and $2.50 per share, depending on the fourth quarter of 2022. Looking over the next three years, we believe that we are positioned to roughly double that amount to shareholders, generating somewhere in the range between $4.50 and $5.00 per share in aggregate. What you see here on the page is a build-up of the midpoint of the range. On fee-related earnings, we indicated a target of between $200 million and $225 million in 2025, and with steady growth to that level, this earnings stream could deliver about $3.25 per share over the next three years. On performance fee, we indicated about $360 million of current net accrual that are in mature funds, as Ana mentioned, with a potential realization the next three year. Our range here reflects the realization of between 50% and 80% of that amount, which at the midpoint would indicate $1.50 per share over the next three years. As we achieve that outcome, our earnings per share for shareholders over the next three years compared to the prior three years in our view, are a tremendous value for you today. With that, I conclude and turn over to Alex for the closing remarks. Okay, thank you very much for your patience, to actually follow through with us for the whole morning. Of course, I've we're very excited to have you, and it's an honor for us to have you guys here. I'm just concluding here with my last slide, and then we go for the Q&A session and then lunch and then the game. Hopefully you're gonna continue enjoying the day with us. As mentioned, I think throughout the day and as I started my presentation earlier today, we're all about people. I think you saw how much work we've been doing in order to attract, to retain, to engage the best talents. I truly believe, hopefully you guys have the same conclusion that we have the best of the best talents, and that's what gonna make us succeed in the future. The best talents produce the best returns, the best relationships and the strongest relationships with our clients produce the best fundraising efforts, and the best talents on the corporate side produce the best process, and the best compliance. Of course, together, be it investments, be it portfolio management, be it the commercial sales, be it the corporate areas, the four career path, we deliver amazing returns and very, very good prospects, and I feel very comfortable that we will continue delivering. Well, there's a tremendous opportunity here. I hope, you know, that you have also concluded that throughout this morning here. Private markets throughout the world is expected to threefold over this decade, and it's still very underallocated to Latin America. Latin America looks very attractive against the global backdrop, and even more so if you consider the financial deepening underway in the region. Our investment strategies have large addressable markets, and they're producing amazing returns. We have the best second-to-none returns, again, the best second-to-none investment teams. That's gonna... you know, with that, we will continue to prosper, fundraising and growing. We are uniquely positioned to seize this opportunity. We are the gateway for alternatives in Latin America, be it for global institutional clients, global wealthy individuals, also local to local, from local institutional clients getting into the asset class. As Ken actually pointed out today, in his real estate presentation, real estate is an entry-level product, and the investor will then scale up to other more sophisticated products. We'll hold his hand as he do the whole scaling up from less to more sophisticated, more liquid products. We have to be a one-stop shop platform. That's what we wanna offer, several products, different countries, different asset classes to be the investor of choice, the partner of choice, the knowledge partner for global and local investors. We are now positioned as a market leader and being a public company also gives us an edge to attract, to retain talent and to use it as a currency for our acquisitions. We are uniquely positioned really to deliver. You saw the numbers, extremely exciting. I feel very comfortable that we can achieve the $225 million of fee related earnings by 2025. I gave you guys the guidance that we're gonna deliver next year $150 million of fee related earnings, and we delivered on the guidance in 2021, the year that we went out as a public company. We are delivering the guidance in 2022. Believe me, we will deliver the guidance on 2023 onwards up to 2025. We also have a stack of now very good performance fees and out of the $428 billion, $363 coming from mature funds, which we are already divesting from several companies. We have the two funds, mainly the infrastructure III very close to its performance now where we deliver back to investors the principal, the hurdle, and we have full catch-up. As you know, the jargon in the industry here comes to us the same way that it worked with Private Equity Fund Three in 2021. We just divested from a toll road for Fund Three, and we are divesting from other companies from that fund as we are from Private Equity Fund Five. Throughout the next quarters, I think you're gonna listen very good news coming from that front. Even if we subtract a substantial amount of those fees, Marco explained 50%-80% chance of realizing the $363 million, that's a $1.50 per share. We go from $428 million to $63 million to $363 million of the mature funds and still apply a discount on that, and we got a $1.50 per share over the next three years, summing to the equivalent of $3.25 per share is the $4.75 that Marco showed you, which is 2 x larger than what we have delivered over the 2022 period, okay? Very, very excited with all that and really very comfortable we can deliver because of the team. Team is number one, number two, number three reason. Thank you very much for your support and thank you for all of the efforts that was made here today by the organizers of this event, our marketing team, Josh and his team, Andre Medina there, all the way on the back that worked so hard to prepare all these presentations for you guys. I hope that you enjoyed it. Thank you Nasdaq as well for providing this amazing venue for us and, hopefully you will enjoy then the Q&A session headed by Josh. We're available for you guys and then lunch right afterwards. Should we go for lunch first or should we go No, we're gonna grab lunch and come back. Okay. I think we should grab lunch and come back here for the Q&A. Thank you. Okay. We are going to quickly grab lunch next door. Should be ready for you. Come back in for Q&A. We'll have 30 to 45 minutes for a good Q&A session. Again, if you're on the webcast, we'll take a short break here. Please feel free to continue to send in your questions to the webcast, we'll try to take some of those during the session. Thanks. I said it was. Okay, if everyone can come back, take a seat, we'll get started with Q&A. There is a person. Hmm? They're jumping, they're looking up for you. Okay. Welcome back to everyone on the webcast. We have on stage now for a quick Q&A session. We have Alex, Marco, and Ana. We gathered some of your questions from the webcast. Of course we'll have questions here from the audience live. Maybe we'll start here with the audience. Do you want them? Craig, you wanna go ahead? Craig, do I get a mic or I just talk? Yes. Thank you, Josh. Guys, thank you very much for hosting a great investor day today. Craig Siegenthaler, Bank of America. I have a question on your new partnership with Igah Ventures, and sorry if I mispronounced that, but, you know, you're expanding into venture capital, and that's something we haven't seen from a lot of the American firms. There seems to be a division between buyout and VC and, you know, some of the buyouts have gone into growth capital, but not really venture capital. Why is this opportunity sort of different? Is there maybe regional differences in Brazil versus the U.S.? What are really the strategic merits you see in that, in that transaction? Thank you. Okay, maybe I can take that. Sure. Ricardo is also here with us, that heads private equity. He can also help with the answer. We have also Pedro Melzer, the founding partner from Igah, and your pronunciation was just perfect, that can also help me here with the answer. When we look at the ecosystem there in Brazil and the way that we wanna play it, I think it's very important for us to, first of all, understand everything that is going on since the VC part of the life cycle of the company, all the way to, you know, the growth buyout that we have our flagship fund. Ricardo, I think, alluded this during his presentation. If you take Now his example was in the healthcare space. If you go into the healthcare space, you have Igah investing in a company that actually can be a disruptor of one of our companies in the buyout fund. We had our growth equity fund also invest in another company that can also be a disruptor. Understanding what's going on in that part of the spectrum, in that part of the life cycle of the company is extremely strategic to make us better investors in the buyouts fund. That was one of the key drivers for us to bring that intelligence in. Igah is completely inserted in that ecosystem. Igah receives and participates in most of the venture capital deals happening in Latin America. We know through Igah now, over 1,000 deals that Pedro Melzer was, I think, analyzing just last year, now what's coming and what can be disrupted. We can actually judge what should we do and where should we invest. Interesting that one of the... Using another example, one of the flagship investments of our growth equity fund, Kamaroopin, is a pet food e-commerce platform. We were looking at that if opportunity to invest through our consolidation buyouts fund. Now we As you know, we do buy small cap company buy other small caps, create midcap, sell to strategic in that space, huh? Which is the distributors or wholesalers with of pet food in Brazil. Once we understood what Pedro was doing, we said, "Oops, I think that we should approach this opportunity from another angle." Nah? That intelligence is key actually for us. In addition, it's a very profitable place to be. Not I think... It's not gonna move the needle on the management fee side, given the size of the funds that we can raise in that. Together, I think with the growth equity fund, I think it can be pretty sizable. I think, I know if Ricardo showed, I don't think he showed this slide in his presentation here today. Over the last three to five years, there was an equivalent amount of money or even more money raised for venture capital funds in Latin America than for private equity traditional funds, you know? So, even though we see that it cannot, you know, move the needle today for us, yes, I think we can raise larger funds, and it can be very representative and very significant for our private equity vertical. For these two reasons, it's very strategic. It brings very important intelligence inside our private equity vertical, number one. Number two, it can become very sizable, not only from the performance fee point of view, which is already sizable for us, but from a management fee point of view, as the funds are getting bigger and bigger and bigger in that space, nah? Ricardo, if you wanna complement anything from your side. I can add. Yeah, if you can add. I think there's a microphone here. Why don't you use the podium here and whatever. To Alex's point, we see a strength from having the presence in all the cycle from VC to growth to buyout, especially when you think about the industries, and I think one very notable example is healthcare. Our understanding of the whole value chain. It does build value for the buyout to understand what's happening on VC, and also for VC to understand to have the connections and the understanding that we have from having the larger companies. There's an obvious synergy there. That's what Alex referred to the strength. Another angle to that, which I think addresses your question. When you look at the U.S. market, the market's more segmented than this vision that we're building. I think that's true, but you need to understand that Latin America is a smaller market where Patria has the opportunity to really have a market share and a dominance of the overall alternatives. That's not possible in the U.S. I think naturally when you look through the eyes of the LPs, they see Latin America as I'm going to have an exposure to Latin America, be it private equity, VC, or the all the other alternatives that we talk about. The market, the size of the relationships and the consolidation of the relationships in the market is building a level of scale that really Patria has the opportunity to be dominant in this space. I mean, we already are in most of the alternative asset classes, and we think we can replicate that to other asset classes like VC and growth. Even talking about the experience of Pedro Melzer here, our partner, he has a difficult time accessing the institutional market in the U.S., Europe, or the sovereigns. The platform of Patria can enable the VC fund of Pedro to access that market. That's easy for us to do. By doing so, we kind of lock in this dominant market share that we have. For us, this perspective of being the key and the leading platform for alternatives in Latin America is the vision. We have the relationships. We have a dominant share on this fundraising, which is the largest share of what is alternatives in the world. For us to have this complementary products allow us to, through key accounts and through relationships, to lock in that capital and don't allow a space for competitors. Really when I look at not just I can say for private equity, but I think it's the reality for the other asset classes as well. We can be the leading player at each one of these classes because of the quality and the culture of the firm, but also because how we can leverage this platform of fundraising. That's definitely true for the private equity vertical. I even see people that will invest with us in a managed accounts as a program for Latin America. I think several of the large accounts will do that. They don't wanna have to handle each of the... They more see it as a regional exposure than a product by product. That's very common. You look at a larger market like the U.S., it's much more segmented. You look at Latin America, Latin America is the segment. I'm investing Latin America. In the U.S., you have all this special segments of the market. It's much more broken down where in Latin America, that doesn't make as much sense. Thank you. Just one addition, specific addition for 2023 is that, Igah's acquisition is accretive both from the nominal perspective as well as from the margin perspective for 2023 and on and onwards. We haven't given a lot of disclosure on the details. That's FRE. ... of the transaction, but wanted to have this note. It's also a good example of an addition that benefits from the scale of our distribution capabilities. We're adding Igah as a product to the life cycle of the private equity, but it benefits on the distribution since we have a scalable distribution platform both for institutional and local investors. Okay, great. Thanks, Craig. Wanna take one now from the webcast. This is actually an aggregation of a question that was asked in a few different ways, but I think it's a fantastic question. We've talked a lot today about growth, both through organic growth, platform expansion, new products, as well as through M&A. We've also talked a lot about people and culture and our competitive advantage. As we grow in these different vectors, how do we make sure that we maintain our competitive edge? How do we make sure that we maintain our culture as we move forward? Oh, very, very, very good question, actually. Well, you saw here today that from our five asset classes, three of them today are led by partners that we associated ourselves with over the last years or recent years. You know, private equity and infrastructure are led by partners that were Patria partners, and credit and listed equities are led by partners that founded Moneda. Real Estate Brazil is led by a partner that founded VBI, Ken. This is already a message here of, you know, our, you know, us embracing. Of course, you need to have your, you know, our DNA and our, you know, major issues of our culture or characteristics of our culture, but one of the characteristics of our culture is to embrace other cultures. That's what we did, that's what we do in private equity. We did over 320 acquisitions over 25 platforms. You saw the slide there that Ricardo shown. We created all these number one companies. In their respective industries in LATAM or Brazil, one of them did 23 acquisitions, the other 20, the other 18, 15. What did we learn? We learned how to join the best of the best. It's not because Patria did go public that now the partners will be Patria partners are gonna lead things. No. Who are the best? In this case, the best for leading our credit vertical, for the listed equity verticals, for our leading our real estate Brazil vertical, they were not Patria partners. For leading, also several of the commercial. We saw some of the faces there in our commercial and IR. Several of those faces are Moneda partners and Moneda managing directors. This is us. We love diversification, we love inclusion because that's the way that we truly believe that we're gonna become better investors and a better company. We have fun in actually embracing this, these different cultures. That's what we do for a living. You know, we have, we started this so many years ago, actually also embracing different relationships on the client side, I'm mentioning on the investment side. All of our investors coming from all over the world and being able to create these relationships with Asians and Middle Easterns and Europeans. We just love doing this. Now, I was actually, we were talking over dinner last night, the opportunity to be in the Middle East and be invited by, you know, royal family and having dinner at their home and being invited by a nation sovereign fund to spend the weekend in their houses. We just, we are a people, we just are a people business, and we love people. I think that's one of our major advantages. We are great partners. That's the, and that's the culture. What's the Patria culture? It's an embracing culture. We just love people. We love to be with people. We love to develop relationships. We love to be partners. I think we're great partners. You can see here, Fernando, Pablo, Ken presenting here today, and that's the, that's the whole philosophy. It is really part of our culture, and I think we do that pretty well, to be honest. Great. We'll go here to Marcelo. Hi. Hello, everyone. Marcelo Telles, Credit Suisse. Thanks again for the great presentation. Very thorough. I have two questions. They are very different, you know, from each other. I think the first one you mentioned during the presentation about the opportunities, you know, that, you know, can be explored in private wealth and also family offices. If you could elaborate a little bit more, you know, how, you know, what would be your, let's distribution strategy, right? If today you are capable of reaching them directly or if you need to partner up, you know, let's say with an investment platform, like take the, you know, the Brazil example, you know, maybe, you know, through XP or maybe, you know, some private banks. How should we think about reaching out, you know, that type of, you know, money? My second question is regarding your international expansion. When you think about, you know, Colombia and Mexico, if you can mention, you know, a bit more detail where you see the opportunities, you know, in those two markets, maybe more infrastructure or, you know, which sectors you think you can have an edge. I think Mexico, I think the nearshoring discussion has been, you know, a very hot topic lately. Be interested to hear from you know, if you think that could be a real opportunity for Patria as well. Thank you. You wanna take that one? Yeah, sure. Let me start. The hard ones go for Marco. The easy ones go for me. I will start with the second, we go for the first, if you don't mind. I think, you know, in terms of, when we think about our expansion, both organic and inorganic, if we wanna be a dominant player in the region, we definitely have to be with this exposure to the largest economies. You know, Mexico being second largest in the region and definitely a focus for us. Colombia, we already have presence. We have over 25 people on the ground and more than $2 billion on the ground with significant projects going up there. It all starts with the idea of expanding our portfolio companies into these geographies with a successful track record doing so. We started Colombia with the private equity program in healthcare and in agribusiness, more recently in infrastructure. In Mexico, we also have an exposure through our network of gym clubs and also through our data centers in infrastructure. The idea of expanding to these other geographies is definitely part of our strategies and also having our own operations on the ground, raising money on the ground and having our products on the ground is also part of our aspirations. As far as opportunities are set, you know, Colombia is slightly different from Mexico. Colombia is very much a continuation of the type of opportunities that we see in Brazil and some other countries in Latin America. In Mexico, we do have an internal, a very decent, internal consumption and population, which also plays an opportunity that is somehow similar to what we do. On top of that, Mexico is an economy that is looking upward, now being driven by the nearshoring, and specifically in a current environment with the relationship between U.S. and China. We believe that Mexico will be a big beneficiary of that. What are the opportunities that are set into the in this scenario on the adjacencies of the topic that relates to the nearshoring, that relates to Mexico being a preferred partner for the U.S.? Real estate is a space that we're looking closely in Mexico. We think that there's a big opportunity there, both in logistics and industrials. There are also opportunities on infrastructure, which we're closely looking at. Yeah, we're, and to the point that you mentioned, I think, Mexico is also a geography where we think, likewise we did in Chile and working on other opportunities, partnering with locals makes a lot of sense. So. For the second question about this access, no distribution, I think we've left clear since we went public and more so today with the presentation delivered by José, Daniel, and Penalva, that distribution is the key pillar of our strategy. Patria got where we got, I think in a big part. You know, it's of course, returns is super important, but the distribution capabilities gives us access, you know. We had a big portion of our success given the direct distribution channel that we developed internationally. More recently, we started focusing on the local distribution with the addition of Moneda that was a super step onward. You know, Moneda added to Patria about a third of the local distribution, let's say. We have, out of the base today, we have about a third of our investors that we call local meaning Latin American investors, both on the institutional side and down to the retail. As we develop products, the distribution capabilities locally and develop the product that suits to this, to this local client, that's where we see our success moving forward, you know? I think one example recently announced in our last quarter was the fundraising for private equity seven locally with XP, which for us, gave us access to clients that otherwise we wouldn't have access to. We don't think that there's any, you know, we're definitely not against using indirect distribution capabilities to access clients that we otherwise wouldn't have access to. We believe that this will continue to happen in each of the local geographies. If I can add with to Marco's answer, I think when we go abroad meaning outside of Latin America, I think we're not gonna use distributors in like XP as our first strategy to raise money from global wealthy individuals. I think we're gonna approach it the same way that we approach global institutional clients. Andre, I think during his presentation, showed that from the top 100 clients, that represents $5.5 billion out of the $10 trillion industry. We have 100 clients that represent 55% of the industry. Today, we actually serve 20 of those clients, right? The famous 80/20 rule works here. I think the famous 80/20 rule also works for family offices. I think we're gonna start with a very large single and multi-family offices globally, I mean, outside of LATAM. It's the relationship that we're gonna develop with them, that we are already developing as an institutional relationship. The way that we sell our products, very similar the way that we sell products to institutional clients as a B2B relationship. I think that's what we're gonna do first, that's what we're already doing. In the local offices, as I think the XP works very well. We have the investors know us, we have the brand name, but I don't think we use the XP type in the Middle East to distribute our products yet or in Asia. I think it's a little bit far-fetched given where we are today. I think the markets might develop to that. Financial advisors in Asia or in Indonesia or in whatever, in India can actually start selling a LATAM product like ours. I think it's a little bit too soon for that. We are approaching, you know, family offices or multi-family offices or distributors like your, you know, the institutions that you guys work for, the private banking side of those institutions. There we have a feeder that they will have together with your institution, approach those clients. The relationship that we have with an institution like yourself is a B2B relationship, right? We have one relationship with someone that actually runs placements for private banking in that institution. It's very similar to the way that we run the relationship with a sovereign fund or a pension fund. Behind that, we have a feeder with so many clients. So that's the way that we are approaching it. I mean, I don't know if Andre or José, you want to complement, you're fine. Good. Okay. Thank you. All right. Let's go here. Tito. Hi. Alex, Marco, Ana and Josh, thanks for the presentation. Very helpful. Yeah. Tito Labarta from Goldman Sachs. Got a couple questions also. First, you gave the guidance around $50 billion in AUM for 2025, both M&A and organic. Any, any color you can provide on how much could be from M&A, how much could be organic, just to think about the different growth opportunities in each. Then my second question relates a little bit to, I think, Pablo's presentation earlier. But mention like LATAM is like, you know, 15% of the land, 8% of the population, but market cap is only 4%. But also GDP is only like 5%. We're going into an environment where perhaps slower GDP growth, kind of more leftist governments. Just to think about the challenges to be able to grow in a bit of a slower growth environment and how that could potentially impact the strategy. Thanks. May I start? Okay. I think the best way to think about the build-up of this $50 billion is thinking about fee paying AUM rather than AUM, because the AUM brings other elements of NAV appreciation and currency that it's that it makes harder to bridge. Think about the $35 billion, I think is a good way to think about. As I've been, we've been telling on the presentation, the $6 billion-$7 billion coming from the drawdown funds, and this is mostly on the flagship funds, but with also important new additions there. This is mostly organic initiatives, although we've seen some complementary acquisitions that we have just announced this week. There is some acquisition there, but I would say mostly coming from the organic side. The second bulk coming from the permanent capital, and these are again, non-redeemable, publicly traded vehicles, just for the sake of being precise here. Where I do think here we're gonna see a little bit more of acquisitions coming from, especially on the real estate side, in combination with the natural organic of the businesses that we already have and with the new businesses as well. Finally, on the open perpetual strategies where we're taking here as a guidance for you guys is that we are keeping sort of the same pace as we have seen on the fundraising side for the open perpetual strategy. If you add those up, if you remember the graph that I show you with the bubbles, that's gonna take you very much to where we expect to then translate to the $50 billion. I think, mostly through what's very, I think, attractive for us is if we can buy managers that are managing these permanent capital structure vehicles. Marco mentioned real estate. They also have managers on the infrastructure side. On the private equity flagship fund strategy that we have or infrastructure developments, and the open-ended perpetual funds, I don't think it makes sense for us to do an acquisition to increase share. I think we did associate ourselves with Moneda because we didn't have those competencies. Now that we have the competence, I think we're going to grow organically. On the permanent capital structures, I think is very interesting because it does add this perpetual stream of income. It's the moment that it's, they are depreciated because they reflect, now answering your second question, they reflect on the interest rates, right? If talking more tactically now, Tito, if you're gonna buy a permanent capital vehicle, might as well buy it now at 13.70% interest rate than two years ago at 2%. You do the math, 2% interest rates, this is the present value. You do the present value of 13.75%, this is the present value, right? Right now, I think that's where we should actually accelerate on that front. If you look into the near future and you see interest rates coming down in the region, tactically, it's very interesting if we buy it now. More of a shorter-term tactical vision, higher interest rates, the permanent capital vehicles, I think, are very interesting because if you are generating alpha in general, which are the other more sophisticated, you know, vehicles, and you generate alpha over the hurdle, I think it's even hard to price them also because of the performance fees, et cetera. That's what we want to do. When you go into a, you get into a new, you know, getting into a new country, if you go in through the perpetual kind of structures, I think it's a safer way to get into a country because clients are just there, right? They will then learn us. We will learn about the clients, the clients will learn from us, and we'll develop that relationship. Also these structures, the listed funds, permits us to get into the internationalization, through a safer route, in my view. Yes. Just to be clear, the predominant source of growth is organic. Yeah, it's organic. The inorganic is complementary, where we are adding product, distribution or geographical competence. Just on your second question, we've been able to raise capital this year in Brazil and in Chile for our size, significant amount of capital, even under the current situation. I think investors are looking to diversify their portfolio. I think the whole financial deepening is there, it's happening, and we I don't know where I think José and Daniel are here, they can complement here my answer, but we three-folded our AUM in Brazil, 2022 versus 20 21, and most of that came from organic growth, and 55% of that from new products. you get a, you know, take a year, 2022, we had several major things happening in Brazil, right? Interest rates went from 2% to 13.75%. We had the election, Mr. Bolsonaro, Mr. Lula, you name it, we tripled our AUM in Brazil. 55% coming from new products. Investors are really looking for alternatives now. More so it's interesting private markets securities, because the volatility of the public securities are giving a huge headache for pension fund managers. Sometimes they wake up one day, the fund is up. They wake up another day, the fund is down, the fund is left, the fund is right. They also enjoy the private market security because you do market that instrument, you do mark along the curve of that instrument. You don't have the huge volatility of a public security. For several reasons, I think investors do, and this is a, you know, real case. Brazil fundraising for Patria 2022, three times bigger than last year. Now we three-folded our AUM in Brazil. It's pretty significant. Again, I think very, election and interest rates hikes, and hopefully we're not gonna have a presidential election every year. Yes, I think next year in 2023 might be even better for fundraising, to be honest. Can I compliment you? You should. Please, Pablo. Do you have a microphone or- Please. I don't need it. Thank you for the question. Let me tell you 20 years ago, more or less, Latin America was around 30% of the market cap and the weight in the MSCI Emerging Markets Index. I think that's... China was smaller than Latin America at that time. Since after the Asian crisis, China started to do many follow-ons, IPOs coming to the market, and the... all of the investors were very interested in Asia. I think for me, there is a game changer. That is 2019, when Jack Ma tried to do the IPO of, what's the name of the comp-. Ant, yeah. Ant. Of the Ant. I think we saw since We have seen since then a very big change on the rule of law in China. I think that's a quite important issue or fact. I see less activity in China. Probably China in the following years is going to reduce their weight in the emerging markets. By the other side, you have the case of Russia. Russia is out of the emerging markets. I think currently, as I mentioned, Latin America was 30% of the MSCI, 25%, 20%, 25%, 30%. Currently, it's around 7%. I think that the opportunity is. One is this, that is more tactical. Many institutional investors, American and Europeans, has some prohibitions to continue investing in China. They're going to see first closer to the market on what's going on in term of the developments. Coming back to the companies. In Latin America, we have a very big and worldwide companies, in many industries like commodities. For example, Vale do Rio Doce, that's the largest producer of iron ore in the world. Like the lithium, Latin America is the second-largest producer of lithium in the world. Latin America is the first producer of copper in the world, with Chile first and Peru the second one. That is creating a lot of opportunity in term of growth, in term of for the middle-class people. That is helping us a lot to develop the internal markets. We're in a point where the currencies are super depreciated, as Luis Fernando show us in this morning, huh? This depreciation obviously affect internal consumption. If the currencies come back, as I mentioned in the morning, I'm quite optimistic about commodity prices over the next five years, huh? If currency come back, middle class is going to continue growing, and we are going to see a lot of opportunities in other industries like retail, banks, et cetera. Thank you. Thank you. All right. I think the mic was passed one more. Charles, right back there. Please go ahead. Hey, guys. Hi, Charles. Thanks for taking questions. Appreciate it. Just to clarify on the M&A side, you said that internal capabilities that you already have, you'll not be looking for inorganic opportunities, is that correct? For some of the verticals, more the, on the credit side and on the listed equity side, I think the association with Moneda was key, and it brought into the partnership these competencies. Most of the growth will come from organic expansion for those products. On the real estate side, as we grow into other countries, then I think an acquisition, yes, makes sense as we head into Mexico, into Colombia, which are opportunities that we actually described here. Going into those countries through real estate, I think an acquisition is key. As Marco mentioned, it's very important for us to have partners in these countries to help us, guide us, through, you know, Mexico and Colombia. Colombia, we feel very comfortable already. We've been there since 2014. We have an office there investing. Mexico, no. We have few portfolio companies that do business in Mexico. Yes, as we step into Mexico, it would be most probably, through a association of some sort. Okay. Would that apply within sort of private equity and infrastructure when we're talking about geographic expansion? Yeah. Private equity infrastructure, I don't think it makes a lot of sense, to be honest. I think we did on the private equity side, I think Ricardo led these two associations, acquisitions of the growth equity and the venture capital fund. On the infrastructure side, I think we grew a lot organically. There might be one or two opportunities that we see there, very specific niche kind of strategies that have... The bulk is gonna be organic growth, organic fundraising. Got it. When we think about this sort of large opportunity in Mexico and Colombia, we should expect to see that through sort of your flagship strategies rather than, say, acquiring a strategy within Mexico run by local operators. The flagship strategies, I think, they're already investing in these countries. In Colombia, we have an office, as I mentioned, since 2014. In Mexico, one step back. How do we expand it outside of Brazil? I think the first step was the portfolio companies expanded outside of Brazil. A portfolio company of a certain fund started expanding to other countries in South America, Latin America. I think Ricardo described, we created this pan- regional leaders in private equity, we did it in infrastructure. In Chile, even more so through infrastructure. In Colombia, more so with the private equity and more recently with infrastructure. After we got comfortable with these countries through the portfolio companies, we started doing our own investments in these countries through a new strategy or a new, you know, investment, again, through the flagship funds. Once we got comfortable there, we opened an office and we said, "Okay, let's take a step," and that was association with Moneda. We haven't done much besides Moneda outside of Brazil, right? It was through the strategies themselves. Mexico, I think it requires something like the Moneda style expansion because again, I think it was mentioned here is it is a country that has different drivers that like, that the economy in Mexico is more related with the U.S. economy. Well, you know, I'm telling you guys something that you guys already know, of course. We are looking for local partners for us to understand better, to guide us better, in that specific country, which is Mexico. Mexico is a little bit close to your answer here. We might do an acquisition in Mexico with a partner that guides us into that country. We don't feel that we have to do that in Colombia or other countries of Latin America. Got it. If I could ask one more. Just sort of on the cadence of distributions. The sort of presentation implied that quite a lot of those performance fees could be realized in the next several years, which would be sort of a pickup in pace in terms of distribution. Can you talk a little bit about that, how it sort of feeds into your estimates for fee earning AUM in the next several years, and sort of what gives you the confidence that you'll be able to sort of distribute the level that you guys have sort of roughly guided towards? Okay. Do you wanna take that? Yeah. Sure. I think what we guided you today on the performance fee and from the numerical perspective, and then Alex can weigh in a little bit about the tactics of that and the strategy of that. What we guided you is we have $428 million of net accrued performance fees, of which $360 million are in funds that we consider mature. What is a mature fund? Is a fund that has a composition of optionalities to divest that is right for divestment. Companies in which we're already making money, they are mature, they are ready to be sold. We're working on the tactics of the sale. Indeed, a big number of these companies, of these portfolios are engaged in processes. Having said that, what we're guiding you is that between 50% and 80% of this $360 million, we can see that will be sold, hence distributed, which is the performance fee equivalent, okay. Because the portfolio is way bigger than that, but the performance equivalent will be distributed through 2025. That's the best of our visibility and that composes in the mid-range $1.50 throughout the period. You asked the question as well, just to maybe add one point on that about the how it impacts the fee earning AUM. Important to note that this is one unified model of the business, right. To the extent we're projecting exits that drive performance fees, in turn, the forecast for fee earning AUM, and therefore the management fee related earnings is completely aligned with that. I just wanna make that point. Thank you. Okay. I think that brings us to time to finish up at least our webcast portion here. Of course, for those here in person, we're happy to continue to chat with you here at the event. For those on the webcast, thank you so much for joining us today. We really appreciate, again, your time and your interest. Please reach out with other questions. Happy to follow up with you about all the content of the presentations today. We hope to talk to you again soon. Again, thank you. Thank you.