Morning, everyone. Welcome to Vinci Partners' first Investor Day. My name is Anna Castro. I'm Shareholder Relations Manager here at Vinci. We're thrilled that you could join us today, both those present here with us in New York at Nasdaq Market Site, as well as the ones watching us online through the webcast. We'll start in just a moment. Before that, I have the responsibility of sharing with you some important disclaimers, so bear with me while I go through them. Today's event may include forward-looking statements which are uncertain and outside of the firm's control and may differ from actual results materially. Except as required by applicable law, we do not undertake any duty to update these statements. For a discussion of some of the risks that could affect our results of operations and financial condition, please see the Risk Factors section of our 20-F. We will also refer to certain non-GAAP measures, and you'll find reconciliations at the end of the presentation. Also note that nothing on these materials constitutes an offer to sell or solicitation of an offer to purchase an interest in any Vinci Partners fund. Moving on, our agenda for the day begins with opening remarks from our CEO, Mr. Alessandro Horta, who will also discuss the strategic partnership with Ares we announced yesterday after market close. Then we'll have three blocks of presentations. We will begin with a session on alternative markets and opportunities for Vinci, presented by Mr. Bruno Zaremba, Chairman of Private Equity and Head of Investor Relations. Then we'll have a session on Brazil macro outlook with José Carlos Carvalho, our Chief Economist. We'll then move on to each of our segments. We'll have presentations by the heads of each of our strategies, covering private markets, liquid strategies, IP&S, and VRS. To wrap up, we'll have a financial review session and then a Q&A at the end. On a final note, for those, those attending in person, we will not be taking questions during the presentation, so I'll ask. We'll have a condensed Q&A session at the end during lunch. And for those watching us online, I'll welcome you to submit your questions through the platform, and we'll answer those as well during the Q&A. With that said, and I would like to thank you again for your support and your participation in the event, and I would like to welcome to the stage our CEO, Mr. Alessandro Horta, to begin our presentation. Thank you. Good morning. Welcome to our first Investor Day. We are very glad to have you all here and have this opportunity to not just talk about the firm, the future, and our most recent development, that's our strategic partnership with Ares. We'll try to cover all the points, and we'll be glad to get your questions later. What we'd like to convey today? We'd like you to understand our goals, why we are a unique investment platform in Brazil, our growth opportunities, and also our long-term strategy. That will be the message that we'll have for you today. What has driven Vinci Partners' success over the years? We have five main points that we would like to cover in more detail. First, the platform diversification, the resilient and profitable business model, the fundraising and distribution capabilities, consistent, of course, and strong investment performance across strategies, and by being a leading player in the Brazilian alternative space. Talking about platform re-diversification, we believe that we are a well-established and robust one-stop-shop platform, diversified across products and service, which put us in a very privileged position to capture the expected transformation savings migration in Brazil. So we are putting ourselves in a place that we believe will take advantage of the scale and of the migration of the assets in the Brazilian market. So we divided our history in three different stages. First, when we started back in 2009, and we have been growing since then, from BRL 2 billion, we call this first phase as structuring, when we started creating the platform and creating the capabilities to be where we are today. Then, we moved to diversification, really, being widespread in alternative space in Brazil, with, with, also a very diversified distribution channels. And finally, when we achieved that stage, we have been able to start scaling the business, as you can see, coming from 20-something billion BRL to the 65 billion BRL that we have today. So going more detail about these phases, we started back in 2009 with just a few strategies. So we started with, on private markets, private equity. That is our, our genesis. We started also with hedge funds on the liquid strategies and with financial advisor. Then this tree started to grow. In 2014, we already had created a few other capabilities, including IP&S, our own liquid strategy. We already have the public equities. In our private market, we established both the infrastructure and the real estate vertical. And finally, when we achieve certain diversification, as we said in 2019, we already have populated much more this street, and having complete, I would say, array of strategies on private market, IP&S developed in different sub-products, and as also hedge funds and public equities. To the point that we are today, that we believe that we have a complete array of alternative solutions for the Brazilian market, with different strategies, both in private markets, in Liquids, and in the solutions business, where we have, inside each of the verticals, different strategies, products, and approach to the market. Our idea is to really offer a complete portfolio of alternative investment products and solutions. On private markets, that's the majority of our AUM. We have, as we said, private equity, infrastructure, real estate, private credit, and more recently, Vinci SPS, that's our special situations business. We have a complete IP&S business that had been pioneering this space in Brazil, hedge funds and public equities in a more liquid strategies, financial advisor business. That's the only business that we have that's not pure asset management, and finally, our more recent development, that's retirement service, that we'll cover later in more detail. We believe that Vinci ecosystem, really, it's what sets us apart from the competition. We really believe that our setup is unique. So we have both the sourcing and the execution. I'd like to say that we have a size, that we really matter to the Brazilian economy, so we have a deal flow that's very relevant because of our size, and the same time, we have a leanest structure, and with very competent people, that's our important resource to really execute on the strategies. With the networking of the partners, with more than 40 partners, we really have a very important and intense conversation with all the sectors of the Brazilian economy from different fields, and we have broadened this relationship over time. We have also an asset origination leveraging from this robust and broad strategic strategy through strategies, where we can maximize the investment opportunities for each of our verticals. Finally, I would say that with that, we do have a very, very strong brand recognition, that with the proven track record at Vinci, we have been able to not just enhance fundraising, but also attract entrepreneurs that would like to be partners with the company. It's important to say on the synergies, we do have a lot of joint venture between the strategies, where we can really cross-populate our idea repository with information coming from different sources that really can bring a unique construction to really take advantage of all the knowledge that we have inside Vinci, to really deploy that in our investment strategies and also our long-term strategic goals. The resilient and profitable business model. We believe that our model was built to excel both in favorable market conditions and to be resilient during challenging ones. As you know very well, Brazil is a very, cyclical market. So to succeed in this market, we believe that, of course, we should take advantage, of the growth opportunities to continue growing this business, but also, when the market is less favorable, we should be resilient, to continue to perform and be prepared to the next positive cycle. So, at the same time, we, we need to have the ship very strong when the market's not favorable, but it should be also prepared to take advantage when we have things in our coming in our direction. And we have been doing that. As you can see, on the last 10 years that you see here, coming from the growth of our strategy on the, the, the down, blocks, from 34, 4 strategy to 81, we have been growing diversification through different cycles. So between 2013 and 15, we had a very, very strong tightening cycle, so we, we kept our, AUM stable with a small growth. Then, when we came to the easing cycle between 16 and 2020, we have been able to really grow a lot. And when we came again to the tightening cycle, as I said, the Brazilian market is cyclical, we have been able to continue to grow, in a stable basis. And now that, as you know very well, we are starting to see a new easing cycle taking place in Brazil. So we really are standing in the beginning of this, the rate cycle, the easing rate cycle now. So, with much more strategies in place, so we believe with the setup that we have today, we will have much more, conditions to take a really strong advantage of the easing cycle that started recently. As you know, too, our business model is management fee-centric, with a highly visible and integrated recurring revenue. So more than 50% of our AUM is in long-term products, coming from five years lockup to perpetual vehicles. We have more than 60% of our investor base coming from institutional investors, both local and international, so they are very resilient in their relationship with us, and more than 54% of recurring net revenues today come from private markets. We went public exactly to strengthen our business model. We wanted to accelerate the growth initiatives that we had at Vinci. The, a listed stock would help with talent retention and business perpetuity, and finally, really to support our corporate development initiatives. We have been able to leverage on the robust balance sheet position to drive FRE growth. So since the IPO, as we said, when we did the IPO, one of the main purpose of raising capital was exactly to continue seeding the products, especially in the private markets, where it's necessary, and we have been able to deploy this as commitments, raising third-party money alongside the way. So since the IPO, we have committed $1 billion of our proprietary capital alongside investors to seed funds, and we are multiplying our seed investments by 10 times, even with a not so favorable environment that we saw since the IPO. And this commitment enhanced our earnings power as leverage both our FRE and future PRE growth. So with that, we did VCP IV, VICC, Vinci Credit Infra, VIR IV, VIAS, and VFDL. Also, we have been able to expand our enduring partnership model through a very accurate-driven culture. As we said, being a listed company helped us a lot in terms of talent management. So the partnership model is very strong with 10 partners since the IPO, so it's alive and kicking, this partnership model. We have a long-term incentive plan with more than 85 employees with stock-based compensation between restricted stock and stock options. And the talent retention is in place, with more than 71% of the senior employees have been working with us for at least five years, including the growth that we have in recent years. Another advantage is really an opportunity to pursue inorganic growth to establish the platform as a regional leader. Being a listed stock, of course, will help really to the M&A capability that we are developing inside the company. And our inorganic growth can be divided in three main strategies: complementary business lines, increased solutions to clients with new investment strategies. That was exactly the case of Vinci SPS acquisition, that we did a transaction where we add a new special situations vertical, enhanced the quality of learnings, earnings with more long-term AUM, and also we have a substantial potential for fundraising in additional funds, and with a strategy that's not directly correlated with other strategy that we have in our private markets capability. So this is a good example of an acquisition, of an M&A, of complementary business lines. The second strategy for inorganic growth is scale existing strategy, to go deeper in the same strategy that we have today. So we are pursuing inside the strategy that we have today, how to gain scale through inorganic growth. And finally, a platform regionalization. So we have been telling you that we have been focused also in being not just a very, very strong and dominant player in Brazil, that's the main market for Latin America, but also have a more broad Latin America strategy and solution, and this also can be done through M&A, where we can really expand the regional footprint through the acquisition of operations distribution channels abroad, in other countries of Latin America. Finally, our recent developments, to really foster the strategic partnerships to enhance business development. Then we will come back later to talk about the recent announcement about Ares. But as a NASDAQ-listed, we have opened new network channels and elevate interactions with leading international players like Ares, which led to a new announcement, a strategic move. So that will be important, by the fundraising, so we really were able to tap on incremental fundraising opportunities. Also, in terms of the governance, so enhanced governance by partnering with best-in-class and experienced global player, and the business development, where we can really employ the partners' intelligence and track record to optimize business development efforts through the best practice type of approach. What we have been done since the IPO? We have been growing the AUM from BRL 50 billion to roughly BRL 65 billion, so it grew almost 30% during this period. As you may know, this was a very, very tough period with a very important hiking period for interest rates in Brazil, all over the world, not just Brazil. But in Brazil, we reached almost 14% of nominal interest rates, interest rates. So it was not so, it's a challenging time in Brazil after the IPO, but we have been able to grow 30% our AUM. Also, have been able to grow the fee-related earnings around 38%, from $300-$414. And finally, the fee-related revenue, sorry, the fee-related earnings, we have been able to grow 33% during the same period. So even though that, during this period, since the IPO, we faced a challenging macroeconomic environment in the world and in Brazil, in particular, we have been able to deliver, both in AUM, in revenues, and also in fee-related earnings. We have been able also to distribute almost $2, $1.73 dividend per share since the IPO, which represent around 20% of our current market cap, just in dividend distributed since our IPO back in January 2021. So this is what w e consider that's a very, important, highlight to make, since, we have been able to deliver, even in a condition, to my point previously, we should have a business model that also can, is resilient and can take advantage when the market comes to our fa-, in our favor. Also, we have been able to do the first M&A transaction with Vinci SPS, that we are quite happy, and later on, we will learn more about it. We have been able to launch a new segment, as a greenfield, that's our Vinci Retirement Services, that we'll talk to you about it later on, too. We have been able to have more than BRL 12 billion of organic fundraising, BRL 1 billion that we deployed as GP commitment from the proceeds that we raised in the IPO. And finally, we have been able also to return capital to our LPs, more than BRL 3 billion during this period. So we have been able to deliver since the IPO, we consider, even with the scenario that I explained to you that we had. How is our fundraising and distribution capabilities? We have been, since the beginning of Vinci, and this, I believe personally, and I think all my partners will share this thought, that we really have invested time and resource to build a robust and diverse, diversified distribution channel based on proprietary and long-term relationships. And this really is very unique, on our space, in Latin America and in Brazil. We do have our multi-channel distribution capabilities with a direct face-to-face contact, as I said, proprietary relationships with clients, ranging from the local institutional investor team, that is Brazilian pension funds, public and private insurance companies, large and mid-sized corporation, with three partners, where we sit with our largest portion in terms of AUM in this capability, and where we are very proud to keep very, very long-term relationships over time. Finally, we have been able to grow this over time with the still low penetration that this type of investor has in terms of alternative assets in their portfolio. So we are very, very optimistic that this really is an important avenue of growth. We also have our institutional offshore capital distribution capability with, again, pension funds, endowments, sovereign funds, fund of funds, asset management, and family office. That's our partner, Pedro Quintela. That is the head of this distribution channel, where we have our office here in New York, where he sits to really keep the contact with this type of clients very close. High net worth individuals, it's our VII team, where we have four partners that have direct relationships with single-family office and individuals that want to keep a relationship with Vinci directly. So these guys are also very long-term relationships with different products and strategies from Vinci in their portfolios, and they are also very active co-investors, for instance, with our main funds and strategies. And finally, allocators and distributors, where we have a team led by our partner Ronaldo, where we have a very close relationship with all the banks, MFOs, and distribution platforms in Brazil, where we put our products to more like diversified public through and investors through both distribution platforms, banks, private banks, units of large banks, multifamily office. So it's really, a very, very diversified and where we have a very, very strong reach in terms of distribution channel. Finally, I would say that on the, this cannot be possible without consistent and strong investment performance across all the strategies, because at the end of the day, we should deliver return and a good performance to our investors. So this is talks with of what we have established over time. There is a very strong and recognized track record of returns across all strategies. So here, it's a few examples. We have been able to generate alpha on the majority of our strategies that you can see here, comparing with all the benchmarks selected for each of, the strategies. So have been able to produce an excess return, both on the public side, like public equities or on even IP&S, but also on private credit, infrastructure, private equity, real estate, our special situations vertical. So have been able to really provide the alpha to, in terms of the comparing of the benchmarks, to all our investors, what keep us also a very important recognition, not just from the clients, but also from the market. And we believe we need, and we are a lead- need to be, and we are a leading player in the Brazilian alternative space. We are really a distinctive one-stop-shop platform in Brazil, with a superior track record across key alternative classes, with access to substantially all pools of capital. And we really believe that this is very important in terms of scale, in terms of footprint. And we believe that this scale, this interaction, this synergy of being a multi-alternative asset management platform with a very deep penetration, both from the distribution side and the investment side, create a virtual cycle to our company. And today, we have a footprint with national impact. So we have 261 full-time employees, more than 100 investment professionals, 28 IR professionals, and more than 125 support professionals, where we do have between our 4 offices in Brazil and the New York office, we really can have a very important impact inside Brazil with j ust to give you a few numbers, in our portfolio company, the invested portfolio companies, we reach more than 100,000 employees. So it's really an important footprint for the Brazilian market, with more than 80 portfolio companies over time, and we are operating in all major industries in Brazil, and we have a presence in all the Brazilian states. So really, we have a very strong presence. As I said, we are very relevant to the Brazilian scenario, to Brazilian economy as a whole. Also, I would like to say that, Vinci really stands as a leader and pioneer for climate and impact-oriented investments in Brazil. This is very true since we started that in 2012, and we believe that, Brazil is a perfect fit for this agenda, because it's impossible to have a climate solution in the world today without Brazil in the equation. José Guilherme, our partner, will go in more detail later, for sure, about it in our infrastructure panel. I would like to say that Brazil is so relevant and climate is a global subject and a global solution, that it's impossible to do that without having Brazil in this equation. With all this climate-oriented and impact-oriented investments, we have been able to deploy more than $5 billion in terms of AUM that we have available today between investments and dry powder in six different strategies, and we have been able to transform that in very, very understandable and direct products like our water and sewage, the climate change fund, that we'll go in more detail later, but this is really unique in the region where we are today by the European standards, Article 8, migrating to Article 9 fund. Other private type of funds like VIGT, that's our sustainable energy fund, our credit infra fund in Credit II, and finally, our private equity fund in the impact investment strategy, VIR IV, and our listed vehicle for brownfield renewable and transmission yield assets. What will drive the growth of Vinci in the future? That's our focus as management for the mid and long term. First, strategic partnerships and/or acquisitions, like the one important strategic partnership that we are announcing. Grow and scale our platform organically. We are going deeper in the same strategy that we have. And finally, expand our footprint internationally. So In terms of growth opportunities, the management focus are really in these three very clear, key drivers: strategic partnership and/or acquisitions, growing scale our platform organically, going deeper, and finally, expand our footprint internationally. We are targeting, and we will tell you this number, an organic expansion without taking consideration any further, M&A, to $150 billion of AUM by year-end, 2028. We really evaluate the market, our capabilities, and we have exactly this target with the organic expansion to $150 billion of AUM by year-end. Starting with the point that we have today, second quarter, 2023, $65 billion, we scale the existing funds, launch new private market strategy within the strategy that we already have today, and expand the distribution channels to reach this 2028 target. Of course, we have plus upsides coming from both the strategic partnerships and/or any acquisition that we do inorganically. So we have five main takeaways for you today, and you'll have the opportunity to see this in more detail. First, our platform is strategically positioned within the main alternative investment classes, poised to benefit from tailwinds that are fueling its growth. Second, our business model is structured to drive strong growth during favorable market conditions and to remain resilient during tougher scenarios. Being resilient. Fundraising and deployment are on strong growth trajectory, and realizations are poised to accelerate in future years. So we are looking to invest and to divest, to really provide a very virtuous cycle to our LPs. The alternative market is expanding on a global scale, and emerging markets is in a very good, specific Latin America, in a very good position to capture an increasing share in the coming years with a potential focus on attracting institutional investors, international and local. The potential, fifth point, the potential for outside shareholder returns is significant, driven by the growing FRE and the promising upside potential from PRE and GP investments, through the deployments that will have been made from our balance sheet in our own funds. So I'd like to close these remarks with this point, that, we believe that our reputation is Vinci Partners' most important asset. Since the beginning, we believe in this mantra, and, we like to say that, in Vinci, our partners are clients, really, and our clients are partners. So with that, I will go in more detail about the recently announced Vinci and Ares strategic partnership. So, as you may know now, yesterday, we announced a strategic partnership with Ares, that of course I don't need to introduce, but I would like to go in a few points about the strategic relationship that we started yesterday, in fact, that we announced yesterday, sorry. We are really forming a strategic partnership to accelerate growth of Vinci platforms in Latin America and collaborate on distribution, new products, and on other strategic areas. We have the history with Ares is a long-term relationship that we have been in contact with other senior partners with Ares for a long time. We believe there is a very, very strong investment, commercial, and cultural fit between the organization. That's not just because Ares is one of the main players in the global stage of alternative investment management, well-recognized by everybody, but also for Vinci, for us, and I believe for Ares, too. We understood that we have a very, very important cultural fit that makes all the difference in this type of business, that I'm sure will make this alliance and this strategic partnership successful in the future. One point that's very important, that we'll have a representative of Ares to be appointed to Vinci boards to share this best practice, including related to M&A, that Ares for sure has a very, very deep knowledge and experience, as Vinci is entering in this new growth cycle that we are highlighting to you today with this growth up to $150 billion in five years. With this strategic partnership, we will have an investment of $100 million dollars in preferred investment by Ares to be used for strategic initiatives and to accelerate value creation. So, this is a very brief description about Ares, almost $400 billion, $378 billion of AUM across five business groups: credit, private equity, real assets, secondaries, and other business. Ares really has a global footprint in North America, Europe, Asia Pacific, and Middle East. Employees of almost 3,000 employees, 2,640, with almost a thousand investment professionals. So it's really, really a big player on the alternative space, that have been growing for the recent years a lot, and deploying and delivering for their LPs. So it's really a very interesting and amazing story. So that make us very proud to have been able to announce this strategic partnership. And what's the strategic rationale in key areas to collaborate within this partnership that we announced yesterday? First, as I said, best practice to accelerate growth. So connectivity across senior and functional leadership, supporting Vinci's goals to be leading best-in-class alternative investment manager in Latin America region, where we will drink from the source of the knowledge and the experience that Ares had in the international markets, not just in North America, but all over the world. We will try to bring this best practice to our expansion plan in Latin America. We'll have a special care for strategic distribution, where Ares and Vinci will collaborate on fundraising to seek to broaden each of the respective companies' limited partner relationship network within Brazil and globally. We will tap the biggest pool of LPs that Ares has internationally to offer and to understand the needs for Latin America exposure. On the other side, we will bring Ares knowledge and asset investment strategies to our base of LPs, especially in Brazil and Latin America. This partnership we believe will accelerate M&A, provide additional liquidity through this instrument to further scale existing investment platform in Brazil and expanding new strategies and also geographically our footprint in Latin America. We believe that we have an opportunity to new product development and investment collaboration, where we can explore launching co-branded products and investment strategy, and collaborate on new investment opportunities in Latin America. We want to be the foot on the ground in Latin America for Ares. With that, I would like to call my partner, Bruno Zaremba, Chairman of Private Equity and Head of Investor Relations, to give you his views on the alternative market and opportunity. Thank you, Alessandro. Again, thank you all for joining us, either here or remote. This first segment, I'm gonna focus on positioning the opportunity that is ahead of us, right? So first, looking at what has happened globally in the alternative asset management industry, what's happened in Brazil, and how we are equipped to take advantage of what we see coming our way. So in regards to the global landscape, it's very well known that there was a very substantial growth in alternatives over the past probably two decades. So we saw increased allocation to all asset classes. Expectations are that private market strategies will represent, in the medium term, up to 50% of total asset management revenues globally. And the AUM in the alternative, asset management space has been growing quite substantially. In the United States, to give kind of a parallel to what's happening in Brazil, we're gonna look at that in more detail. The allocation came over the past couple of decades from a single-digit number to a current number of around 34%. So that has been a tremendous tailwind for the industry globally, and we saw obviously what happened from a capital market standpoint with the growth of the alternative asset manager, asset managers that are involved in this expansion, right? Today, in the United States, for instance, about 80% of the pension funds have 20% or more of their assets exposed to alternatives. This has been coming over the past two decades from a single digit number. In Brazil, this number has started to grow, but in reality today, we are what the U.S. was twenty years ago. So in our estimation, the allocation to alternatives in Brazil today is about 10% of the total AUM, that including all of the capital available, so not only pension plans. And on top of this increase, slight increase in allocation, our market as a whole has been growing a lot due to demographic reasons. So we're still a young country, savings are growing, we have a very strong CAGR from a total assets under management standpoint, with a 15%-23% CAGR of about 14% today. This is expected to continue to grow. So not only we have the pie growing because of our demographics, but also the slice of the pie, coming to alternatives, also growing. Looking at the pension industry in Brazil, just as one of the subsets of our, potential capital providers, today, we're talking about a total of BRL 2.4 trillion of assets between the open-ended, pension plans and the closed-end pension plans. Our estimation is that of this amount today, about 5% is allocated to alternatives. So when you compare to the number that we just saw for the United States, it's even a lower number, on the, on the pension plan side than we saw 20 years ago, in the United States. What is interesting to mention as well is that today, more than 80% of the assets are in fixed income, and the definition of this fixed income is really government bonds. So most of the asset is in government bonds. There's a very small allocation to corporates, and when we saw a couple of slides back, in the United States, fixed income for pensions are at about a mid-20s% range today. And that fixed income definition carries a lot of probably corporate bonds in it. So we are really, really well behind the development in regards to the asset allocation of the pension industry to anything that is not government bonds at this point. This number, as I said, has been growing. We have been seeing, despite the increase in the recent high in interest rates and the high level of real interest rates, we have seen allocations to our private products at record levels today. So one example of that is VCP IV, which we are raising now. VCP IV is gonna have the highest nominal allocation from Brazil in the history of the product. So despite the fact we're still with high interest rates, that allocation to our products continues to grow. So how are we positioned to take advantage of these tailwinds that we're gonna probably continue to see in the future, right? In the past six or seven years, we have been able to capitalize on these trends. We grew more than triple our AUM since 2017, and that was done across all of our funding lines. So we grew in our local institutional clients, we grew in our direct distribution, we grew in allocators and distributors, we grew internationally in our high net worth sleeve. All of our sleeves from a capital formation standpoint, all of them presented growth in this period. Varying growth, but all of them grew in the spirit. So we feel we have a very well-developed distribution platform today, which we built from scratch. Everything was done proprietarily since our foundation. And it's an engine that we know that works, and that will continue to allow us to tack on the opportunity. The depth of this distribution network is quite significant. The number of relationships that we have today, the number of connections that we have today, both locally and also to some extent, internationally, have been developed over time and are very substantial. So in Brazil, we talk with over 140 local institutions between private pension plans, state-owned pension plans, municipalities pension plans. In the United States and abroad, outside of Brazil, we have 400 relationships, of which I would say probably between 50-70 LPs today are active LPs for us. And obviously, this line is gonna be massively boosted with the partnership that we just announced with Ares. We have contact to over 700 high-net-worth, either individual single-family offices, that are also important for us from a funding standpoint, and a relationship that is differentiated, because we differentiate ourselves with this type of clients with content. So they are being accessed with opportunities that are not usually found in the marketplace and other service providers. We have over 80 distributors that work with us on a recurring basis to distribute our products in Brazil. So these are the high-tech distributors, these are multi-family offices, people with whom we partner to have access to final clients in Brazil. And finally, a group that we feel has a huge, a huge, expansion potential, which is our direct distribution business through our listed vehicles. Today, we have a little bit over BRL 6 billion in this sleeve. It's a segment that has been growing substantially for us, where we have strong brand recognition. We have established already winning funds in the space, and it's a space that we feel very strongly about going forward. Today, more than 90% of the relationships that we have are direct relationships with end clients. So this is another, I think, very important point of our distribution capabilities that we have the end client contacts and, and, relationship. From a depth standpoint, from a market size standpoint, the addressable market is very significant. So we're talking about, as we said, a BRL 2.4 trillion pension plan industry in Brazil. We're talking about at today's reach, a BRL 2.3 trillion reais potential in our international distribution side, without the take into account the partnership with Ares. We have a BRL 1 trillion addressable market in our high net worth individual side, BRL 2.2 trillion addressable market in our distribution side, and a huge addressable market, which is not factored in here in the direct distribution business, in the REITs and in the MLP, which Leandro and José Guilherme are gonna talk about and cover the size of the opportunity. Here's a developing market in Brazil with substantial growth opportunities and in which we are very well positioned with very strong brand and strong products. In the middle of 2022, we put out a target to raise BRL 6 billion in structured private market products until the end of 2023. It's looking like we're gonna hit that target. We are at this point at BRL 6 billion between VCP IV, our listed REITs, VICC, which we had a tremendous first close, over 70% of the targets. Our private credit fund, Vinci Credit Infra, and other strategies. This target will likely be reached. We are well into the target. We have very good visibility going forward with additional AUM coming to the platform over the next few quarters. So we decided to roll this target over going forward into a year-end 2024 target, with the layover of products that are coming online between now and the end of next year. So on top of the remaining fundraising, VCP IV, VICC, and Vinci Credit Infra, we're gonna have, and we're gonna talk about that today in the rest of the panels. We're gonna have the fourth installment of SPS, which was our partnership with the SPS team that we announced last year with the acquisition of that platform. This is high-yield corporate funding solution with very high and very strong collaterals. They are yielding today, and the fund is gonna talk about that. The returns have been above 20% in dollars, 25% in dollars. So we view this product very strongly in terms of funding. We have the fifth instance of our impact fund. It's actually VIR V that's gonna come back to market in early 2024, and José Pano is gonna talk about that. We have the second fund in our real estate development strategy, VFDL II. The first fund has been doing extremely well. We're gonna have probably very good news going forward. And we feel very strongly about the REITs now, with interest rates coming down. We had a period of a few quarters where our REITs were trading below NAV, and to raise money on that situation was very tough. Now most of them are above NAV. We actually went out with a press release, I think a couple of weeks ago, with the fundraising cycle starting to open up with VISC, our shopping mall REIT. There's further potential for VISC to raise short-term money. We're exploring opportunities there. But clearly, we have most of our REITs and the MLP very close or above, which will position this part of the capital of the capital raising side in much better terms going forward than was the case in the past couple of years. So that means that we expect the $10 billion until the end of 2023 to become $15 billion by adding these other opportunities until the end of 2024. And with that, looking at the midterm target, I think Alessandro mentioned, our target, from a total AUM standpoint of BRL 150 billion. Of those BRL 150 billion, we are today at BRL 65 billion. We're gonna raise BRL 60 billion in addition, to what we have today, across all of our platform. So this includes private market opportunities, this includes VRS, includes liquids, includes IP&S, includes everything that we have, and the, the opportunity that we see going forward, from a, a, a funding, standpoint. And then we have a little bit of appreciation that is baked in onto, on, onto that, onto that BRL 150 billion, AUM target. And with this combination, we get to, to that midterm target, that we set for 2028. So this is the first part of what I had to say. Basically position our platform into the market situation today. We're very excited about what comes ahead with the distribution capacity that we have, and obviously with yesterday's announcement with Ares, we think we have the best possible partner to increase the probability that we are able to fully observe and fully capture the opportunity that we have ahead of us. With that, I'm gonna call José Carlos Carvalho, our strategist, Chief Economist, to talk about the environment and the outlook for Brazil and the region. Thank you, Bruno. Our plan today here is, I'm José Carlos Carvalho. I do macro research at Vinci, the department responsible for both macro research and the data science department. And the whole idea here is to give a brief overview of what's going on in Brazil. We think we are very optimistic. I've been doing that since 1995, and I think it's a moment where we can see a good prospect for Brazil in the years ahead. So our plan is here to give a brief overview, a 15-minute overview. And, well, I think there are some key points there, you know, I think the one very important thing that we don't stop to think every day is the power balance that is going on in Brazil. We know many emerging markets, they go one way or the other in very extreme positions, depending on who is elected for the presidency. In Brazil, this thing did not happen. Actually, the presidency went to the left with President Lula, but Congress moved to the right, so we're seeing a lot of checks and balance going on there. President Lula trying to approve some of his agenda, and Congress being more on the right side, you know, not approving it, and we think this balance is very good for an emerging democracy like Brazil. Brazil did a lot of important reforms, like independent central bank, which is very relevant for what we're gonna say today here about, you know, the monetary policy in Brazil. But we did also social security, social security reform. We did labor reform, we did, you know, the clarification of the legal benchmarks for investments of the private sector in public areas. So a lot of important things that have been approved, that we think that will translate into higher growth in Brazil. Also, President Lula said many times that he was against a cap on government expenditures, because, you know, usually parties on the left tend to be more willing to have bigger deficits. But, you know, at the end, you know, although there was a constitutional amendment in the turn of the year that allowed a bigger expenditure, they ended up, you know, accepting a new fiscal framework, which is something very healthy, that, you know, puts limit on government expenditures. Trade surplus is another big thing in Brazil. I'm gonna talk about that, you know, and we think that Brazil might be in a good, you know, swing with some tailwind. So I think, you know, there are two key things that I would like to emphasize first. Number one, you know, the good fiscal position of Brazil. These two lines here show the debt evolution in Brazil. You see the big bump is the COVID years. Everybody in the world spent more money during those years. But the different thing in Brazil, and I don't know any other country that did the same, because of this expenditure cap that Brazil has, you know, the debt level in Brazil right now, you see the blue line is below before the pre-pandemic level in 2020. So Brazil did a significant nominal fiscal surplus, primary surplus, and that was very relevant. The gray line is the net debt of Brazil, and the difference between the blue line and the gray line is FX reserves. Brazil has 15% of GDP in FX reserves, which is something very relevant to keep the currency within some given boundaries if there is a big crisis like the COVID crisis. The other thing in the fiscal side, so there are two main points, I'm still in the first one, the fiscal side, is that President Lula approved in Congress a fiscal framework that put limits on government expenditures, so government expenditures can only go up by 70% of what was the increase in government revenues, and that will stabilize that GDP in due term. You know, so there, there is a target for the primary result, which is the chart on the left. And also on the chart on the right, you can see how much the market was expecting for the debt evolution before this fiscal framework was approved, so that's the blue line. It was exploding. Then with the proposal that Lula sent to Congress, which is the red line, and with the proposal that was approved by Congress, which is the latest, the lowest, the, the red... I said the green line, and now the red line. So we are even a little bit more optimistic than the market because I'm gonna show you, have a, a higher expectation for the growth in Brazil. And also, we believe that those fiscal targets in the chart on the left will be fulfilled, will be met, because of all your revenues that Brazil is gonna have, and the government just declared that two days ago. So I think this leaves us to be a little bit more optimistic on this side. So I mentioned the first key thing, you know, which is the better fiscal position than one would expect with Lula. And number two, the trade surplus. Brazil, you see, you see the blue line, that's a trade surplus in Brazil. One year ago, we're at $50 billion in twelve months. Right now, we are $86 billion, so that's 6% of GDP. That's a lot for a country large as Brazil, has usually a closed country. You can see with our peers, like Mexico, Argentina, Chile, Colombia, you know, they, they don't have anything like it, you know. So, Brazil really benefits from this super cycle of commodities. And when you see, you know, what are the key products, do they depend too much on, on what's going on in China? Well, China is a relevant buyer for the green bars, if you take a look at the chart on the left, it, which is iron ore. So we already took a hit there, because you can see, two years ago, it was $45 billion, right now, it's $28 billion, so we took a hit there. But the latest bar is 2023, the last twelve months, and the previous bar is 2022. You can see that in 2022, the main item of export in Brazil was oil. That's something that people who don't follow Brazil very closely, they are not aware of, you know, but Brazil is becoming a major oil exporter. The chart on the right shows you the Brazilian production of oil. So the latest light blue line is 2022. Last year was 3 million barrels per day. And you can see that until 2027-2029, we're gonna grow this to 5.4 million barrels per day. So this level of exports right now at $60 billion, if we stay on the average price of the last year, we're gonna be talking about Brazil exporting more than $100 billion just in oil. Of course, soybeans is also very relevant, $58 billion, you know, and iron ore, I mentioned, and meat is becoming also a very relevant export for Brazil. So, in terms of investment, you know, that's good not only to put some pressure down on inflation, you know, that's a very relevant thing, but when you're thinking about long-term investment, the foreign client is thinking not only the return in reais but the dollar return. So we expect the real to be relatively stable over the long term with that much supply of dollars into Brazil coming from the trade side. Well, these two factors that I mentioned, the trade surplus and, you know, the better fiscal numbers, I think they triggered a very positive tailwind for Brazil. So if you have a currency appreciation, you know, and you have, you know, some trust, you know, in the fiscal numbers, that we're gonna not gonna explode, we start to see the currency to appreciate, of course, you know, from 6, 5.80, 5.50, now we're trading close to 5. And when the currency appreciated, if you look at the chart on the left, this is the Focus survey. That's a very good survey in Brazil. It's held by the central bank with 150 market participants. And you can see that, you know, the inflation for this year, which is the blue line, was around 6%, and it fell all the way down to 4.86%. The gray line is the inflation for next year. The market expectation was at 4, almost 4.5%. It fell to 3.87%, and for 2025 and 2026, inflation's at 3.5%. So, 3.5%, the inflation target in Brazil is 3%. That's something that President Lula confirmed, reaffirmed, so that was also a very positive move. So we are very close to the center of the band, and in Brazil, the band is 3% ±1.5%. So if you are within 3%-4.5%, you are within the band of the inflation target band. So with this positive outlook in inflation, we start to see lower rates in Brazil. So from 13.75%, where rates were, to 11.75%, with market expected by the end of this year, we are already at 12.75%. But, you know, further down to 9% and then 8.5%. So why are people talking about 8.5%? Basically, the long-term real interest rate in Brazil, the neutral rate in Brazil, is believed to be around 4.5%. So if inflation expectations are at 3.5, you take 4.5 plus 3.5, it's 8. Also, you have a premium there, you know, so we're talking about 8.5%-9%. During this crisis last week, you know, the market price for this went all the way up, very close to 11%. This is a survey of expectation, not market price. But today, yesterday, at the end of the day, it was at 10%. If it goes to 9, 8.5, we still have a lot of gains to have here in the market from this new. What's happening in Brazil is everybody's revising up their growth expectations. Maybe a potential GDP in Brazil is higher right now. The blue line shows the market, you know, against from, again, from the Focus survey, the market expectations for growth in 2023. Last year, in 2022, expectations were below, almost close to zero. So as time went by, people started to revise up. You see the blue line going up, and right now we are at 2.92. And the puzzle here, you know, what I think, you know, when I told you guys that, you know, we are more optimistic than the market, maybe the debt numbers, debt to GDP will be lower, is because people are expecting growth for next year, just at 1.5%. That's the gray line. So how come, you know, Brazil is gonna cut rates from 13.75% to something like 8, 8.5%-9%, and growth, we're gonna be half from 3% to 1.5%? You know, it doesn't make any sense. So we are still doing more estimates on the number, but I think next year, we're gonna have at least 2.5% GDP growth in Brazil. It might be higher. We have to have a little bit more detail on the agricultural side, because this year we have El Niño, which is more volatile for the agricultural sector. But I think, you know, with more lower rates and more credit, so the, the consumption that depends on credit will do better next year. So at least 2.5%, so better growth numbers for, for next year. The whole idea here is, though, in the beginning, you know, so that they have it in context. So we have lower rates, you know? You can see that Vinci 7%-8% real interest rate, so everybody was really moving into less risk. Now, if you're an individual in Brazil, you could place your money in government bonds with daily liquidity, getting 13.75% or 7%-8% real interest rate. Why bother take risk? So that was a major achievement that we were able to raise assets despite, you know, this very high interest rates. And now, as I told you, you know, we think there is an easing cycle that has just started, but, you know, can go further down, and you can see here what happens when you have this sort of easing cycles, people will get out of the safety of overnight government bonds and go take risk again. So that could be very positive for us. The second thing, you know, there will be a renaissance, you know, there will revival of the market in general, because, you know, we were exposed. This chart here shows the 10-year rate in Brazil, in the x-axis, and the small-cap index. So we put here the small-cap index so that we can have, you know, an idea of assets in Brazil. But, you know, as rates start to come down, and you can see the chart, it was at 13.5%-12%. We are here to have the latest number in September. If you move to the 10% or 9.5%, you know, we still have a lot of hikes, repricing of assets in Brazil. Here is the small cap, but you can do that, you know, for real estate, you can do that for private equity. Liquid stuff is even. That's another area. Also, you know, just, you know, showing you what I just said, this blue bar is, you know, it's how much Brazilians have in the stock market, so risky assets. This chart comes all the way down from 2002 until recently. So 2002 and 2003, here, more to the left of the chart, when Lula was elected, Brazilians had 11%. Lula was elected in 2002, the first time. Brazilians had 11% in their portfolio in equities. When Dilma was impeached in 2015, 2016, Brazilians had 9% in equities. Those were times of crisis. And right now, Brazilians have 9%. So if you look historically, that's very low. So everybody got out of risky assets. So, and the PEs, you know, the PEs, for the public market are very cheap right now, 7.1 at the end of 2022, 7.9 right now, and for private equity, you guys are gonna show in a few moments, even cheaper than that. So we think, price-wise, it's a good opportunity, and the market is not allocated, you know, in risky assets, and as rates come down, this is gonna be much better. The exit strategy is also is gonna be much better. This chart shows the correlation between the number of IPOs, which is the blue line, and the SELIC rate, which is the overnight rate in Brazil, which is the red line, but the SELIC rate is in inverted scale. So you can see that when rates were very low, so take a look in 2020, when rates were just 2%, the blue line, which is the number of IPOs, were 42. Then rates went from 2% to 13.75%, and the number of IPOs went from 42 to 0. And now we have the dotted line here is the expected cutting rates from 13.75% to 12%, then 9%. So probably gonna see more opportunities to get out of our investment strategies, you know, and the market will gonna be more alive in the near future. Here, my last slide, you know. We always say in Brazil that after the improvement comes the upgrades, not the way around. That shows that Brazil had investment grades in 2010 to 2014. We lost during the Dilma crisis, when she had a very significant crisis in Brazil. And we start to see rating agencies giving an upgrade to Brazil. The blue line shows the future rating, where we are already at double B. S&P, we are still double B minus, but the green dot shows that, you know, we have a positive outlook, so very likely, very soon, gonna have another upgrade. And then we're gonna be very close to two notches to investment grade. So we think that that's gonna be a good tailwind for Brazil, and the perspective of having becoming investment grade again, will bring a new bunch of investors who can only invest at investment grade instruments, and that's a very big crowd, and that can further help Brazil. So these are the key messages, you know, and now we are gonna call here the co-heads of private equity, Gabriel Felzenszwalb, I practiced yesterday, the whole day, and Carlos Eduardo Martins. Thank you, José. Well, good morning, everyone. Good morning, everyone. It's a pleasure to address you for the first time as an investor base. I'm Gabriel Felzenszwalb, and this is Carlos Eduardo Martins, my partner and co-head. We've been heading the private equity. What is private equity at Vinci about? We are today almost 30 professionals. The leadership has been working together for more than 20 years. We've committed above $2 billion in 25 investment platforms, where we have done almost 70 add-on deals on top of that. We have distributed back to our LPs almost $3 billion out of these $2 billion committed, and we have been generating a tremendous amount of co-investments to our LPs as well, almost $600 million in co-investments, in a very, very strong track record, in an almost 20-year period. Almost 50%, 48% net IRRs in dollars with the ups and downs of Brazil. So a very strong return that we're very proud of, and we feel this is just the beginning. The reason for that is that private equity is still very little penetrated in Brazil. When you compare to other markets, we see that there's an opportunity to double the footprint that private equity has in the Brazilian economy. As Bruno mentioned, we feel that Brazil is a few decades behind the more developed markets. The availability of capital is very, very low. Competition is low. We've seen very interesting companies that we believe are subscale. Companies that with the right capital allocation, the right people, the right alignment, can grow, consolidate fragmented markets, generate productivity, generate gains, in a market that is large, with a very large population, full of fragmented industries and very interesting opportunities. What we see in Brazil is much more akin to growth than buyouts, okay? We don't have leveraged buyouts in Brazil. Our investments are done at much lower entry multiples, so we, our Fund III, the fund that we have recently done investing, last year, was invested at 7x EBITDA, as compared to the 14x you see in the U.S., and we use very little leverage. The average leverage of our Fund III portfolio is 1.2x. So again, lower prices, thanks to lower competition and a different investment opportunity set. No financial risk. It's much more about growth and execution. This is something that we feel very strongly about when you look at our Fund III portfolio. Our companies have been growing above 40% per year since inception, in terms of EBITDA. This compares to 4%-6% on a global scale, and this is where our return derives from. Our return is 92% driven by core earnings growth. So these are companies that are growing top line, growing their margins, being more efficient, allocating capital better, and driving core fundamental growth, and we do not rely on multiple expansion. This has been the case over our history so far. The current vintage, in our opinion, is a very, very, welcoming one, a very appealing, vintage. You see the chart on the left is the evolution of prices in the U.S. market. This is the lighter blue line. Prices have been increasing higher and higher. In Brazil, prices have been more stable, around 8x. As I said, our Fund III was formed at 7x, and the Fund IV, that we are now raising and already investing, is looking even more appealing. The first investment of Fund IV was underwritten at 5.5x, and our active pipeline today is around 6x. So an even better entry point than what we saw for Fund III, in a market where even on the public side, as Zeca also mentioned, the average company in Brazil looks much cheaper than historical levels, and this is also progressing to the private side. And we believe we can take advantage of this opportunity set, thanks to our key competitive advantages. We are pioneers, as Alessandro said. This is our fourth flagship fund, and we've already branched out to other strategies, as José Pano will explain in the coming minutes. We already invested in 25 platform companies. The leadership has been working together for a very long time. I think this is quite unique in Brazil, the longevity of the leadership team. Our track record is very strong. In local currency, our returns are 64% per year. This is 8 times what the local stock market benchmark did in the same period. Again, 92% of that value attribution coming from core earnings growth. We have a very strong capital return capability. We have returned more capital than we have deployed so far, 129% of capital return. On the capital that we have returned in local currency, it's a 4x multiple on invested capital over almost a 20-year period of time. I think it's a very, very high track record in any, in any market in the world. This has allowed us to grow the business tremendously, and we think that going forward, there's still a lot of room to grow in Brazil, potentially in other markets. As Alessandro said, we started with less than BRL 1 billion in 2009. Today, we have BRL 14 billion, essentially doing growth and buyouts, seldomly doing some turnaround deals, more and more exposure to minority growth opportunities. We branched out to a new strategy, our impact and return strategy, again, that José Pano will drive more. So it's really about driving transformation in the companies that we control or where we partner with very strong influence in a market that is scalable, with very attractive opportunities, and that Carlos will explore a bit more how we generate this return. Thank you. Thank you, Gabriel. So exploring a little bit more how we do our core private equity practice. We have a history of creating and building leading companies in the sectors that we invest. So here I have some examples of companies that we invest in the past, since Fund I, Fund II, Fund III, companies that have already achieved maturity and now are market leaders and others that are in that process, and Fund IV, our first investment in Artlock. So if I were to summarize in a short statement, what we do, we try to find secular growth trends in industries that will benefit from them. Try to find within those sectors, companies that are prepared to benefit from it, have the right business model that will scale with capital, put good management team in place, systems, process, and scale up those businesses over time. That happened in the case of, here I have some examples that we did it in the past and we keep doing it. So Equatorial, which was the first investment that we did in Fund I, we managed to grow from a company that was in a more difficult situation to a business that grew EBITDA more than 15 times over the period that we were invested in a company. Equatorial is today one of the largest or the largest company in the energy space. The same with Burger King, growing 23 times EBITDA, from 100 stores to 1,000, being today's the second largest operator of QSR restaurants in Brazil. Same thing in the education space with Vitru. We became from number 5 in edtech in Brazil to today's the largest company in edtech, with almost 1 million students and a company which is listed here in the NASDAQ. And finally, the example of Vero, a more recent investment from our Fund III, that we came from the acquisition and integration of eight regional operations in the fiber-to-the-home segment, to a moment that we're gonna close the year with an EBITDA, which grew 8x, and with a transformation merger that will lead this growth to double, basically to BRL 1 billion. So really getting this business model, putting capital, the right people, process systems in place to speed up growth, improve business models. Of course, behind all of that, there's people, and we're very proud to have a senior leadership, as Gabriel mentioned, that has been working together for quite a long time, supported by fully dedicated professionals, more than 20 in our private equity practice, including the core buyout strategy, plus the impact fund. And on top of that, all the C-level team that we have built over the times, that they have been working together with us in several different portfolio companies across the years. And, I mean, this team has, of course, in 20 years, have been doing that in different cycles, market cycles, economic cycles in Brazil, which we were able to weather the different storms in front of us. The methodology, how we approach, first, as I mentioned, trying to identify the secular growth trends that we see in different parts of the world and that impact Brazil as well, trying to identify the industries that will benefit from that. Second, being very active in trying to source proprietarily transactions that will take advantage from that. Our history tells that two-thirds of all the deals that we did, and in total were 26 theses that we've invested in over almost 100 companies. They were proprietarily sourced, and it took advantage of that because of the conditions that we're able to enter in the companies, not only talking about valuations and discount to publicly traded peers, but also the diligence conditions that we're able to obtain these bilateral negotiations. And after that, creating the way that structure our deals, solutions that we try to improve a little bit of returns, at the same time, protect us to the downside. So something that we've been doing for a long time, since Fund II, is having a set of finance mechanisms where we invest in the companies, and we buy out them, paying, in several years, in several yearly installments. Which has been helping us to, to reduce the impact of the volatility of the currency in Brazil. And after buying those companies, working alongside the management teams and entrepreneurs, our partners, to foster growth, to really, generate returns by earnings growth, which is the core of our strategy. And finally, call attention from the strategic players to sell those companies that are leading players at that point in the market through a trade sale, or eventually, if the company gets to a critical mass, and valuations and market conditions are positive, we're able to do an IPO over time. In terms of results, I think that Gabriel touched on that, but here have more details. Across the strategy, almost 20 years, we've been able to generate a gross IRR of 70%, which places among us the first quartile globally in terms of performance for private equity. Which, this is in US dollars, which was 4 times the performance of public equity markets in Brazil. In the middle, we have the realized investment, so the ones we really sold, which the performance is even greater, 9x, and MOC in dollars, 3x. The most recent funds, there is fully invested VCP III, which we are showing good results already and good outperformance relative to our main benchmark. An important point, of course, is distribute capital and return capital back to our LPs and maintain these days where liquidity shrinks, given the market conditions. But we've been able, over time, to sell most of our assets to strategic players or financial sponsors. But also we do have experience in listing our companies, both in Brazil and here in the U.S. And we have returned out of the $2.2 billion dollars that we invested, we, we returned almost $3 billion. Out of this $3 billion, they come from a base of a little less than a billion dollars, multiplying that capital by 3x. And here to conclude our part is a little bit of a view. Gabriel touched on that point. We came all the way in 2009, when Vinci was founded, from less than BRL 1 billion to close a part of the year around BRL 14 billion in AUM in the strategy. We are Moving forward, we see the next phase of this strategy, increasing our share of minority growth transactions, so having exposure to larger companies that are greater in size and that we could have a potential minority stake, but with our high governance is something that we've been doing in the past funds. We think there is an opportunity in Brazil to increase that stake and expand a little bit of our strategy in terms of size. Also another potential, and Alessandro and Bruno talked about it, the opportunity in Latin America, and think that it's another thing they're gonna tap that opportunity in the next few years and probably the following fund, VCP, VCP V. And other alternatives that we, as we see, for the strategies to have dedicated thematic funds, or to specific industries or opportunities, that we might pursue in the coming years. So having said that, I would like to turn to José Pano, our partner responsible for Impact and Return Strategy. Thank you. Thank you. I'm José Pano. I'm the head of Return Strategy. I'll give you a brief idea of what we do. We started this strategy 20 years ago at Pactual with Alessandro and Gilberto, when we started to invest in small companies in the Northeast of Brazil. Then, I was part of the VCP team. I did a few investments, Unidas, Burger King, and Cecrisa. I went to manage Cecrisa and went back in 2017, and we started the strategy to invest in small and medium-sized companies. Initially, in Fund II and III in the Northeast again. We have a very good experience there. And then we raised the Fund IV. That fund was BRL 1 billion. It was like four times bigger than the Fund III, so we decided to invest in all of Brazil, and that's what we have been doing over the last few years. You listen for Cadu and Gabriel, the VCP strategy. The main difference with what we do is basically a focus in not only return, but also impact. And I will try to explain how we do that magic, where we see impact and return coming together, and there's no, really trade-off, almost the opposite. On the other hand, the ticket size, we do today investments between BRL 50 million-BRL 150 million per company. Always being a minority shareholder and always partnering with a good entrepreneur, helping to build great companies. The, the competitive landscape or the opportunity is huge. Really, thousands of companies lack of capital. So the challenge for us is to find the right companies to invest, the right entrepreneurs in the right markets. But really, in the ticket size where we invest, we focus in healthcare, retailing, and business services. Really, we are now, investor, I guess. So the opportunity is pretty large. Really, the challenge is to find, the right companies with the model that we like, the entrepreneurs that we like. What we do is, pretty simple, pretty consistent. We have been doing this for many, many years now. Somebody in the previous page said 37 years of experience, myself. That's things that you don't have to say. You have to say, like, more than 25 years, that's enough, okay? Anyway, we look for companies that have been in business for 5, 10, 15 years, so with proven business models. We don't do startups, we don't do venture capital. We like to invest in quality businesses, so businesses that have good return on invested capital and predictable growth, all means to reduce risk. Companies that really have no access to capital and long-term support also. If they were growing at, say, 5, 10% per year, they can grow at 20, 30, 40%. Always partnering with the right entrepreneurs. We are always a minority shareholder, as I said, and we want entrepreneur continue running the company. We like companies owned by the founders, and they continue managing the company. Usually, our exits have been through strategic players, so we sell to companies like Ambipar, Fleury, players from outside that want to come to Brazil. We have also some tough discussions with our funds. They want to buy companies where we invest. In addition, more recent, the Fund IV, we decided to go one step further, and apart from the return side, also add the impact side. How we define that? Three basic stuff. One is just investing in companies that, as I said, don't have access to capital and know-how. So basically, if we have competition, if somebody else can provide that capital, we don't invest. That helps, should help to get better valuation. That's how impact and return get together. Always SMEs, again, we don't invest in large companies, probably more medium-sized companies for Brazil side. And also now in Fund IV, companies where we see that they have in their business a clear impact. And we talk about impact, we don't talk about kind of easy, easy ESG or things that are more internal. Really companies that can impact, say, the society. For example, in healthcare, we invested in Oeste Saúde healthcare company, an HMO in the interior of Brazil. We invested that basically provides services for the mid- and low-income population, people that pay $30, $40 per month. They're the only company in that segment. Basically, no competition, very high, one of the best, in fact, NPS service level in Brazil. They serve, like, 20,000 people in two years with no acquisitions, just organic growth. They are going to 40,000 clients. So that's real impact. I mean, that part of the country, to some extent, to some degree, changed because of us, because we were there helping these people growing and giving a better service. That's what we do. Huge risk, you can imagine. SMEs, not very professionalized, really, companies that need a lot of support. So what we did, and that helps on the risk, on the impact-return side, is to put a number of the risk management tools. Meaning, you know, choosing some sectors where we have more expertise, to looking for proven business models, the right entrepreneurs, experienced entrepreneurs, and so on. So the combination, that's where impact and return goes, comes together. And really, we should make better return because we have impact, and the other way around. The Fund III was focused, as I said, in the Northeast. Six investments, we already exit three. We are, in fact, in negotiations to sell the other three companies. 27% IRR. Even with the pandemic, we did extremely well. We don't like leverage, especially SMEs in Brazil, so we didn't suffer a lot in that front. The Fund IV, VIR IV, it's a three-year fund now. We already allocate around half of the fund. Now we are approving three other investments, so, in a few months, we will allocate around 70% of the fund. So far, pretty high return. That's mostly related to some good investments and an exit. We exited the first company where we invested in less than two years, and, already with a 0.4 DPI. So, pretty good standard, even in this tough time. So pretty, pretty happy with both the return and also the impact in all these companies. I think that a combination of things made us with some competitive advantages in the market. As I said, we have been doing this for many years, so we have developing tools and ways from looking for the companies to negotiate with the companies, to deal and build a really relationship with entrepreneurs. The entrepreneurs are, you know, like, basic to our strategy. Because of that, and the entrepreneurs play a huge role in being the player of choice, I said that, if you want to know about us, just talk to the 25 entrepreneurs that over the years were or are partners of us. They can tell you how we operate and how we build that and help them to build these businesses. And the consistent returns. I mean, over the years, we have been able to basically not losing money except one case. Because also, we don't make 10, 15 times in our investments, so we need to be very careful in terms of avoiding losing money in our investments. But usually, you see a return between 1.5-3 times in mostly. Exit have been in a shorter period of time because company growth, and then you have the strategic players come to buy the companies. We have some companies that sell in less than a year. That's not the, w hat we like more, but we have opportunities to sell, we are, you know, right away willing to discuss that. And the consistency, both in the strategy and the way that we do investments, and with the way that we manage investments is very critical, and that's how we try to achieve these results. Comparing with the market, I think that comparing with our harder rate of inflation plus 8%, 8.5%, we're doing pretty good. Comparing with the market, with our, the few competitors in this market, we are in good shape. Moving forward, as I said, we are planning to complete the investment of a good, you know, portion of the, the capital of Fund IV in the next few months. Even we, during the last year or so, we didn't do any investment because we didn't find the right companies and particularly the right valuations, so we don't really care a lot about the speed. This is a business of quality, not quantity. But now we have a good pipeline and as I said, by the end of the year, probably we allocate enough capital to start to think about raising a new fund. We are discussing with existing investors. We had in the previous fund a very strong re-up, more than 70%. Very happy with that. International investors and local investors, pretty diversified investor base. That is, we plan to do a $300 million fund focusing now in a new sector also, that is agribusiness, that we were not doing, apart from healthcare, retailing, and business services. As I said, the re-up is very critical for us. Also, we plan, and that's more recent, that's why it's not in that presentation, to do some investment. We're discussing and discussing even with investors, to do something outside Brazil and do initial investments in Uruguay, Paraguay, and Bolivia, mostly in the agricultural space. So really a lot of space to do more, a lot of things in this, in this area. Thank you, and I pass to José Guilherme, my partner in infrastructure. Thank you. Okay, good morning. Thank you for being here. Thank you all for this time with us. We're talking about infrastructure here, and we begin with trying to compare a little bit what of what's happening in the world, and then we jump into Brazil. This asset class really started to kick in in the beginning of the 2000s, pretty much. And if you see the evolution of fundraising for the asset class in the last two decades, more than $1 trillion had been raised in infrastructure globally. Naturally, the bulk, I would say 80%-90% of those $1 trillion, were dedicated to developed countries, especially Europe and the U.S., and parts of Asia. So Latin America, as an emerging market, had tackled a small portion of it, but as we see more and more, there's more and more appetite for the region. Brazil is not an exception in that. In the past, most of infrastructure in the country had been invested by government budget, both at the federal and state and municipality levels. But over and over again, and the story repeats itself with other countries, the states, the governments are constrained in their deficit, in their budget, so that they start to attract private capital to help them in investing in infrastructure. And the history of infrastructure investment in Brazil is a history of underinvestment. Over and over and over again, we see that we don't even invest the amount that is needed to cope with the depreciation of our assets. That's why you see very poor quality roads, you see bottlenecks in the ports, you see airports, you know, packed with people. That's why this is underinvestment. A rule of thumb internationally is that a country should invest around 3% of GDP, just to cope with depreciation, not to mention the expansion of the infrastructure. And over the last 2 decades, on average, we've been investing around 2% of our GDP, meaning that we opened the gigantic gap of our infrastructure quality in the country. Just to close this gap in the next two decades, the estimation is that we should be investing around 4% of GDP every year for the next 20 years. That's around $80 billion every year for the next 20 years. Not surprisingly, over time, the private sector came to invest together with the public sector on infrastructure. Today, around two-thirds of what is invested in infrastructure in the country comes from private sector companies and financial sponsors such as ourselves. The needs of investments are gigantic in each and every sector: telecom, power, water and sanitation, transportation, in each and every one. The competitive landscape, because of all that, is a very interesting one for financial investors, because we don't see a lot of the global infrastructure GPs participating in Brazilian infrastructure market. Basically, the market is being supplied by capital from strategic companies and some small local players. On the other hand, as I showed to you, the market has a significant scale. I would say that it is one of the few countries globally that can offer global scale opportunities to investors in infrastructure. That leads to a very favorable market for us, an entry point. Very interesting for a manager with 20+ years of experience, investing in this space in Brazil, which basically gives us a very important position when we compare to the market with the full offering to investors in terms of the knowledge of the country, the track record that we have, the multi-sector approach that we have there. So we've been very active over the years in the country because of that. This is a chart that I like very much. This is just to show you what I've been telling you about the lack of the substantial amount of capital from very well-established global GPs in the country. On the X-axis, you see the strategies going from the low-risk one, core, to the more risk one, turnaround. And on the Y-axis, and the size of the bubbles are the size of, size of the funds. We picked some of the big GPs around the world, so GIP, I Squared, Actis, Brookfield. We don't have it here, but KKR Infra, EQT, none of these guys are in Brazil, with some exceptions, some notable exceptions. Brookfield has been in the country for almost 120 years, so they have been heavily investing in the country out of their global funds. And here, Actis has been active in the country with their renewable practice. Every other global GP, either they are not there, or they don't have the authorization, they don't have scope to invest in a non-OECD country. Some important direct players are there present in the country, notably some sovereign wealth funds, as GIC, for instance, and some big Canadian pension funds as OTPP, CPPIB, and AIMCo and CDPQ. Those have local presence, local teams, and they have been doing massive and gigantic deals, deploying capital locally with their local teams. Aside from that, we have several small local players that tap only the local investors, be it high-net-worth individuals or some institutional investors. So that's why we think that for the fund that we are working on right now, which is VICC, this is a very nice entry point, and we are very nicely positioned in that scenario. An overview of what we do in infrastructure at Vinci. We are focused in three sectors: power, water and sanitation, and transport. There are some funds that are active already with assets that we are already invested in, companies we are managing now or either divested. I call your attention for one of our most recent investments at water and sanitation sector, company is called Rio + Saneamento. It's a company that we incorporated last year in Brazil, and we are serving 2.5 million people in the state of Rio de Janeiro f or this whole population. This is a fund, an investment that we did under our VS fund, the water and Sewage Fund. In terms of some numbers, as I told you, we have been doing that for almost 20 years in the country, have invested in 36 companies or assets. We have deployed over time around BRL 5 billion, and we had returned BRL 4.5 billion or 4.6 billion to investors over these years. Those were invested under six closed-end funds. And we still have one perpetual vehicle. It's kind of an MLP in the local market. This fund we raised in 2019 was the time that we made the IPO of this fund. It invests in brownfield assets, in power renewables, and power transmission. We've been generating 12% nominal dividend yield for investors, net of taxes. To date, the portfolio is a nice combination of power transmission, small hydros, and wind. We have a total of 15 professionals altogether, working together in investments and managing the assets, with an average of 20+ years of experience. As of today, we are active working on investing BRL 2.4 billion reais. The team is led by myself and Rodrigo, my partner, who is the portfolio manager of VICC. Rodrigo's got a very interesting and unique experience. He, prior to go to Vinci, he was managing an infrastructure fund here in New York for Citi. So he brings for us the global perspective of several of the sectors that we invest as well. Well, the competitive advantages are kind of similar to the ones that you saw in prior presentations. The team is really strong. We've been there on the ground for quite some time now. We, as always, have a strong alignment of interest. This is the same case for the infrastructure funds. We usually work together with the companies to enhance their profitability and build the assets accordingly to what we envision and what we plan since the beginning. We had developed over time a very strong and top-notch ESG framework, especially for the VICC fund. We went to see what the world was doing in terms of the climate framework. We took it within the Vinci. We had developed some tools for this fund that I'll touch on later. As in the same manner as other sectors in Vinci, we have been lucky enough to tackle and have capital from a lot of local and offshore institutional investors as well, together with capital from local high net worth individuals and other local investors. So in terms of track record, the strategy has really been successful over time, since if we got the full portfolio since 2004, 2005. When we started, both MOC and IRR are very strong compared to the benchmarks. It goes all the way to the right, to the most recent fund, which is VS, invested in Rio + Saneamento. Both MOC and returns are very consistent and substantially above the benchmarks as well. What we are focusing now, today we are working basically in, fundraising VICC. VICC is our sustainable infrastructure fund that is being raised since the beginning of this year. This is a $400 million fund, closed-end one, 4 years for investment, 10 years period. The idea is that we invest in sectors that are important for climate and sectors that Brazil has competitive advantage. So the pillars are renewables on one side, to tackle the mitigation aspects of climate change, and water and sanitation on the other side, to tackle the adaptation part of the climate change. For that fund, we had developed 10 practical tools, to make sure that we are on track to deliver what we are supposed to deliver in terms of the climate impact. We have a very strong support from our partners and the GP here. And we have been very, very strong in fundraising. We had just closed last week, the first closing of this fund with almost 75% of commitments. A strong support from the international institutional investors community, together with a strong support from our most important infrastructure investor in the country, which is our National Development Bank. So altogether, out of the $400 million, we are pretty close to have raised around $300 million already in the first close. That's really strong in a market which is really tough, as we understand from the whole investment community around the globe. This is a nice fund for international investors. It is an Article 8 fund, but ready to be an Article 9 fund under the SFDR regulation. That's calling the attention of several of the institutional investors around the globe, which are, most of them are only allowed to invest in Article 9 funds. So this fund fits nicely into their mandates as well. Another thing that we are working on, as of today, is the expansion of our core, core plus fund. VIGT is our listed fund that resembles an MLP, it's a perpetual, capital type vehicle. We have around BRL 700 million market cap. We have done two capital markets follow-ons, the IPO and a follow-on. We have been generating 12% nominal dividend yield, and we have around 8,000 investors in our investor base. For the future, for the future, the idea is to expand our reach, to especially to other geographies. There is a natural evolution for us, especially for Latin America. There is an evolution for us also to continue to explore our transportation strategy within the infrastructure. Growth sectors that VICC, the VICC, will invest, just to give you a perspective, if we are only talking about renewables, Brazil's renewable size is at the same size of Spain, Italy and France altogether, so it's a huge market. And finally, there is the expansion of our core and core plus strategy with, more capital into VIGT to continue to acquire, equity stakes in brownfield assets. So this is, what I, what I had today for you, and I ask for Leandro, my partner here, to talk about the real estate strategy. Thank you. Good morning, everybody. I'm Leandro Bousquet, I'm the head of the real estate group. I'm glad to be here, and I expect in the next 15 minutes to give more details on our real estate practice and to talk about the growth perspectives for real estate at Vinci. Today, we are one of the largest real estate managers in Brazil, with roughly above BRL 6 billion in assets under management. 95% of this AUM through perpetual capital through these seven listed REITs. So we are today one of the leading managers of listed REITs in Brazil. Our portfolio comprises more than 10 million sq ft of gross visible area, across 54 different assets in 14 different states in Brazil. We have been very active in M&A transactions. In the past 10 years, we have closed close to BRL 7 billion in acquisitions or, you know, divestments in real estate assets through 70 different transactions. And the ones that we divest, we generate an average IRR of 23%. We were, in this listed REIT industry, one of the pioneers introducing the best practice in terms of investor relations. And, as a consequence, we were able to, you know, reach a very sizable number of retail investors in our base. So, we are, as of this week, reaching close to 500,000 retail investors in our funds. All of that was achieved with a very experienced team. We have 14 investment professionals, led by myself and two other partners in the group, Rodrigo Coelho and Aline Egre, and with the senior team working together for more than 10 years. We are also one of the fastest growing real estate managers in Brazil, with an average CAGR of 35% since inception. And during the last easing cycle, we were able to almost quadruple our AUM. So, as you see, as Alessandro and Carlos mentioned, we are entering a new easing cycle, so we expect that to be one of the, you know, greatest avenue of growth for real estate in the future. Our funds are performing very well, so the two largest and more developed funds have outperformed the benchmarks by far. So our mall REITs has an accumulated total return of 85%, comparing to 44% of the real estate index benchmark. The same with our industrial properties fund. So we are delivering performance to our investors consistently. As I was saying, we expect to grow a lot our funds in the next easy cycle. Even though we have grown our AUM by 35% compoundedly since inception. During the last easy cycle, as I mentioned, we grew 65%. As we are entering a new easing cycle, we believe that we'll be able to grow our fund through follow-on offerings and achieve higher growth base compared to the recent past. Besides, you know, the interest rate cycle, I think there is a lot of room for this industry to continue to grow because it is quite under-penetrated. So when we compare the size of the REIT industry here in the U.S. as a percentage of GDP and look to what we have in Brazil, we have potential to, you know, almost quadruple the size of the industry in the country. So this is one of the sources of potential growth that we see in the REIT market in Brazil. Here in the US, due to the, you know, tax benefits that retail investors have, we have about 70% of the AUM in this industry are with the, you know, individual retail investors. We have been growing a lot, the number of investors in this industry in the past five years. So it came from less than 200,000 investors to more than 2 million in the last five years. I think we are still have a lot of room to grow. When we compare the number of individual investors investing in the stock market in Brazil, it's more than the double of what we have in REITs. So, we believe that this trend will continue, and we see that on an almost weekly basis, the number of retail investors coming to the REIT market as well. And another big source of growth in this market is definitely consolidation. Even though, you know, our size is like 65 times smaller than the U.S., we have, like 50% more funds in Brazil than what we have here in the U.S. So, it is much more fragmented in the industry. So one of the you know, biggest source of growth that we see in front of us in the next couple of years will be consolidating other managers or other funds in the industry. Even though, you know, the largest managers are growing faster than the smallest ones, you know, there is still a lot of room for us to consolidate buying other managers and other funds. I would say that probably the best opportunities that we see in terms of inorganic growth for Vinci will be to buy managers of listed REITs in Brazil. So finally, just to summarize what we see, our growth perspectives, definitely, we will grow in size our existing funds through follow-on offerings. We have just announced and conclude the first, you know, follow-on offering of the year in our shopping mall REIT, where we raised 305 million reais, and we are announcing a second offering the same fund for November, where we expect to raise an additional 700 million reais. So, the market is reopening, and we expect to continue to grow our existing funds through follow-on offerings. Consolidation, as I mentioned, so we expect to find opportunities to buy other managers or to buy funds or assets of funds that are smaller and have not reached the minimum level of liquidity. And we see a great opportunity on that front as well. We have a agri initiative, which is a joint venture between the real estate group and the credit group, where we have raised a agri credit fund last year, of close to BRL 400 million. We expect to expand the agri segment and, you know, several other groups within Vinci are dedicating a lot to find opportunities to invest in the agri segment, and we expect to find that as well, in through this JV that we have internally, with the credit group. Also, we expect to invest Brazilian capital in real estate opportunities outside Brazil, and in opportunistic strategies within Brazil through club deals. This is another important front that we expect to grow in the next 2 years. And we expect to launch the second VFDL fund, which is a development fund focused on industrial properties, where we have a strategic partnership with one of the best developers of distribution centers in Brazil. As Bruno mentioned, we are fully allocated in the first fund in 3 projects. And we expect to start selling the assets and returning the capital to investors by the beginning of next year. So, with that, we believe that we'll be ready to start fundraising the second fund. You know, the opportunities that we see continue to be great in that segment. The segment is performing quite well. You know, levels of vacancy and rents that the best results. So these are the, you know, the main focus that we will have in the real estate group. With that, I will now turn to Marcelo Almeida, our partner on the credit group. Thank you, Leandro. Good morning, everyone. For me, it's a big pleasure to be here today to share with you an overview of our credit platform in Brazil. Let's begin looking how fast private credit is growing on a global scale. The global private credit market accounts today for $1.5 trillion in AUM, around 12% of the global alternative industry. Direct lending is the largest credit strategy so far, with around 45% of the AUM. Investors are using private credits to increase their portfolio diversification, and at the same time, they benefit from interesting returns, risk adjusted. Borrowers are profiting from a wide range of credit strategies. They are assessing a dedicated pool of long-term capital and are realizing how efficient this underwriting process can be. We see a very similar trend in Brazil. Brazil is already a large and scalable market for credit, and the aggregate credit in Brazil, including the total credit for companies and households, represent almost BRL 9 trillion today, around 85% of Brazilian GDP. But on the other hand, our financial system is still highly concentrated after years of banking consolidation. Top five banks in Brazil still respond for more than 80% of the total bank loans. And our local debt capital markets, although it's growing fast, it's relatively small when compared to the loan, bank loan inventory. And most of the time, only those companies with better credit ratings can access. Because of that, many companies in Brazil still face some kind of credit constraint, and that create a great opportunity for private credit in Brazil. Just to illustrate why Brazil has a promising addressable market in alternative credit, just to upgrade our current infrastructure, there's an investment gap around 3.5% of Brazilian GDP. It would be equivalent to more than $70 billion of investment per annum, needed for the next 20 years. In addition to that, Brazilian development banks are reducing their balance sheets due to capital requirements, and that create a crowding effect, leaving more space for private credit to step in. Mortgage loans in Brazil have grown from 2.5% to almost 10% of Brazilian GDP, in the last 10 years. It's already a 1 trillion BRL market, but when we compare to other international standards, for example, the average of the OECD countries, it become clear there's a lot of space for growth. The agribusiness in Brazil, although it's already a relevant sector, representing 24% of Brazilian GDP, this sector, in special, it still suffers from a lack of long-term capital supply. Today, in our credit platform at Vinci has five core strategies: infrastructure, real estate, structured credit, multi-strategy, exclusive mandates, and the agribusiness. Our focus is on direct lending, based on self-origination of private debt transactions. Today, our assets under management are BRL 5.3 billion, distributed as follows, per each vertical. Just to give more color and more details about the strategies and the funds, in infrastructure, we basically finance greenfield and brownfield projects, always with a strong collateral package. Our focus is on renewable energy, like wind, solar, and hydro generation. Our first fund is a 15-year closed fund. It was the first Brazilian credit fund to be graded ESG based on European sustainable standards. Our Vinci and now we are raising our second fund, the Vinci Credit Infra, and for this fund, we have already secured BRL 1.4 billion in seed capital. In real estate, we basically chase direct lending opportunities based on long-term secure, senior secured loans and MBS. All the transactions must have real estate assets as collateral, and we have a multi-sector approach. Our funds have 10-year lockup period, and most of our investors are the largest Brazilian pension funds. We have also another fund, another vehicle. It's a listed fund in Brazilian Stock Exchange, and it was distributed via an IPO for retail investors. In structured credit, it's a group of multi-strategy funds with more flexible guidelines, investing in a wide range of credit assets, with focus in more liquid instruments. We have a fund, a closed fund, with 10-year lockup period, adapted for institutional investors, and also an open fund distributed via retail platform. In the agribusiness, we have a JV with our colleagues from real estate. We invest in senior secured debt, collateral, always based on the lands. We focus our origination in the most competitive regions for the agribusiness in Brazil. Our fund is an 8-year closed fund, distributed over-the-counter for retail investors, and our plan is to go for an IPO in the future. We have a unique business model. 70% of our AUM is in long-term credit funds. We have built our credit platform, based on closed funds with 8-15-year lockup periods, trying to follow the best international standards in direct lending. This is a unique approach, from Vinci, when compared to the major terms of, other local credit asset managers that are much more focused in short-term funds. 90% of our AUM come from, institutional investors. And at the end, those terms give us the ability to be a, a patient investor and to deliver a superior performance, mainly in periods of market turbulence. Our management team has a large track record in credit underwriting. I have 30 years, dedicated to credit. Gustavo, my partner, has 24 years of experience. He's also, the portfolio manager, and we have the privilege of working together for 20 years so far as a team. We have 10 fully dedicated investors in our team, all of them with excellent track record in fundamental analysis and also credit monitoring. What I like to say is that we have a team capable to deliver the whole package for our investors, from self-origination, analysis, and deal structuring in-house. Talking about our competitive advantage, it's a combination of our business model, our long-term credit funds with significant lockup periods, the long experience of our team as credit underwriters, our leverage on Vinci platform for knowledge and network, and that allow us to originate transactions that are not easily found in the marketplace. Our obsession for fundamental analysis and active monitoring to provide capital preservation for our clients. We have been pioneer in investing and managing credit fund with superior ESG guidelines in infrastructure. Of course, our focus in direct lending, with deep understanding of the debt instruments and market dynamics, are also an edge. Talking about our performance, all of our flagship funds from different credit strategies have presented a very consistent performance over the years, beating all the benchmarks since inception, and despite of the different levels of interest rate and all the challenging scenarios that we had all these years in Brazil. At the end, consistency and capital preservation have been the key for long-term value for our investors. Looking forward, we are more positive. This new monetary easing cycle in Brazil will help to unlock the demand for credit, not only for refinancing, but also for investments. The general consensus indicates that Brazil is going to a high single-digit interest rate by the end of 2024, and that scenario will be still very interesting for lenders like us, but also good for borrowers because it will help companies to reduce financial expenses and enhance the balance sheets. In addition to that, Brazilian local pension funds have more than BRL 2 trillion of assets under management, and we estimate that around 70% of that is still invested in liquid sovereign debt. When they decide to move this bazoo or to increase their stake in alternative assets, we believe that credit will be a natural fixed income replacement. In terms of our growth avenues, it will be a combination of the fundraising of our second fund in infrastructure, where we have BRL 1.4 billion in seed capital already. We want to increase the presence of our funds in capital markets by doing IPOs and follow-ons in Brazilian Stock Exchange, especially in those strategies where we have already a major track record, like infrastructure, real estate, and the agribusiness. Launch of new funds among the existing credit strategies and the search or for new exclusive mandates will be, will be in our radar as well. A more generalistic direct lending fund is also considered, and of course, all the new possibilities that will rise from this new strategic partnership that we have just announced last night. To finish, we continue to see a financial deepening in Brazil, with growing interest for private credit from both institutional and retail investors. Since the IPO in 2021, Vinci has more than doubled its private credit AUM, as you can see by the chart. And we believe that credit in Brazil will experience the same financial disintermediation process we have seen in other countries, and we believe that Vinci is very well positioned to be a leading player in this process. That was pretty much the message for today. Now I'm gonna call Marcelo Mifano, our head of special situations. Thank you very much. Good morning, everyone. Thank you. My name is Marcelo Mifano. I'm head of Vinci SPS. As Alessandro mentioned in his opening remarks, last year, Vinci acquired SPS Capital, which is the asset management firm I had previously founded. This presentation will be comprised of three sections. First, I'll describe what we do and the market size of those opportunities. Second, our team and track record. And finally, the synergies we've been able to achieve since we were acquired by Vinci, and what we plan to do in the future. So what we do, our investment mantra is to achieve equity-like returns with debt-like downside protection. We invest in complex situations that most investors avoid or have regulatory restrictions. So these demand tailor-made solutions with a lot of creativity and always with downside protection through the use of collaterals or other structures. We divided our strategy in three main segments. The first one is corporate, which is first primary market, invest in situations like, capital solutions or debtor in possession financing, and the secondary market is achieve loans in the secondary market. The second vertical is our legal strategy. So we have a team, a legal team that has invested for a long time in legal claims, which are mainly against the public entities, the famous precatórios, and also litigation finance. And third is platforms, is to solve someone's problem through the use of technology with low-ticket transactions. So the first one, primary market, we provide liquidity in situations that our counterparts can have. As Marcelo and other people today mentioned, there is a lack of funding from capital markets in general in Brazil. Capital markets in Brazil are not able to provide funding to all situations, and we fill the gaps in those situations. So first one, we have a very highly concentrated banking system. The top five banks in Brazil account for more than 80% of the loans in Brazil, so they don't have the time or team to focus on more complex situations. They leave a few gaps, and there are a few regulatory restrictions. For example, if a bank wants to lend money to a company in judicial recovery, for regulatory reasons, have to provision, have a loss right at the beginning. So, those kind of situations provide a low competition environments where we fill those gaps. Given that the demand and supply of capital in these situations are very favorable, we are able to structure a transaction with a lot of downside protection. As you can see on the graphs below, we had a very active IPO market that basically has been new in the last two years. While just this year, among the largest judicial recoveries in Brazil, the total loan size is over BRL 100 billion. So we've been having huge judicial recoveries in the last year. This is a very favorable market for this primary market strategy. On the secondary market, is basically acquisition of loans from banks, trading companies. Those counterparts, they sell the loans for economic and regulatory reasons. For regulatory reasons, banks all over the world pay high income taxes, and they can only benefit from the tax shield from the write-offs when they sell those loans. For economic reasons, as I mentioned before, a very highly concentrated banking system, they don't have team to deal with the problems, and they, in many instances, prefer to sell those loans. There are many indicators that we follow, but the main indicator is at the bottom. If you look at the loans of the top five banks in ratings between E and H, which are over 90 days overdue, is over BRL 150 billion. So it's a huge market, and has been The supply has been constant, and I'll explain later a little bit about our competitive advantage. But given our close relationship with the banks, we are top of mind of them when they wanna sell a loan, in many instances, with profit-sharing structures. On the legal strategies, I mentioned before about the precatórios, which are legal claims against the government. Brazil has a big, as Carlos mentioned before, a big debt size, and every year, there are new claims that become due, which are the precatórios. The most well-known are the federal-owned by the federal government, which currently amount to close to BRL 140 billion, and according to the constitutional amendment approved in 2021, can be up to BRL 700 billion in 2026. If we take into account only the state and municipal claims, close to BRL 150 billion. So it has been a very large market, and the suppliers of those precatórios are many. So in this year, for example, we bought from companies that are publicly listed, that are in an okay shape, but these are assets that demand time and a team to deal with. So in many instances, companies want to focus only on the core business and prefer to sell those assets to us. On the litigation finance, is basically help people or companies that have legitimate claims, but need help or money to achieve justice. So one big example, you probably heard of the Mariana dam disaster. It was a huge environmental disaster, the Brumadinho dam disaster. We are financing the law firm that is defending 700,000 people affected by the Mariana dam disaster. This transaction has been on the spotlight. About 10 days ago, a large credit asset management firm in the U.S. provided a new $500 million facility to the same U.K. firm. So we've been there since the beginning of those claims. And it's good, of course, it's very good to achieve good returns and even better to have, provide good returns to our investors, defending people that need our help to, to promote justice. So it's a very interesting strategy with a very low correlation to the market in general. The third vertical is platform strategies. I mentioned before, again, Brazil has over 80 million lawsuits, civil and labor lawsuits. We have a lot of lawsuits from various size. In many instances, they are very small, so you need to create a platform, you need to create a process to be able to buy them in size. Another example, the consortium market with Brazilian, i t's a Brazilian institution that basically a way for people to savings accounts to buy expensive assets like real estate and cars. This was a very informal market, a very opaque market, and we built a platform to buy those assets. We also built, for example, the financing arm of one of the largest car fleet companies in Brazil. As I mentioned before, the banking system is very concentrated in Brazil. In many instances, the financial institutions don't wanna focus on things that are still in the beginning. So these are the kind of opportunities that come to us, and we are able to build those platforms using technology to be able to buy assets as small as, for example, $1,000 per transaction. Here, about our strategy, we try to have a, w e invest in situations that have a very low correlation to the economy in general, and the mix among the strategies change over time, always looking at demand and supply among the strategies. So for example, in the light blue, I mentioned before that there was a very important constitutional amendment approved between 2020 and 2021 that changed the timing of payment of precatórios. Before then, the returns were very tight for precatórios, so we weren't investing a lot in precatórios, and as you may see, in 2022 was our most important strategy. In 2023, given all the credit restrictions that have been happening in Brazil, I mentioned before the size of GCR recoveries, the corporate strategies are much more active than the legal strategies. So we've been able to change the mix over time, always looking for the best risk-return opportunities for our investors and building a very complementary portfolio. A little bit about our history. As I mentioned, we were founded in 2017, and by Tomás Jatobá and myself. So basically, Tomás Jatobá was the head of the legal department of BTG for credit transactions, and I was the head of BTG's corporate special situations team. We've been working together since 2011. We grew a lot. We grew close to 20-fold in five years. It's a very high growth strategy, and we expect to keep on growing a lot since our acquisition by Vinci in 2022. We have three vintages, similar to private equity funds, so long-term funds with capital commitment from our investors and cash call, cash calls, and very, a nd a lot of deals, close to 90 deals, so our portfolio is very diversified. We don't like to focus on any specific risk The team I mentioned before, Tomás Jatobá, the third main partner is Benjamin Citron, who used to work in special situations at Bank of America, Merrill Lynch, and also a lot of real estate experience. We like to have a small team of very good people, but with very complementary skills. What are our main competitive advantages? First, smart money investors. Almost 100% of our LP base currently is Brazilian. So as I mentioned before, we are currently investing our Fund 3, which was raised before the acquisition by Vinci. Those investors bring a lot of deals, a lot of knowledge to us, help us in the due diligence of the deals. So it's a unique investor base. Our relationship and reputation. Those not only investors, banks, they bring deals to us because they know we are fair investors, creative, et cetera. So whenever a company is in distress, a person's in distress, those third parties bring the deal to us, and not only about the terms we bring, but they know that we'll treat the counterparty fairly. A lot of creativity to build the good structures and provide good returns to our investors, and also add value to our counterparties. And we've been having a proven ability to return capital to our investors. So for example, the SPS II, that we started returning capital in December 2022, up to June, we had already returned 30% of the capital committed from our investors. So we were able, I think, to forecast how much we would return to our investors. Our original forecast was 30% for until at the end of this year, and we have already returned 30% up to June. So, this is a little bit about our track record, our three, three funds. As I, as I mentioned before, I think the, w hat I'd like to highlight, we've been able to invest more than the commitment, because during the investment period, usually our funds are eight-year funds that we can invest throughout five years, and during that period, we can reinvest in a, in a, with the, with the same money. Given the other, the ability to receive money back from principal, or interest payments, et cetera, we are able to reinvest that money during investment period. So we've been able to invest more than the commitment of those, those funds. The Fund III, we have already invested close to 50% of that fund, and, as I mentioned, the pipeline is very hot, so we expect to invest a large portion of that fund by the end of this year. A little bit about our returns and DPIs. So as I mentioned before, we've been able to achieve equity-like returns with a lot of downside protection, either through collaterals, structures, et cetera. These are complex situations, but, much, much less risk than the other situations. We've been able, I think, to return a good amount to our investors that have been keep on investing with us. So for example, the majority of investors that invest in our Fund III are the ones that had already invested in Fund II. So always re-upping, and we are always able to provide a guidance of how much money we will be able to return each year, so investors, they can scale the size of their commitment based on the money they expect to receive from previous funds. And our long-term value proposition, a little bit about our synergies. So we've been really happy. We've been with Vinci for a little bit over one year. We've been able to extract a lot of synergies. For example, the knowledge base. Last year, we acquired a loan from a construction company that at the end of the day, we ended up with a few assets, including equity from an oil and gas company. And without the knowledge from the research team at Vinci, we would never been able to do that deal. Bring a lot of deals, so other teams at Vinci bringing new deals to us. Processes in general, so now we are fully integrated into Vinci, back office, compliance, et cetera. So we are in the process of Vinci bringing, exchanging best practices. And finally, distribution channels. As I mentioned, 100% of our LP base currently is Brazilian, and we expect next year to launch our SPS IV, which will be the first fund that will be raised abroad. So we are very happy at Vinci and expect, I think, to show what we've been doing, even in a larger scale next year with SPS IV. So I'd like to thank you for your time, and now we have Fernando Lovisotto to present IP&S. Thank you very much. Thank you. My name is Fernando. I will present IP&S. I'm CIO and Head of Liquidity Strategies at Vinci. IP&S stands for Investment Products and Solutions. We currently manage BRL 24 billion, divided into these four strategies. The largest one is the exclusive mandates. Then we have BRL 3 billion in pension plans, BRL 2.2 billion in commingled vehicles, and BRL 2.1 billion in international allocation. Let's go into more detail. Exclusive mandates are tailor-made solutions that we provide our clients. Our clients give us what they want to achieve with that money, and we allocate in different asset classes. We have been doing very successfully this for local institutional clients and for high-net-worth individuals. Pension plans are funds dedicated to individuals, where we can manage their retirement. In Brazil, they are called PGBL and VGBL. Our main clients of these products are allocators and distributors. Then, commingled funds are specific funds with specific mandates that we offer all our client base. So we offer local institutional clients to allocators and high-net-worth individuals. And then we have international allocation, where we help Brazilian clients, both high-net-worth individuals and local institutional clients, to allocate abroad. As you could see, we manage BRL 16 billion in exclusive mandates. Two-thirds of this amount belongs to pension funds. Pension funds, they are growing a lot in the last 10 years. It's a mature industry, but it's still growing, has more than 1.1 trillion BRL. And, as you can see here, we've been growing. We almost doubled our market share with pension funds. We are now the third alternative manager for them, and the eighth alternative, eighth independent manager with consolidated managers. But they are still in the beginning allocation that they have, almost 80% is invested in fixed income. And when we compare to other pension funds, especially in the developed country, it's, this number is up to 30%. So, we think that in the, during the time, they will change to a new interest rate easing cycle. As their goals are inflation plus 5, we think that they will need to change into more complex financial products, and this will, be done by external managers, and we will be able to help them to invest in these more complexity products. There are many ways for us to help them. First, they can go directly and buy and invest in our commingled vehicles, but they can also give us exclusive mandates. In this case, they can give us a specific mandate to invest, for instance, in the alternative private products or to invest in public equities, or they can give us their whole plan, their whole benefits plan, for us to invest in a multi-class product. The complexity of the Brazilian market has increased a lot during the last years. We used to have almost 400 managers, and now we have almost 1,000 managers. If we take into account that every manager can maybe have three products, we are talking about 3,000 different products. We think that for a pension fund to decide which manager and which product to choose is very hard, is very difficult, because they are not used of doing that. Because in the last years, it was very easy for them to invest because they were investing in fixed income and maybe the largest part in government bonds. If we do an easy calculation, we think that any pension fund that has less than BRL 2 billion, they won't be able to have an internal team to select the best managers, the best products, and so on. So they will need to outsource this to experienced the team. In this case, we think that for the bigger pension funds, which account for BRL 1 trillion, we think that we can offer specific mandates for them. We can help them to invest in the alternative products, in public equity products, and so on. But for the smaller ones, which are 160 pension funds that have BRL 100 billion of AUM, we think that we can manage all their money, and which is something that we have already been doing. And we have only still now 4% of market share, and we can grow a lot. I think that this is the new trend that is happening in Brazil b esides pension funds, in pension plans, we see a lot of room for us to grow. This industry has grown a lot during the last years. It grew almost 60% per annum, and now has BRL 1.23 trillion. And depending on the regulation, on the tax side, maybe it will grow more. Until now, 8% of their money is managed by banks, and 8% is invested in fixed income. So it has a lot of room to change, looking forward, with the new interest rate that we think that can go down to 9%. We think that we have a good network and expertise to allocate capital abroad and help clients doing that. The addressable market is very huge. When we look to individual investor, it's almost BRL 1.2 trillion, and when we look to institutional investor, it's almost 63 billion BRL. What happens in Brazil is that when the differential interest rate comes down, these investors, they tend to reallocate their portfolio into international assets, and we can provide them this service. And the good question is, why Vinci? First, because we have a very experienced team with deep knowledge on both public markets, internal markets, private markets, and external offshore markets. We are 14 fully dedicated investors, and all these four people, me, Andre, Antonio, and Thiago, we have been working together for more than 10 years during very different cycles, economic cycles, and returning to the investors very good risk-adjusted returns. Our investor base is very diversified, as you can see here. $11 billion out of the $24 billion belongs to institutional investors, $9 billion belongs to high-net-worth individuals, and only $4 billion by allocators and distributors. All these client segments have been growing during the last 5 years. And, one important thing to say is that even though we don't have any formal lockup, our money, the money that we manage, is very sticky, and our retention rate is roughly 90%. Let's talk about our advantages. First, as I just showed you, we have a very experienced team with a very good knowledge about the regulation and about the needs of our clients. Secondly, as we are in the Vinci ecosystem, we think that we have good knowledge to allocate in different asset classes. It's very unique in the Brazilian market. Third, we have access to very good managers to offer to our clients. We have been able to allocate in very customized mandates, so we can achieve the goals that the client wants, following their constraints. And we are very cost efficient. All the advantages that we get from our third parties, we give them to the clients so they can have the best return. As you can see here, some of our commingled vehicles' returns, we have been delivering excess returns comparing to their benchmarks. It's very important for the actual clients and for both our prospects, because it's a way that they can measure the quality of our service. Then, all of our products are adapted for institutional investors, which is very important for us. When we look ahead, we see that every time that the rates, they are falling, it help us to grow in the future. And now, as that have been said all the time here, as we just entered this new easing cycle, we think that our AUM will grow in the next years. Summarizing, we are very excited about our future. We think that we can gain market from the banks in both pension funds and pension plans, and we think that we can allocate the client's money in alternative investments, just like we just started our SPS strategy in the past years. Now, I would invite Roberto Knoepfelmacher to talk about the public equity business. Thank you. Hello, everyone. It's a pleasure to be here. I'm gonna talk a bit about our public equities division and the prospects for the future. So to begin with, we'd like to say that we are pretty constructive with the prospects of the Brazilian equities for the coming years. As we can see, the GDP growth of Brazil has been steadily increasing for the past years, and we expect growth to continue in a interesting pace for the coming years. Also, when we look at the Brazilian stock market, we see a very interesting valuation. We're talking about a 35% discount vis-à-vis the average of the emerging markets. And talking about our FX, we can see that there has always been a tight relationship between our FX terms and our FX, but this correlation has been broken. So we see a discount of our currency vis-à-vis its theoretical price. And also, when we look at positioning, we can see that the share of equities in the Brazilian fund industry is in one of its lowest point in the recent past. And although the valuation of Brazilian equities is very attractive in historical terms, we think that has to do with the high interest rates that we have been seeing in the past years. But it's something that, as José Carlos mentioned, is about to change. And we've been witnessing in the past years a very important trend of financial deepening in the Brazilian market with the creation of IFAs, networks, and so on. But when it comes to equities, we think that we are in a pretty early stage in terms of the financial deepening, and we expect an important growth in AUM for the coming years. Some examples here, when we think about the percentage, the market cap of the Brazilian companies as a percentage of GDP, it's a much lower ratio than we see in developed countries. Also, when we think about the population, the share of the population that invests in in Brazilian stocks, there is only w e're talking about only 2%, and in the U.S., this figure is 57%, so a lot of room to grow. And we have always seen a very tight correlation between easing cycles and the increase in IPOs and follow-ons. As we expect interest rates to come down significantly next year, we expect that there will be lots of IPOs and follow-ons, which will help us have more options to invest. How are we at Vinci positioned for this opportunity? First of all, we have a large AUM of BRL 8.7 billion, but we think that we have a very large capacity. We can almost double this amount, and this AUM is divided in two strategies. The Mosaico All Cap strategy represents two-thirds of this AUM, while the dividend strategy represent the other third. And also we have an investor base, which is one of our largest strengths, that is skewed towards institutional investors, both international and local, that have the ability to cope with the fluctuations in the market. A very sticky investor base. And what are our most important competitive edges? We have a very seasoned senior team, and we're gonna talk a little bit about it in the next slide. And also, we leverage a lot on the Vinci ecosystem. For instance, we are able to channel check the listed companies with the investment companies of the private side of Vinci. Many times, those companies are perfect peers of the listed companies. Also, we have a very strong support areas, such as our macro team and data science teams, due to the fact that Vinci is one of the largest alternative investors in Brazil. So we can afford to have these important support areas. And also, we've been historically investing in non-consensus stocks that have been a very important source of alpha generation for our funds. Talking a bit about the team, we have a very seasoned team. Aside from our CIO, Fernando Lovisotto, we have other three partners in the team. The four of us have more than 20 years of experience. Also, we have a large research team comprised of eight analysts that have been with us since they left college, and we had the ability to forge them into our culture and philosophy, investment philosophy, and we have been having a very low turnover in the past years. And we, as I mentioned, have also the help from our macro and research team, that I'm gonna explain with some examples in the next slide. So, when it comes to the macro team, a very interesting example of how they have been helping us is that their economic forecasts have been constantly ahead of the curve. Here, on the chart, on the left, we can see that, José Carlos' team has been predicting that, Brazil's GDP growth would be higher than what the market was expecting, throughout this year. And that led us to bet on more cyclical domestic companies that have been doing very well this year. And when it comes to data science, our data science team have developed, for instance, a data scraping algorithm that has been gathering data from the rent-a-car companies. We invest in Localiza, the largest rent-a-car company in Brazil. Last year, we could see that its largest competitor started increasing the sale of used cars strongly, and so we could grasp from this information that probably this competitor would step in the brakes in terms of buying new cars, due to probably a higher leverage, and that would create a very important tailwind for Localiza. It turns out that that happened, and our investment in Localiza did very well, and we added to the position due to that. Another important point in terms of competitive advantage is the fact that we've been investing in non-consensual stocks. We try to avoid trendy sectors, and we've been investing in sectors such as telecom, banking sector, oil companies, and this has led us to have a lower overlap with our main peers. We had avoid some crowded names that had, w hen they didn't deliver, had very important drawdowns. Due to that, as we avoid those large drawdowns, we have been able to have a better, a lower volatility in the fund, and, we've been having a very interesting risk-return proposition to the clients, also due to that. All that has been translating to a robust track record. Here is the track record for Mosaico Fund, which has 13 years of history. We've been able to have an annualized return of 14.5%, almost 10% higher than the Ibovespa, and with the great majority of the years with a positive alpha. And the same goes to our dividend strategy, which is even longer, with 18 years of history and a very robust track record. And here's a bit on a new growth avenue that we are starting, which is our PIPE fund, which is a new initiative that we think we are very well positioned to do. First, what makes us excited about investing in PIPE, which is in the sector of small caps, is the fact that we see that the lower the trading volume of a company, the less sell side coverage, the less the analysts look at this company, which creates an environment where there is more inefficient pricing. So, it's a better place to cherry-pick stocks. Also, when we look at the size of this, of this universe of companies, it's a large size. In the graph on the right, we can see the accumulated trading volume of the Brazilian market, and we see that the blue chip scope represents 70 companies, and they represent 85% of the trading volume. But you have a universe of almost twice that size that is comprised of companies that have some trading volume until BRL 5 million, $1 million, which is very plausible for us to invest. So, we are talking about a less efficient market and with lots of options. And we think we are very well positioned to tackle this market because we have all the requirements to be a good manager of PIPEs. As we are one of the leading private equity companies in Brazil with lots of experience and in-depth knowledge of execution and governance, while we are also one of the largest public equities managers in Brazil with an extensive experience in stock selection and with a long-term horizon in small caps. So we think that it's a very interesting blend. We can bring the know-how of our private equity team to the investment companies. And now I would like to call to stage Alessandro Horta, to talk about the retirement services. Thank you, Roberto. I'll take this stage again to talk about our newest development and strategy, the Vinci Retirement Service initiative. Before I start to talk about Vinci Retirement Service, I'll give you just a very quick introduction about the pension industry in Brazil and how it works. It's divided basically in two different types of pension schemes. One is the mandatory, that's the official one, that by itself is divided in two, the what we call CLT/INSS, that's pay-as-you-go type of pension scheme, and the RPPS, that's the new one, also by the municipality, states, and the federal government, but more an accumulation scheme that's compounding over time, okay? The main focus of VRS is the optional pension scheme. So it's the complementary, so it's private, and can be in two, two types, of pension schemes: open-end and closed-end. The open-end, it's any individual or any legal entity can join in favor of the individual linking to them, so they can join these schemes. The closed-end normally is, is created by a company, so people that are employed by this company can join this closed-end, pension scheme. And, just talking about the size, both has relatively almost the same size. The open-end today, it's BRL 1.3 trillion, and the closed-end, it's BRL 1.1 trillion. Both are dominated by, the incumbents, and, the open-end today, 87% are, within the incumbent banks and just 13, by the independent players. This is exactly both the market that Vinci Retirement Services want to attack. How is this Brazilian complementary pension industry? So it's just a part of the complementary. So there is a pension system deficit as a whole, as you know, in Brazil. That explains why people are trying to be attached to these complementary schemes. The INSS, so, cap is low, so the maximum value that you can earn monthly by the official pension scheme is around BRL 7,000. So if you want to have a retirement amount monthly that's higher than that, you should go for any type of complementary scheme. There is no withdrawal in case of emergency on the traditional pension scheme by the government. You cannot make any strategic tax planning and liquidity generation when you pass away, and when you have your children, and et cetera. So with the complementary pension, you can really create this kind of treatment for your pension. Today, the pension in this allocation, the majority of them, 87% fixed income, just 13% in other asset classes. So the idea of VRS retirement service also is to provide a solution much more diversified in terms of allocation. So today, the returns of even what exists today as a complementary industry, most of the return is driven by tax benefits, normally and often leading to sub-optimal portfolio asset allocation, so the majority of the assets are in fixed income with very, very high management fees charged by the incumbent banks. Tailor-made allocations with a full suite of product is the target of each retirement system that we think will boost long-term return for these assets. So the idea of VRS is really creating another retirement service. So we see a sizable opportunity to expand penetration into pension industry, gain market share from the incumbent banks, because from the complementary areas, as you saw, it's more than 80% market share from the incumbent banks. That's very expensive and inefficient. This complementary industry, as you showed in total, we have like, where to fish in a pool of BRL 2.4 trillion, that's the total market size of the this industry today, and it's growing. There is a big decentralization trend, so we incumbent bank currently has more than 80%, as I said, and is gradually shifting to independent insurers. We are already seeing this movement. There is a lack of independent players in Brazil, so it's there is a lot of entry barriers in this market, such as expertise, structural requirements, regulatory issues, that limit the access of new players. So there is not many new players, but the trend is for the banks to lose market share in favor of any new players that appear in this market. Solutions that are available in the market today, normally, as I said, concentrate only on tax benefits and don't focus on maximizing returns. So they just use the structure of this, retirement scheme to, maximize the tax efficient, but they are really not focused on maximizing returns and tailoring the best solutions for each of the individuals in long-term investment plans. So the diagnosis is that pension products have a very poor historical performance. The product offer not comparable with the investor profile, so there is just one size fits all type of product. Lack of knowledge and very decentralized information, so the customer, the client, they don't understand what they are buying. Clients neither monitor nor adjust the plan over the years, so it's very, very rigid in monolithic type of product. The products are, is still mostly manual and not digital, with legacy system. This is very important. There is not technological. When you see inside the banks, anyone that have any kind of exposure to that, understand that a lot of legacy system technological with a lot of failures, so the client really doesn't get the information that's necessary, and don't have the transparency for their own retirement savings. There is a big desire for the investors to choose their product mix. With the democratization of the access for investment that we saw in Brazil recently, that was provided by a lot of different players, this is also becoming reality on the retirement service industry in Brazil. VRS was developed exactly to address the main issues of the traditional retirement solutions. We focus in a very innovative, digital, and personalized solution, designed to really every investor profile, backed by technology and solid risk tolerance metrics. So we are using our knowledge to really provide a very good framework, embedded with technology, that will provide a very high level of service. So what's our solution? We have a tech advisor mechanism and specialist in asset allocation, bringing all the knowledge that we saw before in all our business and verticals to that solution. A tailor-made solution that's designed for-... fit every investor profile, easy access to information to enhance the user experience. So it's very really instantaneous information about their savings schemes for the client, annual review for the clients with targets and goals, so we can really change and adapt the portfolio for the targets of the client. As I said, it's very digital, with a very user-friendly navigation and similar design, and a very simplified and tailor-made allocation that can evolve and become more sophisticated depending on the client. We are creating this retirement service with a very senior investment leadership. Our partner that is responsible for this is Vinicius Bianconi. That's more than 33 years of experience, and his last position was the CEO of Bradesco Seguros. That is today the largest insurance company in Brazil, and one of the largest players, even in the retirement service scheme. We have nine fully dedicated investment professionals. For sure, we can bring the knowledge of the rest of the firm, especially the investment products and solutions that Fernando Lovisotto explained. We built also a team with a lot of best-in-class technology know-how, exactly to develop the technology tools that are important to enable the solution for the clients. So what we achieved so far? We launched VRS officially in the second quarter 2023. We had a soft opening to Vinci High Net Worth individuals base. We have an app, minimum viable product, with full developed AI. It's already working, so you can download the app if you want. It's already in place. But we are focused on selling the product initially to our base of high-net-worth individuals that are keen to have the exposure to this type of product, to have a more or less soft open while we adjust the MVP for the needs of the clients. What's yet to come? We are starting to expand fundraising effort to corporate clients. We are already talking a few corporate clients that will be the early adopters of this, this solution. We are increasing the share within Vinci high-net-worth individual. There is something that came in our favor. You are probably familiar with the change that will take place if it's approved by the Congress and regulated with the tax change in Fundos Exclusivos in Brazil, exclusive funds, that will not carry any more the tax. They cannot defer tax as they used to do. So that will, in our view, change a lot of AUM from this type of mechanism to retirement solutions. We are, we will expand our product offer capabilities, putting other different type of products inside this framework of retirement service. With that, I will again call Bruno Zaremba to the financial review. Okay, so this is the last session that we had planned for today. And the idea here is to go into a lot of detail on the building blocks of how we expect to generate shareholder value going forward. So today we have a business model that already has very, very strong positive characteristics. As Alessandro covered in the beginning of the day today, we have a significant portion of our AUM, which is locked in long term. This creates a very stable revenue stream from the management fee side of the business. The platform has substantially diversified over the past 10 or so years. Once we started the diversification effort, that has been very successful. We have the tailwind from the growing market in the region, Brazil, specifically in the region in general, so this will help our business grow organically over time. We have the opportunity to drive substantial operating leverage as revenues grow. I'm gonna show some slides further down on kind of a recap of what we did from an operating leverage standpoint, and what we expect to be achievable going forward. We have substantial upside from realization of future performance fees, and also the impact of our GP investments in our income statement as they start also generating value to us. So the combination of these characteristics, long-term lockup, proprietary relations on the capital side, as I mentioned in the beginning, our stability management fees-... A very high quality FRE stream with incremental profitability coming from GP realized investments, and also our PRE creates an equation which is, in my view, unbeatable in terms of long-term value creation for our shareholders. On top of these characteristics, we have also very strong free cash flows. We grow without use of capital. So our shareholders can profit from both qualities in our business model. They can have growth driven by all of the factors that we have discussed today, and also income, while growth happens, right? Which is something that's not usually common when you think about businesses. So creating our income statement and medium, long-term projections from the top down, we start with AUM. Alessandro mentioned this in the beginning. Our expectation and targets are to reach 2028 year-end with BRL 150 billion in AUM. Importantly, and to reemphasize this, this does not include any M&A. It doesn't include the impact from the Ares partnership and what kind of upside we can reach by working alongside with them in coming years. And it doesn't include any, let's say, different product launches. So here we are basically considering that we're scaling what we already have, so it doesn't factor in any new verticals, new business lines that we are not in today. Obviously, all of these efforts individually could be very impactful on the end number, right? If we do a significant M&A, if there are opportunities in the marketplace to raise additional strategies, which we'll not cover today, and obviously, the impact of working alongside with one of the biggest alternative asset management firms in the world. As I mentioned also in the beginning, we're rolling our forecast for near-term fundraising until the end of 2024 to $15 billion. We have very good visibility on this target. The products are performing extremely well. Leandro talked a little bit about the REITs market opening up. This is a segment in our AUM, which we missed dearly over the past two years, not having this engine working in our favor. I think this is gonna help tremendously in coming years. So we are backing this $15 billion target to year-end 2024. Then again, same slide that we showed before, we have an additional BRL 60 billion coming from now until the end of 2028 across all of the verticals. So this is one of the key under pillars of the BRL 150 billion target that we have for 2028. From a revenue standpoint, we believe that this AUM growth will allow the platform to reach BRL 1 billion in fee-related revenues by the end of 2028. We expect that contribution to be mainly driven by private market funds. Here we have new vintages of existing strategies. We have SPS IV coming, we have VIR V coming, we have further installments of existing strategies. Several of our strategies don't have any issues allocating capital, so we have ample room to allocate more capital. VICC, I think, is a good example of a strategy that can grow multiple times when you think about next vintages. And obviously, our private credit vertical, the market opportunity is huge, so today there's no real limitation on capital allocation. So we believe private markets will be the main driver of the revenue growth in the next five years, with a range of $285 million-$340 million incremental revenues by 2028. IP&S, we expect $60 million-$70 million incremental revenues, driven by more SMAs and also on the private pension plan side, our commingled funds. This is an area that we are also have been working on and have been working a lot to be able to have our products on the pension plan side, to be available in all distributors, and I think we did a very goo-d job with our AMD team over the past few years to be in that position. And we already understood what is the size of opportunity, given some early successes that we're having driving those commitments into these funds. In liquid strategies, we have capacity in our equities mandates to increase the size there, and also launching a new PIPE strategy that we expect also could be meaningful to us medium term, that could add $70 million-$85 million in incremental revenues. VRS, as some just mentioned, this segment can be really any number, because the size of the market is very, very big. We're talking about more than BRL 1 trillion addressable market, which today we feel is very concentrated, so we can be very meaningful here. In our business plan, we have BRL 60-75 million additional revenue. And then finally, organically grow our financial advisory business, which currently is running between BRL 30-50 million per year. That's an average term of revenue. Grow that another 50%, including more mandates, bigger mandates and obviously the knowledge and the market share of the group grow in Brazil. They have been doing a great job as well. So having talked about revenue, we'll now talk a little bit about expenses. Today, 70% of our expenses are people-related. Of that, 40% of the total expenses are regarding bonus compensation. Today, we are building provisions that are around 20% of revenues for our management fee bonus, and our expectation going forward is to build bonus on the performance side at about a 50% rate. There is opportunity here to gain leverage over time, but these are the, these are the levels that we're doing that we're doing today. In terms of personnel expenses, these are basic salaries and benefits, so, health insurance, et cetera. This is more directly linked to FTE growth. Without FTE growth, it shouldn't grow on a real basis. So basically, here we are going to be dependent on total FTE growth. I'm gonna cover that in the next slide, I believe. And then we have more fixed nature expenses, which range from service, occupancy, travel, which in general, we're well-positioned. We have very good structure today, IT structure, occupancy, rental part. We are pretty well established, so this is a line of our expense that I believe is highly leverageable going forward. So I wouldn't expect this to have any, like, meaningful correlation with AUM. It probably has a different growth profile going forward. So we envision going forward with the targets that we're setting today, to have substantial room to grow our margins. So giving a kind of a backtrack example of what we were able to do. Back in 2018, we had BRL 137 million per FTE, which grew to BRL 235 million per FTE today. And this allowed us to grow our margin by 15 percentage points. This was what we did, looking back, right? Looking forward, at the stage that we are now, with the visibility that we have now, we should not expect anything different. If we're able to realize the targets from an AUM and revenue standpoint, we expect the margin expansion to continue. So we would expect AUM to FTE to grow to a level of BRL 400 million-BRL 480 million per person per FTE. And then to realize further margin expansion of 650 to 1,150 basis points, ultimately reaching a margin, FRA margin in the high fifties. So that would will lead us to a number between 55% and 60%. So if you combine the two, revenues and margin, obviously, we, we derive the FRE target, right? So we're talking about revenues growing from a little bit over $400 million last twelve months, to about $1 billion in 2028, or a 2.2-2.4 times growth. We're talking about FRE margins going from the high 40s% to the high 50s%, and that leads to an FRE number from around $200 million that we have today, to $500 million-$600 million, in five years, from 2.5-3 times growth of where we are today. Switching to PRE. Today, we are still in a position where PRE has been, not a very big contributor to our numbers. There are a couple of reasons for that. Prior to IPO in 2018, 2019, and 2020, we did have a more meaningful PRE that was driven by the liquid side of the business. Since then, and as Alessandro mentioned in the beginning, markets in Brazil have been more challenging, with Ibovespa basically flat since we IPO'd in 2021. So being able to realize, performance fees from the liquid side of the business has been more challenging, given that a lot of these funds carry high water mark clauses. On the other hand, we are kind of in a trough on the private market side, so our more relevant, PRE, aggregator from the private market side, they are currently not paying performance. They are still building, the carry, into the, into the fund structure. We expect, starting a couple of years from now, for the PRE from the illiquid side of the business to start being realized. And here we're talking about VCP III, SPS III, our, water and sewage fund, VIAS and our, real estate development fund, VFDL. Once these funds start to contribute, and having liquids contributing again with a more normalized environment, we would expect our normalized PRE to look like something between $100 million-$120 million per year. Obviously, obviously, this is difficult to precisely give a number, because it depends a lot on when investments, mainly on the liquid side, on the private side, are monetized. So it could be, one year could be a bit, little bit higher, one year could be a little bit lower. But we wanted to give a sense of what is kind of the average annual number that we should expect, on a normalized basis as the private funds start to contribute, to performance. And then finally, talking about the balance sheet. So since our IPO, we have used our balance sheet in three different ways. We have seeded new private market strategies. To date, we have invested or committed, is more accurate. We have committed BRL 1 billion, of which we have called between BRL 300 million-BRL 400 million. We have deployed a part of the capital in acquisitions, which, for now, the example is the transaction that we did with SPS, which had a cash portion in the first part of the transaction. And we also used it, not substantially, but used some of the balance sheet cash to do selected stock buybacks. These were the three uses of the capital that we have in the balance sheet in the past few years. As I mentioned, we have committed BRL 1 billion, BRL 1 billion so far in the funds. This commitment has two impacts to us. One is the flywheel impact on FRE and PRE. So we would expect that for each monetary unit that we commit into our private funds, we would be able to raise an average 15x from third party LPs, right? So this obviously create leverage on FRE, create leverage on the PRE going forward as we not only receive the returns on these GP commitments, but also creates momentum to raise more asset management capital. Remember that in Brazil, there are some regulatory requirements from institutional investors of minimum skin in the game percentages, which range from 3%-5%, depending on the client. So we will, going forward, continue to allocate capital alongside with the LPs to be able to tap the capital pool from local institutions. We did some investments in our REITs, which are generating yield for us. These investments, they were done alongside with capital raises. And I think today we have close to $200 million exposure to our REITs. And finally, we have upside from a return standpoint on these commitments. So we talked about this in a prior conference call, about two or three quarters ago. Our expectation from a blended average basis, using the commitment that we have today in very conservative return outlooks for the funds to which this capital was committed, we expect net IRRs to be around 20% for this capital, and that translating to a net MOC of about 2x over the lifetime of the funds, right? So, there's obviously a curve of capital allocation, then there's a curve of capital return. And in the meantime and in the average of these terms, we would expect this capital to return to the investor, to our return on investment, a number around 2x net MOC. We expect this capital to start being returned to us at this level between 2026 and 2030. So we're gonna have a period of about 2-3 years going forward. That's gonna be the period where we're gonna deploy this money, so the capital is gonna be called by the funds. And then starting 2025, 2026, 2027, this capital is gonna start being returned at levels of return that would expect to approach the 2x net. So building then with the FRE, the PRE, the GP potential impact to our numbers, we're gonna build from the top up, the earnings power of the company. That's, that's kind of the idea of the rationale that we were building here. So from an FRE basis, we are talking about about 7 BRL per share, target for 2028, which will be aggregated with a PRE, a normalized PRE of 1.4 BRL per share. So obviously, this 1 year can be 2.5, the other year can be 0.6. So we're kind of trying to figure out a kind of a normalized trend, what it would look like, which would be then added to BRL 1.6 per share of realized financial gains from the GP commitments, which also is a normalized number over a period of time between 2024 and 2028, which would total BRL 10 per share of distributable earnings. So this is what we feel should be a reasonable expectation for earnings power for the company by 2028. So we're talking about growing our distributable earnings per share by at least two times, from now until then, with a very strong growth, a part of that growth coming from FRE, which we are targeting a growth of close to three times, right, until 2028. Now we did also an exercise, as we compare the operating leverage of the business in the prior cycle, we are also comparing these targets against our prior cycle. So how does this growth targets match with what we did in the past, in the past four years and a half? So we came from an FRE of $166 million in 2018. Sorry, fee-related revenues of $166 million in 2018, and an FRE of $55 million in 2018. These two grew by 2.5 times on the revenue too, and 3.6 times on the FRE. We are now at $414 million FRE last twelve months. Sorry, fee-related revenues in the last twelve months, and $201 million FRE in the last twelve months. In the meantime, we generated $857 million free cash flow, which returned most of this capital, given that a good part of this period of time we were private, let's say, half of this time we were private. So most of this capital was returned through dividends. Initially, through the partnership as a private entity, and then after that, to our shareholders, once we IPO, then Alison mentioned that we have returned a little bit over $1.70 per share since IPO in dividends. So part of that dividend distribution is coming from here. Looking forward, we're talking about BRL 1 billion in fee-related revenues, BRL 500 million-BRL 600 million in FRE, and which I think is very important, until 2028, Vinci will generate. On top of this growth, we are gonna generate from BRL 2.2 billion-BRL 2.7 billion in free cash flow. This represents 70%-85% of our current market cap. So we're gonna triple the size of the business from an FRE standpoint, and on top of that, we will have the potential, from a free cash flow basis, to return 85% of the current market cap to investors. So this is, I think, one of the key messages. I mean, when you think about the business model, as I was mentioning in the beginning, we are able to grow the platform substantially, and at the same time, generate a lot of free cash flow. So it's a really a very powerful combination. And to finalize the financial part, we did an exercise in terms of the valuation of the company and doing sum of the parts, comparing us with some of our peers, or actually a market average of our peers. So when we prepared the deck, our share price was $10.20 per share. We have currently cash on our balance sheet that is worth $4.50 per share. This cash has, as I mentioned, two positives for the firm. One is a flywheel impact on FRE and PRE, which levers third-party capital to increase our management fee results. On top of that, we expect a net 20% return from an IR standpoint on the capital that we have deployed. So this balance sheet capital is quite valuable to us. It has value to us generating franchise value on the FRE, and it has value to us generating very competitive economic returns. We estimate a net present value of our PRE streams to reach $1.7 per share. We did a net present value approach here, bringing our PRE stream to present value at a 20% cost of equity. This is more or less 5x normalized multiple, which we feel is fair, given the what kind of discount that PRE should have. So this means that our implied FRE value today, by taking our share price and backing out the cash, which is extremely valuable to us, and by backing out the net present value of our PRE, implies that the stub, which is our FRE, the stub is valued today at $4 per share. So the value of our asset management business today, the long-term lockups, very stable management fees, the possibility of growing margins, the tailwind from the allocation of capital in the region to alternatives, all of that is priced at 4x $4 per share. We believe the FRE stream should grow at a 20% CAGR until 2028, combining growth in revenue and margin. So it's really a very, very compelling growth trajectory for the asset management portion of the business. And this implies a price to FRE multiple after taxes and stock-based compensation of 7x. Our peer group today is trading at 24x when you do a similar math, right? This includes people that have balance sheet, people that don't have balance sheet. The actual fluctuations are not that relevant, at least not today. It has more to do with growth trajectory than capital allocation. So the asset managers are growing faster, are trading with higher multiples and with the premium, the asset managers are growing slower, are trading with less of a premium, right? And then the final exercise that we did was just giving a sense of the potential re-rating on the stock price. If we use the same multiple that our peers are trading today, we would have an implied FRE value of $13.9 a share, and then obviously keeping stable the net present value of PRE and the cash position, we would get to a $20 per share valuation. So that was the exercise and the top-down, how we create the shareholder value that we expect to create over the next five years. I think as we were able to portray here, the targets, they are not aggressive. They are not different than what we did in the past five years. Neither on a revenue growth nor on a margin growth. These are exactly in line with what we did. I think there's significant optionality to these numbers, significant M&A potential in the region, new product launches, obviously, the strategic partnership with Ares. This is opening up a new avenue for us to discuss how to grow and leverage the platform alongside with them, the ability to distribute their products in the region as well. So there are several upside levers on the number, but we feel very comfortable that it's a very achievable target for us, if you think about the platform, medium to long term. So with that, calling Alessandro for some final remarks. After that, we're gonna have a 10-15-minute break and come back with the Q&A session. Thank you, Bruno. So it's really closing remarks very quickly, and then we can grab some lunch and have our Q&A session. So I will come back to the main takeaways for you today that we envisioned, and that's the message that we would like to convey to you. So first, again, the platform is strategically positioned within the main alternative investment classes, and poised to benefit from tailwinds that are fueling its growth. So we really believe that now we do have all the main alternative asset classes very well positioned, and we will benefit from these tailwinds. So it's the first message. Then, our business model is structured to really drive strong growth during favorable market conditions. Till the IPO, from the, w e have been facing challenging macro conditions that are starting to change in Brazil. So, we believe that our business model really will benefit from that. And of course, we have a setup that makes us very resilient during tougher scenarios like we demonstrated during the last few years. Fundraising and deployment are on a very strong growth trajectory, and realizations are poised to accelerate in future years. So we are investing and divesting strongly, and we expect this trend to continue. So we could generate a very, very important DPI for our clients and also invest in very favorable conditions in terms of prices of assets in the region. The alternative market, as you know very well, it's expanding on a global scale, and we believe emerging markets, particularly Latin America, is in, are in a good position to capture an increasing share in the coming years, with a potential focus on attracting institutional investors, both local and international. Till recently, I would say Latin America did not attract much of this capital, so the penetration on the portfolio of these institutional investors, of alternatives in the region are very low, both for local institutional investors and international institutional investors. And we think there is several reasons that to explain to you, this could be a very interesting opportunity to grow from this very low base, and that we will benefit a lot from this. And finally, the potential for outsized shareholder return is significantly driven by the growing FRE and the promised upside potential, both from PRE and GP investments. I think Bruno just showed exactly this point with a very good exercise in terms of numbers, how we believe our investors could really benefit from all the, the scenario that and strategic decisions that we are taking for the company. And we believe that really, that will translate in very interesting returns for the shareholders. Just to finalize, I would like to talk a little bit about how we think about our business. It's like we like to say, it's a very simple business. Complicated to put everything together, but it's basically bringing together talent, capital, and ideas. And what makes this stick together is basically process and culture. So, without that final message, I'd like to invite you all for grab some lunch, and then we'll be back for our Q&A session. Thank you very much. Thank you, everyone. Thank you, everyone. We're going to start our Q&A session. I'll ask the audience to start asking questions, and then we'll move on to the questions through the webcast. We'll start with Tito. I'll bring you the microphone. Great. Thanks, Anna. Thanks, Alessandro. Bruno, good to see you. You know, thanks for the presentation. A couple questions, I guess, to start. Maybe just a little bit more color on the use of cash, right? I mean, you already have more than $200 million on the balance sheet, now you're getting an extra $100 million from Ares. Just help us think about how you plan to use that cash and, like, over what timeframe. I mean, there's dividend payments, M&A, investments in your funds. Just help us think about the allocation of that cash, and then I'll have a second question after that. Want me to start? Yeah, of course, I can take that one. So, Tito, thank you for the question. Of the $200 million that we have on the balance sheet, a lot of that is already committed, right? So if you look at the numbers that we have today, I think our net cash position is about $1.3 billion. We have committed about $1 billion. That $1 billion we will draw down over the next, let's say, on average, four years. And we're seeing the environment in Brazil and in the region, very favorably from an M&A standpoint, right? So there are some structural changes happening in Brazil, with the change in dividend taxation. We feel that there's a significant consolidating trend to go alongside with that in several areas that, for instance, Leandro mentioned on the REIT side, other strategies that will eventually be also interesting for us from an M&A standpoint, outside of Brazil, in other markets in Latin America. What we felt was that we don't know exactly when we're gonna have the need for that capital, but we felt very strongly that having the capital in the balance sheet now will put us in a relatively strong position to take advantage of those M&A opportunities. So I would expect, if everything goes according to plan, most of that capital, the capital infusion from Ares, to be used in M&A. Hopefully we can deploy the capital in the coming, let's say, two years. Yeah, I think the main point, the message is that we thought that was perfect timing to build a war chest now, that we expect the M&A activity, at least the opportunities that we are seeing for several different reasons, both to go deeper in our own strategies, even in Brazil, if it's necessary, but also in Latin America, we are seeing there is a lot of opportunities. So we expect, of course, it's difficult to predict exactly, but the majority of this capital that we are receiving from Ares will be used in M&A. Great. You know, thanks for the color, that's helpful. My second question was on the, the fundraising, right? You gave the $60 billion target. And, you know, it's been a little bit low this year. I mean, obviously, you have high interest rates, that are beginning to come down. Is the pickup really primarily related to lower interest rates? I think it doesn't factor in the Ares partnership either. So just help us think, like, what's gonna ramp up that fundraising and the drivers there? Yeah, nice to be back. I guess it has to do with interest rates. So I'll give you an example. REITs. REITs, I think, is a good example. We went through the last couple of years having to be tremendously creative on ways to raise money in REITs. So we did, I think, between 3 and 4 assets-for-shares swap transactions, which are not the, let's say, the more common way to raise money, right? Going forward in a single-digit environment, or at least like 10% interest rate environment, we would expect REITs to contribute, like, $2 billion per year. That's just to give you an example, right? On top of that, there are families of products that we see strong growth. So VICC, I think, is one example. In that forecast, we're already going to VICC II. VICC II could be at, like, twice VICC I. Private credit, we had some incremental growth there, but it's not factoring in the Ares relationship. Special situations are following the same. So we have an SPS IV target in the AUM, that I think is closer to BRL 1 billion. But eventually, with Ares giving their pedigree and knowledge on the space, there's no issue allocating the capital. We were being conservative on international distribution of this product, right? So I think we feel very comfortable with those targets. Like, very small changes can be very meaningful. Give you an example: If we raise BRL 3 billion in a private pension commingled fund in IP&S, which is completely doable, it's half of the target for the next five years, if we raise BRL 3 billion. So I think it's quite feasible. And of course, interest rates have a role, mainly in liquids and REITs. Those are the two areas where we feel there's very strong correlation. So if interest rates are low, and NAVs are, prices on NAVs are high, we can follow on with the REITs and with the MLP quite easily. And the flows in equities and hedge funds, they're very correlated with nominal interest rates, very correlated. So once we get to that single-digit type of level, we should see at least that there is that indication. We should start to see slow pickup, as was the case a couple of years ago. So the build up of the AUM, that will. Or the fundraising, it's really by each of the strategies, analyzing each of the products that we launch. So, for instance, private equity, we are looking between now and 2028, we are looking for exactly the vintage that we'll be raising, by the VCP strategy or VIR strategy, the same for infrastructure. So as Bruno said, there's no any consideration about the Ares partnership for that numbers. We just took in consideration what we have as capabilities today. And of course, as Bruno said, there are areas that will be more dependable on interest rates, like the REITs and the more liquid stuff, but less on the more traditional private equity side, private market funds. Great. Thank you. Thanks, Tito. Does anyone in the audience have a follow-up question? So I think we can move on to a few questions that we received through the webcast. We have a question from Craig, from Bank of America, on the strategic partnership with Ares as well. "So insights on the strategic cross-sell opportunity with Ares. How can Ares help Vinci to expand its LP base outside of Brazil? How can Ares help Vinci to expand its LP base outside of Brazil, and how can Ares help Vinci to sell products into the Brazilian wealth channel with large domestic pension plans? Okay, I can start, and Bruno, please complement. I think there is a clear synergy between us and Ares on that strategic distribution front. For sure, the coverage of international LPs by Ares, by itself, they have around 2,000 relationships, active relationships, that will be very instrumental to us to reach these investors with our own products, and as we said before, products that we can develop together. So it's very clear that we have a very big advantage to have the support and the relationships that they have with international LPs that today we don't have for obvious reasons, that we are in a different scale and with a different footprint internationally. This, for me, one area that we really believe that we could take a lot of advantage of this partnership. And on the other side, we believe that the exposure of Latin American and Brazilian investors, both institutional, high net worth, even distribution partners, to products like Ares, with our already established relationship with them, we do believe, too, that we'll probably be able to propose this type of products to our clients. I see, for instance, just an example, still today, the exposure to private credit products in Brazilian institutional investor very, very low and lower than they should be. And that could be also an opportunity for the other side of the equation, to us, to help Ares to distribute their products in Latin America. I have a follow-up as well from Craig, Bank of America. With expected declines in interest rates in Brazil, can you talk about how this will benefit most liquid and private alternative products, and help form a stronger equity investor culture in Brazil across both retail and institutional channels? Hopefully, something similar to what the U.S. market went through in the 1980s into the 1990s. I think, I think, even without lower interest rates, and I think I mentioned that quickly in the presentation, we are getting record levels of inflows from local investors to our private market strategy. So when you look at VCP, for instance, VCP IV fundraising, it's gonna be the biggest local fundraising nominal terms of all of the strategies. Which is quite an advance, because the VCP II, which was the first fund that we raised at Vinci in 2010, institutional funds, the local institutional exposure to the fund was zero. And then VCP III, we had a little bit. And now in VCP IV, it's really grew a lot. So even with interest rates at above 13%, which was the first phase of the fundraising. So I think there is a migration, right? The question is the speed. When the opportunity cost is a little bit higher, the speed of the migration is a little bit slower. With opportunity costs becoming lower, I think that will allow us to pick up that migration speed. In some products, they also probably have more elasticity, as you were saying. Probably the REITs are zero or one. There's no half, right? Either you are in a position to raise capital or not. Probably when you talk about a product like private equity, there are speed differences, right? So if it's a 4%-5% real interest rate, it's X. If it's a 5%-6% real interest rate, it's X, divided by two. But there is a reallocation. So clearly, what we have seen is that the reallocation is, it's happening. It's gonna continue to happen. We show that since the IPO, with the worst possible environment, with 14% on the rates, we grew the platform, we continued to raise money. But clearly, with a more benign environment, with lower opportunity costs for decision-makers in Brazil, that speed should accelerate. So it's very clear that that will be the case. It's similar to the trend that we saw here in the U.S. in the previous decades. So, to the question of, it's really a good comparison. Okay, thank you. We have another question coming from Guilherme Grespan from J.P. Morgan on M&A. So, can you share which segments you see most opportunities today for M&A? You briefly mentioned special situations. Any other vertical or strategy that calls your attention? And the follow-up on M&A, still on M&A, are you more excited with Brazil opportunities or Latin America? So I would say that today, and Bruno can complement, the what you're looking more in terms of M&A opportunity, of course, we have a very deep pipeline. It's more, of, not a new strategy, but looking for deeper and more, presence in a, in, strategy that we already own, in a way. So it's aggregating more AUM or more, I would say, depth to the strategies that we already invest. Besides of that, we are also looking to expand regionally. So this, what I said, was Brazil, and of course, in Latin America, we have a large room to grow, so we are also looking for, possibilities of M&A in, Latin America. In that case, there are different, strategy, different approach, different countries, so it's really very, very, diverse. Okay, so, J.P. Morgan has a follow-up question as well. I'll just do J.P. Morgan's question, then I'll pass it on to you, Neha. On the Ares partnership, can you share if there are any exclusivity agreements in any product or regions? Yeah. So, the only place that we are, there is some exclusivities in Brazil regarding M&A transactions. So we would be the leaders on that front. In terms of distribution, or M&As outside of Brazil in Latin America, I think the spirit is to try to work together, but there's no- Form. Exclusivity form or exclusivity. So obviously, we need to be in constant contact with the Ares team. We will look forward to working together in collaboration in those transactions. There might be a few situations where the transaction would make more sense to Ares than to us, depending on what it is. Perhaps too far from us, depending on what is the exact mandate, the exact situation. But clearly, the idea is to work together as much as we can. But formal exclusivity only in Brazil regarding M&A. Okay, I'll pass it on to you. Thank you so much for hosting us. This is Neha Aggarwal with HSBC. You mentioned the guidance, which is very impressive. What, in your view, are the biggest risks that you see in reaching the 2022 target-2028 target that you mentioned? Any key risks in your mind? And the second question is regarding valuation. You showed there's a valuation gap between you and your peers. What could lead to that convergence in terms of valuation? What first leads to that discounted valuation, in your view? And, how and by when can you converge to the peer valuation? Thank you so much. Okay. I think the biggest risk on that, on that, on our long-term projections, regards the, the liquid side of the business, which is the, the, the part of our business which we has- we, we, we have less visibility, right? I do believe, however, depending on the size, I mean, if we do have, like, continue to have difficulty having traction in liquids, which has been the case over the past year and a half, for some reason, which is not what we expect to happen, but if that happens, I think we should be able to pick the slack up, from eventually other sides of the business, right? As I said, there are a lot of optionalities. Perhaps if liquids are not doing as good as we expected, there will be M&A, or eventually we're gonna now launch a new vertical, or eventually SPS, instead of being $2 billion, is gonna be more, or eventually VICC, instead of being what we are budgeting, is gonna be more. So depending on what is the size, we created, I think, a framework for the guidance that gives us flexibility to achieve it in a little bit some different ways, right? So in general, we feel very comfortable. That's a number that's pretty reasonable for us to target. In regards to the valuation, is, I mean, a difficult question to answer. I think when we IPO'd, given the situation in terms of the liquidity of the market, the size of the business and, let's say, the free flow of the business, they weren't issues, right? So when we IPO'd, we IPO'd with 20x trailing multiple. This was the level that the capital markets were comfortable in giving us more capital, right? New shareholders. From there until today, there has been a significant liquidity squeeze in the market. That's not only in Brazil. It has happened abroad and globally, and mainly for equity investments. So when you look at new IPOs, when you look at small and mid-cap valuations, that is true for the S&P. It's not only a problem for Brazil. If you look at the S&P, the leaders of the S&P are the mega-cap companies. The leaders of the markets in Brazil are the mega-cap companies. So we are in a moment where small and mid-cap companies are not being valued appropriately. I think we were one of those companies, among a lot of different other companies, sectors and subsectors. So my point of view specifically is that we need to control. We need to focus on what we can control. We cannot control when the valuation is gonna be adequate or reasonable. So we should focus on what we can control. We should focus on generating value, improving our numbers, AUM, profitability. And at some point, the cycle is gonna improve. There's gonna be money flowing to small and mid-cap funds, and our valuation is gonna correct. So I think that's the only way of thinking about this in my view, right? And just to add on the point that Bruno made in the beginning, there is a characteristic of our liquids business that for sure they have a kind of correlation with the overall market, so it's less controllable from our side because we are more as susceptible for the money flows as a whole. However, our base of investors are much more sticky than the overall base of liquids in the market, because they derive more from the institutional side than the rest of the market, and we show it during this cycle. So, it's public numbers that there was large redemptions on the liquid funds, both on equities and hedge funds, and we have been able to keep our AUM around stability or even grow in some cases. But that's why, because we have a very sticky investor base, basically institutional investors. But of course, to the growth of the business, we depends of money flowing, and that will have some correlation with the status, macroeconomic status of the market, especially regarding interest rates. I have a follow-up. Thank you, everybody. Beatriz with Goldman Sachs. I have a quick question on the PRE guidance, starting in 2025. So do you expect that, f irst of all, could you confirm that that's PRE already liquid of profit sharing, the $100-$120 million? And then could you talk a little bit about what mix are you expecting, what percentage coming from private market strategy, what percentage from public strategies or even REITs? And then I have a quick follow-up on VRS. Okay. So I might be a little bit wrong here, Beatriz, but I'm gonna try to recollect 100% of how we model that. So first of all, it's liquid of performance allocation for the team. The balance is probably one-third liquids, two-thirds privates. In the privates, it's probably at least 50% of the VCP, the VCP family. Right? So today, when you look back 2018, 2019, and 2020, we had PRE, if I'm not mistaken, of $40 million-$50 million. That was driven only by liquids, right? So if you get back to those $30 million-$40 million on the liquid side, you would have another, let's say, $50 million or $60 million from privates. And then on the privates, the fund that we would expect the most contribution is the VCP family. This is the one that we feel that has more potential to be PRE accretive to us. especially because the VCP III is already, there is some consideration, not in the money, but they are already delivering expected- Yeah -returns, so. VCP III today, we show that slide every quarter. Yes. VCP III today has, I think, close to $150 million in performance. If you add, like, do a mark to market and liquidate the fund at NAV, the number would be around $150, probably a little bit more. So the expectation is once that fund starts to return capital, it should be one of the big PRE providers for us. Thanks for that. Just a quick follow-up on VRS. I was wondering if you could talk a little bit more about your go-to-market strategy, and how do you expect to gain market share from the incumbents in both open and closed pensions? Also, if there's a possibility of portability, right, from existing pension funds from clients to your platform. Perfect. Very good question. Thank you. As you know, we expect the most of the flows coming next year, but, what's happening right now, it's exactly the portability, because some of our high-net-worth clients, they already have some exposure to the retirement type of products. And what we are gaining now is exactly portability from other providers to our platform. So we're starting with that. And we believe that we'll have different fronts in terms of gaining market share. Of course, our own clients, as we said in the presentation, it's exactly the portability of high-net-worth individuals that are currently our clients. They are just learning that we do have this product, and they are migrating to us from other providers. We are reaching for some corporates now that want to create a solution that they are not well-served by the current providers. So we are discussing with a few, especially multinational, multinational companies. They are not so happy with their own providers today, and we are thinking in creating schemes for them. And we are talking in different fronts. First, with brokers, large broker brokers, international brokers that sell this type of products that want a new provider for their own. It's the- but it's the same reason why the multinationals want to evaluate changing the provider. The large brokers also would like to offer our products for corporate, so we are seeing this trend going on. And more on the high, I'd say, affluent, high-net-worth and retail clients, we are talking a lot with IFAs and smaller brokerage companies that also would like to have some other solutions, and some of them do not have any exclusive dealings with any one of the current providers. So we are seeing these fronts evolving. Of course, we are evolving in a very cautious manner, pace to really have the best product available for the client, so that's why we are beginning with the portability that you mentioned. Okay. We have a few more questions from BTG Pactual regarding the partnership with Ares. Ricardo, he mentioned clear strategic potential in the partnership with Ares. How does Vinci plan to utilize the $100 million investment? And also, on a follow-up on that, considering Vinci's cash position close to 50% of the market value, what is the rationale behind the additional capital, considering the cost of capital attached to it? Okay, I will start with, we already answered in a way this, this question. But, we start with the end of that. Again, today, our cash positions, majority of that is committed with the seeding of the private market product. So, going forward, looking in front of us, that will not be necessarily cash available. We need to recycle that to become cash again. So that's why we thought that, besides the partnership agreement with Ares, the investment also of the $100 million will be, we will have a, that's a very good timing for that. And we expect this to be used. Of course, this is the expectation, with M&A opportunities, both, going deeper in, verticals that we already have in Brazil or extending, to Latin America. Yes, just a follow-up on Ricardo sent, additionally on the M&A front. So what sectors and geographies will you be targeting for future acquisitions? We are looking for alternatives. As you know, in other Latin America countries, it's not so easy to find. I think there is no firm exactly like Vinci that will be a perfect match, so we need to be creative on that sense. And probably, we'll have part of some of the target geography with part of the verticals that we would like. So, we'll look for the same verticals that we have, in a way. So IP&S, all the private market strategies, liquid strategies, we'll look for everything, but more on the private markets and IP&S. In the geographies, the whole Latin America, of course, we're talking out of Brazil, because Brazil, of course, we are in our turf, we are looking every day. It's difficult to find exactly a match that's very similar to Vinci, so we need to be a little bit more creative and flexible to create some opportunities, and not necessarily just one over time, but we need to be creative in that sense. I don't know if Bruno would like to add on top of that. Okay, so I have a final question, also on the partnership from BTG. Drawing a parallel from a past transaction from another key other relevant asset manager acquiring a stake in one of your peers, does it make sense to think that Vinci is now following a similar path on that strategy with Ares? I think what is important, the most important point with Ares, in my view, is that we share a strategic vision. I think that's the most important point. Ares is today a $380 billion AUM alternative manager, soon to be the second largest in the world, hopefully by the next couple of quarters. And they have a lot of things on their plates. They have expansion in the United States, they have expansion in Europe, they have done transactions in Asia. They're scaling the size of their funds. They are in a moment of the cycle, which for their core competencies, is a very strong moment. But in the meantime, they feel Latin America long term can be significant. But in order to focus, they thought about how to, let's say, take advantage of this strategic view in a way that they would not lose focus of, for them, what is more important on ex-execution standpoint in the medium term, the short-medium term. And we are thinking exactly the same from the opposite standpoint. So we're thinking there's this huge opportunity in Latin America. It's a market that we believe is gonna grow. What are the steps that we can take to be certain that we're gonna be one of the regions in the region, one of the winners in the region, right? So we met in the middle, right? So they were thinking this way, we were thinking this way, we met in the middle. The alignment of vision was perfect, because we feel very strongly that having Ares increases substantially the probability that we're gonna be one of the region winners. And on the other hand, Ares can focus on their core markets, developed countries, Asia, and we can focus in the short, medium term in Latin America for them, right? The partnership agreement and everything that comes around are ways for this vision to happen. So the partnership agreement are things that we believe will help us achieve this vision. The $100 million check investment that they did in the company is an investment that we believe is gonna help us achieve this vision. But at the end, what determines everything is the shared vision, right? So hopefully, we are correct in the vision, first of all. And second, hopefully, ourself and Ares, we can work very closely together to make this vision come true. I think that the main, most important relevant point is for us to work together to achieve this combined vision over the next 5-10 years. I think that's the main point. And I think just to add on top of that, I think Bruno would agree, is that in terms of comparison, of course, you can make some parallels. But just the other examples that we have on that, I would say, same type of approach, they were made in moments different in time on the life of all the institutions, in terms of diversification of the business lines, the growth of the, I would say, the industry as a whole, even from looking for Ares itself, it's already a $400 billion company. And in the case of each, we already are a very diversified public company, et cetera. So I would say that you can see some parallels, but at the same time, we are looking for the example that Ricardo, right, had asked. It's in a different moment for the life of both firms, comparing with the previous experience on that same type of transaction. Okay, thank you. I see no further questions from the webcast, so I'd like to thank you all for your participation and support. That's it for today. Thank you.