Patria Investments Ltd (PAX) 2023 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to Patria's fourth-quarter 2023 earnings conference call.

您好，感謝您的支持。歡迎參加 Patria 2023 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your host, Josh Wood, Head of Shareholders Relations. Sir, you may begin.

現在我想將會議交給東道主股東關係主管喬許伍德 (Josh Wood)。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Patria's fourth-quarter 2023 earnings call. Speaking on the call are our Chief Executive Officer, Alex Saigh; our Chief Financial Officer, Ana Russo; and our Chief Corporate Development Officer, Marco D'Ippolito. And we're also joined by our Chief Economist, Luis Fernando Lopez, for the Q&A session.

謝謝。大家早安，歡迎參加 Patria 2023 年第四季財報電話會議。我們的執行長 Alex Saigh 在電話會議上發言。我們的財務長 Ana Russo；以及我們的首席企業發展長 Marco D'Ippolito。我們的首席經濟學家路易斯·費爾南多·洛佩茲也參加了問答環節。

This morning we issued a press release and earnings presentation detailing our results for the quarter, which you can find posted on our Investor Relations website or on Form 6-K filed with the Securities and Exchange Commission. Any forward-looking statements made on this call are uncertain, do not guarantee future performance, and undue reliance should not be placed on them.

今天早上，我們發布了一份新聞稿和收益報告，詳細介紹了本季度的業績，您可以在我們的投資者關係網站或向美國證券交易委員會提交的 6-K 表格上找到這些內容。本次電話會議中所做的任何前瞻性陳述都是不確定的，不能保證未來的業績，不應過度依賴它們。

Patria assumes no obligation and does not intend to update any such forward-looking statements. Such statements are based on current management expectations and involve inherent risks, including those discussed in the Risk Factors section of our latest Form 20-F annual report.

Patria 不承擔任何義務，也不打算更新任何此類前瞻性聲明。此類聲明基於當前管理層的預期，涉及固有風險，包括我們最新的 20-F 表格年度報告的風險因素部分中討論的風險。

Also note that no statements made on this call, constitute an offer to sell or a solicitation of an offer to purchase an interest in any Patria fund. As a foreign private issuer, Patria reports financial results using International Financial Reporting Standards, or IFRS, as opposed to US GAAP.

另請注意，本次電話會議中所做的任何聲明均不構成任何 Patria 基金權益的出售要約或購買要約。作為外國私人發行人，Patria 使用國際財務報告準則 (IFRS)（而不是美國公認會計準則）來報告財務表現。

Additionally, we will report and refer to certain non-GAAP industry measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with IFRS. Reconciliations of these measures to the most comparable IFRS measures are included in our earnings presentation.

此外，我們將報告並參考某些非公認會計準則行業衡量標準，這些衡量標準不應孤立地考慮或取代根據國際財務報告準則制定的衡量標準。這些指標與最具可比性的國際財務報告準則指標的調節已包含在我們的收益報告中。

On headline metrics for the quarter, Patria generated distributable earnings of $70.5 million or $0.47 per share for 4Q '23. We declared a quarterly dividend of $0.399 per share, equating to 85% of distributable earnings per share and payable on March 8 to shareholders of record as of February 22.

就本季的整體指標而言，Patria 2023 年第四季的可分配收益為 7,050 萬美元，即每股 0.47 美元。我們宣布派發每股 0.399 美元的季度股息，相當於每股可分配收益的 85%，並於 3 月 8 日向截至 2 月 22 日在冊股東支付。

With that, I'll now turn the call over to Alex.

這樣，我現在將把電話轉給亞歷克斯。

Thank you, Josh, and good morning, everyone. 2023 marked Patria's third year as a public company, and I'm very pleased with the performance we delivered in the fourth quarter and the full year. We generated $47 million of fee-related earnings in Q4 '23, bringing our full-year 2023 FRE to $148 million, with an FRE margin of 60%. This is up 14% from 2022, driven mostly by organic growth.

謝謝你，喬什，大家早安。 2023 年是 Patria 作為上市公司的第三個年頭，我對我們第四季和全年的業績感到非常滿意。我們在 23 年第 4 季產生了 4,700 萬美元的費用相關收入，使 2023 年全年 FRE 達到 1.48 億美元，FRE 利潤率為 60%。這比 2022 年增長了 14%，這主要是由有機增長推動的。

Performance-related earnings for Q4 2023 were $27 million, driven mostly by Infrastructure Fund III, and we finished the full year 2023 with $47 million of PRE. With strong performance in both earnings streams, we delivered more than $70 million of distributable earnings or $0.47 per share for 4Q '23, bringing distributable earnings for the full year 2023 to $188 million or $1.26 per share. That translates to EPS growth of 26% year over year for our shareholders and the resulting $1.07 in dividends equates to a yield of 7.7% based on our share price at the beginning of 2023.

2023 年第四季的業績相關收益為 2,700 萬美元，主要由基礎設施基金 III 推動，2023 年全年我們的 PRE 為 4,700 萬美元。憑藉這兩個收益流的強勁表現，我們在23 年第四季度實現了超過7000 萬美元的可分配收益，即每股0.47 美元，使2023 年全年的可分配收益達到1.88 億美元，即每股1.26 美元。這意味著我們股東的每股盈餘年增 26%，根據 2023 年初的股價計算，由此產生的 1.07 美元股息相當於 7.7% 的收益率。

This was also our first year on the path to deliver the multiyear targets shared at our 2022 Investor Day, which look out through 2025. We aim to grow fee-related earnings from $130 million in 2022 to more than $200 million in 2025, equating to an annualized growth rate of approximately 15% or more. Given our performance in 2023, our organic growth initiatives and the additional earnings power embedded in our pending M&A transactions, I'm confident in our path to meet these targets.

這也是我們實現 2022 年投資者日分享的多年目標的第一年，該目標展望到 2025 年。我們的目標是將費用相關收入從 2022 年的 1.3 億美元增加到 2025 年的 2 億美元以上，相當於年化成長率約為 15% 或更高。鑑於我們 2023 年的業績、我們的有機成長計畫以及我們懸而未決的併購交易中蘊含的額外獲利能力，我對我們實現這些目標的道路充滿信心。

While it's challenging to guide you on PRE in a given quarter or year, we said we could generate $180 million of performance fee realizations between our Investor Day and the end of 2025. Including the amount realized in the fourth quarter of 2022, we have now delivered more than $66 million of PRE since the Investor Day, putting us right on pace to deliver this target as well.

雖然在特定季度或年度指導您進行 PRE 具有挑戰性，但我們表示，從投資者日到 2025 年底，我們可以實現 1.8 億美元的業績費變現。包括 2022 年第四季實現的金額在內，自投資者日以來，我們現已交付了超過 6,600 萬美元的 PRE，這使我們也有望實現這一目標。

In terms of growing the platform, we also set targets for total AUM to reach $50 billion and fee earning AUM to reach $35 billion by the end of 2025. And to achieve that, we estimated a need for at least $20 billion of capital formation from a combination of organic fundraising and M&A between 2022 and 2025.

在平台發展方面，我們也設定了2025年底總AUM達到500億美元、收費AUM達到350億美元的目標。為了實現這一目標，我們估計 2022 年至 2025 年間需要透過有機融資和併購相結合至少 200 億美元的資本形成。

Starting from a base of $24 billion of total AUM and $18 billion of fee earning AUM in the beginning of 2022, over the last two years, we have had organic inflows of nearly $8 billion and added nearly $3 billion of additional inflows from acquisitions that have already closed to our fee earning AUM base.

從 2022 年初 240 億美元的總 AUM 和 180 億美元的收費 AUM 開始，過去兩年，我們的有機流入接近 80 億美元，並透過收購增加了近 30 億美元的額外流入。基礎。

As you know, we have also recently signed two significant M&A transactions, which we expect to close during 2024. And based on existing AUM levels, we expect these transactions to add more than $10 billion of additional fee earning AUM to the platform. When you put that all together, combined with our goal to raise around $5 billion of gross organic inflows again this year, we believe that by the end of 2024, by the end of this year, we should have already achieved the $20 billion of capital formation and $35 billion of fee earning AUM a year earlier than expected.

如您所知，我們最近還簽署了兩筆重大併購交易，預計將於 2024 年完成。根據現有的 AUM 水平，我們預計這些交易將為平台增加超過 100 億美元的額外費用收入 AUM。當你把所有這些加在一起，再加上我們今年再次籌集約 50 億美元總有機流入的目標時，我們相信，到 2024 年底，到今年年底，我們應該已經實現了 200 億美元的資本比預期提前一年形成並獲得350 億美元的費用收入AUM。

We are not only growing. We are growing with quality by adding stable and sticky AUM. Our permanent capital AUM is expected to grow to near 20% of total fee earning AUM with the closing of pending M&A, with over 70% of fee earning AUM continuing to be denominated in hard currency. Seeing this progress and the meaningful evolution of our platform, we expect to host another Investor Day event late this year to share our vision for the next phase of growth.

我們不僅在成長。我們透過增加穩定且黏性的 AUM 來實現品質成長。隨著待定併購的完成，我們的永久資本 AUM 預計將增長到總收費 AUM 的近 20%，其中超過 70% 的收費 AUM 繼續以硬通貨計價。看到這一進展以及我們平台的有意義的發展，我們預計將在今年晚些時候舉辦另一場投資者日活動，以分享我們對下一階段成長的願景。

Now looking at some highlights and updates across the platform for the quarter and the year. Organic inflows to total AUM were $1.4 billion in Q4 and $4.8 billion for the year, counting additional $175 million of commitments that were approved in December and closed in January. Our fundraising for the year really showcases the power of diversity and reinforces why it's such an important aspect of Patria's growth.

現在我們來看看該平臺本季和全年的一些亮點和更新。算上 12 月批准並於 1 月結束的額外 1.75 億美元承諾，第四季度資產管理規模總額的有機流入為 14 億美元，全年為 48 億美元。我們今年的籌款活動真正展示了多元化的力量，並強調了為什麼多元化是 Patria 發展的一個重要方面。

Our latest flagship infrastructure vintage raised more than $1 billion in 2023, with more than $400 million in the fourth quarter. Our credit, real estate, public equities, and advisory verticals each contributed $700 million to $800 million of gross inflows with some notable highlights.

我們最新的旗艦基礎設施項目在 2023 年籌集了超過 10 億美元，其中第四季度籌集了超過 4 億美元。我們的信貸、房地產、公共股票和諮詢垂直領域各自貢獻了 7 億至 8 億美元的總流入，其中有一些值得注意的亮點。

We secured more than $200 million in 4Q '23 for our infrastructure private credit fund. Our pan-LatAm, large-cap, and small-cap public exit strategies raised combined gross inflows of more than $740 million. The VBI real estate platform had a fantastic year with broad inflows across the product offering totaling more than $750 million.

2023 年第四季度，我們為基礎設施私人信貸基金籌集了超過 2 億美元的資金。我們的泛拉丁美洲、大盤股和小型股公開退出策略總共籌集了超過 7.4 億美元的總流入。VBI 房地產平台度過了輝煌的一年，整個產品系列的資金流入總額超過 7.5 億美元。

And while the industry has seen a major slowdown in private equity fundraising, we are quite optimistic that our flagship private equity funds extension through the end of 2024, will allow us to significantly add to the capital we have already raised to reach over $2 billion.

儘管該行業私募股權融資大幅放緩，但我們非常樂觀地認為，我們的旗艦私募股權基金延期至 2024 年底，將使我們能夠大幅增加已籌集的資本，達到超過 20 億美元。

For us to sustain strong inflows, we have to always continue to perform to our clients, and I'm very pleased with the strong returns our strategies are delivering. We saw particularly strong performance in the fourth quarter with more than $1.1 billion in positive valuation impact driving full-year 2023 appreciation to more than $1.9 billion.

為了維持強勁的資金流入，我們必須始終繼續為客戶提供服務，我對我們的策略所帶來的強勁回報感到非常滿意。我們看到第四季的表現尤其強勁，超過 11 億美元的正面估值影響推動 2023 年全年升值至超過 19 億美元。

Leading the charge here was strong performance in some of our larger, publicly traded positions in the private equity platform like Lavoro, our agriculture inputs distributor; SmartFit, our low-cost gym chain; and Ultrapar, our gas station network company. This drawdown for depreciation has driven our net accrued performance fees to $541 million, up more than 15% from the prior quarter, and 13% from one year ago, even after the realization of $47 million of PRE in 2023.

在此方面領先的是我們在私募股權平台上一些較大的公開交易頭寸的強勁表現，例如我們的農業投入經銷商 Lavoro； SmartFit，我們的低成本健身連鎖店；以及我們的加油站網路公司 Ultrapar。即使在 2023 年實現了 4,700 萬美元的 PRE 後，折舊的減少也使我們的淨應計績效費用達到了 5.41 億美元，比上一季增長了 15% 以上，比一年前增長了 13%。

The strategies in our public exits vertical also generated strong gains with pan-LatAm strategies yielding nearly 29% in US dollars and Chilean equity strategies yielding more than 18% in local currency for the full year. The performance of our credit strategies was also notable with our LatAm high-yield fund, which is dollar-denominated, yielding 14% in 2023, while the local currency fund yielded nearly 30% in US dollars for the year. We have continued to stress that returning capital to our investors has also been a key focus in 2023 and our divestment activity in the drawdown funds continue to gain momentum.

我們的公開退出垂直領域的策略也產生了強勁收益，全年泛拉美策略的美元收益接近 29%，智利股票策略的本幣收益超過 18%。我們的信貸策略表現也很引人注目，我們的拉丁美洲高收益基金以美元計價，2023 年的收益率為 14%，而本幣基金當年的美元收益率接近 30%。我們繼續強調，向投資者返還資本也是 2023 年的重點，我們在回撤基金中的撤資活動繼續勢頭強勁。

We closed sales transactions for ODATA, our data center business and Entrevias, one of our toll roads in Brazil, in our Infrastructure Fund III, which delivered more than $1.5 billion of proceeds to investments and push this fund through the performance fee realization hurdle to generate much of our PRE in 2023.

我們在基礎設施基金III 中完成了我們的資料中心業務ODATA 和我們在巴西的收費公路之一Entrevias 的銷售交易，該基金為投資提供了超過15 億美元的收益，並推動該基金克服了績效費實現障礙，以產生我們 2023 年的大部分 PRE。

We also announced the sale of Delly's, our food distribution platform as well as block sales in publicly traded positions, which secured more than $600 million of additional proceeds. In total, we realized more than $2.5 billion across the platform for our limited partners during 2023.

我們也宣佈出售我們的食品分銷平台 Delly's 以及公開交易頭寸的大宗銷售，從而獲得了超過 6 億美元的額外收益。2023 年，我們在整個平台上為有限合夥人總共實現了超過 25 億美元的收入。

Finally, I want to take a moment to highlight some new initiatives that are moving forward here in early 2024. We have been very active on the M&A front in 2023, but I want to also give equal attention to some of the great things we are doing organically to grow our platform. First, we are nearing the formal launch of our first infrastructure private credit fund, which is something we have been diligently working towards over the course of 2023. We believe this is a major opportunity to grow our private credit offering while leveraging our extensive experience and deal flow access in the infrastructure space.

最後，我想花點時間強調一下 2024 年初將在此推進的一些新舉措。2023 年，我們在併購方面非常活躍，但我也想對我們為發展平台而有機地做的一些偉大事情給予同樣的關注。首先，我們即將正式啟動我們的第一個基礎設施私人信貸基金，這是我們在 2023 年一直努力實現的目標。我們相信，這是一個發展我們私人信貸產品的重大機會，同時利用我們在基礎設施領域的豐富經驗和交易流程。

This fund will have a very long-dated 50-year term structure, making it effectively permanent capital for our platform. As noted earlier, we formally secured more than $200 million in initial commitments for this fund in Q4, anchored by multilateral agencies and now have commitments taking us up to $350 million. We see good momentum for this fund to become a meaningful contributor to fees in the next few years.

該基金將具有非常長期的 50 年期限結構，使其成為我們平台的有效永久資本。如前所述，在多邊機構的支持下，我們在第四季度正式為該基金獲得了超過 2 億美元的初始承諾，現在我們的承諾已達到 3.5 億美元。我們看到該基金的良好勢頭將在未來幾年成為有意義的費用貢獻者。

Second, we are also announcing the start of a new platform within our infrastructure practice. Patria has a long and successful track record in the energy sector being one of the largest investors in solar, wind, small hydro, natural gas, and transmission assets. Overall, Patria has historically committed $2.3 billion in the sector over the past 18 years, representing more than $5 billion of overall CapEx.

其次，我們也宣佈在基礎設施實踐中啟動一個新平台。Patria 在能源領域擁有悠久而成功的記錄，是太陽能、風能、小型水力發電、天然氣和輸電資產的最大投資者之一。總體而言，過去 18 年，Patria 在該行業投入了 23 億美元，佔總資本支出超過 50 億美元。

In connection with the remarkable growth of the energy free market in Brazil, we are excited to announce the launch of our energy trading platform, which will build on Patria's historical expertise in this area. As energy supply volume continues on migration from the regulated market, the Brazilian free market is expected to grow from just over BRL30 billion, approximately $6 billion, in 2023 to around BRL70 billion, approximately $12 billion by 2028.

鑑於巴西無能源市場的顯著成長，我們很高興地宣布推出我們的能源交易平台，該平台將建立在 Patria 在該領域的歷史專業知識的基礎上。隨著能源供應量繼續從受監管市場轉移，巴西自由市場預計將從2023 年的略高於300 億雷亞爾（約合60 億美元）增長到2028 年的約700 億雷亞爾（約合120 億美元）。

Within this backdrop, we believe there's a compelling opportunity in a very fragmented independent trading space. This initiative will be developed in first Q '24 in partnership with a talented team with an outstanding track record alongside Patria's team. It will be funded with an initial contribution of BRL100 million, approximately $20 million, from Patria's balance sheet with up to BRL50 million, approximately $10 million, of value at risk. We expect this new strategy to be a positive contributor to Patria's earnings with limited impact in the first few years, but with attractive margins and exciting growth potential over time.

在此背景下，我們相信在非常分散的獨立交易空間中存在著令人信服的機會。該計劃將在 24 年第一季與一支才華橫溢的團隊合作開發，該團隊與 Patria 團隊一起擁有出色的業績記錄。該專案的初始資金將來自 Patria 資產負債表中的 1 億雷亞爾（約 2,000 萬美元），風險價值高達 5,000 萬雷亞爾（約 1,000 萬美元）。我們預計這項新策略將為 Patria 的獲利做出積極貢獻，在最初幾年的影響有限，但隨著時間的推移，將具有有吸引力的利潤和令人興奮的成長潛力。

After establishing a track record of success, we believe it would also progress into an asset management strategy with third-party capital and a relevant contributor in our infrastructure vertical. We expect to provide more details in coming quarters as these initiatives take shape.

在建立成功記錄後，我們相信它也將發展成為與第三方資本和我們基礎設施垂直領域的相關貢獻者合作的資產管理策略。隨著這些舉措的形成，我們預計將在未來幾季提供更多細節。

To finish here, I'm very pleased with Patria's performance in 2023 and our growth path, and I'm very proud of what we have accomplished in the three short years since our IPO. Our platform has significantly expanded beyond two successful flagship strategies, private equity and infrastructure, to provide a diversified client offering across major asset classes, adding scale and expertise in credit, real estate, and public equities.

最後，我對 Patria 在 2023 年的表現和我們的成長之路感到非常滿意，我對我們在 IPO 後短短三年內所取得的成就感到非常自豪。我們的平台已顯著擴展到私募股權和基礎設施這兩個成功的旗艦策略之外，為主要資產類別提供多元化的客戶服務，增加了信貸、房地產和公共股權領域的規模和專業知識。

This expansion turned a limited offering of less than 10 products into a versatile menu of more than 30 products to serve a range of client profiles and needs. We extended our geographic presence in the region in both investment expertise and distribution capability through new partnerships in Chile and Colombia. Through this expansion and diversification, our fee earning AUM has grown from approximately $8 billion at our IPO to a pro forma of more than $34 billion today, including pending M&A.

此次擴展將少於 10 種產品的有限供應轉變為包含 30 多種產品的多功能菜單，以滿足一系列客戶資料和需求。透過在智利和哥倫比亞建立新的合作夥伴關係，我們擴大了我們在該地區的投資專業知識和分銷能力。透過這種擴張和多元化，我們的收費資產管理規模已從 IPO 時的約 80 億美元增長到今天的預計超過 340 億美元，其中包括待決的併購。

In turn, we have grown our fee-related earnings from less than $60 million in 2020 to nearly $150 million in 2023, with more growth embedded as we progress towards our 2025 target of over $200 million. And importantly, through this growth, I believe we have maintained the high standards of investment performance that is valued and demanded by our clients, and this always remains the key to our growth over the long term.

反過來，我們的費用相關收入從 2020 年的不到 6000 萬美元增長到 2023 年的近 1.5 億美元，隨著我們向 2025 年超過 2 億美元的目標邁進，還將實現更多增長。重要的是，透過這種成長，我相信我們保持了客戶所重視和要求的高標準投資業績，這始終是我們長期成長的關鍵。

Let me now turn to Marco for an update on corporate developments, and then Ana to walk through the numbers, and I'll be back for some final thoughts. Marco, over to you.

現在讓我向 Marco 詢問公司發展的最新情況，然後向 Ana 介紹一下這些數字，然後我會回來提出一些最後的想法。馬可，交給​​你了。

Thank you, Alex, and good morning, everyone. It was indeed a very active year for Patria on M&A front. And since the IPO, we have now signed or closed on six acquisition transactions as part of our strategy to expand the platform and grow our earnings capacity. Industry consolidation seems to be the newest hot topic in the sector. So this is certainly nothing new to Patria, as we've made inorganic growth as a key part of our strategy over the last three years.

謝謝你，亞歷克斯，大家早安。對 Patria 來說，今年確實是併購方面非常活躍的一年。自首次公開發行以來，我們現已簽署或完成了六項收購交易，作為我們擴大平台和提高獲利能力策略的一部分。產業整合似乎是該產業最新的熱門話題。因此，這對 Patria 來說當然不是什麼新鮮事，因為過去三年我們已將無機成長作為我們策略的關鍵部分。

Through Moneda, we acquired scaled credit and public equities platforms, along with the key leadership talent as well as geographic expertise and distribution relationships in Chile. We also added that and versatility on the private equity vertical through the acquisition of teams focused on growth equity with Kamaroopin and venture capital with the case of Igah.

透過 Moneda，我們獲得了規模化的信貸和公共股票平台，以及智利的關鍵領導人才以及地理專業知識和分銷關係。我們也透過收購專注於成長股權（Kamaroopin）和創投（Igah）的團隊，增加了私募股權垂直領域的多功能性。

In real estate, we acquired 50% of VBI real estate, with an option to acquire the remaining stake to anchor our presence in Brazil. And recently, in the fourth quarter 2023, we were able to act on a very attractive opportunity to acquire Credit Suisse real estate.

在房地產領域，我們收購了 VBI 房地產 50% 的股份，並可選擇收購剩餘股份，以鞏固我們在巴西的業務。最近，在 2023 年第四季度，我們抓住了一個非常有吸引力的機會，收購了瑞士信貸房地產。

Also recently, in the fourth quarter, we signed the agreement to acquire the private equity solutions business from Abrdn. Once closed, this transaction will launch a new vertical for Patria called Global Private Market Solutions, which adds fast-growing secondaries and co-investment strategies and will enhance our ability to offer diversified global alternatives exposure to our clients.

同樣在最近，在第四季度，我們簽署了收購 Abrdn 私募股權解決方案業務的協議。一旦完成，這項交易將為Patria 推出一個名為「全球私募市場解決方案」的新垂直領域，該領域增加了快速增長的二級市場和聯合投資策略，並將增強我們向客戶提供多元化全球另類投資的能力。

In addition to the acquisitions in the Colombian market, we have joined forces within a venture that will anchor our real estate presence in the country and also tap into a massive distribution network to provide a range of locally focused alternative products to Colombian investors. As substantial as our M&A activity has been, it's worth noting that transactions closed in 2023 contributed effectively only $2 million in FRE in the year.

除了在哥倫比亞市場的收購之外，我們還聯手成立了一家合資企業，該合資企業將鞏固我們在該國的房地產業務，並利用龐大的分銷網絡，為哥倫比亞投資者提供一系列專注於本地的替代產品。儘管我們的併購活動規模龐大，但值得注意的是，2023 年完成的交易實際上僅為當年的 FRE 貢獻了 200 萬美元。

Likewise, the major M&A transactions signed in 2023, will also have only partial year impact in 2024, depending on closing timing. We continue to feel good about the process with the private equity solutions business we are acquiring from Abrdn on track to close in the first half of the year.

同樣，2023 年簽署的主要併購交易也只會對 2024 年產生部分影響，具體取決於成交時間。我們對從 Abrdn 收購私募股權解決方案業務的進程繼續感到滿意，該業務預計將在今年上半年完成。

We also feel comfortable with the process on Credit Suisse real estate, which is slightly more complex as we will go through a fund level shareholder approval process in each REIT vehicle following standard regulatory approvals. All in all, we expect to begin 2025 with these acquisitions fully on board and fully contributing to reaching our earnings targets. With two sizable pending transactions, 2024 will be an important year of consolidation and integration as we close the deals. However, we do remain active and will continue to have an opportunistic mindset to achieve our platform growth ambitions through M&A.

我們也對瑞信房地產的流程感到滿意，該流程稍微複雜一些，因為我們將在標準監管部門批准後對每個房地產投資信託基金進行基金級股東批准流程。總而言之，我們預計 2025 年伊始，這些收購將全面啟動，並為實現我們的獲利目標做出充分貢獻。由於有兩筆規模龐大的待決交易，隨著我們完成交易，2024 年將是整合和整合的重要一年。然而，我們仍然保持積極態度，並將繼續秉持機會主義心態，透過併購實現我們的平台成長雄心。

I will now turn the floor to Ana to go through the results in more details.

現在我將請安娜詳細介紹結果。

Thank you, Marco. Patria delivered a strong quarter and a solid year, with significant growth of our main KPIs, and we remain a consistent path to reach our 2025 targets. Our fourth quarter '23 distributor earnings of $70.5 million were up 32% from Q4 2022. And adding to our year-to-date results will reach a full-year 2023 DE of $187.8 million, up 28% compared to prior year.

謝謝你，馬可。Patria 實現了強勁的季度和穩健的一年，我們的主要 KPI 顯著增長，我們仍然堅定不移地實現 2025 年目標。我們 23 年第四季的經銷商營收為 7,050 萬美元，比 2022 年第四季成長 32%。加上我們今年迄今的業績，2023 年全年 DE 將達到 1.878 億美元，比上一年增長 28%。

Our resilient management fee revenues were $64.7 million in Q4 '23, rising 18% compared to Q4 '22 and $245.6 million for the full year 2023, up 11% compared to '22. This growth was supported by our latest flagship private equity and infrastructure funds, as well as the expansion of our real estate platform.

我們的彈性管理費收入在 2023 年第四季為 6,470 萬美元，比 22 年第四季成長 18%，2023 年全年管理費收入為 2.456 億美元，比 22 年增長 11%。這一增長得益於我們最新的旗艦私募股權和基礎設施基金，以及我們房地產平台的擴張。

Total operating expenses, including personnel and administrative expenses, totaled $18.9 million in Q4 '23, down $5 million compared to Q4 '22. The decrease is driven mainly by the further implementation and expansion of our equity compensation plan at the executive bonus level already mentioned last quarter, integration synergies, and outsourcing mailing partly offset by M&A expenses, salary increases, inflation, and appreciation of the curve.

23 年第 4 季的總營運費用（包括人員和管理費用）總計 1,890 萬美元，比 22 年第 4 季減少了 500 萬美元。下降的主要原因是我們的股權薪酬計劃在上季度已經提到的高管獎金水平上的進一步實施和擴大、整合協同效應和外包郵件部分被併購費用、加薪、通貨膨脹和曲線升值所抵消。

Full-year 2023 total operating expenses were $91 million, almost flat versus prior year and following the same general driver of the quarterly comparison. Looking at specifically at the personnel expenses, the quarterly average during 2023 was approximately $15 million, with the last two quarters of the year, impacted by the catch-up accrual impact of implementing our equity compensation coke.

2023 年全年總營運支出為 9,100 萬美元，與上年幾乎持平，並遵循季度比較的相同一般驅動因素。具體來看人員費用，2023 年的季度平均費用約為 1,500 萬美元，其中最後兩季受到實施股權補償焦炭的追趕應計影響的影響。

Therefore, the 2023 quarterly average as opposed to the Q4 '23 results is a more reasonable run rate to consider as we enter 2024. Fee-related earnings were $46.7 million in the quarter, up from $35.3 million in Q4 '22. Full-year 2023 FRE reached $147.7 million with a margin of 60%, up 14% year over year with a 2.4 percentage point increase in margin.

因此，當我們進入 2024 年時，與 23 年第四季的結果相比，2023 年的季度平均值是一個更合理的運行率。本季與費用相關的收入為 4,670 萬美元，高於 22 年第 4 季的 3,530 萬美元。2023 年全年 FRE 達 1.477 億美元，利潤率為 60%，較去年同期成長 14%，利潤率成長 2.4 個百分點。

The M&A transaction closed in 2023 contributed effectively about $2 million of FRE in the year, which was mainly Kamaroopin, Igah, and two months of Bancolombia with the remainder of the growth being organic. We finalized a stronger year with 1% to 2% of our FRE guidance, and this result continues to keep us on track to deliver at least $170 million FRE in 2024 as well as our 2025 FRE target of at least $200 million.

2023 年完成的併購交易實際上為當年的 FRE 貢獻了約 200 萬美元，其中主要是 Kamaroopin、Igah 和兩個月的 Bancolombia，其餘增長是有機增長。我們最終實現了更強勁的一年，FRE 指導價值達到了1% 至2%，這一結果繼續使我們能夠在2024 年實現至少1.7 億美元的FRE 目標，並實現2025 年至少2 億美元的FRE目標。

We have also been consistently generating performance fees throughout the last several quarters. During Q4 '23, we generated $26.6 million of performance-related earnings, driven by a combination of additional net proceeds for Infrastructure Fund III and contribution from one of the VBI drawdown funds. Since our Investor Day, we have crystallized $66 million out of our $180 million target throughout 2025.

在過去的幾個季度中，我們也一直在持續收取績效費。在 23 年第 4 季度，我們產生了 2,660 萬美元的業績相關收益，這得益於基礎設施基金 III 的額外淨收益和 VBI 提取基金之一的貢獻。自投資者日以來，我們已從 2025 年 1.8 億美元的目標中具體確定了 6,600 萬美元。

Net accrued performance fees were up 15% from the prior quarter to reach $541 million, even after considering the performance fee realization in the fourth quarter with the additional accrual coming mostly from private equity funds, appreciation, and positive currency impact. This current accrual now represents more than $3.6 per share of performance fee inventory.

即使考慮到第四季度績效費的實現（其中額外應計費用主要來自自私募股權基金、升值和積極的貨幣影響），淨應計績效費仍較上一季增長 15%，達到 5.41 億美元。目前的應計費用相當於每股績效費庫存超過 3.6 美元。

On taxes, our corporate income tax expense in 2023 were $3.1 million compared to 2022 with the slightly higher effective tax rate, driven by a higher mix of performance fees subject to local tax rates. So again, highlighting the bottom line. This all led us to a distributable earnings of $187.8 million in 2023, which is an increase of almost 30% versus the prior year.

在稅收方面，與 2022 年相比，我們 2023 年的企業所得稅費用為 310 萬美元，有效稅率略高，這是由於受當地稅率影響的績效費組合更高。再次強調底線。這一切使我們在 2023 年實現了 1.878 億美元的可分配收益，比前一年增長了近 30%。

Now a few notable comments on our DE to net income reconciliation. As we closed our transaction with Bancolombia and signed another two acquisitions agreements in the fourth quarter, we include more M&A-related costs, which you can also see in the transaction cost line.

現在有一些關於我們的 DE 與淨收入調節的值得注意的評論。隨著我們在第四季度完成了與哥倫比亞銀行的交易並簽署了另外兩份收購協議，我們計入了更多與併購相關的成本，您也可以在交易成本行中看到這些成本。

In regards to the equity base and long-term compensation line, Patria implemented this year a voluntary compensation bonus cost mentioned before on the FRE explanation, which give us the opportunity to executives to convert 50% of their cash bonus due to equity shares, receiving a matching component to be vested in three to five years.

在股權基礎和長期薪酬線方面，Patria今年實施了先前在FRE解釋中提到的自願薪酬獎金成本，這使我們的高階主管有機會將50%的現金獎金轉換為股權，從而獲得匹配組件將在三到五年內歸屬。

This was very well received by our senior level people, showing the high long-term commitment and engagement of the team. The majority of the impact of this P&L line comes from this new program and the remaining relates to previous long-term programs on Patria and acquired companies as well as equity-based compensation of partners.

這受到了我們高層人員的好評，顯示了團隊的高度長期承諾和參與。該損益表的大部分影響來自這項新計劃，其餘影響則與 Patria 和收購公司之前的長期計劃以及合作夥伴的股權薪酬有關。

And finally, an important clarification on Patria's dividend payout. In the announcement of our agreement to acquire the Brazilian real estate business on Credit Suisse back in November, we noted that Patria will give careful consideration to our optimal capital structure as we look into 2024 and beyond as we view the combination of cash, debt, equity, to fund our M&A goal.

最後，對 Patria 的股息支付進行重要澄清。在我們於11 月宣布同意收購瑞士信貸巴西房地產業務時，我們指出，在我們展望2024 年及以後的情況下，Patria 將仔細考慮我們的最佳資本結構，因為我們會考慮現金、債務和資本的組合。

Beginning in Q1 2024, we may elect to retain more than 15% of our performance-related earnings and realized gains from the EU energy trading platform, net of a proportional share of corporate taxes rather than distribute a full 85% as we aim to do with the rest of our distributor earnings streams.

從 2024 年第一季開始，我們可能會選擇保留超過 15% 的業績相關收益以及來自歐盟能源交易平台的已實現收益（扣除一定比例的公司稅），而不是像我們的目標那樣分配全部 85%與我們其餘經銷商的收入來源。

We expect to exercise this incremental retention up to an additional $100 million in order to fund M&A obligations and pay down debt, after which point, we will evaluate the appropriate distribution approach for these earnings going forward. To be very clear, we plan to continue to distribute 85% of our stable and recurrent fee-related earnings streams, maintaining our commitment to deliver an attractive payout for our shareholders.

我們預計將額外保留高達 1 億美元，以便為併購義務提供資金並償還債務，此後，我們將評估未來這些收益的適當分配方法。需要非常明確的是，我們計劃繼續分配 85% 的穩定和經常性費用相關收入流，維持我們為股東提供有吸引力的股息的承諾。

I will now turn back to Alex for closing remarks.

我現在請亞歷克斯做結束語。

Thank you, Ana. As we turn to your questions, I will just reiterate how pleased I am with our performance in 2023 and over the last three years, and with the tireless contributions from the entire Patria team to make it happen. From approximately $8 billion of fee earning AUM at the IPO to more than $34 billion, including our pending M&A. I think that this is a remarkable achievement.

謝謝你，安娜。當我們回答你們的問題時，我只想重申我對我們 2023 年和過去三年的表現以及整個 Patria 團隊為實現這一目標所做的不懈貢獻感到非常高興。從 IPO 時約 80 億美元的費用收入 AUM 增加到超過 340 億美元，其中包括我們即將進行的併購。我認為這是一項了不起的成就。

This is a people business, and we truly have a fantastic group of talented people pushing this company forward. As Ana noted, 2024 will be a transition year to our multiyear growth targets for 2025. We are comfortable in getting the fee-related earnings to at least $170 million in 2024 on the way to more than $200 million in 2025. Considering the growth embedded in our pending transactions, our organic initiatives, I am confident that we will reach both the financial and the AUM targets for 2025.

這是一個以人為本的企業，我們確實擁有一群優秀的人才推動公司向前發展。正如 Ana 指出的那樣，2024 年將是我們實現 2025 年多年成長目標的過渡年。我們有信心在 2024 年將與費用相關的收入至少達到 1.7 億美元，並在 2025 年達到超過 2 億美元。考慮到我們未決交易和我們的有機措施所蘊含的成長，我相信我們將實現 2025 年的財務和資產管理規模目標。

We thank you for your time to listen today and now happy to take your questions.

我們感謝您今天抽出時間聆聽，現在很高興回答您的問題。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Hi, good morning. Thank you for taking the question. This is Rodrigo Ferreira on the line for Craig. For Private Equity Fund VII and Infrastructure V, can you walk us through the size and timing of those raises? You've already closed on about $1.2 billion for PE VII and about $1 billion for Infra V. Do you expect consistent fundraising throughout 2024 or a few large closes? And when should we expect the final close for each of them?

早安.感謝您提出問題。我是羅德里戈·費雷拉（Rodrigo Ferreira），正在接聽克雷格的電話。對於私募股權基金 VII 和基礎設施 V，您能否向我們介紹這些融資的規模和時間？你們已經為 PE VII 籌集了約 12 億美元，為 Infra V 籌集了約 10 億美元。您預計 2024 年全年的募款活動會持續進行，還是會出現幾次大規模融資？我們應該在什麼時候預期他們每個人的最終結束？

Hi Rodrigo, this is Alex here. Thanks for your call, and thanks for participating. Can you hear me well, right?

嗨羅德里戈，我是亞歷克斯。感謝您的來電，感謝您的參與。你聽得清楚我說話嗎？

Yes.

是的。

Okay. Great. Well, Private Equity Fund VII, we are on the way to raise $2 billion to $2.5 billion. We are at today, halfway there, halfway the $2.5 billion. We are a bit (technical difficulty), so I think their latest number is a (inaudible) or something like that. We didn't have any closings beginning of this year. We have another process open in Brazil. As you know, when we come raise in Brazil, it's a very locked-in fundraising process. So we should be fundraising in the next 30, 45 days, something to do for investors were (technical difficulty)

好的。偉大的。嗯，私募股權基金 VII，我們正在籌集 20 億至 25 億美元的資金。今天，我們已經完成了這個目標的一半，也就是 25 億美元的一半。我們有點（技術難度），所以我認為他們最新的數字是（聽不清楚）或類似的東西。今年年初我們沒有任何關閉。我們在巴西還有另一個流程正在啟動。如您所知，當我們在巴西籌集資金時，這是一個非常鎖定的籌款過程。所以我們應該在接下來的 30、45 天內籌集資金，為投資者做的事情是（技術難度）

We expect another $50 million, $100 million coming from there and then follow on raising this on $2 billion to $2.5 billion, which is the guidance that we gave late last year, we continued the same. We're also fundraise (technical difficulty) to Latin America (technical difficulty) we should push close to [$2.5 billion] in addition to fundraising.

我們預計還會有 5,000 萬美元、1 億美元，然後繼續籌集 20 億美元到 25 億美元，這是我們去年年底給予的指導，我們繼續保持同樣的方針。我們也向拉丁美洲（技術難度）籌集資金（技術難度），除了籌款之外，我們還應該將資金推向接近[25億美元]。

And then from there, from $1.5 billion to $2 billion, we have up from the third -- second quarter to the last quarter of the year, three quarters ago, which we feel confident. (technical difficulty)

然後從那裡，從 15 億美元到 20 億美元，我們從第三季度到今年最後一個季度，三個季度前，我們對此充滿信心。（技術難度）

As also mentioned, extended the fundraising period for this fund to the end of this year. The fundraising period was going to end in the second quarter. We extended until the end of '24, as fundraisings taking more time than usual for most funds, Private Equity Fund VII being one of them, as already mentioned in previous calls, so we extended the LPs that are already in the fund agreed with this fundraising extension period.

正如也所提到的，將該基金的募集期限延長至今年年底。籌款期間將於第二季結束。我們延長到24 年底，因為大多數基金的籌款比平常需要更多的時間，私募股權基金VII 就是其中之一，正如之前的電話會議中已經提到的，所以我們延長了基金中已經同意的有限合夥人的期限募集資金延長期限。

On Infrastructure Fund IV -- Fund V, I'm sorry, we are over $1 billion as of beginning of January. We have some commitments that were approved in the investment committees of some LPs late last year, and they -- some of them were signed late last year. One significant commitment was signed beginning of this year, so it pushes us to over $1 billion. And more or less the same process that I described for infrastructure for Private Equity Fund VII, Infrastructure Fund V have significant fundraisings to be done in Brazil, Chile, and Colombia this year, more in the first half of the year.

關於基礎建設基金 IV - 基金 V，抱歉，截至 1 月初，我們的資金已超過 10 億美元。去年年底，一些有限合夥人的投資委員會批准了我們的一些承諾，其中一些是在去年年底簽署的。今年年初簽署了一項重要承諾，因此我們的投資金額超過了 10 億美元。與我為私募股權基金 VII 所描述的基礎設施流程大致相同，基礎設施基金 V 今年將在巴西、智利和哥倫比亞進行大量籌款，尤其是上半年。

And then we continue fundraising with extra fund investors. We still feel very positive that we can reach the $2 billion to $2.5 billion number, closer to the $2.5 billion. So those two together will be around $4.5 billion, $2 billion to $2.5 billion from Private Equity Fund VII, $2 billion to $2.5 billion to Infrastructure Fund V. And again, I see a good demand for infrastructure. So with the higher probability of reaching the $2.5 billion there, number that I mentioned.

然後我們繼續向額外的基金投資者籌集資金。我們仍然非常樂觀地認為我們能夠達到 20 億至 25 億美元的數字，更接近 25 億美元。因此，這兩筆資金合計約為 45 億美元，其中 20 億至 25 億美元來自自私募股權基金 VII，20 億至 25 億美元來自基礎設施基金 V。我再次看到對基礎設施的良好需求。因此，達到我提到的 25 億美元的可能性更高。

So Infrastructure Fund V, which we started raising last year. We didn't ask for an extension. The extension normally on this fund is a normal fundraising period, which ends in the end of this year. If there are one or two investors are still working on our data room at the end of this year, I think we can ask for an extension there. I don't think it's going to be necessary, but it is possible -- it's common for these kinds of fundraisings. Hopefully, I answered your question. I'm hoping -- that was it, right? Fundraising for Infra V and fundraising for Private Equity Fund VII , right?

所以我們去年開始籌募基礎建設基金 V。我們沒有要求延期。該基金的延期通常是正常募資期，於今年底結束。如果今年年底還有一兩個投資者還在我們的數據室工作，我想我們可以要求延期。我認為這沒有必要，但有可能——這對於此類籌款來說很常見。希望我回答了你的問題。我希望——就是這樣，對吧？Infra V 的籌款和私募股權基金 VII 的籌款，對嗎？

Yeah. Thank you so much for the color. That was super helpful. For my follow-up, you had guided before that you expected $2 billion to $2.5 billion of realizations in I think 2024 and the beginning of 2025. Do you expect this to be concentrated towards a certain part of the calendar year? And can you remind us which funds should be accounting for most of these realizations?

是的。非常感謝你的顏色。這非常有幫助。對於我的後續行動，您之前曾指導過，您預計在 2024 年和 2025 年初實現 20 億至 25 億美元的目標。您預計這種情況會集中在一年中的某個時段嗎？您能否提醒我們哪些資金應佔這些實現的大部分？

Yeah. Unfortunately, it's very hard for me to give you an exact quarter for realizations. I joke with my team that M&A should not be mergers and acquisitions, sometimes should be called Misery and Anguish, right? Selling a company a quarter here, a quarter there, and on the buy side and the sell side, right? And on the sell side, specifically, which are realizations that you asked for my guidance is, we will continue -- we have a very strong and we will continue with a very strong divestment agenda.

是的。不幸的是，我很難給你一個準確的季度實現時間。我和我的團隊開玩笑說，併購不應該是併購，有時應該被稱為Misery and Anguish，對吧？在這裡出售一家公司四分之一，那裡出售四分之一，在買方和賣方上，對嗎？具體而言，在賣方方面，您要求我提供指導的認識是，我們將繼續 - 我們有一個非常強大的撤資議程，我們將繼續執行非常強大的撤資議程。

As you can see, since the IPO in early 2021, we have been delivering first was Private Equity Fund III. That gave us a very important for 2021 performance fees that added to our distributable earnings and then came Private Equity Fund V beginning of 2022. And then came Infrastructure Fund III and you know the whole story. So today -- as of today, Infrastructure Fund III still have some important assets to be sold, and we are in the process of selling them. And we're beginning to sell assets of Infrastructure Fund IV.

正如你所看到的，自2021年初IPO以來，我們首先交付的是私募股權基金III。這為我們帶來了 2021 年非常重要的業績費用，該費用增加了我們的可分配收益，然後在 2022 年初推出了私募股權基金 V。然後是基礎設施基金 III，你知道整個故事。所以今天——截至今天，基礎設施三號基金仍然有一些重要的資產需要出售，我們正在出售它們。我們開始出售基礎設施基金 IV 的資產。

There are some great assets there. You know the strategy. I don't want to be repetitive here, redundant with you. It is a win-the-concession strategy, right? Win the concession, we build the assets, we call it derisking, and then we sell the assets once it's operational.

那裡有一些很棒的資產。你知道策略。我不想在這裡和你重複、多餘。這是一個贏得讓步的策略，對嗎？贏得特許權，我們建造資產，我們稱之為去風險，然後我們在資產投入運營後出售資產。

Several assets of our Infrastructure Fund IV went operational last year. We had a solar panel farm that is now fully operational. So for us, ready to be sold. A thermal power plant already also operational as of end of last year. So all of these assets that once they are operational, we put them for sale. Also, when we manage toll roads, the first two to four years of the concession, we have big CapEx investments, and then we -- now we have more of a maintenance CapEx, year five onwards for the next 25 years. I'm generalizing.

我們的基礎設施基金 IV 的多項資產去年投入營運。我們有一個太陽能電池板農場，現已全面投入運作。所以對我們來說，準備出售。截至去年底，一座熱電廠也已投入營運。因此，所有這些資產一旦投入運營，我們就會將其出售。此外，當我們管理收費公路時，特許權的前兩到四年，我們有大量的資本支出投資，然後我們——現在我們有更多的維護資本支出，從第五年開始，未來 25 年。我是一概而論。

So there are some totals that we are in three, five years into the concession that we won. So they're also ready to be sold as we did with one of the toll roads of our infrastructure fund last year. Private Equity Fund V and -- IV, V and VI, we are selling assets of these three funds. So we did signed a sale of an asset of Private Equity Fund IV beginning of this year. So we haven't closed yet, so we didn't announce it, but we signed the sale of one of the assets of Private Equity Fund IV. And we are in a very active agenda in selling assets of these three funds.

因此，在我們贏得特許權後的三到五年內，我們得到了一些總數。因此，它們也準備出售，就像我們去年對基礎設施基金的其中一條收費公路所做的那樣。私募股權基金V和--IV、V和VI，我們正在出售這三個基金的資產。因此，今年年初我們確實簽署了私募股權基金 IV 資產的出售協議。所以我們還沒有結束，所以我們沒有宣布，但我們簽署了私募股權基金 IV 的一項資產的出售。我們正在非常積極地出售這三隻基金的資產。

So adding all of this, which are a lot of divestments, if not a few, there's over 15 companies being divested, Rodrigo, as we speak because we're adding, again, assets from Infrastructure Fund III and IV, assets from Private Equity Fund IV, V, and VI. So adding all these assets, there are over 15 assets being sold from these funds.

因此，加上所有這些，即使不是少數，也是大量撤資，羅德里戈，正如我們所說，有超過15 家公司被撤資，因為我們再次添加了來自基礎設施基金III 和IV 的資產，來自私募股權的資產基金 IV、V 和 VI。因此，將所有這些資產加起來，這些基金出售的資產超過 15 種。

So again, I think we -- it's very hard for us to give a specific quarter, sometimes even year for our performance fee realizations. However, the $180 million that we guided in our tax day end of '22, we feel comfortable that we'll deliver. We already delivered on $66 million. So we have to deliver another $110 million, $114 million, which we are confident that we can between this year and next year. Thank you.

因此，我認為我們很難給出具體的季度，有時甚至是一年的績效費實現。然而，我們在 22 年納稅日結束時指導的 1.8 億美元，我們對交付感到放心。我們已經交付了 6600 萬美元。因此，我們必須另外提供 1.1 億美元、1.14 億美元，我們有信心在今年和明年之間能夠做到這一點。謝謝。

Great. Thank you very much, Alex.

偉大的。非常感謝你，亞歷克斯。

Thank you.

謝謝。

Ricardo Buchpiguel, BTG Pactual.

里卡多·布赫皮格爾 (Ricardo Buchpiguel)，BTG Pactual。

Good morning, guys. I have two questions here on my side. First, I wanted to get an update from your perspective in terms of net inflows in liquid strategies. I wanted to, particularly, if you get a sense in the interest from Chilean investors, particularly in equities and credit already during the beginning of the year. If you guys have seen more demand given the insight and should progressively improve throughout the following quarters. And for my second question is more towards the previous one. I wanted to get a sense in terms of how close is the PE Fund V PE Fund IV from the hurdle rate and after it hit the hull start paying performance. Thank you.

早上好傢伙。我這邊有兩個問題。首先，我想從您的角度了解流動性策略淨流入的最新情況。我特別想了解智利投資者的興趣，特別是在今年年初對股票和信貸的興趣。如果你們看到了更多的需求，那麼在接下來的幾季中應該會逐步改善。我的第二個問題更多的是針對前一個問題。我想了解 PE 基金 V 和 PE 基金 IV 與最低門檻利率的接近程度，以及在達到最低水準後開始支付績效。謝謝。

Okay. Thank you very much again for your question. This is Alex, again, and this team complement here my answer. On the public equity and public platform that you asked, we had a 2022 net outflows, I think we mentioned in previous quarters about 2022. As we went into 2023 and the perspective that of better macro conditions in the US, in Latin America, specifically in Chile, we started seeing our redemptions dry out -- and then in the second, third, and fourth quarter of 2023, we saw positive net inflows.

好的。再次非常感謝您的提問。這又是亞歷克斯，這個團隊在這裡補充了我的答案。在你問的公共股權和公共平台上，我們有2022年的淨流出，我想我們在前幾季提到2022年。當我們進入 2023 年時，鑑於美國、拉丁美洲、特別是智利的宏觀狀況有所改善，我們開始看到我們的贖回枯竭 - 然後在 2023 年第二、第三和第四季度，我們看到淨流入為正值。

And as I think as mentioned in the earnings call, each one of these families of strategies, public credit, and public equity, each one of them with over $750 million of inflows. So we were extremely pleased. Of course, not only the macro situation improved, but the performance of the funds were extremely positive, beating benchmarks in most of them during 2023. I gave some of the numbers during the call, but I'm extremely pleased and really groundbreaking performance.

正如我在財報電話會議中提到的那樣，這些策略、公共信貸和公共股權中的每一項，每一項都有超過 7.5 億美元的資金流入。所以我們非常高興。當然，不僅宏觀情況有所改善，而且基金的表現也非常積極，大部分基金在 2023 年都跑贏了基準。我在通話期間提供了一些數字，但我非常高興，而且確實具有開創性的表現。

Our high-yield Latin fund with 14%, 15% net returns, our small cap and large cap LatAm strategy for public equities between 20% and 30% returns and small cap Chile, the same extremely positive returns, of course, the macro situation, the benefit, the inflows plus the performance of the fund, both of them working together for this kind of inflows that I mentioned over $750 million for each of these strategies, the whole vertical of public equities. And in addition, the whole vertical public debt, public credit.

我們的高收益拉丁基金淨回報率為14%、15%，我們的小型股和大盤股拉丁美洲策略的公共股票回報率為20%至30%之間，小型股智利同樣具有極其正的回報率，當然還有宏觀形勢、收益、資金流入加上基金的業績，兩者共同努力實現我提到的每種策略超過 7.5 億美元的資金流入，整個公共股票垂直領域。另外，整個垂直公共債務、公共信用。

We go into 2024 with the same view as '23. We continue seeing very small redemptions. As you know, these redemptions are programmed so we can actually see them ahead of time, as investors have to place their redemptions ahead of the redemption date. So we have a looking-forward kind of view, and they are very small. Some of the funds close to none.

我們以與 23 年相同的觀點進入 2024 年。我們繼續看到非常小的贖回。如您所知，這些贖回是經過編程的，因此我們實際上可以提前看到它們，因為投資者必須在贖回日期之前進行贖回。所以我們有一種前瞻性的觀點，而且它們很小。有些基金幾乎沒有。

And we have inflows coming in. And we see inflows coming in also from international investors, not only Chilean institutional investors and Colombian and Peruvian institutional investors that were the bulk of the investors of these two strategies, we see international ex-LatAm investors coming in also to the strategy.

我們有資金流入。我們看到資金流入也來自國際投資者，不僅是智利機構投資者以及哥倫比亞和秘魯機構投資者（這兩個策略的投資者的大部分），我們還看到國際前拉丁美洲投資者也參與了該策略。

Some of them, as mentioned, they did redeem in 2022. We have some specific issues with our UK investors. As you know, the UK went through a big guilt crisis in '21, '22 and some of our institutional investors that had to redeem money from all of their liquid funds, including ours, '23 things return to normal, and they start then investing again in funds like ours, including ours. So we see net inflows from the international investors ex-LatAm in '23, and we see already good perspectives in '24.

正如前面提到的，其中一些確實在 2022 年被贖回了。我們與英國投資者存在一些具體問題。如你所知，英國在21、22 年經歷了一場巨大的內疚危機，我們的一些機構投資者不得不從包括我們在內的所有流動資金中贖回資金，23 年後事情恢復正常，然後他們就開始了再次投資像我們這樣的基金，包括我們自己的基金。因此，我們在 23 年看到了拉丁美洲以外的國際投資者的淨流入，並且我們在 24 年已經看到了良好的前景。

So we have very good numbers for the first quarter, to be honest. So did I answer your questions? Should I -- did I miss anything here? I'm sorry.

老實說，我們第一季的數據非常好。那我回答你的問題了嗎？我應該——我錯過了什麼嗎？對不起。

No. The first part of the question was very clear. I'm not sure if you can discuss that, but if you could get a sense in terms of the -- how close we are in terms of the hurdle for PE Fund V and IV?

不。問題的第一部分非常清楚。我不確定你是否可以討論這個問題，但你是否可以了解一下——我們距離私募基金 V 和 IV 的障礙有多近？

No, fantastic. No, I was -- yeah, I was going to answer the second part. I was -- I just wanted to make sure that the first part was --

不，太棒了。不，我是──是的，我要回答第二部分。我只是想確保第一部分是--

Great. Thank you.

偉大的。謝謝。

Great. Well, the second part of your question, yeah, we are already in the catch-up phase for our Infrastructure Fund III, and we are far from the catch-up phase for Infrastructure Fund IV. Now we haven't started selling the assets yet. We -- as you know, we have European carrier, so we have to give all the principle back plus the hurdle before we actually go into performance fee modes, and we're far because we haven't started divesting assets from the Infrastructure Fund IV.

偉大的。嗯，你問題的第二部分，是的，我們已經處於基礎設施基金 III 的追趕階段，距離基礎設施基金 IV 的追趕階段還很遠。現在我們還沒有開始出售資產。如你所知，我們有歐洲航空公司，所以在我們真正進入績效費模式之前，我們必須歸還所有本金加上障礙，而且我們還很遠，因為我們還沒有開始從基礎設施基金中剝離資產四．

I mentioned that we are in the process of selling, but we have not signed and closed any of those deals. For private equity, we sold a significant asset from Private Equity Fund V, a food distribution company that pushes our DPI, distributable paid-in capital for Private Equity Fund V. If we sell one or two assets of that fund, we'll reach the performance level, be it a health care company that is (inaudible), be it the agricultural inputs company that we listed in Nasdaq and/or our participation in a gym club SmartFit as you know.

我提到我們正在出售，但我們尚未簽署並完成任何交易。對於私募股權，我們出售了私募股權基金 V 的一項重要資產，這是一家食品分銷公司，推動了我們的 DPI（私募股權基金 V 的可分配實收資本）。如果我們出售該基金的一兩個資產，我們將達到業績水平，無論是一家醫療保健公司（聽不清），無論是我們在納斯達克上市的農業投入公司和/或我們參與的健身房如您所知，SmartFit 俱樂部。

If we sell one of those three assets because of the significant size of these assets, inside our Fund V, it pushes us very close to our -- giving back the principle, getting into the performance fee level. We are now considering selling these assets, two of them already listed. So it's more considering follow-ons. I think we still have a hard IPO market ahead of us, at least for the next couple of quarters, maybe in the second half of this year, things get better for IPOs.

如果我們出售這三項資產中的一項，因為這些資產在我們的基金 V 內部規模龐大，那麼我們將非常接近我們的目標——返還本金，進入績效費水準。我們現在正在考慮出售這些資產，其中兩項已經上市。所以更多的是考慮後續。我認為我們面前的IPO市場仍然很艱難，至少在接下來的幾個季度，也許在今年下半年，IPO的情況會好起來。

But we have a significant interesting market already going on for follow-ons. We did several follow-ons for two of our portfolio companies in '23, one from Infrastructure Fund III, actually, Entrevias, a [waterways] company, and we also did a follow-on for our health care company, gym -- the gym chain SmartFit in '23. So we will continue doing that in '24. And we see an interesting market for additional follow-ons.

但我們已經有一個非常有趣的後續產品市場。我們在 23 年為我們的兩家投資組合公司做了幾項後續工作，其中一家來自基礎設施基金 III，實際上是 Entrevias，一家 [waterways] 公司，我們也為我們的醫療保健公司、健身房—健身連鎖店SmartFit 於23 年成立。所以我們將在 24 年繼續這樣做。我們看到了一個有趣的市場，需要更多的後續產品。

So I hope I answered your question, Infrastructure III already there. Infrastructure IV far from there, Private Equity Fund V, depending on the mosaic of divestments here, we can reach that performance fee mode this year or next year. Most probably next year, but we don't actually depend much for the performance fee realization target that we have for this year on Private Equity Fund V.

所以我希望我回答了你的問題，基礎設施 III 已經在那裡了。基礎設施IV離那裡還很遠，私募股權基金V，根據這裡撤資的馬賽克，我們可以在今年或明年達到績效費模式。最有可能是明年，但我們其實不太依賴今年私募股權基金 V 的績效費來達成目標。

This is Marco. Can I complement something, Ricardo? It may be helpful for your question, the way you're building up the model. We have about $540 million of net unrealized performance fee. And out of this amount, $234 million from Private Equity Fund V, $169 million for Private Equity Fund IV, and $110 million from Infrastructure Fund III. If you tie this number to the previous information that Alex gave of $66 million that have been already returned and contrast that with the three-year target of $180 million. So if you do -- if you take from this $180 million, the $66 million, the $110 million that is visible on Infrastructure III alone would be enough for us to meet the target for the three years.

這是馬可。我可以補充一些東西嗎，里卡多？這可能對您的問題以及您建立模型的方式有所幫助。我們有約 5.4 億美元的未實現淨績效費。其中，私募股權基金 V 出資 2.34 億美元，私募股權基金 IV 出資 1.69 億美元，基礎建設基金 III 出資 1.1 億美元。如果將此數字與 Alex 之前提供的已退還 6,600 萬美元的資訊聯繫起來，並將其與 1.8 億美元的三年目標進行比較。因此，如果你這樣做——如果你從這 1.8 億美元中取出 6600 萬美元，僅在基礎設施 III 上可見的 1.1 億美元就足以讓我們實現三年的目標。

So as much as, of course, we're paying a lot of attention to Private Equity V and Private Equity VI and all the considerations that Alex posed, which we still have to return the money before we get into the catch-up, Infrastructure III alone, which is already in a catch-up phase will be sufficient to satisfy the three-year target that we set on our tax day in 2022.

當然，我們非常關注私募股權 V 和私募股權 VI 以及 Alex 提出的所有考慮因素，在追趕上來之前我們仍然必須歸還資金，基礎設施僅III 一項已經處於追趕階段，就足以實現我們在2022 年納稅日設定的三年目標。

Thank you, Marco. Great compliment there.

謝謝你，馬可。那裡有很棒的讚美。

Great. Thank you. Thank you both.

偉大的。謝謝。謝謝你們倆。

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

Hi. Good morning. Thank you for the call and taking my question. A question on the management fee evolution in the quarter. Just you had very strong growth in the fee earning AUM, although the management fees did not grow as fast. Just to understand if there was anything in particular why they didn't grow as fast as the fee earning AUM in the quarter and also incentive fees were also a little bit lower. So it led you to being slightly below your FRE guidance for the year, just to think going forward, if any downside risks on the guidance that you've given for the $170 million for next year, $200 million in FRE for 2025. Thank you.

你好。早安.感謝您的來電並回答我的問題。關於本季管理費演變的問題。儘管管理費成長速度沒有那麼快，但您的收費資產管理規模成長非常強勁。只是為了了解是否有什麼特別的原因，為什麼他們沒有像本季的費用收入 AUM 成長得那麼快，而且激勵費用也略低一些。因此，這導致您今年的 FRE 指導值略低於您的預期，請思考一下，您為明年 1.7 億美元、2025 年 FRE 提供的指導值是否有任何下行風險。謝謝。

Thank you, Tito, and thanks for the question and participating here in our call. There are sometimes some quarter-to-quarter movements on expenses, and I also can turn to Ana, our CFO, to explain better. So sometimes, I think it's better to see the whole year. As we know, we did some acquisitions. We have some synergies in place. Sometimes we do run the synergies in -- and they appear in our numbers in one quarter versus the other.

謝謝你，蒂托，謝謝你提出問題並參與我們的電話會議。有時費用會出現一些季度變動，我也可以向我們的財務長安娜尋求更好的解釋。所以有時候，我覺得還是看一整年比較好。據我們所知，我們進行了一些收購。我們有一些協同作用。有時我們確實會產生協同效應，而且它們會出現在我們一個季度與另一個季度的數據中。

So because in one quarter, we had extra costs because we were running two teams, and then we don't have to have two teams. We synergize to one team, and that shows in the other quarter. So it might have quarter-to-quarter kind of variances, but I'm very confident on the level of expenses that we are running today looking forward, which is the second point of your question, that we will be able to deliver the $170 million of FRE and over $200 million for 2024 and over $200 million of FRE for 2025.

因為在一個季度裡，我們有額外的成本，因為我們運行兩個團隊，然後我們就不必擁有兩個團隊。我們與一個團隊協同作用，這在另一個季度也能體現出來。因此，可能會存在季度與季度之間的差異，但我對我們今天的支出水平非常有信心，這是您問題的第二點，我們將能夠交付 170 美元2024 年FRE 總額將超過2 億美元， 2025 年FRE 總額將超過2 億美元。

In addition to the expense streams that you actually saw for 2023, there are additional synergies coming into 2024, even more so when we hopefully have the two pending M&As, again, we -- to give you an idea, in some cases, we think that we can run the businesses with a lot higher FRE. We mentioned a couple of our earnings calls ago that our real estate investment trust business through VBI or through Credit Suisse, they were running at 30%, 40% FRE margins. We can definitely push that up to our kind of margins. The same for our averaging carve-out global private market solutions business, a 30% margin business, I think we can push that up as well.

除了您在2023 年實際看到的費用流之外，到2024 年還會出現額外的協同效應，當我們希望有兩項待決的併購時更是如此，我們再次——給您一個想法，在在某些情況下，我們認為我們可以用更高的 FRE 來經營業務。我們先前在幾次財報電話會議上提到，我們透過 VBI 或瑞士信貸的房地產投資信託業務，其 FRE 利潤率為 30%、40%。我們絕對可以將其提高到我們的利潤水平。對於我們平均分拆的全球私募市場解決方案業務也是如此，即 30% 的利潤率業務，我認為我們也可以將其提高。

That will come over time. It doesn't happen again from one day to the next. That's why during '24, we call this more of a transition year because we don't know when these big deals are going to close. Again, they were already signed. And so a quarter over the next, things might move a little bit. But we walk in to '25 with very strong numbers, as I tried to show during this earnings call with the inflows, organic inflows of this year that are projected to be $5 billion.

隨著時間的推移，這將會實現。從一天到下一天，這種情況都不會再發生。這就是為什麼在 24 年期間，我們稱之為過渡年，因為我們不知道這些大交易何時會完成。再說一次，他們已經簽約了。因此，接下來的四分之一，事情可能會發生一些變化。但我們以非常強勁的數字步入 25 年，正如我在本次財報電話會議上試圖透過資金流入來展示的那樣，今年的有機資金流入預計將達到 50 億美元。

We get into $25 million with $38 billion of fee earning AUM. You do the math buildout average management fee you see what kind of revenues you go into in '25. And depending on the margin that you apply there, you can see that over the $200 million is possible, the chances of us hitting that number increased with every cap.

我們的資產管理規模達 380 億美元，收入達 2,500 萬美元。你計算一下擴建平均管理費，就會看到 25 年你的收入是多少。根據您在那裡應用的保證金，您可以看到超過 2 億美元是可能的，我們達到這個數字的機會隨著每個上限的增加而增加。

So I think we're in a good place as of today. Of course, we have to continue to work very hard and deliver. But I think we're in a good place. I think the chances of us hitting the numbers went up over the last quarters. Ana, do you want to complement on anything about the expenses?

所以我認為我們今天處於一個很好的位置。當然，我們必須繼續努力並交付成果。但我認為我們處於一個很好的位置。我認為過去幾季我們實現目標的機會有所增加。安娜，你想補充一下有關費用的資訊嗎？

I think as I mentioned during the first part, I think it's a good a base for us to consider for -- at least for the first quarter of the year is our average that we have done in the beginning of 2023 since the fourth quarter had some catch-up or one-timer. So we talk about our personnel expense being around $15 million and all the expenses are -- we are preparing and doing synergies. And I think the run rate that we have for between Q3 and Q4 are updating for when we look into 2024. There is a consolidation in integration in next year that we expect to continue in this path.

我認為正如我在第一部分中提到的，我認為這是我們考慮的一個很好的基礎——至少今年第一季度是我們自第四季度以來在 2023 年初所做的平均水平一些追趕或一次性的事情。所以我們說我們的人員費用約為 1500 萬美元，所有費用都是——我們正在準備並發揮協同作用。我認為，當我們展望 2024 年時，我們在第三季和第四季之間的運行率正在更新。我們預計明年的整合將繼續沿著這條道路進行。

Yeah. And Tito, this is Josh. Just one other quick point on your point around fee earning AUM growing a little bit faster than management fees. There's a timing impact to that in some cases. And just to give an example to take Alex's point just a bit further is that the partnership that we closed with Bancolombia near the end of the quarter, you had a new real estate vehicle come in, bringing about $1.3 billion of fee earning AUM, but we did not get a full quarter's worth of revenue impact for that. You'll see that as we go into 2024. So some of that is a timing impact just based on how the fee earning AUM flows in, which is obviously in full versus the revenue not being fully loaded until the next quarter.

是的。蒂托，這是喬許。關於您關於費用收入 AUM 成長速度比管理費成長快一點的觀點，還有一個簡單的觀點。在某些情況下，這會產生時間影響。舉個例子來進一步闡述 Alex 的觀點，我們在本季末與 Bancolombia 達成的合作夥伴關係中，引入了新的房地產工具，帶來了約 13 億美元的管理資產收入，但是我們沒有得到整個季度的收入影響。當我們進入 2024 年時，你會看到這一點。因此，其中一些是時間影響，僅取決於收費收入 AUM 的流入方式，這顯然是全額的，而收入要到下個季度才能滿額。

All right. That's helpful. Thank you for clarifying that. And just on the incentive fees, they were also lower than they were last year. Any color you can provide on that?

好的。這很有幫助。感謝您澄清這一點。僅就獎勵費用而言，也比去年低。你能提供什麼顏色嗎？

Well, there, I think it has to do with some of the benchmarks and of course, our funds performed very well. As I mentioned last year, the benchmark also did well. Of course, we beat the benchmarks that we had -- that's why we had incentive fees. But vis-à-vis the benchmark, I think '22 was a good year and a slightly better year as we came in from 2021 also with the low benchmarks, and we did hit for some accounts. We have different SMAs and some accounts the way that you count the benchmark whatever in 2022, we did a little better. There's not much difference there, but it is an SMA by SMA.

嗯，我認為這與一些基準有關，當然，我們的基金表現非常好。正如我去年提到的，基準測試也表現良好。當然，我們超越了我們的基準——這就是我們收取獎勵費的原因。但相對於基準，我認為 22 年是一個好年份，也是稍微好一點的一年，因為我們從 2021 年開始，基準也較低，而且我們確實達到了一些目標。我們有不同的 SMA 和一些帳戶，無論 2022 年如何計算基準，我們都做得更好一些。沒有太大區別，但它是 SMA by SMA。

And again, in some SMAs, even though the absolute numbers for the performance in '22, they were a little lower. For some of the SMAs, we were beating the benchmark more than we did this year. And that generates then more incentive fees. And Ana, please correct me here if I do not mention anything important.

同樣，在一些 SMA 中，儘管 22 年表現的絕對數字略低一些。對於某些 SMA，我們比今年跑贏了基準。這會產生更多的激勵費用。安娜，如果我沒有提到任何重要的事情，請糾正我。

I think that's definitely clear in our incentive fee this year was really concentrated on our credit vertical, okay? So that I just want to highlight that. And there is this concentration this year. Opposite from last year, which happened in the two verticals, credit and public debt.

我認為今年我們的激勵費確實集中在我們的信貸垂直領域，這絕對清楚，好嗎？我只想強調這一點。今年有這樣的集中。與去年相反，這發生在信貸和公共債務這兩個垂直領域。

Okay, great. Thank you, Alex, Ana, and Josh.

好的，太好了。謝謝你們，亞歷克斯、安娜和喬許。

Thank you, Tito.

謝謝你，蒂托。

William Barranjard, Itaú BBA.

William Barranjard，義大利 BBA。

Good morning, Alex, Marco, everyone. Thanks for the presentation and this space for questions. So the first one, you comment briefly regarding the possibility to reach the $35 billion fee AUM 1 year earlier, so end of 2024. My question here is regarding the overall management fee rate. Do you expect any changes here? Or should maintain at the 1.2% that we see currently?

早安，亞歷克斯，馬可，大家。感謝您的演示和提問空間。第一個，您簡要評論了提前 1 年（即 2024 年底）達到 350 億美元費用 AUM 的可能性。我的問題是關於整體管理費率。您期望這裡有什麼改變嗎？或應該維持在我們目前看到的1.2%？

And my second question is related to expenses. So could you go through the dynamics of personnel expenses in the new share-based compensation programs in this quarter? I guess I would like to understand how much of the $12 million in equity compensation would be translated into personnel expenses if this program was not in place.

我的第二個問題與費用有關。那麼您能否介紹一下本季新的股權激勵計畫中人員費用的動態？我想我想了解如果這個計劃沒有到位，1200萬美元的股權補償中有多少會轉化為人員費用。

And I mentioned during the call that 60% of cash bonus could be converted into shares. So I guess, is this the only adjustment then? Or is there any other dynamics here?

我在電話中提到，現金紅利的60%可以轉換成股票。所以我想，這是唯一的調整嗎？或者這裡還有其他動力嗎？

Okay. Well, on the program itself, I can -- I just want to say a couple of words and then turn over the floor to Ana here to explain in more detail. It is a compensation program that is in addition to other programs that we had. And what we wanted to do here is put up a program that is voluntary. It's not an obligation. Any of our partners and managing directors, they can opt to this program or not.

好的。嗯，關於計劃本身，我可以——我只想說幾句話，然後請安娜更詳細地解釋。這是一個補償計劃，是我們其他計劃的補充。我們想在這裡做的是製定一個自願的計劃。這不是義務。我們的任何合作夥伴和董事總經理都可以選擇或不選擇該計劃。

If they opt to the program, whatever, up to 50% of the bonus that this person commits to the program, we will match the same number of dollars in Patria's shares. In order for this person in order to be eligible to the program, this person has to vest these shares and its vest in year -- in your three-year, year on year, four-year in year five.

如果他們選擇參加該計劃，無論如何，我們將在該人承諾參加該計劃的獎金的 50% 以內，匹配同等數量的 Patria 股票。為了使此人有資格參與該計劃，此人必須在三年、一年、五年、四年中授予這些股份及其授予年份。

So it's -- first of all, it's in addition to thing that we have. Secondly, it has a lot to do with the retention. I think we are a people business and retaining people in this business is extremely important. We already had significant carry programs, right, which is normal of our business, distributing part of the performance fees to employees. As you know, we call this our carry program.

所以，首先，它是我們現有的東西之外的。其次，與保留也有很大關係。我認為我們是一個以人為本的企業，在這個行業中留住人才非常重要。我們已經有了重要的提成計劃，對吧，這是我們業務的正常現象，將部分績效費用分配給員工。如您所知，我們稱之為「攜帶計劃」。

I also wanted to give the senior executives shares of the listed company. We really haven't done that since the IPO. We introduced this program now. So a senior employee, a senior executive at Patria will have carry and now this program that I just mentioned. Of course, it's a retention because the person has to stay in order to be able to obtain the program.

我還想給上市公司的高階主管股份。自從首次公開募股以來，我們確實還沒有這樣做過。我們現在介紹這個計劃。因此，Patria 的高級員工、高階主管將擁有我剛才提到的這個計劃。當然，這是一種保留，因為該人必須留下來才能獲得該計劃。

We have this program already going on even as a private company. Of course, we readdressed the program as a public company, and we had annual valuations, and we would buy and sell shares from partners and managing directors, more or less the same mechanics that I just described, but instead of having a public valuation, we had a private valuation, someone come in and actually do the valuation once a year for us. And now with the valuation that we traded shares between us and paid bonuses in shares to the senior executives. So similar mechanics, of course, different now that we are a listed company, and it works a lot in retention.

即使作為一家私人公司，我們也已經在實施這個計劃。當然，我們作為一家上市公司重新制定了該計劃，我們進行了年度估值，我們將從合作夥伴和董事總經理那裡買賣股票，或多或少與我剛才描述的機制相同，但不是進行公開估值，我們進行了私人評估，有人進來，實際上每年為我們進行一次評估。現在，按照我們之間交易股票並向高階主管支付股票獎金的估值。當然，類似的機制有所不同，因為我們是一家上市公司，而且它在留住人才方面發揮了很大作用。

Ana, do you want to give some more detail on the program itself, please?

Ana，您想提供有關該計劃本身的更多詳細資訊嗎？

Let me just give me a -- first a full overview about that. And I think, first of all, I think we are all in the comp very -- really have for the launch of that and the acceptance that we have across the company. I think this program is consistent with our industry and peers. And as Alex mentioned, is retain, but also attract the talents to the company as we move.

讓我先給我一個完整的概述。我認為，首先，我認為我們都非常願意推出該產品，並得到整個公司的認可。我認為這個方案與我們產業和同業是一致的。正如亞歷克斯所提到的，隨著我們的搬遷，我們不僅要留住人才，還要吸引人才加入公司。

And this program was launched in 2023 is we work to support our engagement and long-term commitment for the team, and we are able to expand that as we grow, as we have new M&A. So this is actually could be expandable and it's a very strong program. As Alex mentioned, this is a voluntary and includes our partners and mainly partners on MDs, and this gives the opportunity for the people to direct part of their cash or 50% of the cash bonds as mentioned before, into this program and to have a matching component at that.

該計劃於 2023 年啟動，我們致力於支持我們對團隊的參與和長期承諾，隨著我們的成長和新的併購，我們能夠擴大這項計劃。所以這實際上是可以擴展的，並且是一個非常強大的程式。正如Alex 所提到的，這是一項自願性的活動，包括我們的合作夥伴，主要是MD 合作夥伴，這使人們有機會將部分現金或前面提到的50% 的現金債券投入該計劃，並獲得匹配組件。

This is a program that it will be offered going forward because this is part of now of our normal program. And has evolved, actually, when we launched in Q3, as mentioned in previous quarter, has actually had a really great acceptance across. And that's why in -- you see that in Q4, there was a much complete catch-up of that in terms of the program and how we accounted for.

這是一個將繼續提供的計劃，因為這是我們現在正常計劃的一部分。事實上，當我們在第三季推出時，正如上一季所提到的，實際上已經得到了很大的認可。這就是為什麼在第四季度，我們在計劃和計算方式方面完全趕上了這一點。

So when you mentioned about this $12.4 million, and I could say that when you look into that in terms of this matching program, then we complete account for this line in the fourth quarter, it accounts about 70% of that is related to this matching program that we are considering. Okay. So I don't know if that help you to understand the program.

所以，當你提到這1240 萬美元時，我可以說，當你從這個匹配計劃的角度來看這一點時，我們在第四季度完成了這一行的核算，它約佔其中的70% 與這個匹配相關。好的。所以我不知道這是否有助於您理解該程序。

Yeah. If I can also complement this. We designed this at the IPO, to be honest. And we already have embedded that we were going to give this out over three years after the IPO. So it's a program that was already written. It was already there in our perspective that we were going to give out up to the prospectus as up to 5% that we can actually give out in employee compensation.

是的。如果我也能補充這一點的話。老實說，我們是在首次公開發行時設計的。我們已經明確表示，我們將在首次公開募股後三年內發布此資訊。所以這是一個已經寫好的程式。我們已經在招股說明書中明確表示，我們將按照我們實際可以發放的員工薪酬的 5% 進行發放。

We haven't even reached half of that number yet, whatever it's a very, very small number that we had. But -- and -- but yes, it's something that we have already incorporated in our numbers since '21, '22, '23, and we knew that we were going to actually effectively do this in the end of '23. So it was already a planned thing and already talked to our partners for a while now for the last two, three years that we have been designing and talking to them about this program. What was the second part of your question again? I'm sorry. That was the first part.

我們甚至還沒有達到這個數字的一半，不管我們的數字是非常非常小的。但是——而且——但是，是的，我們自 21 年、22 年、23 年以來就已經將其納入我們的數據中，而且我們知道我們將在 23 年底真正有效地做到這一點。所以這已經是一個計劃好的事情，並且在過去的兩三年裡我們已經與我們的合作夥伴進行了一段時間的討論，我們一直在設計並與他們討論這個項目。你問題的第二部分又是什麼？對不起。這是第一部分。

Yes, the second part was very clear. Thank you for the answers. And the first part was just regarding the management fee rates as you reach your target of $35 billion.

是的，第二部分非常清楚。謝謝您的回答。第一部分只是關於達到 350 億美元目標時的管理費率。

Yeah. I'm sorry about that. I should have answered. It's -- well, as you can see in one of the pages of the presentation is $1.2 million, the number that you just mentioned. As we do close on this two M&As, I think it's -- they have a slightly lower effective management fees than the $1.2 million. I think the number going forward is between $1.1 million and $1.15 million. Ana, can you correct me if that number is correct, please?

是的。對此我很抱歉。我應該回答的。這是——嗯，正如您在簡報的其中一頁中看到的那樣，是 120 萬美元，就是您剛才提到的數字。當我們完成這兩項併購時，我認為它們的有效管理費略低於 120 萬美元。我認為未來的數字在 110 萬美元到 115 萬美元之間。安娜，如果這個數字正確的話，你能糾正我嗎？

Yeah. Alex, this is Josh. I think if you do the math, we gave some basic economics on the effective fee rates and the fee earning AUM that we're bringing in on the two pending M&As. And I think if you do just a simple math based on our current blended rate and the blended rates implied by the economics that we gave, you'll get to a number that's between $1.0 million and $1.1 million.

是的。亞歷克斯，這是喬許。我想，如果你算一下，我們會給出一些關於有效費率和我們在兩筆待決併購中引入的費用收入 AUM 的基本經濟學知識。我認為，如果您根據我們目前的混合利率和我們給出的經濟學隱含的混合利率進行簡單的數學計算，您將獲得一個在 100 萬美元到 110 萬美元之間的數字。

All right. That is great. Thank you for the answer.

好的。太棒了。謝謝你的回答。

Can I just add on when you do your assessment, of course, and building up into the model, the new acquisitions are bringing permanent capital and fee paying AUM that is actually charged on NAV. So the business in terms of quality, visibility, and resilience is very high quality. And just consider that when you think about the model.

當然，當您進行評估時，我可以補充一下，並建立到模型中，新的收購帶來了永久資本和費用支付的資產管理規模，這些資產實際上是根據資產淨值收取的。因此，該業務在品質、可見性和彈性方面都是非常高品質的。當你考慮模型時就考慮一下這一點。

Of course, will do.

當然會做。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Alexandre, Marco, hope you're both doing well. This is Craig. So thanks for taking our follow-up.

亞歷山大、馬可，希望你們都一切順利。這是克雷格。感謝您接受我們的跟進。

Hey, Craig, how are you? (multiple speakers)

嘿，克雷格，你好嗎？（多個發言者）

I'm good. Good to hear from you, guys. So my follow-up is on M&A. And you've been very active over the last couple of years with expansions in different geographies and products. Moneda, JV with Bancolombia, VBI. But how do you think about existing capacity on the balance sheet and with your currency, the stock today to do more deals? And I think you've been eyeing Mexico for a while, maybe provide us a quick update on your thoughts on expanding into Mexico.

我很好。很高興收到你們的來信，夥計們。所以我的後續是併購。在過去的幾年裡，您一直非常活躍，在不同的地區和產品中進行了擴張。Moneda，與 Bancolombia，VBI 的合資企業。但您如何看待資產負債表上的現有能力以及用您的貨幣、股票進行更多交易的能力？我認為您已經關注墨西哥有一段時間了，也許可以向我們快速介紹一下您對拓展墨西哥業務的想法。

Marco, do you want to start that? Do you want -- as you were probably already commented there?

馬可，你想開始嗎？你想要嗎——因為你可能已經在那裡評論過了？

Yeah. I'll kick off and you can complement. So remember what we always say when we think about acquisitions, we're buying products, channel, and distribution. So every time I start my answers with this because it's really part of our strategy. So proud of doing six acquisitions and adding credit, real estate meaningfully now GBMS. I'll start with your second piece of your question.

是的。我先開始，你可以補充。因此，請記住，當我們考慮收​​購時，我們總是說我們正在購買產品、通路和分銷。所以每次我都以此開始回答，因為這確實是我們策略的一部分。為現在 GBMS 進行的六次收購和增加信貸、房地產而感到自豪。我將從你的第二個問題開始。

Mexico, it continues to be a priority continues to be a target. So the explanation is mostly on execution. We were not able to find the right assets to start, but we continue to be very excited. We think it's not only a very important geography and very complementary to the platform, but also a great opportunity with everything is going on down there.

墨西哥，它仍然是一個優先事項，仍然是一個目標。所以解釋主要是在執行上。我們無法找到合適的資產來啟動，但我們仍然非常興奮。我們認為，這不僅是一個非常重要的地理位置，與該平台非常互補，而且也是一個很好的機會，那裡正在發生一切。

Regarding the first piece of your -- the first part of your question, how we're going to fund our expansion. What we've been doing with our acquisitions is funding in a mix between cash and equity, retaining a couple of flexibilities. So there's flexibility relative to when this cash is coming out.

關於您問題的第一部分，我們將如何為我們的擴張提供資金。我們一直在進行收購時採用現金和股權相結合的方式進行融資，同時保留了一定的靈活性。因此，這筆現金的發放時間具有彈性。

Most of the acquisitions have been structured with sellers financing, so giving us time to generate the cash to pay for the acquisition. And in certain circumstances there, we can opt between paying in cash or in equity at our favor, of course. So all that to give flexibility for us to be nimble when we make -- we design the strategy, we design the payment.

大多數收購都是透過賣方融資進行的，因此我們有時間籌集現金來支付收購費用。當然，在某些情況下，我們可以選擇以對我們有利的方式支付現金或股權。因此，所有這些都是為了讓我們在製定策略時保持靈活性，我們設計策略，我們設計付款方式。

We do have -- in the later quarter of last quarter, we announced one way to fund our acquisition, which is retaining part of the performance fees. I think we led that very clear, and I'll repeat here just for the sake of clarity, we're not touching on the FRE. We may selectively retain part of the performance fee in order to fund any cash necessities on the short term.

我們確實有——在上個季度的最後一個季度，我們宣布了一種為收購提供資金的方式，即保留部分績效費用。我認為我們的領導非常明確，為了清楚起見，我將在這裡重複一遍，我們沒有觸及 FRE。我們可能有選擇地保留部分績效費，以便為短期內的任何現金必需品提供資金。

So these are tactical movements may occur in order to address the funding needs in the best way possible. And I'll defer to Ana to talk a little bit more about our cash flow. We do remain active in acquisitions. We mentioned in this call that this is going to be an important year of consolidation because we have two large pending M&As to be closed, the Abrdn business by end of the first half and Credit Suisse business most likely by the end of this year, given the complexities of -- or in the particularities of the closing of this transaction.

因此，為了以盡可能最好的方式滿足資金需求，可能會發生這些戰術行動。我將聽取安娜的意見，進一步討論我們的現金流。我們仍然積極進行收購。我們在這次電話會議中提到，今年將是重要的整合年，因為我們有兩個大型懸而未決的併購交易需要完成，Abrdn 業務將於上半年結束，而瑞士信貸業務最有可能在今年年底完成，因為交易完成的複雜性或特殊性。

So not a lot of FRE coming through this year, but very solid FRE coming for next year. As a reminder, when we announced the Abrdn transaction and the Credit Suisse transaction, we gave us some guidances for you to work on how much this will bring into the platform for the Abrdn business, what we announced is a $7.8 billion fee paying AUM deal where the average fee is between 50 bps and 60 bps from the average management fee, which will equate to a margin between 30% and 40%.

因此，今年的 FRE 並不多，但明年的 FRE 卻非常穩定。提醒一下，當我們宣布 Abrdn 交易和瑞士信貸交易時，我們給了我們一些指導，讓您了解這將為 Abrdn 業務平台帶來多少收益，我們宣布的是一筆 78 億美元的付費 AUM 交易其中平均費用比平均管理費高出50 個基點到60 個基點，相當於30% 到40% 之間的利潤。

And for the Credit Suisse deal, what we announced is a $2.4 billion at the time of the closing, with the 50 -- with the 70 bps as a management fee and around 50% of FRE contribution. Hopefully, I answered your question.

對於瑞士信貸的交易，我們在成交時宣布的金額為 24 億美元，其中 50 個基點作為管理費，約佔 FRE 貢獻的 50%。希望我回答了你的問題。

If I can complement, Marco, I think going back to 2019, 2020, and one of the main reasons of why the IPO early 2020, Craig, I think we saw this consolidation coming into place. I think we were kind of first movers with some -- few of our peers and then we see some of our peers moving into this consolidation mode. The names of the major players in the industry buying, as Marco said, products buying channel, buying geographic expertise.

如果我可以補充一下，Marco，我想回到 2019 年、2020 年，以及 2020 年初 IPO 的主要原因之一，Craig，我認為我們看到了這種整合的發生。我認為我們是一些同行的先行者，然後我們看到一些同行進入了這種整合模式。正如馬可所說，該行業主要參與者的名字購買產品，購買管道，購買地理專業知識。

So I think we are a little humble this year, but we were a little bit ahead of the peer group in that sense, very important consolidating the Latin American market and catering to our Latin clients, and also adding to our international clients that want to come into LatAm. So we have a very interesting menu set today of over 30 products that give us this ability to continue growing the platform very healthy and actually very comfortable today that we can actually deliver on the guidance that we gave late '22.

因此，我認為今年我們有點謙虛，但從這個意義上說，我們比同行領先了一點，鞏固拉丁美洲市場並迎合我們的拉丁美洲客戶非常重要，同時也增加了我們想要的國際客戶進入拉丁美洲。因此，我們今天有一個非常有趣的菜單集，其中包含 30 多種產品，這些產品使我們能夠繼續非常健康地發展平台，並且今天實際上非常舒適，我們實際上可以交付 22 年底提供的指導。

So this is -- it was by strategy, not by chance that we're here today, thank God, and I think we're well positioned here. And we will continue to do more. I think we have a bigger balance sheet today and a bigger earnings stream. And what I saw happening as well, and Marco leading this effort, I think that a lot of general partners approaching us now more than three, four years ago, were convinced that the consolidation is at play in our industry, and we need to join forces with Patria because of everything that we can do for them on the fundraising side, on having a listed stock as a tool to attract talent, and retain talent, and to give the senior executives of this respective general partner liquidity in the future.

所以，感謝上帝，我們今天能來到這裡是出於策略，而不是偶然，我認為我們在這裡處於有利地位。我們將繼續做更多的事情。我認為我們今天的資產負債表更大，收入流也更大。我也看到了正在發生的事情，Marco 領導了這項工作，我認為許多普通合夥人在三、四年前與我們接觸，他們相信整合正在我們的行業中發揮作用，我們需要加入之所以與Patria合作，是因為我們可以在融資方面為他們做一切，將上市股票作為吸引人才和留住人才的工具，並在未來為各個普通合夥人的高階主管提供流動性。

So things that we saw a couple of four, five years ago, they are actually happening, and we are getting phone calls now contrary to three, four years ago that we had to call people and explain what we were trying to do. So it's pretty interesting to see that happening. I think we're not the only ones getting calls in the industry because the consolidation is at play. But we're definitely getting calls in our part of the world, which is pretty nice to go through this process. Thank you.

因此，我們四五年前看到的事情實際上正在發生，我們現在接到電話，與三四年前相反，我們必須打電話給人們並解釋我們想要做什麼。所以看到這種情況的發生非常有趣。我認為我們並不是業內唯一接到電話的公司，因為整合正在發揮作用。但我們肯定會在我們所在的地區接到電話，經歷這個過程真是太好了。謝謝。

Thank you, Alexandre.

謝謝你，亞歷山大。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Alex for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。我現在想將電話轉回給 Alex 進行結束語。

Well, again, thank you very much for your patience here. And it's end-of-the-year call. So it's a little longer than usual. So thanks really, really for your patience and dedication to come to the call, participate in the call with your questions. We're so happy to take your questions. It's an honor to take your questions.

好吧，再次非常感謝您的耐心等待。這是年終電話。所以比平常稍微長一點。非常非常感謝您的耐心和奉獻精神參加電話會議並提出您的問題。我們很高興回答您的問題。很榮幸能回答您的問題。

And again, we feel very good beginning 2024 now in a strong pace with the guidance that we already mentioned over the call here a couple of times. So feel free to contact us with any further questions. And hopefully, we'll see each other in person in your conferences.

再說一遍，我們在 2024 年開始感覺非常好，現在我們已經在電話會議中多次提到了指導，步伐強勁。如有任何其他問題，請隨時與我們聯絡。希望我們能在你們的會議上見面。

And actually, sooner than later, we're going to have in the next 60 days another earnings call and hopefully coming up with good strong news on 2024.

事實上，我們遲早會在接下來的 60 天內再次召開財報電話會議，希望能在 2024 年帶來好消息。

Thanks again for your patience. Thanks for your collaboration and see you guys in person soon. Thank you team as well, and thank you, operator.

再次感謝您的耐心等待。感謝您的合作，很快就會見到你們。也感謝你們的團隊，也感謝你們，經營者。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。