Patria Investments Ltd (PAX) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Patria Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Rob Lee, Head of Shareholder Relations. Rob, please go ahead.

美好的一天，感謝您的支持。歡迎參加 Patria 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，股東關係主管 Rob Lee。羅布，請繼續。

Thank you. Good morning, everyone, and welcome to Patria's Second Quarter 2024 Earnings Call. Speaking today on the call are our Chief Executive Officer, Alex Saigh; and our Chief Financial Officer, Ana Russo; and our Chief Economist, Luis Fernando Lopes for the Q&A session. This morning, we issued a press release and earnings presentation detailing our results for the quarter, which you can find posted on the Investor Relations section of our website or on Form 6-K filed with the Securities and Exchange Commission.

謝謝。大家早安，歡迎參加 Patria 2024 年第二季財報電話會議。我們的執行長 Alex Saigh 今天在電話會議上發表講話；以及我們的財務長 Ana Russo；我們的首席經濟學家路易斯費爾南多洛佩斯 (Luis Fernando Lopes) 出席了問答環節。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，您可以在我們網站的投資者關係部分或向美國證券交易委員會提交的 6-K 表格中找到這些內容。

This call is being webcast, and a replay will be available. Before we begin, I'd like to remind everyone that today's call may include forward-looking statements, which are uncertain, do not guarantee future performance and undue reliance should not be placed on them. 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 risks, including those discussed in the Risk Factors section of our latest Form 20-F annual report. Also note that no statements on this call constitute an offer to sell or a solicitation of an offer to purchase an interest in any Patria fund.

該電話會議正在網路直播，並將提供重播。在開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述是不確定的，不能保證未來的業績，不應過度依賴它們。Patria 不承擔任何義務，也不打算更新任何此類前瞻性聲明。此類聲明是基於當前管理層的預期並涉及風險，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。另請注意，本次電話會議中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邀請。

As a foreign private issuer, Patria reports financial results using International Financial Reporting Standards, or IFRS, as opposed to U.S. GAAP. Additionally, we would like to remind everyone that we will refer to certain non-IFRS measures, which we believe are relevant in assessing the financial performance of the business but 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.

作為外國私人發行人，Patria 使用國際財務報告準則（IFRS）（而不是美國財務報告準則）來報告財務表現。公認會計準則。此外，我們想提醒大家，我們將參考某些非國際財務報告準則措施，我們認為這些措施與評估企業的財務業績相關，但不應孤立地考慮這些措施，也不應將其替代根據國際財務報告準則制定的措施。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。

Now I will turn the call over to Alex. Alex?

現在我將把電話轉給亞歷克斯。亞歷克斯？

Thank you, Rob, and good morning, everyone. The second quarter of 2024 was a very busy quarter for Patria as we continue to make solid progress towards our near- and long-term goals. This morning, we are also excited to announce our first share repurchase program and an update to our capital management strategy, as well as the acquisition of the 50% of VBI we did not previously own. But first, let me summarize our second quarter results. Management fees reached over $70 million, up 14% year-over-year and 12% sequentially, while fee-related earnings reached $39.5 million, representing year-over-year and sequential growth of 17% and 13%, respectively.

謝謝你，羅布，大家早安。2024 年第二季度對 Patria 來說是一個非常繁忙的季度，我們繼續在實現近期和長期目標方面取得紮實進展。今天早上，我們也很高興地宣布我們的首次股票回購計劃和資本管理策略的更新，以及收購我們以前未擁有的 50% 的 VBI 股份。但首先，讓我總結一下我們第二季的業績。管理費超過 7,000 萬美元，較去年同期成長 14%，季增 12%，費用相關收益達 3,950 萬美元，較去年同期成長 17% 及 13%。

Expenses continue to be tightly managed, and we were able to deliver a 56% FRE margin despite the onboarding of our acquisition of the private equity solutions business of abrdn, which, we have previously indicated, has a lower margin. We expect that we can realize some synergies from our acquisition and our full year FRE margin for 2024 to be in the 56% to 58% range, trending back towards 58% to 60% in 2025 as we realize expense synergies and the full impact of our fee revenue growth flows through the P&L. Moving on, we delivered close to $34 million of distributable earnings or $0.22 per share compared to $0.21 in the prior quarter.

費用繼續嚴格管理，儘管我們收購了 abrdn 的私募股權解決方案業務，但我們仍能夠實現 56% 的 FRE 利潤率，而我們之前曾表示，該業務的利潤率較低。我們預計，我們可以透過收購實現一些協同效應，2024 年全年 FRE 利潤率將在 56% 至 58% 範圍內，隨著我們實現費用協同效應和我們的費用收入增長體現在損益表上。接下來，我們實現了近 3,400 萬美元的可分配收益，即每股 0.22 美元，而上一季為 0.21 美元。

Next, focusing on AUM. We finished the quarter with more than $40 billion, a robust 43% increase compared to the second quarter 2023 and 26% versus first quarter 2024. Our AUM growth was driven both organically and inorganically by fundraising that remained strong with $1.3 billion of organic inflows in the quarter and approximately $5 billion over the last 12 months. We continue to see a clear path to achieving our previously communicated $5 billion organic fundraising target for the full year. On the inorganic front, the completion of the acquisition of abrdn's private equity solutions business at the end of April, combined to the transfer of about $570 million of real estate investment trust AUM from Credit Suisse transaction added over $10.1 billion of AUM in the second quarter.

接下來，重點放在 AUM。我們本季的營收超過 400 億美元，與 2023 年第二季相比強勁成長 43%，與 2024 年第一季相比成長 26%。我們的 AUM 成長受到有機和無機融資的推動，融資仍然強勁，本季有機流入 13 億美元，過去 12 個月約為 50 億美元。我們仍然看到了實現先前傳達的全年 50 億美元有機籌款目標的明確途徑。無機方面，4月底完成對abrdn私募股權解決方案業務的收購，加上從瑞士信貸轉讓約5.7億美元房地產投資信託資產管理規模的交易，第二季資產管理規模增加超過101億美元。

Please note that the addition of the real estate investment trust AUM occurred towards the end of the quarter, while the abrdn business was on our platform for only two months. We expect to see another step up in AUM in the third quarter as the transfer of the remaining REITs from Credit Suisse with an additional $1.5 billion of assets was completed by the end of July, while the acquisition of Nexus Capital with over $700 million of AUM, closed also in July. And of course, we are moving full speed towards our target of $5 billion of organic inflows for the year, inclusive of the recently closed Nexus acquisition and the remaining Credit Suisse REIT assets, pro forma AUM are around $43 billion, of which over 20% is in permanent capital vehicles.

請注意，房地產投資信託資產管理規模的增加發生在本季度末，而 abrdn 業務在我們的平台上僅存在兩個月。我們預計第三季資產管理規模將進一步提升，因為截至 7 月底完成了瑞士信貸剩餘 REIT 資產 15 億美元的轉讓，同時收購了資產管理規模超過 7 億美元的 Nexus Capital ，也在七月關閉。當然，我們正在全速朝著今年 50 億美元有機流入的目標邁進，包括最近完成的 Nexus 收購和剩餘的瑞信 REIT 資產，預計 AUM 約為 430 億美元，其中超過 20%屬於永久資本工具。

Also, while it won't impact AUM, in the current quarter, we concluded the acquisition of the remaining 50% of VBI. Full ownership of VBI, which has more than doubled its AUM since we made our initial investments from approximately BRL5 billion in mid-2022 to approximately BRL 10 billion in mid-2024 should be additive to FRE. Putting it all together, our growing base of fee-earning AUM of $31 billion from acquisitions and fundraising, coupled with tight expense controls, give us confidence that we remain firmly on track to deliver our FRE targets of over $170 million in 2024 and $200 million to $225 million in 2025.

此外，雖然不會影響 AUM，但在本季度，我們完成了對 VBI 剩餘 50% 股份的收購。自從我們將初始投資從 2022 年中期的約 50 億雷亞爾增加到 2024 年中期的約 100 億雷亞爾以來，VBI 的資產管理規模已增加了一倍多，這應該是對 FRE 的補充。總而言之，我們透過收購和融資不斷增長的 310 億美元的收費資產管理規模，加上嚴格的費用控制，使我們有信心繼續堅定地實現 2024 年超過 1.7 億美元和 2 億美元的 FRE 目標到2025 年將達到2.25 億美元。

Importantly, now that we expect to issue fewer shares and use more cash to fund M&A and related payments over the coming quarters, we are slightly increasing our previously announced FRE per share guidance of at least $1.09 in 2024 to between $1.10 and $1.12, while our 2025 FRE per share guidance also rises slightly to $1.26 to $1.41 or $1.34 at the midpoint of our guidance range compared to $1.33 previously. Our FRE per share guidance reflects year-over-year growth at the midpoint of 12% and 20% for 2024 and 2025, respectively, and excludes the impact of future share repurchases.

重要的是，既然我們預計在未來幾個季度發行更少的股票並使用更多的現金來為併購和相關付款提供資金，我們將之前宣布的2024 年每股FRE 指導值從至少1.09 美元小幅提高到1.10 美元至1.12 美元之間，同時我們的2025 年 FRE 每股指引也小幅上漲至 1.26 美元至 1.41 美元，即我們指導範圍中點的 1.34 美元，而之前為 1.33 美元。我們的每股 FRE 指引反映了 2024 年和 2025 年的年成長率分別為 12% 和 20%，並且不包括未來股票回購的影響。

Looking back to December 2021, the year we went public, this FRE growth results in a strong 21% CAGR at the midpoint of our 2025 target range. As our already strong fee-earning AUM growth continues in the second half of 2024 and into 2025, we expect it will drive accelerating FRE growth as we start to reap the full benefits of our fee revenue growth. Couple this revenue growth with tight expense controls, both FRE per share and DE per share should accelerate as we move past the front loading of M&A-related debt and other expenses.

回顧 2021 年 12 月（我們上市的那一年），FRE 的成長導致複合年增長率達到 21%，達到我們 2025 年目標範圍的中點。由於我們已經強勁的收費資產管理規模在 2024 年下半年和 2025 年持續成長，我們預計，隨著我們開始充分享受收費收入成長的好處，這將推動 FRE 的加速成長。將這種收入成長與嚴格的費用控制相結合，隨著我們擺脫併購相關債務和其他費用的前期負擔，每股 FRE 和每股 DE 都應該加速。

Next, with regards to performance-related earnings, or PRE, while we did not realize any performance fees in the quarter, we continued to generate attractive long-term investment returns for our clients and feel good about our potential to generate performance fees and meet our objective to realize $180 million from the date of our last Investor Day in 2022 through 2025, of which we have already realized $66 million. As a reminder, our Infrastructure Fund III is already through its waterfall and in its catch-up phase. We remain very proud of our long-term investment performance and while the net accrued performance fee balance of $436 million or $2.87 per share did decline both year-over-year and sequentially, it was almost entirely due to foreign exchange movements.

接下來，關於績效相關收益（PRE），雖然我們在本季度沒有實現任何績效費，但我們繼續為客戶創造有吸引力的長期投資回報，並對我們產生績效費並滿足我們的目標是從2022年最後一個投資者日到2025 年實現1.8 億美元的目標，其中我們已經實現了6,600 萬美元。提醒一下，我們的基礎設施基金 III 已經經歷了瀑布階段並且處於追趕階段。我們仍然對我們的長期投資業績感到非常自豪，雖然 4.36 億美元的淨應計業績費餘額或每股 2.87 美元確實同比和連續下降，但這幾乎完全是由於外匯波動造成的。

Before we dive deeper into our results for the quarter and expectations going forward, let me give you a little more color on an exciting and important evolution in our capital management strategy. First, the Board determined to pay a dividend for 2024 of 62.5 cents per share or $0.625 per share. And since we paid 17.5 cents per share or $0.175 per share in the first quarter, we declared a quarterly dividend of $0.15 per share, which will be fixed at this level for the next three quarters. Simultaneously, we are announcing a share repurchase program of up to 1.8 million shares over the next 12 months, reflecting our focus on creating long-term shareholder value. I

在我們深入探討本季的業績和未來的預期之前，讓我先向您介紹一下我們資本管理策略中令人興奮且重要的演變。首先，董事會決定支付 2024 年每股 62.5 美分或每股 0.625 美元的股息。由於我們第一季支付了每股 17.5 美分或每股 0.175 美元，因此我們宣布季度股息為每股 0.15 美元，未來三個季度將固定在這一水平。同時，我們宣佈在未來 12 個月內回購最多 180 萬股股票的計劃，反映了我們對創造長期股東價值的關注。我

n our view, the price of our stock does not come close to reflecting our robust long-term outlook, and the Board believes that resetting the dividend and focusing incremental cash flow on share repurchase and/or reducing the level of debt are among the highest and best uses of returning capital to shareholders. Our confidence in our business outlook is further demonstrated by the fact that Patria Holding Limited, or PHL, the controlling shareholder of Patria Investments Limited and the vehicle through which senior management of Patria stake is held, is committing to purchase up to an additional $12.5 million of PAX, P-A-X, shares through the end of 2025 on top of the share repurchase program.

我們認為，我們的股票價格並沒有完全反映我們強勁的長期前景，董事會認為，重新調整股息並將增量現金流集中在股票回購和/或降低債務水平上是最好的選擇以及向股東返還資本的最佳用途。Patria Holding Limited（簡稱 PHL）是 Patria Investments Limited 的控股股東，也是持有 Patria 股份的高級管理層的工具，它承諾額外購買最多 1,250 萬美元，這一事實進一步證明了我們對業務前景的信心。股票回購計畫外，PAX、P-A-X 的股份將持續到2025 年底。

As a reminder, PHL currently owns a majority stake of more than 53% in Patria. These actions, in addition to our intention to utilize up to $100 million of future PRE to fund M&A and/or pay down M&A related debt and now to potentially repurchase stock as well demonstrates that we will be flexible and opportunistic as we look to use our capital to drive profitable FRE and DE growth and long-term returns to shareholders while optimizing and maintaining a conservative balance sheet, which is of the highest priority and which Ana will review in more detail shortly. So even with the change of our dividend at the current stock price, the current yield is a solid of about 5%.

需要提醒的是，PHL 目前擁有 Patria 超過 53% 的多數股權。這些行動，除了我們打算利用未來高達1 億美元的PRE 為併購提供資金和/或償還併購相關債務以及現在可能回購股票之外，還表明我們在尋求利用我們的資源時將保持靈活和機會主義。因此，即使我們按照當前股價調整股息，當前收益率仍穩定在 5% 左右。

Now let's talk about our team's execution of which I continue to be very proud. Starting with organic fundraising, overall, it was another solid quarter. As mentioned, we raised $1.3 billion in the second quarter, bringing our total fundraising over the first half of 2024 to $2.2 billion or approximately $5 billion over the trailing four quarters. We are particularly proud that even without a closing on a flagship fund, fundraising in the quarter and year-to-date has been strong, further highlighting the importance of having a diversified business. As we are in the market with multiple strategies across our platform, I thought it would be helpful to highlight several strategies and initiatives that we believe will be key contributors to our hitting our fundraising and FRE objectives.

現在讓我們來談談我們團隊的執行力，我仍然對此感到非常自豪。從有機籌款開始，總體而言，這是另一個穩健的季度。如前所述，我們在第二季度籌集了 13 億美元，使 2024 年上半年的籌款總額達到 22 億美元，即過去四個季度的籌款總額約為 50 億美元。我們特別感到自豪的是，即使沒有關閉旗艦基金，本季和年初至今的募款活動仍然強勁，進一步凸顯了擁有多元化業務的重要性。由於我們在市場上的平台上有多種策略，我認為強調一些我們認為將成為我們實現籌款和 FRE 目標的關鍵貢獻者的策略和舉措將會有所幫助。

First, our credit platform continues to exhibit strong momentum and is an important near- and long-term driver of new business as evidenced by over $350 million we have raised in these strategies in the second quarter and the $1.2 billion we have gathered over the trailing four quarters. Credit assets have grown close to 25% since our acquisition of Moneda. We have had great success with our real estate products, which are predominantly in permanent capital vehicles. We have raised about $380 million over the first half of 2024, including over $140 million in the second quarter and approximately $850 million over the trailing four quarters. With the transfer of the Credit Suisse REITs, we see the potential to raise additional permanent capital in several of our REITs products.

首先，我們的信貸平台繼續表現出強勁的勢頭，是新業務的重要近期和長期驅動力，第二季度我們在這些策略中籌集了超過3.5 億美元，以及我們在過去幾年籌集的12 億美元就證明了這一點。自從我們收購 Moneda 以來，信貸資產成長了近 25%。我們的房地產產品取得了巨大成功，主要是永久資本工具。我們在 2024 年上半年籌集了約 3.8 億美元，其中第二季籌集了超過 1.4 億美元，過去四個季度籌集了約 8.5 億美元。透過瑞士信貸房地產投資信託基金的轉讓，我們看到了在我們的幾種房地產投資信託基金產品中籌集額外永久資本的潛力。

Although we are limited in what we can say as several are in registration. Permanent capital is particularly valuable and growing this part of our business is a priority. Our new global private market solutions platform has hit the ground running, and we expect to hold a significant first close of Secondaries Opportunity Fund V, or SOF V, before year-end. Also, a key highlight in the quarter was the closing of a $430 million SMA, or special managed account, which was a strong vote of confidence in our platform. We continue to work on additional SMAs with existing and prospective clients and see the traction in GPMS continuing to build.

儘管我們能說的有限，因為有幾個正在註冊。永久資本特別有價值，發展這部分業務是我們的首要任務。我們新的全球私募市場解決方案平台已經啟動，我們預計將在年底前對二級機會基金 V（SOF V）進行重要的首次交割。此外，本季的一個重要亮點是關閉了 4.3 億美元的 SMA（特別管理帳戶），這是對我們平台的強烈信任票。我們繼續與現有和潛在客戶合作開發更多 SMA，並看到 GPMS 的吸引力不斷增強。

Over the balance of 2024, we expect to hold additional closings of our latest vintage Infrastructure Fund. We already have $1.1 billion of commitments and believe that we can ultimately raise between $2 billion to $2.5 billion for this fund. As we have discussed previously, we see a lot of opportunity to invest this capital and have already started to deploy it.

在 2024 年剩餘的時間裡，我們預計將進一步關閉我們最新的基礎設施基金。我們已經承諾了 11 億美元，並相信最終可以為該基金籌集 20 億至 25 億美元。正如我們之前所討論的，我們看到了許多投資這筆資金的機會，並且已經開始部署它。

Finally, as we have discussed in prior calls, while the fundraising environment in private equity remains very challenging, particularly in LatAm, we still believe we can approach our $2 billion target over time and expect additional closing over the latter part of the year. At the same time, the investment environment remains very attractive, and we continue to focus on developing and investing in our targeted platforms. Sticking with the topic of fundraising, we also wanted to use this quarter's call to provide some additional perspective as to why we are excited about and confident in our long-term fundraising momentum and most importantly, organic growth potential, which is supported by our M&A strategy.

最後，正如我們在先前的電話會議中所討論的那樣，雖然私募股權的融資環境仍然非常具有挑戰性，特別是在拉丁美洲，但我們仍然相信，隨著時間的推移，我們可以實現20 億美元的目標，並預計在今年下半年完成更多融資。同時，投資環境仍然非常有吸引力，我們繼續專注於目標平台的開發和投資。圍繞著融資主題，我們還想利用本季度的電話會議提供一些額外的視角，說明為什麼我們對長期融資勢頭以及最重要的是由我們的併購支持的有機增長潛力感到興奮和充滿信心戰略。

First, as we have talked about previously, alternative allocations from investors within the region remain extremely low compared to the rest of the world, and we expect those allocations to trend upwards and for our investor base to diversify as we expand our regional platforms. In that regard, it's worth noting that over half of our fundraising in the second quarter and two-thirds year-to-date has come from LatAm investors, highlighting the success we are having in our strategy of being the gateway for local investors to invest in alternative products.

首先，正如我們之前談到的，與世界其他地區相比，該地區投資者的另類配置仍然極低，我們預計這些配置將呈上升趨勢，並且隨著我們擴大區域平台，我們的投資者基礎將多樣化。在這方面，值得注意的是，我們第二季度一半以上的籌款和今年迄今的三分之二都來自拉丁美洲投資者，這突顯了我們在成為當地投資者投資門戶的戰略方面所取得的成功在替代產品中。

Similarly, global investors remain under allocated to the region. And while private entity demand has been impacted by the current global slowdown in demand, mainly from US pensions, we expect that will eventually rebound. In contrast to the current lackluster demand for private equity, global investor interest in infrastructure remains positive, and the potential in LatAm is being recognized by a growing number of investors, as evidenced by the Saudi sovereign wealth fund, also known as the Public Investment Fund, or the PIF, which stated its interest in infrastructure investment in the region and our signing of a memorandum of understanding with the Saudi's Ministry of Infrastructure that Patria remains one of their preferred investment partners in the region.

同樣，全球投資者對該地區的投資仍然不足。儘管私人實體需求受到當前全球需求放緩（主要來自美國退休金）的影響，但我們預計最終將反彈。與目前私募股權需求低迷相反，全球投資者對基礎設施的興趣依然積極，越來越多的投資者認識到拉美的潛力，沙特主權財富基金（也稱為公共投資基金）就是證明。 ，表示對該地區的基礎設施投資感興趣，並且我們與沙烏地基礎設施部簽署了一份諒解備忘錄，表明Patria 仍然是他們在該地區的首選投資合作夥伴之一。

We have a much more diverse investor base than ever, which helps derisk the company even as it opens new potential investor segments. We are better positioned than we have ever been to grow our business as limited partners look to consolidate the number of managers they do business with as the number of investment platforms, strategies and investment vehicles we offer has grown substantially since our initial public offering. It's easy to lose sight of the fact that we have only been public for just over 3.5 years, and most of our acquisitions have been with us for 2.5 years or much less.

我們擁有比以往任何時候都更加多樣化的投資者基礎，這有助於降低公司的風險，即使它開闢了新的潛在投資者細分市場。自首次公開募股以來，我們提供的投資平台、策略和投資工具的數量大幅增加，有限合夥人希望整合與他們有業務往來的管理人數量，因此我們比以往任何時候都更有能力發展我們的業務。人們很容易忽略這樣一個事實：我們上市僅 3.5 年多一點，而我們的大部分收購都持續了 2.5 年或更短的時間。

So many of the prospective benefits of our M&A strategy are new and in the very early stages of their life cycle, reflecting ample opportunity to scale. As an example, the launch earlier this year of our infrastructure private credit fund with a $1 billion target, an initial cornerstone investor, such as the International Finance Corporation, or IFC, the Development Bank of Latin America, or C-A-F, CAF, and the Brazilian Development Bank, or BNDES, highlights just one instance of how we are leveraging our expanded partnership with Moneda to bring new and differentiated investment solutions to our clients. Similarly, we are just in the early stages of building and leveraging our expanded distribution platform and reach.

我們的併購策略的許多預期效益都是新的，並且處於其生命週期的早期階段，反映出充足的擴展機會。例如，今年稍早我們推出了基礎設施私人信貸基金，目標為 10 億美元，初始基石投資者包括國際金融公司 (IFC)、拉丁美洲開發銀行 (C-A-F、CAF) 和巴西開發銀行(BNDES) 重點介紹了我們如何利用與Moneda 擴大的合作夥伴關係為客戶帶來新的差異化投資解決方案的一個例子。同樣，我們正處於建構和利用擴大的分銷平台和覆蓋範圍的早期階段。

Our sales and marketing team has grown from less than 10 at the time of the IPO to over 60 people today with plans for additional expansion. Our regional distribution capabilities in Brazil, Chile and Colombia are each relatively new to Patria and still in their early stages of development. And with the completion of the Credit Suisse transaction, 1 million retail investors in Brazil on a Patra branded investment product, which we expect will provide additional cross-selling opportunities over time, strengthening our brand in the region. In addition, many retail clients also own a Patra branded product through our trust listed on the London Stock Exchange.

我們的銷售和行銷團隊已從 IPO 時的不到 10 人發展到如今的 60 多人，並計劃進一步擴張。我們在巴西、智利和哥倫比亞的區域分銷能力對於 Patria 來說都是相對較新的，並且仍處於發展的早期階段。隨著瑞士信貸交易的完成，巴西有 100 萬散戶投資者購買了 Patra 品牌的投資產品，我們預計隨著時間的推移，這將提供更多的交叉銷售機會，從而加強我們在該地區的品牌。此外，許多零售客戶也透過我們在倫敦證券交易所上市的信託擁有 Patra 品牌產品。

Finally, while it is perhaps less obvious, our growing base of permanent capital enhances our ability to generate organic as additional follow-on fundraising, particularly in permanent capital vehicles. has a layer cake effect. All new permanent capital raise is incremental to management fee revenues and FRE and therefore, of particularly high value. So overall, we remain very excited about the outlook, our new capital management strategy and our ability to leverage our M&A into future organic growth and FRE and DE growth.

最後，雖然可能不太明顯，但我們不斷增長的永久資本基礎增強了我們作為額外後續融資的有機生成能力，特別是在永久資本工具方面。有千層蛋糕的效果。所有新的永久性資本籌集都是管理費收入和 FRE 的增量，因此具有特別高的價值。因此，總體而言，我們對前景、新的資本管理策略以及利用併購促進未來有機成長以及 FRE 和 DE 成長的能力仍然感到非常興奮。

Now let me turn the call over to Ana to review the financials.

現在讓我把電話轉給安娜來審查財務狀況。

Thank you, Alex, and good morning, everyone. It has indeed been a very busy few months since we close our -- on several acquisitions, announced the update to our capital management strategy and new share repurchase program and continue to invest in and build out our expanded product suite and distribution capabilities. Overall, we remain confident in our growth and FRE outlook over the balance of the year and into 2025.

謝謝你，亞歷克斯，大家早安。自從我們完成幾項收購、宣布更新我們的資本管理策略和新股回購計劃並繼續投資和建立我們擴展的產品套件和分銷能力以來，這確實是非常忙碌的幾個月。總體而言，我們對今年剩餘時間和 2025 年的成長和 FRE 前景仍然充滿信心。

Let's now review the results for the second quarter and work our way down the P&L. Starting the total fee revenues, the $71 million we reported was a 20% increase over Q2 '23 and 17% over Q1 '24. The sequential increase was mainly driven by 2 months of revenues from the abrdn acquisition, which closed on April 26 as well as fees from net new flows into credit and real estate fee earnings AUM, all partially offset by a reduction in public equities due to outflows and negative asset returns in the quarter as well as negative FX impact.

現在讓我們回顧一下第二季的業績並逐步了解損益表。從總費用收入開始，我們報告的 7,100 萬美元比 23 年第二季成長了 20%，比 24 年第一季成長了 17%。環比增長主要是由於 4 月 26 日完成的 abrdn 收購的 2 個月收入以及信貸和房地產費用收入 AUM 淨新流入的費用，所有這些都被資本流出導致的公共股票減少所部分抵消本季度的負資產回報以及負面的外匯影響。

Higher year-over-year fee revenues also benefit from the November '23 closing of our transaction with Bancolombia, new commitments, fundraisings and deployments in various vehicles, including Private Equity Fund VII, among other things. We expect fee revenues to continue to benefit over the coming quarters and into 2025 as well we fully onboard our recent acquisitions. As a reminder, we closed on the abrdn acquisition at the end of April and $500 million of fee-earning AUM of Credit Suisse REITs were transferred at the end of June, with the remaining $1.5 billion transferred by the end of July. We also closed on the Nexus Capital acquisitions with over $700 million of fee AUM in July. And finally, we closed on the acquisition on the remaining 50% of VBI that we did not own, all in addition to our ongoing fundraising.

同比費用收入的增加也得益於我們與 Bancolombia 的交易於 23 年 11 月完成、新的承諾、籌款和各種工具的部署，其中包括私募股權基金 VII 等。我們預計費用收入在未來幾季和 2025 年將繼續受益，我們將全面進行最近的收購。提醒一下，我們於 4 月底完成了對 abrdn 的收購，並於 6 月底轉讓了瑞信 REITs 的 5 億美元收費資產管理規模，其餘 15 億美元於 7 月底轉讓。我們也在 7 月完成了 Nexus Capital 的收購，費用管理規模超過 7 億美元。最後，除了我們正在進行的融資之外，我們還完成了對我們不擁有的剩餘 50% 的 VBI 股份的收購。

With regard to operating expenses of $31 million or personnel expenses plus G&A, the increase of $5.8 million versus Q2 '23 and $6.2 million versus Q1 '24 mainly reflects the impact of our acquisitions of the private equity solutions from abrdn, the Credit Suisse REITs business and the subsidiary we formed with Bancolombia, in addition to incremental investment in marketing and technology resources. Looking ahead into the coming quarters, we expect expense growth to predominantly include the impact of the acquisitions noted above.

就3,100 萬美元的營運費用或人員費用加上G&A 而言，與23 年第二季相比增加了580 萬美元，與24 年第一季相比增加了620 萬美元，主要反映了我們從瑞信房地產投資信託業務abrdn 收購私募股權解決方案的影響除了在行銷和技術資源方面的增量投資外，我們還與哥倫比亞銀行成立了子公司。展望未來幾個季度，我們預計費用成長將主要包括上述收購的影響。

After factoring the impact of acquisitions, we expect little growth in underlying expenses as we recognize expense synergies, much of which we reinvest back into the business. Accordingly, we expect the pace of expense growth will moderate over the latter half of the year, particularly in Q4 and into 2025. Shifting to fee-related earnings. As Alex highlighted earlier, Q2 '24 FRE of $39.5 million was up a healthy 17% versus Q2 '23, and 13% versus Q1 '24. The slightly slower growth in FRE relatively to fee revenues reflect the impact from acquisitions as we onboarded new business with lower margins due to the structure of their fee rates, and we have not yet had an opportunity to realize any synergies from incorporating them onto our platform.

在考慮收購的影響後，我們預計基本費用幾乎不會成長，因為我們意識到費用協同效應，其中大部分我們將重新投資回業務。因此，我們預計今年下半年費用成長速度將放緩，特別是在第四季和 2025 年之前。轉向與費用相關的收入。正如 Alex 先前所強調的那樣，24 年第 2 季的 FRE 為 3,950 萬美元，與 23 年第 2 季相比健康成長了 17%，與 24 年第 1 季相比成長了 13%。FRE 相對於費用收入的成長略有放緩，反映了收購的影響，因為我們推出了由於費率結構而利潤率較低的新業務，而且我們還沒有機會透過將它們納入我們的平台來實現任何協同效應。

Overall, however, we were very pleased to have sustained an FRE margin of 56% in Q2 '24, which only decreased 1 percentage point compared to last year and 2 percentage points from prior quarter, but remained within our target range of 56% to 58% for the year. Looking ahead, we expect the pressure on the FRE margin to be transitory and for the margin to trend upwards, particularly in Q4 as we grow revenues, including the potential realization of incentive fees at the year-end, and we start to generate operating efficiencies.

然而，總體而言，我們很高興在2024 年第二季度保持了56% 的FRE 利潤率，與去年相比僅下降了1 個百分點，比上一季僅下降了2 個百分點，但仍保持在我們56% 至56% 的目標範圍內。展望未來，我們預計 FRE 利潤率面臨的壓力將是暫時的，利潤率將呈上升趨勢，特別是在第四季度，因為我們收入成長，包括年底可能實現激勵費用，並且我們開始提高營運效率。

Moving on to the distributable earnings. Patria delivered DE of $33.8 million in Q2 '24, up 8% versus the previous quarter and lower than the second quarter of '23, even though FRE was notably higher year-over-year. Q2 '23 include $10.7 million of performance-related earnings versus none in both Q1 '24 and Q2 '24. Also, in Q2 '23, net financial and other income was positive $0.6 million versus a negative $1 million in Q1 '24 and negative $3 million in Q2 '24, reflecting M&A financing costs, partially offset by about $0.6 million of income from our new energy trading venture in the second quarter.

繼續討論可分配收益。Patria 在 2024 年第二季度交付的 DE 為 3,380 萬美元，比上一季增長 8%，低於 23 年第二季度，儘管 FRE 同比明顯較高。23 年第 2 季包括 1,070 萬美元的業績相關收益，而 24 年第 1 季和 24 年第 2 季均沒有。此外，在23 年第二季度，淨財務和其他收入為正60 萬美元，而24 年第一季為負100 萬美元，24 年第二季為負300 萬美元，反映了併購融資成本，部分被我們新的收入約60 萬美元所抵銷。

Finally, our effective tax rate in Q2 '24 came in 7%, a function of our business and geography mix. We expect the tax rate in 2024 to remain between 7% to 9% and trending towards 10% in 2025. On a per share basis, Q2 '24 DE of $0.22 was slightly higher than the $0.21 we reported in Q1 '24 due to the above mentioning factors and despite a higher share count, reflecting shares issued for incentive and deferred compensation and contingent payments. Regarding the share count and excluding any potential benefit from share repurchase, we now expect the share count to finish 2024 and 2025 closer to $153 million and $158 million, respectively, compared to our prior forecast of $155 million and $160 million. The more modest share count growth reflects our expectation that we will need to issue fewer shares in 2024 and 2025 to fund deferred M&A and other contingent payments at this point.

最後，我們在 2024 年第二季的有效稅率為 7%，這是我們業務和地理組合的函數。我們預計 2024 年稅率將維持在 7% 至 9% 之間，並在 2025 年趨向 10%。以每股計算，由於上述因素，24 年第二季的DE 為0.22 美元，略高於我們在24 年第一季度報告的0.21 美元，儘管股票數量較多，反映了為激勵、遞延薪酬和或有付款而發行的股票。關於股票數量，排除股票回購帶來的任何潛在收益，我們現在預計 2024 年和 2025 年股票數量將分別接近 1.53 億美元和 1.58 億美元，而我們先前的預測為 1.55 億美元和 1.6 億美元。較溫和的股票數量增長反映了我們的預期，即我們將需要在 2024 年和 2025 年發行更少的股票，以便為此時的遞延併購和其他或有付款提供資金。

So putting all together, we expect DE per share, excluding performance fees, to accelerate in 2025 as we continue to grow revenue and FRE, move past the increase in and start to reduce M&A-related finance costs and realize some expense synergies over the next 18 months, all before we factor the potential benefit from debt reduction driven by PRE and incremental share repurchases. Finally, with regard to the balance sheet, we finished Q2 with approximately $176 million of debt outstanding, and we expect to use our credit facilities and our cash generation to fund the remainder of the Credit Suisse transaction in addition to the acquisition of the remaining 50% of VBI. We expect our debt to average approximately $130 million over the next six months and potentially reach a peak of around $190 million at the year-end, all depending on the timing of our obligations versus our cash generation in a particular month and then to start to decrease again in Q1 2025. All the above excludes any prospective that pay down related to future PRE.

因此，總而言之，我們預計，隨著我們收入和FRE 的持續成長，每股DE（不包括績效費用）將在2025 年加速成長，超越財務成本的成長並開始減少併購相關的財務成本，並在未來實現一些費用協同效應18 個月，在我們考慮 PRE 和增量股票回購推動的債務削減的潛在收益之前。最後，關於資產負債表，我們第二季末的未償債務約為1.76 億美元，除了收購剩餘的50 家公司之外，我們預計將利用我們的信貸額度和現金生成來為瑞信交易的剩餘部分提供資金。我們預計未來六個月我們的債務平均約為 1.3 億美元，年底可能達到 1.9 億美元左右的峰值，這一切都取決於我們在特定月份的債務與現金產生的時間，然後開始2025 年第一季度再次下降。上述所有內容均不包括任何與未來 PRE 相關的預付款。

Our balance sheet for this quarter includes the acquisition of the global private market solutions from abrdn, part of the REITs from Credit Suisse and our new energy trading venture. However, we are still finalizing the opening balance for the GPMS acquisition, which will not be available until the end of August as per the purchase agreement. We have considered a best estimate for our Q2 consolidated balance sheet based on the seller's regulatory filings for Q1 2024. And this methodology was agreed with our [center] auditors and aligned with our Board. Rest assured that keeping a conservative balance sheet is a priority, and we continue to target a debt FRE ratio of 1x or less on average.

我們本季的資產負債表包括收購 abrdn 的全球私募市場解決方案、瑞士信貸的部分房地產投資信託基金以及我們的新能源貿易企業。然而，我們仍在敲定 GPMS 收購的期初餘額，根據購買協議，該餘額要到 8 月底才能提供。我們根據賣方 2024 年第一季的監管文件，考慮了第二季合併資產負債表的最佳估計。這種方法得到了我們的[中心]審計師的同意，並與我們的董事會保持一致。請放心，保持保守的資產負債表是首要任務，我們繼續將債務 FRE 比率平均定為 1 倍或更低。

Accordingly, to echo what Alex mentioned, when our expected debt levels are placed within the context of our strong confidence that we will generate $170 million plus of FRE in 2024 and $200 million to $225 million in 2025, we expect to remain well within our target range, even excluding any potential debt paydown from PRE generation over the coming quarters. We also want to highlight that our expected share count and debt levels incorporates our expectation for any deferred or contingent payments that may come due over the balance of this year and into 2025, while excluding any prospective benefit from share repurchase and/or future PRE that may be used to pay down debt.

因此，呼應亞歷克斯所提到的，當我們的預期債務水平處於我們堅信我們將在2024 年產生1.7 億美元以上的FRE 和2025 年產生2 億至2.25 億美元的FRE 的強烈信心的背景下時，我們預計將很好地保持在我們的目標之內範圍，甚至不包括未來幾季 PRE 發電的任何潛在債務償還。我們還想強調，我們的預期股份數量和債務水平包含了我們對今年剩餘時間和2025 年可能到期的任何遞延或或有付款的預期，同時排除了股票回購和/或未來PRE 帶來的任何預期收益。

In closing, let me reinforce once again our growth in terms of FRE and DE per share. We expect FRE per share to rise to $1.10 and $1.12 for 2024 from our previous guidance of $1.09, which reflects our expectation that the 2024 year-end share count will be modestly lower than we had previously guided to as we issue fewer shares and we use more cash to fund M&A and related contingencies. Our 2025 FRE per share guidance comes in at $1.26 to $1.41 with a midpoint of $1.34. At midpoint, this represents a 20% year-over-year growth.

最後，讓我再次強調我們在每股 FRE 和 DE 方面的成長。我們預計2024 年每股FRE 將從先前的1.09 美元指引升至1.10 美元和1.12 美元，這反映了我們的預期，即2024 年年底股票數量將略低於我們之前的指引，因為我們發行的股票數量較少，並且我們使用更多現金用於資助併購和相關意外事件。我們的 2025 年 FRE 每股指引為 1.26 美元至 1.41 美元，中間值為 1.34 美元。中點來看，這意味著年增 20%。

Looking back to December '21, the year we went public, this FRE growth results in a strong 21% CAGR at the midpoint of our 2025 target range. Finally, we expected a strong FRE growth to also drive accelerated DE per share growth into 2025 as we move past from loaded M&A financing costs and excluding the DE impact of any performance fees. Overall, we are even more excited about the growth opportunity that lies ahead.

回顧 21 年 12 月（我們上市的那一年），FRE 的成長導致複合年增長率達到 21%，達到我們 2025 年目標範圍的中點。最後，我們預計 FRE 的強勁成長也將推動 2025 年每股 DE 的加速成長，因為我們已經擺脫了沉重的併購融資成本並排除了任何績效費用對 DE 的影響。總的來說，我們對未來的成長機會更加興奮。

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. So to sum it up, there are several key takeaways from the quarter. First, we remain very comfortable with our fundraising, FRE and FRE per share targets for 2024 and into 2025, and we expect to see accelerating DE growth in the second half of 2024 and into the next year as the full weight of our fee-earning AUM growth flows through and we move past the short-term headwinds resulting from M&A-related financing costs. We believe we have a long runway to grow fundraising, generate organic growth and grow FRE and DE as it remains early days in executing on the platforms we have added through our M&A strategy and the investments we have made in new products and distribution resources. We see multiple early proof points that this strategy is starting to pay off.

謝謝你，安娜。總而言之，本季有幾個關鍵要點。首先，我們對 2024 年和 2025 年的籌資、FRE 和 FRE 每股目標仍然非常滿意，我們預計 DE 增長將在 2024 年下半年和明年加速，成為我們收費收入的全部權重資產管理規模不斷增長，我們克服了併購相關融資成本所帶來的短期阻力。我們相信，我們在增加融資、實現有機成長以及發展FRE 和DE 方面還有很長的路要走，因為在我們透過併購策略以及對新產品和分銷資源的投資添加的平台上執行仍處於早期階段。我們看到多個早期證據表明這一策略已開始獲得回報。

And lastly, we are focused on maximizing returns to shareholders and believe redirecting a portion of our capital generation to share repurchase is a very attractive use of our capital. This demonstrates that we will be flexible and opportunistic as we look to use our capital to drive profitable FRE and DE growth while maintaining a conservative balance sheet. Overall, we are very proud of the differentiated and diversified investment platform we have built both organically and inorganically, making us the largest alternative asset management platform in the region in terms of direct assets under management, revenues and fee-related earnings. We remain very excited generating our future growth prospects and look forward to providing a more complete update at our next Investor Day scheduled for December 9.

最後，我們專注於股東回報最大化，並相信將部分資本產生用於股票回購是我們資本的一種非常有吸引力的用途。這表明我們將保持靈活性和機會主義，因為我們希望利用我們的資本來推動可獲利的 FRE 和 DE 成長，同時保持保守的資產負債表。總體而言，我們對我們有機和無機建立的差異化和多元化投資平台感到非常自豪，這使我們成為該地區管理直接資產、收入和費用相關收益方面最大的另類資產管理平台。我們對未來的成長前景仍然感到非常興奮，並期待在定於 12 月 9 日舉行的下一個投資者日提供更完整的更新。

We thank you for your time, and we are now happy to take your questions.

感謝您抽出寶貴的時間，我們現在很樂意回答您的問題。

(Operator Instructions) Tito Labarta, Goldman Sachs.

（操作員指令）Tito Labarta，高盛。

Alex and Ana. A couple of questions. I guess, first, on the deployment of the $200 million in the quarter. Can you give us some color on how you -- how that should impact the fees going forward from here? And which funds that is expected to go in? And then the second question on -- if you look at the real estate management fee, at least the implied fee was down a bit in the quarter. Can you give any color on that? Why that was a little bit lower?

亞歷克斯和安娜。有幾個問題。我想，首先是關於本季 2 億美元的部署。您能否向我們介紹一下您將如何影響未來的費用？預計將投入哪些資金？然後是第二個問題——如果你看一下房地產管理費，至少隱含費用在本季有所下降。你能給它任何顏色嗎？為什麼稍微低一點？

Tito, this is Alex and the team here. Thank you very much for participating in the call. Thanks for your questions. Most of the investments were from our infrastructure fee-related earnings, right? [That's what effectively related] earnings, infrastructure and the private equity funds. So Private Equity Fund V, a little bit VI and mostly VII are continuing to deploy capital and infrastructure -- now Infrastructure V is already committing capital as well. Just reminding here, the Private Equity VII already started deploying capital. We did acquire a food retailer in Brazil and looking to grow into the sector as an example. An example on the infrastructure side, we did win the concession of a toll road in the state of Parana. We also committed to other investments in Private -- in the Infrastructure Fund V.

蒂托，這是亞歷克斯和這裡的團隊。非常感謝您參與此通話。感謝您的提問。大部分投資來自我們的基礎建設費用相關收入，對吧？[這就是有效關聯的]收益、基礎設施和私募股權基金。因此，私募股權基金 V、少量 VI 和大部分 VII 正在繼續部署資本和基礎設施——現在基礎設施 V 也已經投入資本。這裡提醒一下，Private Equity VII 已經開始佈局資本了。例如，我們確實收購了巴西的一家食品零售商，並希望進入該行業。舉個基礎設施方面的例子，我們確實贏得了巴拉那州一條收費公路的特許權。我們也致力於其他私人投資—基礎設施基金 V。

On the real estate side, I think we did divest a couple of assets from our legacy real estate funds. We have two -- basically two families of funds. Now private equity real estate, which have a drawdown nature to it, where we raise capital and then we call capital and we divest as a regular private active fund, but of course, focused on real estate assets. And this is exactly what happened here. We sold -- among the assets that we sold, I'll name one, as an example, which is a self-storage business that we did hold in Brazil. This fund did hold in Brazil as an example.

在房地產方面，我認為我們確實從遺留房地產基金中剝離了一些資產。我們有兩個——基本上是兩個基金家族。現在，私募股權房地產具有回撤性質，我們籌集資金，然後稱為資本，然後作為常規私人主動基金撤資，但當然，重點關注房地產資產。這正是這裡發生的事情。我們出售了——在我們出售的資產中，我舉一個例子，這是我們在巴西持有的自助倉儲業務。以巴西為例，該基金確實持有。

And the second family of funds that we have in real estate are permanent capital nature funds where we then raise money and it increases the NAV, and we don't have to actually give that money back. So the divestments that you see there in that slide is related to the private equity real estate funds, which are now divesting assets and namely one of the assets or a significant asset that was divested over this quarter was our self-storage business in Brazil. I hope I answered your questions there.

我們在房地產領域擁有的第二類基金是永久性資本性質基金，然後我們籌集資金並增加資產淨值，而我們實際上不必退還這筆錢。因此，您在幻燈片中看到的剝離與私募股權房地產基金有關，這些基金現在正在剝離資產，即本季剝離的資產之一或重要資產是我們在巴西的自助倉儲業務。我希望我在那裡回答了你的問題。

Yes, that's clear. Thank you, Alex.

是的，這很清楚。謝謝你，亞歷克斯。

Guilherme Grespan, JPMorgan.

吉列爾姆‧格雷斯潘，摩根大通。

Two on our side. The first one is just a little bit on fundraising again, Alex, just to confirm. You mentioned, I think, you expect some additional closings in the Private Equity VII and the infra. Just remind us a little bit the timetable, like you have this fundraising open, then I think the expectations were $2 billion to $2.5 billion for each and with potential closes come in the second half.

我們這邊有兩個。第一個只是再次籌集資金，亞歷克斯，只是為了確認。我認為您提到，您預計私募股權 VII 和基礎設施中會有一些額外的交割。請提醒我們一點時間表，就像您已經開始籌款一樣，那麼我認為每次融資的預期為 20 億至 25 億美元，並且可能在下半年完成。

And then remember for how long does it remain open to fundraising? Should we see the closing of this fundraising by when? And then -- and if you could also touch a little bit on the Fund V, I think was the first time I heard you were planning to launch opportunity for Fund V. And then the second question is just on GPMS. I saw -- we saw this quarter a little outflow on the vertical, I think, was $800 million. I just want to confirm what exactly was that and if it's related to abrdn or not.

然後還記得它對募款開放多久嗎？我們應該什麼時候看到這次募款結束？然後，如果您也能稍微談一下第五基金，我想這是我第一次聽說您計劃為第五基金推出機會。第二個問題是關於 GPMS 的。我看到——我們看到這個季度垂直方向有一點流出，我認為是 8 億美元。我只是想確認一下那到底是什麼以及它是否與 abrdn 有關。

Guilherme, thanks for your question. Again, thanks for participating also in the call. As we -- well, going back to the fundraising question, then I'll talk about the Fund V. Well, fundraising question, we see our fundraising organic -- I'm talking about organic fundraising. Now, organic fundraising really speed up. And I'm excited with what I see and the prospects with what I'm seeing for a couple of reasons. First, we have, of course, more products in our menu to fundraise. I know you saw that we did, of course, launch new funds, and I'll talk about some of those initiatives and also with the acquisitions that we did over the last years, we added also new products to our menu.

吉爾赫姆，謝謝你的提問。再次感謝您參與此通話。好吧，回到籌款問題，然後我將談論基金 V。好吧，籌款問題，我們看到我們的籌款是有機的——我說的是有機籌款。現在，有機籌款確實加速了。我對我所看到的以及我所看到的前景感到興奮，原因有幾個。首先，當然，我們的菜單中有更多產品可供籌款。我知道您看到我們確實推出了新基金，我將討論其中的一些舉措以及我們過去幾年進行的收購，我們還在菜單中添加了新產品。

Specifically, about Private Equity Fund VII and Infrastructure Fund V. Private Equity Fund VII is -- has raised around $1.5 billion. As of now, we want to continue to raise, until the end of the year, another $500 million target to reach the $2 billion that I mentioned. We see a pipeline of investors in due diligence, so we can actually read, of course, the funnel, right, the funnel -- the fundraising funnel. Most of that will come from Latin American investors. We see interest -- additional interest from Brazilian investors, Colombian investors and some Peruvian and some Chilean but mostly Brazilians and Colombians. And of course, also some investments or some interest coming from ex LatAm investors, some in Europe, some in the U.S. and the significant also portion coming from Asia.

具體來說，關於私募股權基金VII和基礎設施基金V。Private Equity Fund VII 已籌集約 15 億美元。截至目前，我們希望繼續籌集另一個 5 億美元的目標，直到今年年底，以達到我提到的 20 億美元。我們在盡職調查中看到了投資者的管道，所以我們當然可以實際閱讀漏斗，對，漏斗——籌款漏斗。其中大部分將來自拉丁美洲投資者。我們看到了興趣——來自巴西投資者、哥倫比亞投資者以及一些秘魯人和一些智利人（但主要是巴西人和哥倫比亞人）的額外興趣。當然，還有一些投資或一些興趣來自前拉丁美洲投資者，有些在歐洲，有些在美國，還有很大一部分來自亞洲。

So if you add all that, it adds another $500 million. Everything is, of course, rounded numbers, approximate numbers that will push then Private Equity Fund VII to $2 billion, which is the target number that I mentioned during my speech here. On Infrastructure Fund V, we are at $1.1 billion. We intend to reach the fund at $2 billion, $2.5 million. We see a very robust pipeline of investors also in diligence mode, and we see the funnel as well. So that's why we can see the $2 billion, $2.5 billion. Of course, to the funnel, we do apply probability to the funnel or higher probability and lower probability depending on the investor. That I think we see kind of half, half, a lot of interest coming from Latin American investors and another half of that additional number to reach $2 billion, $2.5 billion coming from international investors.

因此，如果將所有這些都加上去，則又會增加 5 億美元。當然，一切都是四捨五入的數字，是將私募股權基金 VII 推至 20 億美元的近似數字，這也是我在演講中提到的目標數字。基礎設施基金 V 的資金為 11 億美元。我們打算為該基金籌集 20 億美元、250 萬美元。我們在盡職調查模式中看到了非常強勁的投資者管道，我們也看到了漏斗。所以這就是為什麼我們可以看到20億、25億美元。當然，對於漏斗，我們確實根據投資者的不同，將機率應用於漏斗或更高的機率和更低的機率。我認為我們看到一半、一半、很多興趣來自拉丁美洲投資者，另外一半來自國際投資者，達到 20 億美元、25 億美元。

And again, a lot of Asians investors also in this next $1 billion, $1.5 billion to make this fund reach $2 billion, $2.5 billion. In addition to these two flagship funds, I think we're excited that we are raising money for other products that we did launch organically. And on the credit -- I'm just name -- I'm going to name some examples here. On the credit side, we managed to continue to fundraise for infra credit, which is a Brazil-focused fund to lend money for infrastructure-related projects in Brazil. We also launched a LatAm dollar-denominated private credit. Very excited, both of them, of course, as a joint venture here within Patria of the -- our credit Moneda partners and our infrastructure partners and also our Brazil credit team, and launching these 2 efforts on the credit side besides continue to perform well on the public credit funds.

同樣，許多亞洲投資者也在接下來的10億、15億美元中使該基金達到20億、25億美元。除了這兩個旗艦基金之外，我認為我們很高興能夠為我們有機推出的其他產品籌集資金。順便說一下——我只是提個名字——我將在這裡舉一些例子。在信貸方面，我們設法繼續為基礎設施信貸籌集資金，這是一個專注於巴西的基金，為巴西的基礎設施相關項目提供貸款。我們也推出了以拉美美元計價的私人信貸。當然，他們倆都非常興奮，作為Patria 的合資企業，我們的Moneda 信貸合作夥伴、我們的基礎設施合作夥伴以及我們的巴西信貸團隊，除了繼續表現良好之外，還在信貸方面開展了這兩項工作關於公共信貸資金。

We also launched a Chilean PIPE fund, a private investment in public equity, also successful fundraising there as the first close. We're already looking to do an investment there. On the real estate side, we focus mostly in fundraising for the VBI products. We had a good first semester, as you can see there from the numbers, and the Credit Suisse-related funds that we are transferring, we transferred to our management in June, July. We're now launching other fundraisings there. Now I cannot give a lot of detail because as these funds are under a fundraising mode, we have restrictions, what we can say because they are public offerings.

我們還推出了智利 PIPE 基金，這是一項對公共股權的私人投資，也在那裡成功籌集了首筆資金。我們已經打算在那裡進行投資。在房地產方面，我們主要關注 VBI 產品的融資。我們第一個學期過得很好，正如你從數字中看到的那樣，我們正在轉移的瑞信相關資金，我們在六月、七月轉移到了管理層。我們現在正在那裡發起其他募款活動。現在我不能提供很多細節，因為這些基金處於籌款模式，我們有限制，我們可以說，因為它們是公開發行。

On the GPMS side, we did manage to already fundraise over $400 million SMA with a very important client and most -- as importantly as the number is the positive message of -- that a new client is committing to us after the acquisition of a significant amount of money, $400 million plus. And the private entity and infrastructure I already mentioned. So again, I think we see the organic fundraising pickup. First quarter, we did organically fundraise around $800 million, $900 million. Second quarter, $1.2 billion, $1.3 billion, pushing the number to $2.2 billion, $2.3 billion. So that's an LTM close to $5 billion, last 12 months. So I continue to see a positive flow making me reinforce the guidance that we're going to raise $5 billion organically in 2024.

在GPMS 方面，我們確實已經成功地向一位非常重要的客戶籌集了超過4 億美元的SMA 資金，最重要的是——與這個數字一樣重要的是積極的信息——一位新客戶在收購了一家重要的公司後向我們做出了承諾。還有我已經提到的私人實體和基礎設施。所以，我認為我們再次看到了有機籌款的回升。第一季度，我們有機籌集了大約 8 億美元、9 億美元。第二季分別為 12 億美元、13 億美元，使這一數字達到 22 億美元、23 億美元。因此，過去 12 個月的 LTM 接近 50 億美元。因此，我繼續看到積極的流動，這讓我強化了我們將在 2024 年有機籌集 50 億美元的指導。

And I think we should see this number picking up as we again have more products to fundraise, so -- and very good returns, solid returns in GPMS, in infrastructure, credit, all of these that I mentioned, continue to post very good results. Lastly, on Fund V and Opportunistic Fund V. I think that we were referring to SOF V, which is the Secondary Opportunities Fund #5. On the GPMS platform, which is the global private market solutions platform that we did acquire from the carve-out of abrdn, basically, there are three main businesses there, an SMA, special managed account, business that we focus on helping clients with primaries, secondaries and co-investment solutions in the private equity world, mid-market, global. In -- second family of products are the secondary funds, and we are raising secondary fund #5, which is a blind fund.

我認為我們應該看到這個數字有所上升，因為我們再次有更多的產品可以籌集資金，因此，非常好的回報，在GPMS、基礎設施、信貸方面的穩定回報，我提到的所有這些，繼續發布非常好的結果。最後，關於基金V和機會基金V。我認為我們指的是 SOF V，即二次機會基金 #5。在GPMS平台上，這是我們從abrdn分拆中獲得的全球私募市場解決方案平台，基本上，那裡有三個主要業務，一個SMA，特殊管理帳戶，我們專注於幫助客戶進行初選的業務私募股權領域、中型市場、全球的二級市場和聯合投資解決方案。第二個產品系列是二級基金，我們正在籌集二級基金＃5，這是一隻盲目基金。

And contrary to the SMA that we have specific mandates for these 24 main clients. The SOF V, Secondaries Opportunities Fund #5 is a blind fund and it works in a much similar way as Private Equity Fund VII, Infrastructure Fund V, which you raise capital, commit it, then you draw down, you invest and then you divest and give back the money, and then you go out there and raise in this, my example here would be Secondaries Opportunity Fund VI, and here we go. So we're expecting a first close for this fund still in the second semester. So very excited there. And we see also through the funnel that it's going to be, I think, a good surprise for all of us here. Again, as it's the new fund that we are working together with our GPMS friends that came from abrdn.

與 SMA 不同的是，我們對這 24 個主要客戶有特定的要求。SOF V、二級機會基金 #5 是一隻盲目基金，其運作方式與私募股權基金 VII、基礎設施基金 V 非常相似，您籌集資金、承諾資金，然後提取資金、投資，然後撤資並退還資金，然後你出去募款，我的例子是二級機會基金VI，我們開始吧。因此，我們預計該基金將在第二學期首次關閉。那裡非常興奮。我們也透過漏斗看到，我認為這對我們所有人來說都是一個很好的驚喜。再說一次，因為這是我們與來自 abrdn 的 GPMS 朋友合作的新基金。

So we're excited with some investors already going to their investment committees and giving us a good message [in MAC] that they will commit to our first close, et cetera. So the third family would be a co-investment family of funds of blind funds that we're probably going to launch the first blind co-investment fund sometime next year. So we have the SMAs, primary, secondaries and co-invest that we work for several clients, but mainly for these 24 accounts. We have other smaller accounts, but the main accounts are 24 accounts. Then we have a family of blind secondary funds. We are raising Secondary Opportunities Fund #5, and we will launch a -- beginning of a family of blind co-investment funds, which the first one should come to fundraising mode sometime in 2025.

因此，我們很高興一些投資者已經前往他們的投資委員會，並[在 MAC] 向我們傳達了一個良好的信息，即他們將承諾我們的首次交割，等等。因此，第三個家族將是盲目基金的聯合投資家族，我們可能會在明年某個時候推出第一個盲目聯合投資基金。因此，我們有為多個客戶提供的 SMA、主要、次要和聯合投資，但主要是針對這 24 個帳戶。我們還有其他較小的帳戶，但主要帳戶有 24 個帳戶。然後我們就有了盲目二級基金家族。我們正在籌集 5 號二次機會基金，我們將推出一系列盲目聯合投資基金，其中第一個基金應該會在 2025 年的某個時候進入籌款模式。

And what was the last question again? The outflow of GPMS in the quarter. It's -- the outflows of this quarter, you can -- you see it in private equity, you see some in infrastructure and answering your question specifically, outflow on GPMS is the -- very healthy nature of our business of giving money back. We are managing to sell assets and with that generate performance fees. As you can see that we did all the way back in 2021 with Private Entity Fund III. And then in 2022, Private Equity Fund V and an Infrastructure Fund III in '22, an Infrastructure Fund III in 2023. And we still see with good eyes that we're going to hit the $180 million of performance fees in the '23, '24, '25 three-year vintage as we gave the guidance. And the SOF -- and the GPMS is the same. We have these drawdown funds that we sell assets and then the assets go back to investors. And we do get performance fees and some of these assets we sell, and they don't reach the performance fee mode, like I mentioned, Private Equity Fund III, I mentioned Private Equity Fund V, I mentioned Infrastructure Fund III. But selling assets is very healthy, that takes us in the direction of the performance fee mode here.

最後一個問題又是什麼？本季GPMS的流出情況。這是——本季度的資金外流，你可以在私募股權中看到它，你在基礎設施中看到一些資金外流，具體回答你的問題，GPMS 上的資金外流是——我們返還資金業務的非常健康的本質。我們正在設法出售資產並以此產生績效費。正如您所看到的，我們早在 2021 年就透過 Private Entity Fund III 做到了這一點。然後在 2022 年，私募股權基金 V 和 '22 的基礎設施基金 III，2023 年的基礎設施基金 III。我們仍然清楚地看到，正如我們給出的指導那樣，我們將在 23 年、24 年、25 年這三年中達到 1.8 億美元的業績費用。SOF 和 GPMS 是相同的。我們有這些回撤基金，我們出售資產，然後將資產回饋給投資者。我們確實獲得績效費，我們出售的其中一些資產，它們沒有達到績效費模式，就像我提到的私募股權基金三、我提到的私募股權基金五、我提到的基礎設施基金三。但出售資產是非常健康的，這將我們引向績效費模式的方向。

And I think those were the three questions that you asked, and please remind me if I did forget anything here, Guilherme, please.

我想這就是你問的三個問題，如果我忘記了什麼，請提醒我，Guilherme。

No, that's it, Alex. Thank you for the very detailed answer here.

不，就是這樣，亞歷克斯。感謝您在這裡提供非常詳細的答案。

Ricardo Buchpiguel, BTG Pactual.

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

I have just one here on my side. We have a lot of acquisitions closing recently. And with part of your cash locked with the SPAC deal that you have and also the announcement of the repurchase program, would it be necessary for Patria to look for new sources of funding in the coming quarters? And does it make sense for the company to keep its appetite of pursuing more M&As given this sort of capital constraint?

我這邊只有一個。我們最近完成了很多收購。由於您的部分現金被鎖定在 SPAC 交易中，並且宣布了回購計劃，Patria 是否有必要在未來幾季尋找新的資金來源？考慮到這種資本限制，公司繼續進行更多併購是否有意義？

Yes. I think we -- one of the reasons actually that we did, of course, review our whole capital management strategy here was exactly everything that you mentioned here, Ricardo. We are extremely comfortable of the way that we see our cash flow over the next 6 months, over the 18 months. We -- as you know, we are a very healthy cash generation business, very light balance sheets. We're a service provider. We don't do a lot of investments. We do -- we see a couple of funds, but that very insignificant versus the whole scheme of things.

是的。當然，我認為我們實際上審查我們整個資本管理策略的原因之一正是你在這裡提到的一切，里卡多。我們對未來 6 個月甚至 18 個月的現金流感到非常滿意。如您所知，我們是一家非常健康的現金產生企業，資產負債表非常輕。我們是服務提供者。我們沒有做很多投資。我們確實看到了一些基金，但與整個計劃相比，這些基金微不足道。

So as of today, you'll see the debt level that Ana mentioned, $175 million or $176 million at the end of the second quarter because most of these acquisitions that you mentioned, the carve-outs of the abrdn business and the acquisition of the Brazilian real estate funds from Credit Suisse, they landed in the second quarter, which is good from one side because we're already integrating these businesses. We already have all of the revenues. But it does, of course, make us have to commit to more cash outflows in the second quarter. As we saw conservatively, as we projected this, we saw these businesses being incorporated in Patria over the second quarter.

因此，截至今天，您將看到安娜提到的債務水平，即第二季度末的 1.75 億美元或 1.76 億美元，因為您提到的大部分收購、 abrdn 業務的剝離以及對 abrdn 業務的收購來自瑞士信貸的巴西房地產基金在第二季落地，這從一方面來說是件好事，因為我們已經在整合這些業務。我們已經擁有了所有的收入。但這當然使我們不得不承諾第二季有更多的現金流出。正如我們保守地看到的，正如我們預測的那樣，我們看到這些業務在第二季度在帕特里亞合併。

And we had good news because the shareholders' meetings of all of the Credit Suisse funds went very well faster than we expected. They voted in favor of transferring the funds to Patria, also the regulatory approvals that we needed in the United Kingdom went faster than we expected, and we managed to then close these two deals in the second quarter. But as we move into the second half of the year, the beginning of the third quarter, we have a lot of cash coming in, where we receive most of our management fees in the beginning of the quarter, which is July and August. So you see the debt level coming down significantly to the $120 million, $130 million level that Ana mentioned in her part of the speech. And then we have a small peak in December because we have a Credit Suisse payment there. And then again, in the beginning of 2025, we have all the management fees coming back, and we should go down to the $120 million, $130 million level, which is a very, very comfortable level for us.

我們得到了好消息，因為瑞士信貸所有基金的股東大會進展得比我們預期的要快得多。他們投票贊成將資金轉移到 Patria，而且我們在英國所需的監管批准速度比我們預期的要快，我們設法在第二季度完成了這兩筆交易。但隨著進入下半年，即第三季初，我們有大量現金流入，我們在季度初（即七月和八月）收到了大部分管理費。所以你會看到債務水準顯著下降到安娜在演講部分提到的 1.2 億美元、1.3 億美元水準。然後我們在 12 月遇到了一個小高峰，因為我們在那裡有瑞士信貸付款。話又說回來，到2025年初，我們所有的管理費都會回來，我們應該會下降到1.2億美元、1.3億美元的水平，這對我們來說是一個非常非常舒適的水平。

Just as you know, we have $170 million of FRE, $200 million, $225 million of FRE for next year. So $120 million, whatever is 50%, 60% of our FRE, and we are not considering here any performance fees, which I mentioned a couple of minutes ago that we still see performance fees coming in. So all of these numbers, this $120 million, $130 million of debt is 60% of the $170 million and it is half of the $200 million, $225 million of FRE for 2025, not considering the performance fees. We mentioned in, I think, two earnings calls ago that we would use $100 million of the performance fees coming in to pay down debt.

如你所知，明年我們有 1.7 億美元的 FRE、2 億美元、2.25 億美元的 FRE。所以 1.2 億美元，無論是我們 FRE 的 50%、60%，我們在這裡不考慮任何績效費，我幾分鐘前提到過，我們仍然看到績效費用。因此，所有這些數字，這 1.2 億美元、1.3 億美元的債務是 1.7 億美元的債務的 60%，是 2025 年 FRE 2 億美元、2.25 億美元的一半，不考慮績效費用。我想，我們在兩次財報電話會議上提到，我們將使用 1 億美元的績效費用來償還債務。

So if you apply $120 million, $130 million of debt and you use $100 million of performance fees over the next months, quarters to use that to pay down debt, then the debt goes to insignificant numbers in my example here of $20 million, $30 million. So very -- in a very comfortable position and all that's already incorporating our dividends and our share repurchase program. However, now going back to your second part of your question, we will most probably not pursue any other acquisitions this year or early next year because we are integrating these businesses. So it has more to do with the integration.

因此，如果您申請1.2 億美元、1.3 億美元的債務，並在接下來的幾個月、幾季使用1 億美元的履約費來償還債務，那麼在我的例子中，債務就變成了微不足道的數字，即2000 萬美元、3000 萬美元。非常——處於一個非常舒適的位置，所有這些都已經納入了我們的股息和股票回購計劃。然而，現在回到問題的第二部分，我們很可能不會在今年或明年初進行任何其他收購，因為我們正在整合這些業務。所以它與整合有更多關係。

As we mentioned, we managed to close two of these deals in the second quarter. We were expecting to close them in the second half of 2024. So we're not going to -- we are focusing on the integration and people, system, processes. So it would not be very much advisable for us to do a large acquisition for that point of view, not from a balance sheet point of view in the second half of 2024, early 2025. So our focus will be over the next quarters in the integration. But balance sheet wise, we're comfortable. I hope that I answered your questions, Ricardo.

正如我們所提到的，我們在第二季成功完成了其中兩筆交易。我們預計在 2024 年下半年關閉它們。因此，我們不會——我們將重點放在整合以及人員、系統和流程上。因此，從這個角度來看，從資產負債表的角度來看，我們在 2024 年下半年、2025 年初進行大規模收購並不是非常明智的。因此，我們的重點將是接下來幾季的整合。但就資產負債表而言，我們感到很舒服。我希望我回答了你的問題，里卡多。

Thank you very much, guys.

非常感謝你們，夥伴們。

(Operator Instructions) Pedro Leduc, Itau BBA.

（操作員說明）Pedro Leduc，Itau BBA。

A few here. First, on the personnel expenses that we saw it going up with the M&A integration, obviously, wondering if it's here or on some other regions where we could start seeing synergies in the coming quarters? That. And in the conciliation of IFRS to non-GAAP measures, we saw a lot of expenses flowing through it here and some are M&A-related, some fees, tax. Wondering if we should see those fading out into the next quarters already, so maybe a closer relation between the earnings, IFRS and the non-GAAP.

這裡有幾個。首先，就人員費用而言，我們看到它隨著併購整合而增加，顯然，想知道是否在這裡或其他一些地區我們可以在未來幾個季度開始看到協同效應？那。在 IFRS 與非 GAAP 措施的協調中，我們看到了許多費用在這裡流動，其中一些與併購相關，一些費用、稅收。想知道我們是否應該看到這些已經在下個季度逐漸消失，因此盈利、國際財務報告準則和非公認會計準則之間的關係可能​​會更加密切。

Pedro, thanks for your question here. It's Alex again. And Ana is here also with Marcelo, to help me answer the questions. But yes, personnel went up because of the integration. These businesses that we did incorporate in the second quarter are businesses with lower margins at the first month. We mentioned a couple of earnings calls ago that GPMS runs a 30% FRE margin business. And you know that we run an upper 50% level FRE margin business. And the same with the real estate business from Credit Suisse/VBI that will be incorporated in the second half of 2024.

佩德羅，謝謝你的提問。又是亞歷克斯。安娜也和馬塞洛一起在這裡幫我回答問題。但是，是的，由於整合，人員增加了。我們在第二季合併的這些業務是第一個月利潤率較低的業務。我們之前在幾次財報電話會議上提到，GPMS 經營著 30% 的 FRE 保證金業務。您知道，我們經營 FRE 保證金業務的最高水準為 50%。瑞士信貸/VBI 將於 2024 年下半年合併的房地產業務也是如此。

And as we work into the synergies, you will see FRE margins go up. I think this year, it will become -- it will land in the 56%, 58% level FRE margin. And we see it going up, trending up in 2025 back to the 60% -- 58%, 60% level. And how do we do that? Through the integrations. We went already through that process with the acquisition of Moneda. Late 2021, we did sign the acquisition of Moneda. Moneda was running a 40% -- approximately 40% FRE business. We were running a 60% FRE business. In 2022, you saw that margin also trending up. End of 2022, we were back to the 60% level -- close to 60% level. So by integrating expenses -- and our main expenses now are personnel, which is 80% -- 70%, 80% of our expenses and then rent and travel, whatever, is not a significant portion.

隨著我們努力發揮協同效應，您將看到 FRE 利潤率上升。我認為今年，FRE 利潤率將達到 56%、58% 的水平。我們看到它會上升，到 2025 年會回升到 60% - 58%、60% 的水平。我們該如何做到這一點？透過整合。透過收購 Moneda，我們已經經歷了這個過程。2021 年末，我們確實簽署了 Moneda 的收購協議。Moneda 經營 40%——約 40% 的 FRE 業務。我們經營的是 60% 的 FRE 業務。2022 年，您會看到利潤率也呈現上升趨勢。2022 年底，我們回到了 60% 的水平——接近 60% 的水平。因此，透過整合費用，我們現在的主要費用是人員費用，占我們費用的 80% - 70%、80%，然後租金和旅行等，並不是一個重要的部分。

So it's personnel. And that's what we're going to do as we move on into this year and into 2025 through the trending up that I mentioned to you, 56% to 58% this year and 58% to 60% FRE margin next year. We know how to do this. This is our day to day. You know that we run consolidation private equity buyout business. So we have done more than 100 of those consolidations in Brazil, in LatAm and whatever, looking for synergies in processes, IT and of course, sometimes in people as well. On the IFRS side expenses, yes, they did go up significantly this quarter. It has mostly to do with the expenses that we did run because of these two closings that happened in the second quarter. But I'll ask -- I'll turn over the floor to Ana to comment -- to make a few comments on that, please.

所以說是人員。這就是我們在進入今年和 2025 年時要做的事情，透過我向大家提到的趨勢上升，今年 FRE 利潤率將達到 56% 至 58%，明年 FRE 利潤率將達到 58% 至 60%。我們知道如何做到這一點。這就是我們的日常。你知道我們經營整合私募股權收購業務。因此，我們在巴西、拉丁美洲等地進行了 100 多次整合，尋求流程、IT 方面的協同效應，當然有時也包括人員方面的綜效。是的，就《國際財務報告準則》附帶費用而言，本季確實大幅增加。這主要與我們因第二季發生的兩次關閉而產生的費用有關。但我會請安娜發表評論，請對此發表一些評論。

So the main variance that we have for this quarter has to do with all the transactions, M&As that we closed. And I just want to point out it was three that impacted quarter. So we have all the abrdn acquisition that impact significantly the line of transaction costs, which means different expenses when you say -- also the effort for the transferring of the Credit Suisse funds, which also was hit this quarter. We also have a smaller -- if not that [segment], but we start having as well for our Nexus as well. And of course, what is normally part of the -- those transaction and remaining transaction is a small part.

因此，本季我們的主要差異與我們完成的所有交易、併購有關。我只想指出，影響季度的是三個。因此，我們所有的 abrdn 收購都會對交易成本產生重大影響，這意味著不同的費用，當你說的時候，還有瑞士信貸資金轉移的努力，這也在本季度受到了打擊。我們還有一個較小的——如果不是那個[細分]，但我們也開始為我們的 Nexus 提供相同的細分。當然，通常屬於這些交易和剩餘交易的一小部分。

On top of that, when you see on the deferred and contingent consideration has to do with our option that we have to evaluate with VBI -- option with VBI, which we have to evaluate every quarter. And actually, specifically this quarter, there is an adjustment that also was included in this line of -- that I have just mentioned. So I think all in all, that is the main variance that we have in this quarter in these two lines from other transaction costs and deferred and contingent consideration related to adjustment of our VBI option. If you -- just as minor, but if you look into our financial income expenses unrealized, which is $3 million, this is all related to FX or investment in reais, which impacts -- is unrealized, as it impacts our -- this line because of the real devaluation.

最重要的是，當你看到遞延和或有考慮與我們必須用 VBI 進行評估的選項有關時——VBI 的選項，我們必須每個季度進行評估。實際上，特別是在這個季度，我剛才提到的這一行也包含了一項調整。因此，我認為總而言之，這是我們本季在這兩條線上與其他交易成本以及與 VBI 選項調整相關的遞延和或有考慮因素的主要差異。如果你——同樣小，但如果你看看我們未實現的財務收入支出，即300 萬美元，這一切都與外匯或雷亞爾投資有關，這影響——未實現，因為它影響我們的— —這條線因為真正的貶值。

Yes. So we -- yes. And here, Pedro, I think one of the lines is cash related, which is the expense, the transaction expenses. The other ones are not cash-related costs and expenses. And just going back to your comment, as we move into the third and fourth quarter, as we did exercise the VBI option and we did close the abrdn transaction and the Credit Suisse transaction in the second quarter, these numbers should be washed out from our P&L, and we should go back to where we were in prior quarters.

是的。所以我們——是的。佩德羅，我認為其中一條與現金相關，即費用、交易費用。其他不是與現金相關的成本和費用。回到你的評論，當我們進入第三和第四季度時，我們確實行使了 VBI 選項，並且我們確實在第二季度完成了 abrdn 交易和瑞士信貸交易，這些數字應該從我們的數據中刪除。損益表，我們應該回到前幾季的水平。

So yes, everything happened. It was a very busy quarter. I actually tried -- I actually started my speech there. I'm very proud of the team, to be honest, because we have such a very busy quarter of two closings, plus now the VBI option that we did and now the acquisition of the other 50%. And all of that is happening in the same three-month period. So yes, so this will be washed out and we would go to more normal levels in the next quarters. Thank you.

所以是的，一切都發生了。這是一個非常繁忙的季度。我實際上嘗試過——我實際上是在那裡開始我的演講的。說實話，我為這個團隊感到非常自豪，因為我們有一個非常繁忙的季度，有兩次交割，加上現在我們所做的 VBI 選項以及現在收購了另外 50% 的股份。所有這些都發生在同一個三個月內。所以是的，所以這將被消除，我們將在接下來的幾個季度達到更正常的水平。謝謝。

Thank you. And I am showing no further questions from our phone lines. I'd now like to turn the conference back over to Alex Saigh for any closing remarks.

謝謝。我的電話線路上沒有再提出任何問題。現在，我想將會議轉回亞歷克斯·賽格 (Alex Saigh) 進行閉幕致辭。

Okay. Thank you very much, all of you participating in the call, and thanks for your questions here and Tito, Pedro, Guilherme, Ricardo, thank you very much. I know that you guys have a very busy morning with so many financial institutions also having their earnings call. So thanks for participating. Hope to see you guys [presently] in person soon in New York or some other place. Thanks again. Have a great day. Goodbye. Ciao, ciao. Gracias.

好的。非常感謝大家參加這次電話會議，感謝你們在這裡提出的問題，蒂托、佩德羅、吉列爾梅、里卡多，非常感謝你們。我知道你們今天早上非常忙碌，很多金融機構也在召開財報電話會議。感謝您的參與。希望很快就能在紐約或其他地方見到你們。再次感謝。祝你有美好的一天。再見。再見，再見。謝謝。

Thank you. This does conclude today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝。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。祝大家有美好的一天。