Patria Investments Ltd (PAX) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Patria third quarter, 2024 earnings conference call. (Operator Instruction) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker for today, Rob lee, head of shareholder relations. Please go ahead.

再會。感謝您的支持。歡迎參加 Patria 2024 年第三季財報電話會議。（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。請繼續。

Thank you. Good morning, everyone and welcome to Patria's third quarter, 2024 earnings call. Speaking today on the call are our Chief Executive Officer, Alex Saigh and our Chief Financial Officer Anna Russo and our chief economist Luis Fernando Lopez.

謝謝。大家早安，歡迎參加 Patria 2024 年第三季財報電話會議。今天在電話會議上發言的是我們的執行長 Alex Saigh、財務長 Anna Russo 以及我們的首席經濟學家 Luis Fernando Lopez。

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 six K with the securities and exchange commission. This call is being webcast, and a replay will be available before we begin.

在今天早上的問答環節中，我們發布了一份新聞稿和收益報告，詳細介紹了我們本季度的業績，您可以在我們網站的投資者關係部分或證券交易委員會的6 K 表格上找到這些報告。本次電話會議正在網路直播，在我們開始之前將進行重播。

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.

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。

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 part of fund.

此類聲明基於當前管理層的預期，涉及風險，包括我們最新20-F 年度報告的風險因素部分中討論的風險，還請注意，本次電話會議中的任何聲明均不構成出售要約或購買要約邀請基金任何部分的利息。

As a foreign private issuer, Patria reports financial results using international financial reporting standards or IFRS as opposed to us, 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. Now, I will turn the call over to Alex.

作為外國私人發行人，Patria 使用國際財務報告標準或 IFRS（而不是我們的 GAAP）報告財務表現。此外，我們想提醒大家，我們將參考某些我們認為與評估企業財務績效相關的非國際財務報告準則措施，但不應將其孤立地考慮或替代根據國際財務報告準則制定的措施。最具可比性的國際財務報告準則指標的國際財務報告準則調節表包含在我們的收益報告中。現在，我將把電話轉給亞歷克斯。

Thank you, Rob and good morning, everyone.

謝謝你，羅布，大家早安。

The third quarter of 2024 was an exciting quarter for Patria as robust organic fundraising of over $2 billion in the quarter and more than $4.2 billion a year-to-date through the end of the third quarter, put us on track to meet or exceed our $5 billion fundraising target for 2024.

2024 年第三季對Patria 來說是一個令人興奮的季度，該季度的有機籌款額超過20 億美元，截至第三季度末，今年迄今的籌款額超過42 億美元，這使我們有望達到或超過我們的目標2024 年的募款目標為 50 億美元。

Additionally, over the last 12 months to the end of the third quarter, we raised over $5.6 billion organically.

此外，在截至第三季末的過去 12 個月中，我們有機籌集了超過 56 億美元。

This highlights how the increased diversification of our platform and the investments we are making in distribution and new product development are translating into stronger and more diverse growth for the firm.

這凸顯了我們平台的日益多元化以及我們在分銷和新產品開發方面的投資如何轉化為公司更強勁、更多元化的成長。

Leaving us very excited about what lies ahead.

讓我們對未來感到非常興奮。

Now, let me quickly summarize our third quarter results before we move on to some of the fundraising and other highlights for the quarter.

現在，讓我快速總結一下我們第三季的業績，然後再討論本季的一些籌款活動和其他亮點。

Management fees reached approximately $78 million for the quarter up 26% year over year.

本季管理費達約 7,800 萬美元，年增 26%。

While fee related earnings reached almost $41 million.

而與費用相關的收入則達到近 4,100 萬美元。

Representing year over year growth of close to 13% fee related earnings per share in the quarter was $0.26.

本季與費用相關的每股收益年增近 13%，為 0.26 美元。

Up more than 65%. Since 2021 we delivered close to $35 million of distributable earnings in the quarter or $0.23 per share next.

漲幅超過65%。自 2021 年以來，我們在本季實現了近 3,500 萬美元的可分配收益，即下一季每股 0.23 美元。

While we did not realize any performance fees in the quarter, we continue to generate attractive long term investment returns for our clients and we feel good about our potential to generate performance fees over the coming quarters, the net accrued performance fee balance of $455 million or $2.97 per share increased slightly sequentially due to both performance and foreign exchange movements.

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，並且我們對未來幾季產生績效費的潛力感到滿意，淨應計績效費餘額為4.55 億美元或由於業績和外匯變動，每股 2.97 美元比上一季略有增加。

As a reminder, our infrastructure fund three with about $96 million of net accrued performance fees is already in its catch up phase.

提醒一下，我們的基礎建設基金三號（淨應計績效費約 9,600 萬美元）已經處於追趕階段。

And we have returned close to $2 billion to investors in our infrastructure funds. Since the start of 2023 the earning a of almost $34 billion rose 9% sequentially and 58% year over year.

我們已經向基礎設施基金投資者返還了近 20 億美元。自 2023 年初以來，營收近 340 億美元，季增 9%，年增 58%。

And we believe we have a line of sight into solid organic growth into the fourth quarter and 2025.

我們相信，我們預計在第四季度和 2025 年實現穩健的有機成長。

The sequential increase was driven by strong fundraising plus the additional of $2.2 billion mainly from the final transition of Credit Suisse real estate assets.

環比成長的推動因素是強勁的融資以及主要來自瑞信房地產資產最終轉型的 22 億美元額外資金。

The closing of the nexus transaction in Colombia and the positive investment performance and foreign exchange.

哥倫比亞的聯繫交易完成以及積極的投資表現和外匯。

These inflows were partially offset by our continued robust pace of returning and recycling capital back to investors through realizations and distributions and important positive attributes of our business in an industry that has struggled to return capital back to limited partners.

這些資金流入部分被我們透過變現和分配向投資者返還和回收資本的持續強勁步伐以及我們在一個一直難以將資本返還給有限合夥人的行業中的業務的重要積極屬性所部分抵消。

Also our redemption rate on fee earning aum continues to moderate as most of our assets are in long dated, locked up capital structures and as the proportion of our fee earning aum in permanent capital vehicles continues to increase and now accounts for more than 20% of assets up from practically zero at the time of the IPO our growing and increasingly diversified base of fee earning aum of almost $34 billion pled with solid fundraising and tight expense controls, give us confidence that we remain firmly on track to deliver our fee related earnings targets of $170 million in 2024 and 200 to $225 million in 2025 on a per share basis. This is a dollar and $0.10 to a dollar and $0.12in 2024 and a dollar and $0.26 to a dollar and $0.41 in 2025 and reflects year over year growth at the midpoint of 12% and 20% for 2024 and 2025 respectively.

此外，我們的收費管理資產的贖回率持續放緩，因為我們的大部分資產都處於長期、鎖定的資本結構中，而且我們的收費管理資產在永久資本工具中的比例持續增加，目前佔總資產的20% 以上。實現與收費相關的獲利目標以每股計算，2024 年將達到 1.7 億美元，2025 年將達到 200 至 2.25 億美元。這是 2024 年 1 美元和 0.10 美元兌換 1 美元和 0.12 美元，以及 2025 年 1 美元和 0.26 美元兌換 1 美元和 0.41 美元，反映了 2024 年和 2025 年同比增長率分別為 12% 和 20%。

In keeping with our updated capital management strategy announced last quarter, we declared a 15¢ per share dividend for the quarter.

為了與我們上季度宣布的最新資本管理策略保持一致，我們宣布本季每股股息 15 美分。

As a reminder, we will pay $0.15 per share of dividends through the fourth quarter of 2024.

謹此提醒，我們將在 2024 年第四季之前支付每股 0.15 美元的股息。

We also finished the quarter with a 12-month rolling debt to FRE ratio of approximately one time.

本季末，我們的 12 個月滾動債務與 FRE 比率約為一倍。

We look forward to updating everyone on our capital management strategy at our December '9 Investor Day in New York.

我們期待在 12 月 9 日於紐約舉行的投資者日向大家介紹我們資本管理策略的最新情況。

Overall, our financial results and strong fundraising is evidence that our strategy to diversify and grow our business both organically and inorganically is paying off.

總體而言，我們的財務表現和強勁的籌款活動證明我們有機和無機業務多元化和發展的策略正在取得回報。

It's been less than four years since our IPO.

我們的首次公開募股至今還不到四年。

But in that time, we have greatly expanded our regional and global investor base and distribution capabilities and have significantly diversified our investment and product platforms.

但在那段時間，我們大大擴大了我們的區域和全球投資者基礎和分銷能力，並使我們的投資和產品平台顯著多元化。

Evidence of our progress against our strategic initiatives can be seen in the fact that over $4 billion of our fundraising year-to-date has come in strategy and our product structures that we did not offer at the time of our IPO.

我們的策略性舉措取得進展的證據可以從以下事實中看出：今年迄今為止，我們籌集的資金中有超過 40 億美元用於戰略和產品結構，而我們在 IPO 時並未提供這些產品結構。

Also one of our key initiatives since our IPO has been to become the premier gateway for local investors to invest in locally managed alternatives to take advantage of financial deepening consolidation in the industry and to better serve the many regional institutional investors who are limited in their ability to invest outside the region.

自首次公開募股以來，我們的一項關鍵舉措就是成為本地投資者投資本地管理的另類投資的首要門戶，以利用行業金融深化整合的優勢，並更好地為許多能力有限的區域機構投資者提供服務。

Our early success with this initiative is reflected in the fact that about 40% of our fundraising year-to-date that has come from local investors within Latin America, investing in local products that we manage compared to virtually zero at the time of our IPO.

我們在這項措施上取得的早期成功反映在這樣一個事實上：今年迄今為止，我們約 40% 的籌款來自拉丁美洲當地投資者，投資於我們管理的當地產品，而我們 IPO 時幾乎為零。

As a result of our diversification strategy, we are now better positioned than we have ever been to be the go to provider of alternative products within Latin America for both local investors and global investors and grow our business as limited partners look to consolidate the number of managers they do business with.

由於我們的多元化策略，我們現在比以往任何時候都處於更有利的地位，成為拉丁美洲當地投資者和全球投資者的替代產品的首選供應商，並隨著有限合夥人尋求整合的數量而發展我們的業務。

No, let's have a closer look into our investment verticals.

不，讓我們仔細看看我們的投資垂直領域。

First, our real estate platform is generating strong growth and greatly enhances the resiliency of our business even before we completed in the third quarter. Our acquisitions of the Brazilian real estate investment trust business of credit Suisse and the Nexus real estate business in Colombia.

首先，我們的房地產平台正在產生強勁的成長，甚至在第三季完成之前就大大增強了我們業務的彈性。我們收購了瑞士信貸的巴西房地產投資信託業務和哥倫比亞的Nexus房地產業務。

Our real estate fee earning aum had grown almost threefold from $1.3 billion in the second quarter of 2022 or since our initial investment in VBI to $3.9 billion. At the end of the second quarter of 2024.

自 2022 年第二季（也就是我們最初投資 VBI 以來），我們的房地產費用收入管理規模幾乎成長了三倍，從 2022 年第二季的 13 億美元增至 39 億美元。2024年第二季末。

In just over two years, the combination of acquisitions and organic growth has driven our real estate fee earning aum to over $6 billion.

在短短兩年多的時間裡，收購和有機成長的結合使我們的房地產費用收入管理規模達到了 60 億美元以上。

Approximately 90% of which is permanent Captain Patria is now the largest independent real estate investment trust manager in Brazil.

其中約 90% 是永久性的。

A market we believe remains ripe for consolidation and affords meaningful growth opportunities through new product launches as well as secondary offerings.

我們認為，這個市場的整合時機仍然成熟，並透過新產品發布和二次發行提供有意義的成長機會。

In addition, there's the opportunity for additional long-term growth in fee earning a through investment performance. Credit is another positive story that exemplifies the progress we are making on our strategic priorities.

此外，透過投資業績，費用收入還有機會獲得額外的長期成長。信貸是另一個積極的故事，反映了我們在策略重點方面的進展。

Credit fee earning AOM have reached $6.5 billion up 43% since the end of 2022.

自 2022 年底以來，AOM 的信貸費收入已達到 65 億美元，成長了 43%。

On the back of strong organic net inflows of over $760 million and market appreciation and foreign exchange of approximately $1.2 billion.

得益於超過 7.6 億美元的強勁有機淨流入以及約 12 億美元的市場升值和外匯交易。

As these strategies also earn fees on net asset value.

因為這些策略也可以根據資產淨值賺取費用。

The approximately $450 million of credit assets raised in the quarter was led by $190 million that flowed into our leading high yield Latin American strategy as highlighted in the earnings presentation.

本季籌集的約 4.5 億美元信貸資產中，有 1.9 億美元流入我們領先的高收益拉丁美洲策略，正如收益報告中所強調的那樣。

This strategy has outperformed its benchmarks across virtually all time periods and we see a long runway for growth in our credit business, given the combination of our strong investment performance and a large addressable market in which there is very low investor penetration.

該策略幾乎在所有時期都優於其基準，鑑於我們強勁的投資業績和投資者滲透率非常低的大型潛在市場，我們認為我們的信貸業務有很長的成長空間。

We're also excited about the successful launch of several new private credit strategies such as our infrastructure private credit fund in Brazil along with the support of development banks such as the IFC and the BNDES as anchor investors and our US dollar denominated Latin American private credit fund.

我們也對成功推出幾項新的私人信貸策略感到興奮，例如我們在巴西的基礎設施私人信貸基金，以及國際金融公司和國家經濟和社會發展銀行等開發銀行作為主要投資者的支持，以及我們以美元計價的拉丁美洲私人信貸基金。

Even though it remains early days, our GPMS Solutions business with over $10.3 billion of fee earning AUM is off to a great start having raised over $1.8 billion in the second quarter and the third quarter.

儘管仍處於早期階段，但我們的 GPMS 解決方案業務已取得了良好的開端，其收費 AUM 超過 103 億美元，第二季和第三季籌集了超過 18 億美元。

And since we've closed on the acquisition of the Aberdeen Solutions business, with momentum continuing into the fourth quarter.

自從我們完成對阿伯丁解決方案業務的收購以來，這一勢頭一直持續到第四季度。

Fundraising high points in the third quarter for GPMS include a private equity SMA of over $900 million and an initial closing of $100 million for our next vintage commingled fund including additional closings early in the fourth quarter.

GPMS 第三季的募款高峰包括私募股權 SMA 超過 9 億美元，以及我們下一個老式混合基金的初始融資額為 1 億美元，其中包括第四季初的額外融資。

Fundraising for our next vintage commingled fund has reached over $190 million.

我們下一個老式混合基金的募款金額已超過 1.9 億美元。

Our early success in this new vertical highlights our ability to bring new solutions to our clients grow in the very attractive high growth, secondaries and solutions market and reach a global investor base.

我們在這個新垂直領域的早期成功凸顯了我們為客戶帶來新解決方案的能力，我們有能力在極具吸引力的高成長、二級市場和解決方案市場中成長，並涵蓋全球投資者基礎。

With regard to our infrastructure strategies, we have returned to investors close to $2 billion of capital from our funds since the start of 2023.

在我們的基礎設施策略方面，自 2023 年初以來，我們已從基金中向投資者返還了近 20 億美元的資金。

And infrastructure fund three, which is in its catchup phase is expected to generate performance fees over the coming quarters depending on the pace of realizations.

處於追趕階段的基礎設施基金三號預計將在未來幾季根據實現速度產生績效費用。

In addition, within infrastructure, we see significant deployment opportunities across Latin America and global interest in infrastructure within the region is possibly best exemplified by the mou we signed with the Saudis Ministry of Infrastructure last quarter to be one of their infrastructure investment partner in Latin America within private equity realization activity remains constrained as it does across the industry.

此外，在基礎設施領域，我們看到整個拉丁美洲存在重大部署機會，而全球對該地區基礎設施的興趣可能最好地體現在我們上季度與沙烏地阿拉伯基礎設施部簽署的諒解備忘錄，成為他們在拉丁美洲的基礎設施投資夥伴之一。

But we are very pleased with the underlying performance of our portfolio companies which in the aggregate grew Ivia 20% over the past year organically, we also continue to focus on our platform strategy and the ample deployment opportunities we see in front of us in particular. However, we are very excited about the signing of a $500 million mou for an SMA with an Asian sovereign wealth fund to invest directly in both our private equity and infrastructure funds, as well as co investment opportunities in both strategies.

但我們對投資組合公司的基本表現感到非常滿意，在過去的一年裡，Ivia 整體有機成長了 20%，我們也繼續關注我們的平台策略，尤其是我們看到的充足的部署機會。然而，我們非常高興與亞洲主權財富基金簽署 5 億美元的 SMA 諒解備忘錄，直接投資於我們的私募股權和基礎設施基金，以及這兩種策略的共同投資機會。

This new long term relationship also highlights our premier positioning as a gateway into Latin America for sophisticated global investors.

這種新的長期關係也凸顯了我們作為成熟的全球投資者進入拉丁美洲門戶的首要地位。

We are very proud that our strong fundraising highlights our enhanced product, geographic and investor diversification allowing us to raise capital and perform across different macroeconomic environments.

我們感到非常自豪的是，我們強勁的融資突顯了我們增強的產品、地理和投資者多元化，使我們能夠籌集資金並在不同的宏觀經濟環境中發揮作用。

This makes us less dependent upon shifting fundraising cycles in individual asset classes or markets and enhances the resiliency of our business and long term growth relative to the time of the IPO. There is clear evidence that pasta today has materially improved its revenue, visibility and predictability, significantly strengthening our business overall.

這使我們減少了對個別資產類別或市場融資週期變化的依賴，並增強了我們業務的彈性和相對於首次公開募股時的長期成長。有明顯證據表明，如今的麵食已大幅提高其收入、可見性和可預測性，從而顯著增強了我們的整體業務。

We are very excited about our outlook and the progress we have made on our various strategic initiatives in the short time since our IPO, we look forward to providing you with a deeper look into our platform and strategy and updating investors on our new three-year plans at our December '9 Investor Day in New York.

我們對我們的前景以及自首次公開募股以來的短時間內在各種戰略舉措上取得的進展感到非常興奮，我們期待為您提供更深入的了解我們的平台和戰略，並向投資者介紹我們新的三年計劃計劃於 12 月 9 日在紐約舉行的投資者日舉行。

Now let me turn the call over to Anna 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.

謝謝你，亞歷克斯，大家早安。

As Alex mentioned, the highlight of the quarter was our robust fundraising led by our new platform.

正如亞歷克斯所提到的，本季的亮點是我們的新平台主導的強勁籌款活動。

We believe our diversified fundraising momentum is sustainable, helping us build and strength our base of fee earning a and management fee growth supporting our confidence in our 2024 and 2025 guidance.

我們相信，我們的多元化籌款勢頭是可持續的，有助於我們建立和加強我們的費用收入基礎和管理費增長，支持我們對 2024 年和 2025 年指導的信心。

Let's review our third quarter results and the building blocks to reaching our Fee guidance for the remainder of the year net fee revenue in third quarter reached $75.9 million and $207.6 million a year-to-date up 28% and 19% respectively.

讓我們回顧一下我們的第三季業績以及達到今年剩餘時間的費用指引的基石。

The main drivers were the multiple acquisitions we concluded over the past year of which two of the most impactful were the acquisition of the global private market solutions business from Aberdeen and the Brazilian risk business of Credit Suisse.

主要推動因素是我們在過去一年完成的多項收購，其中影響最大的兩項是收購安本的全球私募市場解決方案業務和瑞士信貸的巴西風險業務。

We also generated strong growth in our credit earning a as a result of solid inflows and investment performance.

由於穩定的資金流入和投資業績，我們的信貸收入也實現了強勁成長。

As Alex mentioned earlier, our robust fundraising was partially offset by our success in returning capital to our investors through realizations and distribution private und four also had its plan step down in fee earning a in the quarter, we do not expect any additional notable fund step downs in 2025.

正如亞歷克斯之前提到的，我們強勁的籌款活動被我們成功地透過變現和分配私人資金向投資者返還資金所部分抵消，並且四家公司也在本季度取消了收費計劃，我們預計不會有任何額外的顯著資金步驟2025年會出現下滑。

As we diversify our business and onboard new platforms and investment strategies, our management fee rate continues to evolve. For example, our fee rate in 2023 was about 1.21% compared to an average fee rate of 0.96% year-to-date and 0.94% in 34.

隨著我們業務多元化並採用新平台和投資策略，我們的管理費率不斷發展。例如，我們 2023 年的費率約為 1.21%，而年初至今的平均費率為 0.96%，34 年的平均費率為 0.94%。

In the earnings presentation, you can see that we fine tune our disclosure of the average main fee by platform to help you understand the development of our effective fee rate which can move around noticeably quarter to quarter depending on mix.

在收益演示中，您可以看到我們按平台對平均主要費用的披露進行了微調，以幫助您了解我們的有效費率的發展情況，該費率可能會根據組合的不同而逐季度顯著變化。

It is important to mention that our fee rate is being driven by the growth in our newer platforms vis A vis private equity and infrastructure as highlighted by our year-to-date fundraising. We believe this platform has significant growth prospects and many of our newer strategies are permanent capital and or earn fees on market values or NEV this provides the long term opportunity to compound our fee earning aum and related management fee revenues with investment performance as evidenced by the robust investment and returns generated by credit that positively impacted fee earning AUM in the quarter and year-to-date, moving on operating expenses which includes personal and G&A expenses total $34.7 million in the quarter up $11.8 million versus Q3 23. More than 70% of the quarter over quarter increase was driven by acquisition with the remainder attributable to increased personal expenses reflecting salary increases, continued investment in our business. In addition to the impact of inflation also impacting the year over year. Comparison is the fact that Q3 23 was the first time our new equity compensation program was accounted for in the P&L overall. Our year-to-date operating expenses of $90.5 million rose 18 million or 25% with almost 65% of the variant related to our M&A activity and the balance coming from increase of personal costs, investments in infrastructure, marketing and distribution and the impacts of inflation, putting it together pa to deliver fee related earnings of $40.6 million in the quarter. Up 13% versus the prior year and 100 and $15.2 million year-to-date representing an increase of 14%.

值得一提的是，我們的費率是由我們的新平台相對於私募股權和基礎設施的增長所推動的，正如我們今年迄今為止的籌款活動所強調的那樣。我們相信這個平台具有顯著的成長前景，我們的許多新策略都是永久性資本，或者根據市場價值或新能源汽車賺取費用，這提供了長期機會，使我們的收費資產管理規模和相關管理費收入與投資績效相結合，這一點可以透過強勁的投資和信貸產生的回報對本季和年初至今的收費收入AUM 產生了積極影響，包括個人和一般及行政費用在內的營運支出，本季總計3,470 萬美元，比2023 年第三季增加了1,180 萬美元。超過 70% 的季度環比增長是由收購推動的，其餘部分歸因於個人開支的增加（反映了工資上漲）以及對我們業務的持續投資。除了通貨膨脹的影響之外，年比也產生影響。比較的事實是，23 年第三季是我們新的股權補償計畫首次計入總體損益表。年初至今，我們的營運支出為 9,050 萬美元，成長了 1,800 萬美元，即 25%，其中近 65% 的變化與我們的併購活動有關，其餘部分來自個人成本、基礎設施投資、行銷和分銷以及通貨膨脹，本季將帶來4060 萬美元的與費用相關的收入。與前一年相比成長 13%，年初至今成長 100 美元和 1,520 萬美元，成長 14%。

As we noted in the past acquisitions generally have an adverse short term impact on margins as the new business being onboarded generally have lower margins. And before we have an opportunity to capture operating efficiencies, which happens over time.

正如我們在過去指出的那樣，收購通常會對利潤率產生不利的短期影響，因為新業務的利潤率通常較低。在我們有機會提高營運效率之前，這是隨著時間的推移而發生的。

Also, since we continue to invest in our growth, real life, operating efficiencies are substantially reinvested back into the business, but we expect margins to improve with the emergence of topline growth.

此外，由於我們繼續投資於我們的成長，現實生活中的營運效率將大量重新投資到業務中，但我們預計隨著收入成長的出現，利潤率將會提高。

So as a result, our effort emerged in the third quarter was 53.4%.

因此，我們第三季的努力達到了 53.4%。

While our year-to-date margin was 55.5%.

而我們年初至今的利潤率為 55.5%。

As a reminder, we previously guided to a full year FRE margin of 56% to 58% inclusive of 44, which typically includes incentive fees in 2025. We continue to expect the effort emerging to trend towards the 58 to 50% range by year end driven by a combination of revenue growth and the realization of incremental expense efficiencies.

提醒一下，我們之前指導全年 FRE 利潤率為 56% 至 58%（含 44%），其中通常包括 2025 年的激勵費用。我們繼續預計，在收入成長和增量費用效率實現的共同推動下，到年底，這項努力將趨向於 58% 至 50%。

We will update our 2025 and long term margin guidance at our December 9th Investor Day, we believe we are on track to generating $170 million of FRE for 2024 as we expect continued growth in fee earning a un and fee revenue helped by strong fundraising, an improvement in the FRE margin in the fourth quarter.

我們將在 12 月 9 日投資者日更新我們的 2025 年和長期利潤指引，我們相信我們預計在 2024 年產生 1.7 億美元的 FRE，因為我們預計在強勁的籌款、以及第四季度FRE 利潤率有所改善。

As a reminder, most of the, our incentive fees are recognized in the fourth quarter and incentive fees tend to be high margin and driven by our credit real estate and public equity business. For perspective, we generated $6 million of incentives in Q4, 2022 $4 million in the Q4 23. And so far in 2024 performance has remained strong. Thanks in large part to our previous acquisition, we have a large number of strategies eligible to generate incentive fees.

提醒一下，我們的大部分激勵費用在第四季度確認，激勵費用往往利潤率較高，並受到我們的信貸房地產和公共股權業務的推動。從長遠來看，我們在 2022 年第四季產生了 600 萬美元的激勵措施，在 2022 年第四季產生了 400 萬美元的激勵措施。2024 年迄今為止，業績依然強勁。在很大程度上得益於我們先前的收購，我們擁有大量有資格產生激勵費用的策略。

As a result, we think we are currently on track to generate incentive fees in the high single digit range net. Our net financial and other income and expenses in Q3 24 total one negative $1.5 million and a negative $5.5 million year-to-date.

因此，我們認為我們目前有望產生高個位數的淨激勵費用。24 年第三季度，我們的淨財務及其他收入和支出總計為負 150 萬美元，年初至今為負 550 萬美元。

This line item mainly reflects interest expenses on our credit facilities. Partially of that by gains generated in our new energy training platform, TRIA of $2 million in Q3 and $2.6 million year-to-date.

此項目主要反映我們信貸額度的利息支出。其中部分原因是我們的新能源培訓平台 TRIA 在第三季實現了 200 萬美元的收益，今年迄今實現了 260 萬美元的收益。

Regarding distributor earnings, we generated $34.9 million in the quarter, up 5% versus prior year and year-to-date of $100 million up more than 5% when we exclude performance fees crystallized last year, the growth in the de came despite the higher financial expenses noted above on a per share basis, Q3 DE of $0.23 was essentially flat sequentially and year over year due to financial expenses, higher taxes and higher share count as we will review shortly, we expect that the per share growth to improve in 2025 as we move past the short term handlings while we have not crystallized any performance fees.

關於經銷商收入，我們本季創造了3,490 萬美元，比去年同期成長5%，如果排除去年具體化的績效費，今年迄今的收入為1 億美元，成長超過5%，儘管分銷商收入較高，但分銷商收入仍實現增長。年比基本持平，我們預計每股成長將在2025 年改善因為我們已經完成了短期處理，而我們還沒有具體化任何績效費用。

So far. This year, we still expect to generate performance fee over the coming quarters driven by infrastructure fund three, it remains our intention to use real PRE to pay down our M&A in credit.

迄今為止。今年，我們仍然預計在基礎設施三號基金的推動下在未來幾個季度產生績效費，我們仍然打算使用真正的預付款來償還我們的信貸併購。

Our effective tax rate of 10.6% in Q3 24 was higher than previous quarters and reflected our business and geography mix in the quarter year-to-date. The effective tax rate was 8.8% and we still expect the full year tax rate in 2024 to be between 6% and 8% and trend towards 10% over the next few years.

我們 24 年第三季的有效稅率為 10.6%，高於前幾個季度，反映了我們本季迄今的業務和地理組合。有效稅率為8.8%，我們仍預期2024年全年稅率介於6%至8%之間，並在未來幾年趨向10%。

Regarding the shares outstanding, we continue to expect the share count to finish 2024 around $153 million in 2025 between $158 million and $160 million which includes all shares expected to be issued because of regular stock-based compensation as well as shares to be issued related to the confusion and deferred M&A payment.

關於已發行股票，我們繼續預計 2024 年的股票總數約為 1.53 億美元，到 2025 年將在 1.58 億美元至 1.6 億美元之間，其中包括因定期股票補償而預計發行的所有股票以及與混亂和延期的併購付款。

Our share count guidance does not incorporate any benefits from prospective share repurchase. Shifting to the balance sheet we finished Q3 with approximately $165 million of debt outstanding down from $177 million at the end of the second quarter, we expect our debt to reach a peak of approximately $190 million at the end of the year. As we fund M&A and other yearend payments, the actual level of debt of course will depend on the timing of our obligations versus our cash generation in a particular month.

我們的股份數量指導不包含預期股份回購的任何好處。轉向資產負債表，我們第三季末的未償債務約為 1.65 億美元，低於第二季末的 1.77 億美元，我們預計我們的債務將在年底達到約 1.9 億美元的峰值。當我們為併購和其他年終付款提供資金時，實際債務水準當然將取決於我們的債務時間與特定月份的現金產生。

Heading into 2025. We expect debt levels to decrease as the year progresses as we generate cash and fund M&A related deferred and contingent payments, which we expect to total around $100 million of which about 60% we expect to be settled in cash or debt and the balance through the issuance of shares as reflected in our FRE per share targets.

邁入 2025 年。我們預計債務水準將隨著時間的推移而下降，因為我們會產生現金並為併購相關的延期付款和或有付款提供資金，我們預計這些付款總額約為1 億美元，其中約60% 我們預計將以現金或債務形式結算，其餘部分將透過我們的 FRE 每股目標反映了股票的發行。

We note that we expect our debt to FRE ratio as we move through 2025 to be below our target of onetime FRE. We would also note that the interest rate on our debt is based on. So, so reductions in the short-term interest rate have a beneficial impact on our borrowing costs.

我們注意到，預計 2025 年我們的債務與 FRE 比率將低於我們的一次性 FRE 目標。我們還要指出的是，我們的債務利率是基於。因此，短期利率的降低對我們的借貸成本產生有利影響。

Finally, why we believe are the best financial metrics with which to gauge our results and ongoing earnings power and are the metrics that are most comparable with our alternative manager peers? We would like to comment on some items in our deed to net income reconciliation.

最後，為什麼我們認為這是衡量我們的績效和持續獲利能力的最佳財務指標，而這些指標與我們的替代經理同行最具可比性？我們想對淨收入調節契約中的一些項目發表評論。

You will notice that transaction costs our M&A related expenses declined to half of what we had last quarter to $6.5 million as M&A activities has moderated, we would expect this trend to continue as we have no current M&A plan for the next couple of quarters.

您會注意到，隨著併購活動的放緩，我們的併購相關費用下降到上季度的一半，達到650 萬美元，我們預計這一趨勢將持續下去，因為我們目前沒有未來幾季的併購計劃。

Our equity and long-term compensation was $15 million in 2023 and $13 million a year-to-date and consistent with our prior guidance, we expect to have 20% increase versus last year as our new program evolved to its 2nd year overall. We believe we are on track to meet our FRE targets for 2024 and 2025.

2023 年，我們的股權和長期薪酬為 1500 萬美元，今年迄今為 1300 萬美元，與我們之前的指導一致，隨著我們的新計劃總體發展到第二年，我們預計將比去年增加 20%。我們相信，我們有望實現 2024 年和 2025 年的 FRE 目標。

And we expect the per share excluding performance fees to accelerate into 2025 as we continue to grow revenues and I realize some expense synergies over the coming year all before the factor in the potential benefit from any debt reduction, reduce interest expenses and incremental share repurchase our robust fundraising momentum makes us even more excited regarding the growth opportunity that lies ahead. We look forward to presenting a more detailed update on our business and expected financial targets at our December Investor Day which we hope you all can attend.

我們預計，隨著我們收入的持續增長，不包括績效費用的每股收益將加速進入2025 年，而且我意識到，在未來一年中，在考慮任何債務削減、減少利息支出和增量股票回在購帶來的潛在收益之前，我會實現一些費用綜效。我們期待在 12 月投資者日上介紹我們業務和預期財務目標的更詳細更新信息，希望大家都能參加。

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.

謝謝你，安娜。

So to sum it up, there are several key takeaways from the quarter.

總而言之，本季有幾個關鍵要點。

First, we believe our fundraising highlights the success we are having in leveraging our acquisitions and investments in our platform.

首先，我們相信我們的募款凸顯了我們在利用平台收購和投資方面所取得的成功。

We remain very comfortable with our fundraising fee related earnings and fee related earnings per share targets for 2024 and into 2025 and expect to see accelerating distributable earnings growth into the next year as a full weight of our fee earning aum growth flows through and we move past the short term fee related earnings and distributable earnings headwinds resulting from M&A costs.

我們對2024 年和2025 年的籌款費用相關收益和費用相關每股收益目標仍然非常滿意，並預計明年可分配收益將加速增長，因為我們的費用收入管理規模增長的全部權重將流過，並且我們將超越短期費用相關收益以及併購成本所導致的可分配收益阻力。

We believe we have a long runway to grow, fundraising generate organic growth and grow fee related earnings and distributable earnings 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.

我們相信，我們還有很長的發展道路，融資會產生有機成長，並增加與費用相關的收入和可分配收入，因為它仍處於平台上執行的早期階段，我們透過併購策略以及對新產品和產品的投資進行了補充。

Lastly, we are focused on maximizing returns to shareholders and we are excited to provide further colour on our updated capital management strategy we introduced in the second quarter overall. We remain very excited about 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，我們很高興為我們在第二季推出的更新資本管理策略提供進一步的色彩。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 happy to take your questions.

感謝您抽出寶貴的時間，我們很樂意回答您的問題。

Thank you. At this time. We will conduct a question-and-answer session as a reminder to ask a question, (Operator Instruction) Please stand by while we compile the Q&A roster.

謝謝。此時。我們將進行問答環節，以提醒提問，（操作員指示）請稍候，我們正在編制問答名冊。

The first question comes from the line of Craig [Sval] of Bank of America. Craig. Please go ahead.

第一個問題來自美國銀行的 Craig [Sval]。克雷格.請繼續。

Good morning, Alexandre. Hope everyone's doing well. My question is on fundraising. So, with $4.2 billion raised year-to-date, you're now in striking distance of the $5 billion target for the full year.

早安，亞歷山大。希望每個人都一切順利。我的問題是關於籌款。因此，今年迄今已籌集 42 億美元，現在距離全年 50 億美元的目標已經很遙遠了。

And GPMS is driving more than half the inflows just in this past quarter. So, I wanted your perspective on how GPMS has altered your organic growth trajectory. And do you expect it to continue generating an outsourced contribution to fundraising relative to its size going forward?

就在上個季度，GPMS 就推動了一半以上的資金流入。因此，我想了解您對 GPMS 如何改變您的有機成長軌蹟的看法。您是否預期它會繼續為籌款活動提供相對於其規模的外包貢獻？

Hi, Craig, how are you? I hope you and family are doing well. And thanks for your question and thanks for participating in such an important date, right? We have a US election today and between us election and Patria's earnings call, I I'm glad that you opted for the second.

嗨，克雷格，你好嗎？我希望你和家人一切都好。感謝您提出問題並感謝您參加如此重要的約會，對嗎？今天我們有美國大選，在美國大選和帕特里亞的財報電話會議之間，我很高興你選擇了第二個。

But yeah, here we go. I think we know very excited with the, the, you know, the first data points that we have on the GPMS organic fundraising. And it knows it ties to the whole strategy of adding to our platform products geographically within Latam and, and outside of Latam that are, are more linked to what, you know, investors are willing to buy. And again, we try to sell what we want to sell, but in the end, we sell what investors want to buy, right? And so yes, we're having a very good fundraising momentum with GP MS and I think that momentum is going to continue.

但是，是的，我們開始吧。我認為我們對 GPMS 有機籌款的第一個數據點感到非常興奮。它知道這與在拉美境內和拉丁美洲以外的地區添加到我們平台產品的整體策略有關，這些產品與投資者願意購買的產品更相關。再說一次，我們試圖出售我們想出售的東西，但最終我們出售的是投資者想購買的東西，對嗎？所以，是的，我們與 GP MS 的籌款勢頭非常好，我認為這種勢頭將繼續下去。

We are at $4.3 billion as of the end of the third quarter, organic fundraising. And I see that momentum pushing us of course. Now, if I do the math, no, of course. And the fourth quarter of the year is the best for sure. The $5 billion guideline is already right in the pocket, right? And so that actually pushes us to very good entry in 2025 with GPMS, with credit with real estate, with infrastructure and lastly with private and the private, as I mentioned, several, several quarters earnings call one after the other over the last each quarters.

截至第三季末，我們的有機籌款額為 43 億美元。當然，我看到這種勢頭推動著我們。現在，如果我算一下，當然不會。今年第四季肯定是最好的。50億美元的指導方針已經在口袋裡了，對吧？因此，這實際上推動我們在2025 年透過GPMS、房地產信貸、基礎設施，最後是私營部門和私營部門，進入到2025 年，正如我所提到的，在過去的每個季度，幾個季度的財報電話會議相繼召開。

Unfortunately, we're no underperforming us, underperforming private X the other over performing the other as classes that I performed and over performing Middle East Asia and Latin America. And now with GPMS, we're now in my view over performing Europe because most of the money is coming from European investors, right? For the GPMS product.

不幸的是，我們的表現並不遜色，表現不如私人X其他，超過了我所表演的班級的表現，也超過了中東和拉丁美洲的表現。現在，有了 GPMS，我認為我們現在的表現優於歐洲，因為大部分資金來自歐洲投資者，對吧？適用於 GPMS 產品。

So happy to see our initial experience with the yeah, as a class as you know, secondaries and or GPMS solutions. Primary secondaries are coinvest is the hot product of the moment as us on the GP side. And most GPS, they, they want to actually give liquidity. They need actually to send money back and find liquidity for their portfolios. So, they do GP led transactions. Also, LPs one, you know, revolve wants to actually revolve their portfolio, selling all the funds and committing to new funds because new funds are coming to the market. So, they also use the secondary market for that kind of liquidity.

很高興看到我們在二級和/或 GPMS 解決方案方面的初步經驗。一級二級市場 Coinvest 是我們 GP 方面目前的熱門產品。大多數 GPS，他們，他們想要真正提供流動性。他們實際上需要匯回資金並為其投資組合尋找流動性。因此，他們進行 GP 主導的交易。此外，有限合夥人，你知道，旋轉想要真正旋轉他們的投資組合，出售所有基金並致力於新基金，因為新基金即將進入市場。因此，他們也利用二級市場來獲得這種流動性。

So everything is working in in the direction of this asset class. So yes, I think we go into, you know, we finished 2024 with very strong fundraising numbers for us, not for our size. Even the $5 billion target guideline compared to where we started, we started the year with around $26 billion of fee paying a. So, 5/26 was already at 20%. And if we outperform the five, we know we are performing, they are also the that that this KP I that I just mentioned. So yes, excited, excited Greg and the on the lastly here, the, the kind of we have to know fundraising structures through the GPMS, the SMAs and a lot of SMAs that are being renewed. So clients that are vowing to the team and vowing to Patria because they're renewing their mandates and new money, completely new money, new, new, new clients, all of the in the S MA structure, which is very, very perpetual.

所以一切都朝著這個資產類別的方向發展。所以，是的，我認為我們在 2024 年結束時獲得了非常強勁的籌款數字，而不是我們的規模。即使與我們開始時相比，目標指導方針是 50 億美元，我們年初的費用也約為 260 億美元。所以，5/26 已經是 20%了。如果我們比這五個人表現得更好，我們就知道我們正在表現，他們也是我剛才提到的這個 KP。所以，是的，興奮、興奮的格雷格和最後一點，我們必須透過 GPMS、SMA 和許多正在更新的 SMA 來了解籌款結構。因此，客戶向團隊發誓，向Patria 發誓，因為他們正在更新他們的授權和新資金，全新的資金，新的、新的、新的客戶，所有這些都在S MA 結構中，這是非常非常永恆的。

And secondly, the blind fund structure which is secondary is the opportunities for number five, which we already had the first close. And I think definitely moving the direction, to know fundraise what we expected or a little over what we expected. Credit has been doing fantastically as well. And as you saw the numbers there, not only on the fundraising side but on the performance side, the team is doing an incredible job beating the benchmark in all of the ways that you want to see it. You know, last 12 months, last two years, last five years, last 10 years, whatever in all of the, in all of the products in the, from the high yield, that time dollar denominated local Delta products.

其次，次要的盲目基金結構是第五個機會，我們已經第一次結束了。我認為肯定會改變方向，了解我們預期的籌款金額或略高於我們的預期。信貸也表現優異。正如你所看到的數字，不僅在籌款方面，而且在績效方面，該團隊正在做著令人難以置信的工作，在所有你希望看到的方面都超越了基準。你知道，過去12個月，過去兩年，過去五年，過去10年，無論是在所有的產品中，從高收益來看，當時以美元計價的當地達美產品。

No, it's very impressive and lastly real estate, very strong fundraising as well. And throughout the all the real estate investment trust strategies that we have not only in Brazil, but in Colombia became a major asset class for us. And as you know, 90% of the C fa of the, the real estate asset classes in Perm is in permanent capital structure listed funds. So again, I think the strategy is working and I'm and I'm glad to see the results. Thank you very much.

不，這是非常令人印象深刻的，最後是房地產，籌款也非常強勁。在整個過程中，我們不僅在巴西而且在哥倫比亞擁有的所有房地產投資信託策略都成為我們的主要資產類別。如您所知，彼爾姆房地產資產類別的 C fa 中 90% 屬於永久資本結構上市基金。再說一遍，我認為該策略正在發揮作用，我很高興看到結果。非常感謝。

Thank you Alexan, very comprehensive. Just for my follow up also on fundraising, specifically on private equity seven and infrastructure five. Should we expect? Final closes for large closes for both in four Q and then Alessandri, we heard your commentary on a $500 million SMA with an Asian Sovereign Wealth Fund. And I think that will invest directly in private equity. Seven. Infrastructure Five. Can you help us with the timing and size of that one? Does that also flow in, in the fourth quarter?

謝謝亞歷山大，非常全面。只是為了我對籌款的跟進，特別是私募股權七和基礎設施五。我們應該期待嗎？第四季的最終收盤價為大額收盤價，然後亞歷山德里，我們聽到了您對亞洲主權財富基金 5 億美元 SMA 的評論。我認為這將直接投資於私募股權。七。基礎設施 五．您能幫助我們確定活動的時間和規模嗎？第四季也會流入嗎？

Yes. Private actually seven, I know we still keep the $2 billion mark as for Infrastructure five.

是的。私人實際上是七個，我知道我們仍然保持基礎設施五號的 20 億美元大關。

And yes, it's the, the SMA that we signed is not in, that is not in these numbers, but these numbers that you see from our slide number. There's a slide that actually shows here. Number 16 in the presentation that we uploaded. The numbers that are shown there does not include this S ma that you just mentioned is a $500 million half and half 250 for each of the funds. Most of what part of that is going to be through the fund structure, the traditional fund structure and part is going to be through fee paying co invest. So, because this specific sore wealth fund wants to have part of the fund and part wants to actually over to get an over exposure to one of the two companies of Fund seven or Fund Infrastructure Fund five, but that those are fee paying, not fee paying. So, and are not included in the numbers.

是的，我們簽署的 SMA 不在這些數字中，但您從我們的幻燈片中看到的這些數字。這裡實際顯示了一張幻燈片。我們上傳的簡報中的第 16 號。那裡顯示的數字不包括您剛才提到的 S ma，即每個基金的 5 億美元半和 250 美元。其中大部分將透過基金結構、傳統基金結構和部分將透過付費共同投資進行。因此，因為這個特定的痛苦財富基金想要擁有該基金的一部分，而另一部分實際上想要過度投資七號基金或五號基金基礎設施基金的兩家公司之一，但這些是付費的，而不是收費的支付。所以， 和 不包含在數字中。

In addition, we have other that these types of SMAs that we are actually going after and, and now, you know, happy to this this Asian Sovereign Wealth Fund is in addition to what we mentioned during the call. A also am ou with the Minister of Infrastructure of the Saudi government and also they want to invest through the fund and through SMAs so similar structures and we see that these very large global institutional clients are looking for that kind of relationship.

此外，我們還有其他類型的 SMA，我們實際上正在追求，現在，你知道，除了我們在電話會議中提到的之外，我們很高興亞洲主權財富基金。我還與沙烏地阿拉伯政府基礎設施部長進行了交流，他們也希望透過該基金和 SMA 如此類似的結構進行投資，我們看到這些非常大的全球機構客戶正在尋求這種關係。

Now, I I'll, I'll, I'll sign a check to your fund because I understand that you need the fund to be sign. But I also want to pick and choose, but I'll pay for pick and choosing is, but I want to have this pick and choose kind of option. So, this is what we call the SMAs. So also, for the Middle Eastern Sovereign Wealth Fund, which is in addition to the Asian that, that you mentioned, Craig and, and lastly, we know we're still very much in a fundraising mode, a very good fundraising mode in other countries of that time. Ex we started a little later, the fundraising in Chile, Peru, Colombia and Mexico and in the Indian countries, we, I think we, we still expect to see a good amount of fundraising still completed this year and early next year.

現在，我，我，我，我會簽署一張您的基金支票，因為我知道您需要簽署該基金。但我也想挑選，但我會為挑選付費，但我想要有這種挑選的選項。這就是我們所說的 SMA。同樣，對於中東主權財富基金來說，除了你提到的亞洲基金之外，克雷格，最後，我們知道我們仍然處於籌款模式，在其他國家是一種非常好的籌款模式。國家。例如，我們開始得晚一些，在智利、秘魯、哥倫比亞和墨西哥以及印度國家的籌款活動，我們，我想我們，我們仍然期望看到今年和明年初仍然完成大量籌款活動。

And that we can continue fundraising for infrastructure fund five up to mid next year and private active fund seven international portion, which is exam, but some few accounts that we ask to be exempt from this limitation, finish the fundraising end of this year. But for that time, we can continue fundraising up to mid next year as the fundraising started in different moments.

我們可以在明年中期之前繼續為基礎設施基金五號和私人主動基金七號國際部分籌集資金，這是考試，但我們要求豁免此限制的一些帳戶將在今年年底完成籌款。但到那時，我們可以繼續籌款到明年年中，因為籌款是在不同的時間開始的。

So we still have for repeating here because it's an important information for all of you guys know, private active fund seven. We finished fundraising X Latam. With the exception of a few names of the solvent wealth funds that I that I mentioned, but we can still raise money within Latam up to mid next year. Infrastructure fund for no lack time and ex la time clients up to mid next year. So, we still have whatever 778 months ago. Hope I answered your question.

所以我們仍然需要在這裡重複，因為這是你們所有人都知道的重要訊息，私人主動基金七。我們完成了 X Latam 籌款活動。除了我提到的一些有償付能力的財富基金之外，我們仍然可以在明年中期之前在拉丁美洲籌集資金。為明年中期之前不缺時間和臨時客戶的基礎設施基金。所以，我們仍然擁有 778 個月前的一切。希望我回答了你的問題。

Thank you, Alessandra.

謝謝你，亞歷珊卓。

One moment for your next question.

請稍等一下，回答你的下一個問題。

The next question comes from the line of Beatriz Abreu of Goldman Sachs. Beatriz , please go ahead.

下一個問題來自高盛的 Beatriz Abreu。比阿特麗斯，請繼續。

Hi, good morning, everyone. Thank you for the call and for taking my questions. I have two questions. One on FRE margin if you could please repeat your expectations for FRE margin for next year. I didn't quite catch that, but I wanted to know if you expect some expansion to happen in FRE margins in 2025.

嗨，大家早安。感謝您的來電並回答我的問題。我有兩個問題。關於 FRE 利潤率，請您重複一下您對明年 FRE 利潤率的預期。我不太明白這一點，但我想知道您是否預計 2025 年 FRE 利潤率會出現一些擴張。

Due to synergies that you may be able to capture some acquisition. And also, I understand the margins should maybe go up and for you as revenues are usually higher because of incentive fees. But should we expect that that margin to, to go back to 53% to 54% level and one Q next year, is that increasing throughout the year? It would be great to get some colour on that.

由於協同效應，您也許能夠獲得一些收購。而且，我知道您的利潤率可能會上升，因為由於獎勵費，收入通常會更高。但我們是否應該預期這一利潤率會在明年回到 53% 至 54% 的水平，並且全年都會增加？如果能在上面得到一些顏色那就太好了。

And for my second question, second question on the tax rate, you mentioned that you still expect 6 to 8% tax rate this year. And that would imply a lower effective tax rate in four Q. Maybe you could give more call on what would be the reason behind that? A patient and we should expect the effective tax rate to increase towards the 10% already in the next year. Thank you.

關於我的第二個問題，關於稅率的問題，你提到你仍然預計今年的稅率為6%至8%。這將意味著第四個問題中的有效稅率較低。作為患者，我們應該預計明年的有效稅率將增加至 10%。謝謝。

Okay. Thank you, Beatriz. Thank you also for participating in our call. This is Alex here.

好的。謝謝你，比阿特麗斯。也感謝您參與我們的電話會議。這是亞歷克斯。

I'll take your first question and Anna will take your second question on tax.

我將回答你的第一個問題，安娜將回答你關於稅收的第二個問題。

So as far as margins are concerned, of course, you saw the margins for this quarter a little lower than previous quarters because we did absorb 100% of the Aberdeen GPMS Business and the real estate, not only VBI but the Credit Suisse DC businesses, the Credit Suisse real estate Investment Trust, the VBI Real Estate Investment Trust and the GPMS know the Car out of Marine, the three businesses, they have had the lower margins than we did operate. And I mentioned during the announcement of these three deals that, GPMS Robert Dean Carval was running a 30% FRE margin as the real estate businesses. Right. And we do run an upper 50s, FRE margin, right.

當然，就利潤率而言，您會看到本季的利潤率比前幾季略低，因為我們確實吸收了100% 的阿伯丁GPMS 業務和房地產業務，不僅是VBI，還有瑞士信貸DC 業務，瑞士信貸房地產投資信託基金、VBI 房地產投資信託基金和 GPMS 都知道汽車與海洋這三項業務，他們的利潤率比我們經營的要低。我在宣布這三筆交易時提到，GPMS Robert Dean Carval 作為房地產業務的 FRE 利潤率為 30%。正確的。我們的 FRE 利潤率確實達到了 50 多歲，對吧。

So we did absorb these businesses in the third quarter in a, in a full quarter. Remembering that in the second quarter was just a partially absorbed because these businesses came in late in the second quarter. So, the whole, this whole fee businesses were fully absorbed during the third quarter. And of course, the margins come down.

因此，我們確實在第三季吸收了整個季度的這些業務。請記住，第二季只是部分吸收，因為這些業務是在第二季末進入的。因此，整個收費業務在第三季被完全吸收。當然，利潤率也會下降。

I see margins going up to the high upper 50s in 2025 as we move to integrate the businesses. And I know I can know, show you what we have done in the past, I think when we did absorb the MDA business, the, the Chile and asset management business that we acquired late 21. At that time, we announced that MTA was running a 40% FRE margin business during 22.

隨著我們開始整合業務，我預計 2025 年利潤率將升至 50 多歲。我知道我可以知道，向您展示我們過去所做的事情，我想當我們確實吸收了 MDA 業務時，我們在 21 年底收購了智利和資產管理業務。當時，我們宣布 MTA 在 22 日期間經營 40% FRE 保證金業務。

You saw margins coming down also to the mid f lower 50s range and then we pushed margins up again to 60% FRE by the end of 22 and then it comes 23 we did other acquisitions there and I think, and, and comes 24 the same effect. So, know we know how to do this. I'm confident that we're going to push the margins up again, back to the upper 50s as far as the first quarter of 2025. I'm not sure where we're going to land in margin. So, I, I know I would say a mid F number, I think 53 and it's now kind of the low end of the mid 50s number. We should reach the, the upper 50s as a year as a complete year, full year, 2025 not, not in the first quarter, first quarter, more mid-50s.

你看到利潤率也下降到 50 年代中期，然後我們在 22 年底將利潤率再次提高到 60% FRE，然後到了 23 年底，我們在那裡進行了其他收購，我認為，並且，到 24 年底也是如此影響。所以，知道我們知道如何做到這一點。我相信，我們將再次提高利潤率，到 2025 年第一季回到 50 左右。我不確定我們的利潤率會達到多少。所以，我，我知道我會說一個中 F 數字，我認為是 53，它現在是 50 年代中期數字的低端。我們應該達到，作為一個完整的一年，全年，2025 年，而不是第一季度，第一季度，50 年代中期。

And then I'll turn to other for your second question.

然後我將轉向其他人回答你的第二個問題。

Hi, good morning. As mentioned, this quarter. Our tax effective tax rate reaches 10.6% and the year-to-date is 8.8%.

嗨，早安。如前所述，本季。我們的稅收有效稅率達10.6%，今年迄今為8.8%。

This is all caused by the different mix of jurisdictions that we have our income. And basically, the signal of our diversification that we have in the onboarding of new, the new company, the new M&A and what we basically are envisioned by throughout the end of the year that this should be between the tax rate could be between 6% to 8%. And this is also again, the, basically the result of the income we have in each jurisdiction and also the different expenses that hits our fourth normal, normally hits our fourth quarter income and expenses in that particular quarter. So, this is what we believe.

這都是由於我們收入的司法管轄區的不同組合造成的。基本上，我們在新公司的加入、新公司、新併購中發出了多元化的信號，我們基本上預計到今年年底，稅率應該在 6% 之間至 8%。這基本上也是我們在每個司法管轄區的收入以及達到我們第四正常的不同支出的結果，通常會影響我們第四季度該特定季度的收入和支出。所以，這就是我們所相信的。

And as I also mentioned during the IPO that our evolution and diversification would bring tax through closer to a 10% throughout the year. That's what we are looking into a 2025 tax, right.

正如我在 IPO 期間提到的，我們的發展和多元化將使全年稅率接近 10%。這就是我們正在研究的 2025 年稅收，對吧。

Yeah. And just getting back to the to the margin question again, just to use some examples here. Just so again, I think you, you alluded to this, Beatriz during your question, but in the fourth quarter, we do have higher margins because of the incentive fees and using as a 2023.

是的。再次回到邊緣問題，僅舉一些例子。再說一次，我想你在提問時提到了這一點，Beatriz，但在第四季度，由於激勵費用和使用 2023 年，我們的利潤率確實更高。

And as an example, the fourth quarter of 2023 we had 70%- 71% no FRE margins, compared to, you know, the third quarter of 2023. That was in the 60s. So, we actually increased by 10% points, the FRE margin in the fourth quarter that trend should also happen here in this year of 2024 as we move into the year and as you look into the $170 million of FRE and we are at 115, how can we bridge this remainder? 55 is now, if we do a similar quarter of $40 million-$41 million of FRE, we're up to 155. Now, then we have around $10 million of, incentive fees around 10, that's already 165 that we have to bridge $5 million for the 170. So, we're, if we repeat the, the third quarter. And as I said, we need to all these businesses in the third quarter, and we already started integrating them. So, we're moving up the, the margin ladder in the fourth quarter. I need $5 million GAAP between the fourth quarter and the third quarter not pretty feasible That's why we are confirming our $170 million FRE for 2024. And that's now that trend would also happen in the 25 and going forward.

舉個例子，與 2023 年第三季相比，2023 年第四季我們有 70% - 71% 沒有 FRE 利潤。那是在20世紀60年代。因此，我們第四季度的FRE 利潤率實際上增加了10%，這一趨勢也應該在2024 年出現，當我們進入這一年時，當你查看1.7 億美元的FRE 時，我們的排名是115 ，我們要怎麼彌補這一剩餘呢？現在是 55，如果我們在類似的季度進行 4000 萬至 4100 萬美元的 FRE，我們將達到 155。現在，我們大約有 1000 萬美元，激勵費約為 10，這已經是 165，我們必須為 170 人彌補 500 萬美元。所以，如果我們重複的話，我們是第三季。正如我所說，我們需要在第三季完成所有這些業務，並且我們已經開始整合它們。因此，我們將在第四季度提高利潤率。我在第四季和第三季之間需要 500 萬美元的 GAAP，這不太可行​​這就是為什麼我們確認 2024 年 1.7 億美元的 FRE。現在這種趨勢也將在 25 世紀及以後發生。

I hope I, I hope we answered your questions.

我希望我希望我們回答了你的問題。

Perfect. No, that was all very clear. Thank you, Alex.

完美的。不，這一切都已經很清楚了。謝謝你，亞歷克斯。

One moment for your next question.

請稍等一下，回答你的下一個問題。

The next question comes from the line of Ricardo Buchpiguel.

下一個問題來自 Ricardo Buchpiguel。

Ricardo, please go ahead.

里卡多，請繼續。

Hi everyone and thank you for the opportunity of making questions. I have just one from my side. Can you please comment if the environment velocity in the infrastructure fund hit the hurdle rate given the deration in the micro condition, there is in any way affect or this particular segment has been much impacted by the interest in Brazil with higher rates and effects. Thank you.

大家好，感謝您提供提問的機會。我身邊只有一個。鑑於微觀條件下的減額，您能否評論一下基礎設施基金的環境速度是否達到了最低標準，是否會產生任何影響，或者這一特定領域受到巴西利息較高的利率和影響的很大影響。謝謝。

Thanks Ricardo. Thanks for participating in our call.

謝謝里卡多。感謝您參與我們的通話。

Yeah, I think the there's several things going on in Brazil and some of them there are No, not, not, no, not a lot of good news coming from, from the volatility caused by our presence. Not, not willing to come out straight with his on, on, on the fiscal imbalances, right? And all the effects of that causes to the economy as, as you just mentioned.

是的，我認為巴西正在發生一些事情，其中​​一些是不，不，不，不，沒有很多好消息來自我們的存在造成的波動。不，不願意在財政失衡問題上直言不諱，對吧？正如您剛才提到的，這對經濟造成的所有影響。

But the infrastructure side has, has been going through a mini boom if I would say right? The last auctions that came out be it federal and state auctions, they were all huge successes and several different sectors, several different states and including the Federal Union.

但基礎設施方面一直在經歷小繁榮，如果我說對的話？最近的拍賣無論是聯邦或州的拍賣，都取得了巨大的成功，並且在幾個不同的部門、幾個不同的州，包括聯邦。

I mentioned some examples of water and sewage, you know, two or three auctions of northeastern states that were not the largest and the most appealing states in Brazil and the auctions all went well and we bid for one, we lost. But so competitive bids with 345 bidders for the, you know, the water and sewage businesses and then we go to toll roads as you know, we bid and we lost for the, the, the last toll road a couple of weeks ago.

我提到了一些水和污水的例子，你知道，東北部州的兩三個拍賣，這些州不是巴西最大和最有吸引力的州，拍賣一切都很順利，我們競標了一個，我們輸了。但是，供水和污水處理業務的投標有 345 個投標人，競爭非常激烈，然後我們去收費公路，如您所知，我們投標，幾週前我們輸掉了最後一條收費公路。

But also strategic players and financial and sponsors. So, everybody very disciplined as you saw also the, the in the numbers that were, you know, the winning numbers also more to roads to come. We have schools in the state of Sao Paulo, two options for the construction of schools. I'm naming three sectors here and I can name others. So again, I think the infrastructure is going through a because of the characteristics of infrastructure that in general, you know, that you have a long term contract that these are the ones that we look for to add to our funds. And these long term contracts are adjusted to inflation, and you have financing. And I think in the infrastructure, I think we, we for our business here, Chicago with some the best of all that we can have here. And the number one, we have foreign interest to invest in infrastructure in Brazil. When we are bidding for the toll roads, we have co investments together with us from global financial institution, global sovereign funds together with us. So, we have foreign interest and II I emphasize that because they are very, very big checks willing to invest in infrastructure in the region, mainly Brazil from, from foreign financial players.

還有策略參與者、財務和贊助商。所以，每個人都非常自律，因為你也看到了，你知道，獲勝的數字也更預示著未來的道路。我們在聖保羅州有學校，有兩種建造學校的選擇。我在這裡列出了三個部門的名稱，我也可以列出其他部門的名稱。再說一次，我認為基礎設施正在經歷一個因為基礎設施的特點，一般來說，你知道，你有一份長期合同，這些是我們尋求添加到我們的資金中的合同。這些長期合約會根據通貨膨脹進行調整，並且您有融資。我認為在基礎設施方面，我認為我們為了我們在這裡的業務，芝加哥擁有我們在這裡可以擁有的最好的東西。第一，我們有外國興趣投資巴西的基礎設施。我們在競標收費公路的時候，有全球金融機構、全球主權基金跟我們一起共同投資。因此，我們有外國利益，我強調，因為他們有非常非常大的支票願意投資該地區的基礎設施，主要來自巴西，來自外國金融參與者。

Number two for Patria, we have a new fund, no brand new fund. So, we have a lot of money, a lot of equity, a $2 billion fund which is the target puts us in the in an $8 billion bidding contest because we do as you know, leverage 7,082 to 2030 of equity for in each of these deals. Number three, we have the team know an amazing experience and so many things going on here. That is just not our divestments, very successful selling to strategic players, global strategic players.

第二，對於 Patria，我們有一個新基金，但不是全新的基金。所以，我們有很多錢，很多股權，一個20 億美元的基金，這是我們的目標，讓我們參與80 億美元的競標競賽，因為正如你所知，我們在每個項目中都利用了7,082 到2030 的股權交易。第三，我們的團隊知道這裡發生了很多令人驚奇的經歷和事情。這並不是我們的撤資，而是非常成功地向策略參與者、全球策略參與者出售產品。

And we also have demand from local investors right in the takeout. We know some of the funds we listed, some of the funds. We actually also have local players as you saw in the auctions, local strategic players, bidding for toll road and etcetera, local players for water and sewage, etcetera.

我們也有來自當地投資者的需求。我們知道我們列出的一些基金，一些基金。實際上，我們也有本地參與者，正如您在拍賣中看到的那樣，本地策略參與者，競標收費公路等，本地參與者參與供水和污水處理等。

So it's a combination of you know, it's of all of these things causes us to be very, very exciting market and we are kind of alone there.

所以，你知道，所有這些因素的結合使我們成為一個非常非常令人興奮的市場，而我們在那裡有點孤獨。

Now, we as a financial sponsor, we have, you know, one large one together with us Brookfield, which is a global player that has a very strong presence in Brazil, but we don't see all the other, you know, big, you know, infrastructure funds play in Brazil and the global infrastructure funds. So, no, we're very well positioned there. No, we're here because we have been, you know, constructing our track record for the last 20 something years that started there with the team Ohio and then the team Andrea Felipe and Robert and Marcel and the team and all my partners there.

現在，我們作為財務贊助商，您知道，我們與布魯克菲爾德一起擁有一個大型贊助商，這是一家在巴西擁有非常強大影響力的全球性企業，但我們沒有看到其他所有大型贊助商。 ，基礎設施基金在巴西和全球基礎設施基金中發揮作用。所以，不，我們在那裡處於非常有利的位置。不，我們在這裡是因為，你知道，我們在過去20 多年裡一直在構建我們的業績記錄，從俄亥俄隊開始，然後是安德里亞·費利佩、羅伯特和馬塞爾隊，以及我在那裡的所有合作夥伴。

So going through a very, very interesting phase on the fundraising side, not only for the fund but co investors. So, we can actually build for larger projects on the management side, you know, the value creation side creating a lot of value there that translates to the divestments.

因此，在籌款方面經歷了一個非常非常有趣的階段，不僅對基金而且對共同投資者而言。因此，我們實際上可以在管理方面建立更大的項目，你知道，價值創造方面創造了大量價值，這些價值轉化為撤資。

All of the performance fees of the last several quarters came in from the infrastructure funds. And lastly here, our experience in the sector that actually makes us stand out so exciting moments for infrastructure in Brazil at least. And I think it will continue and it has to do, I think with all of the factors that I just mentioned. So, I hope I answered your question.

過去幾季的業績費全部來自基礎設施基金。最後，我們在該領域的經驗實際上使我們至少在巴西的基礎設施領域中脫穎而出。我認為這種情況將會繼續下去，而且必須考慮到我剛才提到的所有因素。所以，我希望我回答了你的問題。

Oh, very clear. Thank you. And just a follow up on one thing you mentioned, you said that incentive fees could be in the 10 level. Is that correct? You just want to confirm if that makes sense for, for Q4.

哦，很清楚。謝謝。就你提到的一件事進行跟進，你說獎勵費可能會在 10 級。這是正確的嗎？您只是想確認這對於第四季是否有意義。

Yes, the incentive fees in the fourth quarter, around $10million, right?

是的，第四季的激勵費用大約是1000萬美元，對嗎？

Thank you. Thank you very much.

謝謝。非常感謝。

One moment for our next question.

請稍等一下我們的下一個問題。

The next question comes from the line of Guilherme Grespan of JP Morgan. Guilherme, please go ahead.

下一個問題來自摩根大通的 Guilherme Grespan。吉列爾梅，請繼續。

Good morning Alexan and team. Thank you for the call and opening it up for questions. Just two on my side. The first one is actually pretty quick. I think I mentioned among the incentive fees that part of it comes from real estate. I just want to confirm which product inside real estate generated performance fees just to be sure we have it. Here, I think the, the ballpark, the, the bulk of it is going to come from, from private credit, right? But just to confirm the real estate products, which one generates performance. And the second one, it's more on the product. Strategy, Alex, you talked a lot about infrastructure and GPMS.

早安，亞歷山大和他的團隊。感謝您致電並提出問題。我這邊只有兩個。第一個其實相當快。我想我在激勵費用中提到了其中一部分來自房地產。我只是想確認房地產內的哪些產品產生了績效費，以確保我們擁有它。我認為，大部分資金將來自私人信貸，對嗎？但只是為了確認房地產產品中哪一款會產生業績。第二個，更多的是產品。策略，Alex，您談論了很多關於基礎設施和 GPMS 的內容。

But I, I wanted to get your review on private credit. You touched a little bit during the call but has been a booming. I think industry in Brazil and globally. I think most of your strategy today, it's still Chilean legacy, right? Monita Business. I just want to get your, your thoughts if you feel that there is an opportunity in Brazil or in the rest of Latin to develop the business, I think was part of the deal as well. But just want to, to get the kind of milestones on what you're thinking about this strategy in Brazil and the business outside Chile. Thank you.

但我，我想聽聽你對私人信貸的評論。通話過程中你有一點感動，但一直很興旺。我認為巴西乃至全球的工業都是如此。我認為你們今天的大部分策略仍然是智利的遺產，對嗎？莫尼塔商業。我只是想了解您的想法，如果您認為在巴西或拉丁其他地區有機會發展業務，我認為這也是交易的一部分。但只是想獲得關於您對巴西戰略和智利以外業務的思考的里程碑。謝謝。

No, great. I'll ask Anna to answer the first question and then I'll, I'll ask, answer your second question on, on the credit business, please, Anna.

不，太好了。我會請安娜回答第一個問題，然後我會，我會問，回答你關於信貸業務的第二個問題，請安娜。

Hi.

你好。

Yes, you're right. I, you know what I said is incentive. It comes mostly from the strategy of credit, public equities and the state. However, most of our incentives are generated by the credit is if I, you know, look into the size is really like 95%-97% is the credit and there is just a small portion coming from your state. We are actually coming from the some of the funds that we acquired from credit suite.

是的，你說得對。我，你知道我說的是激勵。它主要來自信貸、公共股票和國家的策略。然而，我們的大部分激勵措施都是由信貸產生的，如果我看看規模，95%-97% 是信貸，只有一小部分來自您所在的州。我們實際上來自於我們從信貸套件獲得的一些資金。

Yes. And going to your second question, I think not only credit but also real estate, but are doing extremely well this year. Let me, let me turn to credit and then I'll touch on the real estate side for a second as I finish my answer on the credit side again, I, I would, I couldn't be happier. We do post the returns of the funds, and you can see in our presentation here as I as I mentioned, in any shape or form that you see, it will be the benchmarks. And on the private credit side, William, we have a 15% of our public funds are private credit transactions.

是的。至於你的第二個問題，我認為不僅是信貸，還有房地產，今年都表現得非常好。讓我，讓我轉向信貸，然後當我再次完成信貸方面的回答時，我會談談房地產方面，我，我會，我高興極了。我們確實發布了基金的回報，正如我所提到的，您可以在我們的演示中看到，無論您看到什麼形式或形式，這都將是基準。在私人信貸方面，William，我們有 15% 的公共資金是私人信貸交易。

It's a pocket that we have and that and given our size. So, for the $6.5 billion that we currently manage, we have around $750 million is pure private credit, right? And then the main strategy is no $566.5 billion minus 750. So, you have a number of $5 billion, 750, right? Out of the, the 5,750 15% of that, which is now close to $800 million is private credit, right? Which is the pocket of private credit within the public fund. So if you look at how much we do manage in private pay private credit is a substantial number and probably making us one of the larger private credit, alternative asset managers in the region because of the sum that I just did that we're managing over $1.5 billion of private credit.

這是我們擁有的一個口袋，考慮到我們的體型。那麼，對於我們目前管理的 65 億美元來說，我們有大約 7.5 億美元是純粹的私人信貸，對吧？那麼主要策略就是5665億美元減去750。那麼，你有 50 億美元、750 美元，對吧？其中 5,750 個，其中 15%（現在接近 8 億美元）是私人信貸，對嗎？這是公共基金中私人信貸的口袋。因此，如果你看看我們在私人支付方面管理的金額，私人信貸是一個很大的數字，並且可能使我們成為該地區較大的私人信貸、另類資產管理公司之一，因為我剛剛管理的金額超過了我們的規模。

Now, pure private credit around $750 million there. I have infrastructure, private credit. I have the Fiji that, you know, in Brazil fia and all of these other products that are in the Fiji format. And then I have a last time dollar denominated private credit funds, and I have the 15% pocket out of the $5.5 billion public credit strategy.

現在，純私人信貸約為 7.5 億美元。我有基礎建設、私人信貸。我有巴西國際汽聯的斐濟，以及斐濟格式的所有其他產品。然後我有最後一個以美元計價的私人信貸基金，我從 55 億美元的公共信貸策略中拿出 15%。

And that part of the market is doing extremely well. You know, with all kinds of different transactions, it is a moment that companies are kind of stressed because of the high interest rates mainly in Brazil. So we're managing to do very interesting transactions there and, and, and, and getting extremely good returns for our private credit, which is actually helping push the, the, the overall return of our public credit funds and of course, very good returns on our pure 100% private credit funds that I mentioned to you. And as I, as I look into the, the near the near future, mainly in Brazil because the yield curve show us that, you know, interest rates in Brazil will continue to be higher than, than I expected whatever 12 months ago in 2025. So these opportunities will continue as companies need to refinance themselves, etc.

這部分市場表現非常好。你知道，在進行各種不同的交易時，由於主要在巴西的高利率，公司現在有點壓力。因此，我們正在設法在那裡進行非常有趣的交易，並且我們的私人信貸獲得了非常好的回報，這實際上有助於推動我們公共信貸基金的整體回報，當然，非常好我向您提到的我們純100% 私人信貸基金的報酬率。正如我所展望的，在不久的將來，主要是在巴西，因為殖利率曲線向我們表明，2025 年巴西的利率將繼續高於我 12 個月前的預期。因此，隨著公司需要自行再融資等，這些機會將繼續存在。

We are providing that private credit solution for them in other parts of Latin America, this is also the case, but this, you know, youth curves are now showing a negative tendency which is good mainly in, in, in Chile and Colombia less so in Mexico. But as you know, Brazil is not there yet, no inflation actually is picking up in Brazil slightly picking up, but it is picking up. So, the, this is on the, on the credit side and, and we want to raise more no private credit instruments and funds, and I think we are launching other products as we speak. It's, it's a, it's an area of the market $1.5 billion and now multiply by five, multiplied by six.

我們正在為拉丁美洲其他地區的他們提供私人信貸解決方案，情況也是如此，但是，你知道，青年曲線現在呈現出負面趨勢，這主要在智利和哥倫比亞是好的，在智利和哥倫比亞則不太好。但如你所知，巴西還沒有達到這一目標，巴西的通膨實際上並未有所回升，只是略有回升，但它正在回升。所以，這是在信貸方面，我們希望籌集更多的非私人信貸工具和資金，我認為我們正在推出其他產品。這是，這是，這是一個 15 億美元的市場區域，現在乘以五、乘以六。

It's pretty, it's pretty sizable for the Brazilian market. No. But it comes and then even with the, the Chilean legacy that you mentioned, more of around 40% to 50% of the assets under the Chilean Fund are secure, Brazilian issued security. No security is issued by Brazilian companies.

很漂亮，對於巴西市場來說相當大。不。但它還是到來了，即使有你提到的智利遺產，智利基金下大約 40% 到 50% 的資產也是安全的、巴西發行的證券。巴西公司不發行任何證券。

So it is a, a fund managed by our Chilean partners, but half of the fund is composed of security issues by Brazilian firms because it's natural given the size of Brazil in the whole of Latin America. And then of course, Mexico coming second and Chile and Colombia on, on the real estate side, we know if you look what happened over the last 24 months, I know we know we, we doubled when we joined forces with VBI, I was managing %5 billion REI that's mid 2022 mid 2024. VBI was managing $10 billion, right? So, from 5 to 10 in addition to the credit Swiss acquisition of around $12 billion Rayis, so making us today plus everything that we already had. Now the largest independent manager, top three considering the real estate managers linked to commercial financial institutions.

因此，這是一個由我們的智利合作夥伴管理的基金，但該基金的一半由巴西公司的安全問題組成，因為考慮到巴西在整個拉丁美洲的規模，這是很自然的。當然，墨西哥排名第二，智利和哥倫比亞緊隨其後，在房地產方面，如果你看看過去24 個月發生的事情，我們就知道，我知道我們知道我們，當我們與VBI 聯手時，我們的業績翻了一番，我是截至 2022 年中期至 2024 年中期，管理著 50 億%的 REI。VBI 管理 100 億美元，對嗎？因此，除了瑞士信貸斥資約 120 億美元收購 Rayis 之外，從 5 到 10，使我們今天擁有了我們已經擁有的一切。現在是最大的獨立管理人，考慮到與商業金融機構相關的房地產管理人，排名前三。

So again, extremely excited, but on, on what did we see there in the first half of 2024 we raised a lot what we call the brick and mortar kind of funds, funds that invest in the asset, the real estate asset itself, buildings construction, logistics, residential, blah, blah, blah. In the second half of 2024 we're we our focus and what's the market is asking also is for the credit related real estate funds. The Greece now the cris and we've been very successful in raising those funds, you know.

再次，非常興奮，但是，我們在 2024 年上半年看到了什麼，我們籌集了很多所謂的實體基金，投資於資產、房地產資產本身、建築物的基金建築、物流、住宅，等等，等等。2024 年下半年，我們是我們的重點，市場要求的也是信貸相關的房地產基金。希臘現在正面臨危機，我們在籌集這些資金方面非常成功，你知道。

So we, we have a very large market share in most of the segments of the real estate investment trust market in Brazil. 40% market share of the logistics segments of the corporate segments of the retail segments and still now close to 12%-15% share of the credit segments. And there we are now making inlays and raising a lot of money in the second half because as interest rates yield curve in Brazil turns to the worst in the second half. Now, our investors now are more inclined to invest in this kind of funds and securities than brick and mortar.

因此，我們在巴西房地產投資信託市場的大部分領域都擁有非常大的市場份額。物流部門、企業部門、零售部門的市佔率為 40%，信貸部門的市佔率目前仍接近 12%-15%。我們現在正在下半年進行鑲嵌並籌集大量資金，因為巴西的利率殖利率曲線在下半年轉向最差的水平。現在，我們的投資者現在更傾向於投資此類基金和證券，而不是實體投資。

So first half of 2024 more brick and mortar. Second half of 2024 more credit related and again, the beauty of having a diversified platform of not only credit funds but real estate funds and GP MS and private and venture, growth, and infrastructure, core, infrastructure, core plus infrastructure development. So today, we have 38 strategies over 100 products exposed to know the five main countries in Latam.

因此，2024 年上半年將有更多實體活動。2024 年下半年更多與信貸相關，擁有多元化平台的美妙之處不僅包括信貸基金，還包括房地產基金和GP MS、私人和風險投資、成長和基礎設施、核心、基礎設施、核心加基礎設施開發。所以今天，我們有38個策略100多個產品曝光來了解拉丁美洲的五個主要國家。

Besides Argentina, it gives us this and Europe gives us this ability to fundraise in different parts of the world fundraise for all these different 38 strategies and, and, and not only but deliver but beat the guidance that we have for $5 billion organic fundraising, FRE etc.

除了阿根廷之外，它還為我們提供了這一點，歐洲也為我們提供了在世界不同地區為所有這些不同的38 項戰略籌集資金的能力，並且不僅交付而且超越了我們對50 億美元有機籌款的指導，自由貿易協定等

I have more tools in my hand, more levers operational levers to be able to hit the guidance, deliver the guidance with all of these different products and countries that I that we fund raise today.

我手上有更多的工具，更多的操作槓桿，能夠達到指導方針，為我今天資助的所有這些不同的產品和國家提供指導。

Hope I answered your question.

希望我回答了你的問題。

That's clear, Alex Thank you.

很清楚，亞歷克斯，謝謝你。

One moment for your last question.

請稍等一下你的最後一個問題。

The next question comes from the line of William Beringer of [ITA BB A], William. Please go ahead.

下一個問題來自 [ITA BB A] 的 William Beringer，William。請繼續。

Thank you Alex and for your time. So, my question here is also on the topic of product expansion, but here more broadly. So, I would like to understand if you still think there is any product or region that is not already included in your portfolio, but you would like to expand there in a medium term. So, like I understand you're already in the process of digesting recent acquisitions. But if there's any appetite for the next year, maybe two years to go to another region, other products and complementing it if in order to expand on those fronts, if you see it necessarily through M&A or in organic, in organic movements, or if you believe organic movements would suffice here. Thank you.

謝謝亞歷克斯和您抽出時間。因此，我的問題也是關於產品擴展的主題，但範圍更廣。因此，我想了解您是否仍然認為有任何產品或地區尚未包含在您的產品組合中，但您希望在中期進行擴展。所以，據我所知，您已經在消化最近的收購了。但如果明年有任何興趣，也許兩年去另一個地區、其他產品並補充它，如果為了在這些方面擴展，如果你認為它必須通過併購或有機、有機運動，或者如果你相信有機運動在這裡就足夠了。謝謝。

Yeah.

是的。

No, thank you. Thanks for the question here, William. I think we are, we definitely continue to see though the, you know, the strategy that we actually set up prior to the IPO that we delivered during the IPO road show, which is product expansion, geographic expansion within Latam.

不，謝謝。謝謝你的提問，威廉。我認為，我們肯定會繼續關注我們在 IPO 之前實際制定的策略，即我們在 IPO 路演期間交付的策略，即產品擴張、拉丁美洲地區的地理擴張。

And for some strategies like GPMS, it has to be outside of the time the P MS market within is very narrow. On the product side, it's more on the fundraising side. It's, it's good for no local investors, investing in global product.

對於像 GPMS 這樣的一些策略，它必須在 P MS 市場非常狹窄的時間之外進行。在產品方面，更多的是在募款方面。投資全球產品對本地投資者來說沒有好處。

So we start with that strategy, we continue there. We are in year number 34.

所以我們從這個策略開始，然後繼續下去。我們現在是第 34 年。

My view that it's no, it's a 10 year strategy for me to see the complete menu of geographies and products that I like to attain. So, 30%-40% of the way you will listen from us in this December '9 in New York and hopefully you can participate as someone from your team, the next three-year performance and guidance. And you will see that we will expand the number of strategies to this 38.

我認為不是，這是我的十年策略，以查看我想要獲得的地理位置和產品的完整菜單。因此，您將在 9 月 9 日 12 月在紐約聆聽我們的 30%-40% 方式，希望您能夠作為團隊成員參與未來三年的績效和指導。你會看到我們將策略的數量擴大到這 38 個。

At the time of the, of the IPO, we have seven strategies. They have 38 and we continue to expand strategies specifically where no, I think there's a lot to do within that time. Mainly in Colombia with in, in, in, in Brazil and in Chile, we have no complementary products, frontier products. Now that will come through organic, launching of products. As I mentioned, we launch some Fiji some F Agros in Chile. We launch some local products there, but they are complementing the menu of products in Colombia after we signed the JV with Bank Colombia. Late last year in October, we are launching several products there.

在首次公開募股時，我們有七項策略。他們有 38 個，我們繼續擴大策略，特別是在沒有的地方，我認為在這段時間內有很多事情要做。主要在哥倫比亞，在巴西和智利，我們沒有互補產品、前沿產品。現在，這將透過有機地推出產品來實現。正如我所提到的，我們在斐濟推出了一些產品，在智利推出了一些 F Agros。我們在那裡推出了一些本地產品，但在我們與哥倫比亞銀行簽署合資企業後，它們補充了哥倫比亞的產品菜單。去年十月底，我們在那裡推出了幾款產品。

We're launching a, a local credit fund in Colombia. We're launching a private active fund in Colombia. We're launching an infrastructure fund in Colombia. We're launching a real state bad debt credit fund in Colombia and using the Colombian bank Colombia channel all in Colombian pesos to Colombians. As you know, some most of the institutional clients in Colombia, they have restrictions to invest outside of Colombia. They so they have to invest in Colombia like the Brazilian institution investors in pension funds. In addition, these investors, they want Colombian pesos exposure. So, the assets and liabilities are exposed to the same currency, and this is a huge competitive advantage of ours.

我們正在哥倫比亞設立一個當地信貸基金。我們正在哥倫比亞推出私人主動基金。我們正在哥倫比亞設立一個基礎設施基金。我們正在哥倫比亞推出一個真正的國家壞帳信貸基金，並利用哥倫比亞銀行哥倫比亞管道向哥倫比亞人提供所有哥倫比亞比索。如您所知，哥倫比亞的大多數機構客戶在哥倫比亞境外投資受到限制。因此他們必須像巴西機構投資者投資退休基金一樣投資哥倫比亞。此外，這些投資者還希望投資哥倫比亞比索。所以，資產和負債是同一種貨幣，這是我們巨大的競爭優勢。

Now, we are the global size today now managing $44 billion but we are very local in nature of implementation. So, we have products that are designed to the local market to the local investors in R is Brazil and Ria is in Chilean Pesos now in Colombian Pesos. And the, that's exactly what our clients are looking for. The global alternative asset manager, the, you know, the Blacks and Carlisle, although they're not going to launch local products in the country that I had just mentioned in local currencies, it's not their business, it's not their interest and the local guys are too small compared to us.

現在，我們的規模已達到全球規模，管理著 440 億美元的資金，但我們的實施本質上是非常本地化的。因此，我們有專為當地市場設計的產品，供當地投資者使用，R 是巴西，Ria 是智利比索，現在是哥倫比亞比索。這正是我們的客戶所尋求的。全球另類資產管理公司，你知道，布萊克家族和卡萊爾家族，雖然他們不會在我剛才提到的那個國家以當地貨幣推出當地產品，但這不是他們的事，不是他們的利益，也不是當地的利益。

They don't have our scale, our distribution, our fees to be able to invest in marketing and distribution and go to market strategies. So I think we're very well positioned and association with Bank Colombia has started with a very, very good right foot with our real estate investment trust and all these other products that we are launching and we are using the Bank Colombia networks to launch products in Panama to launch products in Guatemala in Costa Rica, which Bank Colombia has sizable operations in these other countries.

他們沒有我們的規模、我們的分銷、我們的費用，無法投資於行銷和分銷以及市場策略。因此，我認為我們處於非常有利的位置，與哥倫比亞銀行的合作已經開始，我們的房地產投資信託基金以及我們正在推出的所有其他產品，我們正在利用哥倫比亞銀行網絡來推出產品哥倫比亞銀行在巴拿馬、危地馬拉和哥斯達黎加推出產品，哥倫比亞銀行在這些其他國家擁有較大的業務。

So becoming a true local player also in Central America through this partnership, joint venture with Bank Colombia, which is the main bank, not only in Colombia but in the countries that I mentioned to you, we're not in Mexico. I think Mexico, though it's something that we have to analyse with, with a lot of care is the second largest economy in the region. I see, I see real estate in Mexico is still a good place. You have the list of the real estate investment trust in Mexico, the FREs like our fees now in Brazil.

因此，透過與哥倫比亞銀行的合作夥伴關係，成為中美洲真正的本地參與者，哥倫比亞銀行是主要銀行，不僅在哥倫比亞，而且在我向您提到的國家中，我們不在墨西哥。我認為墨西哥是該地區第二大經濟體，儘管這是我們必須仔細分析的問題。我明白了，我認為墨西哥的房地產仍然是一個好地方。您有墨西哥房地產投資信託的列表，FRE 就像我們現在在巴西的費用一樣。

There are no size market. Actually, the Mexican FRE market is a little bigger than the Brazil real estate investment trust market. And they, we, we real estate in Mexico because of the whole near shoring friendly shoring, whatever is in the northeast of Mexico is really booming. But we have to look with care. I think what's going to happen today now with the US Presidential elections. And also, we wanted to know wait a couple of months after the new President Claudia took over in Mexico to see her, you know, direction, the political direction in some of some of the aspects that might affect the real estate industry. Until now, actually, specifically for the real estate industry, nothing is really hampering that moment, that momentum that I just mentioned.

沒有規模市場。事實上，墨西哥FRE市場比巴西房地產投資信託市場稍大。他們，我們，我們在墨西哥的房地產，因為整個近岸友好的岸，墨西哥東北部的一切都在蓬勃發展。但我們必須仔細觀察。我認為今天美國總統選舉將會發生什麼。而且，我們想知道新總統克勞迪婭在墨西哥接任幾個月後，看看她在可能影響房地產行業的一些方面的政治方向。到目前為止，實際上，特別是對於房地產行業來說，沒有什麼能真正阻礙那一刻，也就是我剛才提到的那種勢頭。

I think we have two strategies here William that actually can expand outside of that time. One is GP MS, we're already in Europe. That our European operations is two thirds Europe, third US. If you look at it should be the opposite, right? It should be two thirds us and third Europe. So, we're looking to ways to expand in the US, and it could be through an acquisition through acquisitions.

我認為威廉這裡有兩種策略實際上可以在那個時間之外擴展。其中之一是 GP MS，我們已經在歐洲了。我們的歐洲業務三分之二是歐洲，三分之一是美國。如果你看的話應該是相反的吧？應該是三分之二的美國和第三個歐洲。因此，我們正在尋找在美國擴張的方法，這可以透過收購來實現。

And also our infrastructure business, I think is where, as I mentioned, we're top notch. I think we can actually expand to other to other countries outside of Latin America. We have the experience of doing development infrastructure and I think we should expand that could come also through acquisitions. So, we're, we're not going to do any acquisitions over the next four quarters.

正如我所提到的，我認為我們的基礎設施業務也是一流的。我認為我們實際上可以擴展到拉丁美洲以外的其他國家。我們擁有開發基礎設施的經驗，我認為我們應該透過收購來擴大這一範圍。所以，我們不會在接下來的四個季度進行任何收購。

Okay. We, and why is this hiatus now this hiatus is for us to integrate the businesses for us to show exactly our capability of buying things and, and, and then integrating and pushing margins up to close to close to 60. And I have to gain that credibility with you and other fact investors. But we have one successful case, which was the MDA which I just explained. Now, we have this business that we acquired this year. Hopefully even the answer that I gave to Beatrice, you know, we're going to see margins heading up in 2025 to the, you know, high FIF so I'm going to gain credibility, hopefully, gain credibility that we can do this. We can buy things we can integrate. We don't put any stress to our balance sheet. We have lower than one times FRELTM of debt net debt to LTMFRE. So, it's pretty low.

好的。我們，為什麼現在會出現這種中斷，這種中斷是為了讓我們整合業務，以準確展示我們購買東西的能力，然後整合並將利潤率推至接近 60。我必須贏得你和其他事實投資者的信任。但我們有一個成功的案例，就是我剛才解釋的MDA。現在，我們有了今年收購的這項業務。希望即使是我給比阿特麗斯的答案，你知道，我們將看到 2025 年的利潤率上升到高 FIF，所以我將獲得可信度，希望獲得我們可以做到這一點的可信度。我們可以購買可以整合的東西。我們不會給我們的資產負債表帶來任何壓力。我們的債務淨債務比 LTMFRE 的 FRELTM 低一倍。所以，它是相當低的。

So I think yes, but you know, growing into locally in Colombia organically through the bank, Colombia JV, looking into Mexico with a lot of care, real state will be the first one and then heading out to know GP MS Europe, GPMS last time. So it is, but this is all in time now for 2025 specifically, it's all organic. Okay? We don't even have an mou sign. Okay. So, between an mou and signing something you need no four quarters. And we're going to have, you know, we want to use 2025 again to show everything that I said here. No, we need to have some water going down the, the, the, the river here and now we're integrating the businesses, we're raising margins, you guys get comfortable with our confidence of doing things and then we take another step date 25-26 Onward. Okay.

所以我認為是的，但你知道，透過銀行、哥倫比亞合資企業有機地在哥倫比亞本地發展，非常小心地進入墨西哥，房地產將是第一個，然後去了解 GP MS Europe，最後是 GPMS時間。確實如此，但現在這一切都來得正是時候，特別是 2025 年，這一切都是有機的。好的？我們甚至沒有諒解備忘錄標誌。好的。因此，從達成諒解備忘錄到簽署協議，您不需要四個季度的時間。我們將，你知道，我們想再次使用 2025 年來展示我在這裡所說的一切。不，我們需要有一些水流到這裡，現在我們正在整合業務，我們正在提高利潤，你們對我們做事的信心感到滿意，然後我們又邁出了一步日期 25-26 日起。好的。

I hope I answered your question.

我希望我回答了你的問題。

Yeah, you did. It was very, very. Broad. Thank you.

是的，你做到了。非常非常。廣闊。謝謝。

Very clear.

非常清楚。

Thank you. This concludes the question-and-answer session. I would now like to turn it back over to the CEO and founder. Please go ahead.

謝謝。問答環節到此結束。我現在想把它轉回給執行長和創辦人。請繼續。

All right. Thank you very much for very, very thorough earnings call. I really appreciate your questions and the, the more interactive and the better. Thank you. Thanks again. I know that this is a busy day for all of us here with the US elections.

好的。非常感謝您非常非常詳盡的財報電話會議。我非常感謝您的提問，互動越多越好。謝謝。再次感謝。我知道今天對我們所有人來說都是忙碌的一天，因為美國大選。

Reiterating then our guidance of $170 million of FRE for this year, the $5 billion of organic fundraising. And next year $225 million of FRE for next year. We're going to have our day 9' December and we're preparing, great, content for you, for you and team. So, I hope that you guys can participate.

然後重申我們今年 FRE 1.7 億美元的指導，即 50 億美元的有機籌款。明年的 FRE 金額為 2.25 億美元。我們將於 12 月 9 日度過這一天，我們正在為您、您和團隊做好準備，一切都很好。所以，希望大家能夠參與。

It's going to be in New York and the NASDAQ venue, the NASDAQ building, the same place that actually we did our last one, late 2022 whoever participated. And I know hopefully we're going to see each other in person in, in a month time today, you know, is the 5' November. So, thank you very much again, all the best as, and see you soon. Thank you very much. Bye.

它將在紐約和納斯達克場地，納斯達克大樓，實際上我們在 2022 年底舉辦的最後一場比賽是在同一個地方，無論誰參加。我知道希望我們能在一個月後的今天見面，也就是 11 月 5 日。所以，再次非常感謝您，祝您一切順利，很快再見。非常感謝。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now, disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。