Patria Investments Ltd (PAX) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Patria's First Quarter 2025 Earnings Conference Call.

您好，感謝您的支持。歡迎參加 Patria 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Rob Lee, Head of Investor Relations. Please go ahead, sir.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係主管 Rob Lee。先生，請繼續。

Thank you. Good morning, everyone, and welcome to Patria's First Quarter 2025 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 6K filed with the Securities and Exchange Commission. This call is being webcast, and a replay will be available.

謝謝。大家早安，歡迎參加 Patria 2025 年第一季財報電話會議。今天在電話會議上發言的有我們的執行長 Alex Saigh、財務長 Ana Russo，以及首席經濟學家 Luis Fernando Lopes，他們出席了問答環節。今天上午，我們發布了一份新聞稿和收益報告，詳細介紹了本季的業績，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 6K 表格中找到。本次電話會議正在進行網路直播，並將提供重播。

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.

在我們開始之前，我想提醒大家，今天的電話會議可能包含不確定的前瞻性陳述。不保證未來的表現，不應過度依賴它們。

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

Patria 不承擔任何義務，也不打算更新任何此類前瞻性聲明。此類聲明是基於目前管理層的預期，並涉及風險，包括我們最新的 20 號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出售要約或購買任何 patria 基金權益的要約邀請。

As a foreign private issuer, Pacha 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. Reconciliation 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，Pacha 使用國際財務報告準則（IFRS）而非美國 GAAP 報告財務結果。此外，我們想提醒大家，我們將參考某些我們認為與評估業務財務績效相關的非國際財務報告準則指標。但不應孤立地考慮這些措施或將其作為根據國際財務報告準則制定的措施的替代。我們的收益報告中包含了這些指標與最具可比性的 IFRS 指標之間的對帳。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。

2025 is off to a very exciting start, as fundraising totalled a record $3.2 billion highlighting the expanded reach of our investment platforms and distribution capabilities and putting us well on the way to achieving our $6 billion fundraising target for the year.

2025 年開局非常令人興奮，籌資總額達到創紀錄的 32 億美元，凸顯了我們的投資平台和分銷能力的擴大，並使我們有望實現今年 60 億美元的籌資目標。

This record fundraising benefited from the signing of several large, customized investment accounts and SMAs special managed accounts, emblematic of how we evolved from a product centric asset manager to becoming a solutions provider for our investors.

此次創紀錄的融資得益於簽署了幾個大型客製化投資帳戶和 SMA 特別管理帳戶，這象徵著我們如何從以產品為中心的資產管理公司發展成為投資者的解決方案提供者。

We also reported first quarter '25 Fee-related earnings or FRE of $42.6 million or $0.27 per share. Representing 21% and 16% year over year growth respectively, despite rising global uncertainty. Fee earning AUM grew 6% sequentially and 46% year over year.

我們也報告了 25 年第一季的費用相關收益或 FRE 為 4,260 萬美元或每股 0.27 美元。儘管全球不確定性不斷增加，但年比分別成長了 21% 和 16%。收費資產管理規模較上季成長 6%，較去年同期成長 46%。

Most notably, we generated over $700 million of organic net inflows into fee earning AM in the first quarter '25. Reflecting an analysed organic growth rate of over 8.6%. This is an important PPI to monitor over time as it highlights our ability to drive organic revenue and earnings growth independent of M&A and investment returns. As we highlighted at our recent Investor Day on December 9th our increased diversification and the expansion of our investment and product capabilities is paying off in the form of robust fundraising and profitable net organic growth. In addition, fee earning AUM growth and management fee revenues benefit from the over 60% proportion of our assets which earn fees based on net asset value and or market value.

最值得注意的是，2025 年第一季度，我們為收費業務 AM 帶來了超過 7 億美元的有機淨流入。反映出分析後的有機成長率超過 8.6%。這是一個需要長期監控的重要 PPI，因為它凸顯了我們獨立於併購和投資回報來推動有機收入和獲利成長的能力。正如我們在 12 月 9 日最近的投資者日上所強調的那樣，我們日益多樣化的投資和產品能力的擴展正在以強勁的融資和盈利的淨有機增長的形式獲得回報。此外，收費 AUM 成長和管理費收入受益於我們超過 60% 的資產比例，這些資產根據淨資產價值和/或市場價值賺取費用。

Compared to below 10% at the time of our IPO and which provides the opportunity for long term compounding. All of the above reinforces our confidence in the 3-year targets we introduced at the event. Now, let me quickly summarize our first quarter results before we move on to some of the other highlights for the quarter.

相較於我們首次公開募股時的 10% 以下，這提供了長期複利的機會。以上這些都增強了我們對這次高峰會上提出的三年目標的信心。現在，讓我快速總結一下我們的第一季業績，然後再討論本季的其他一些亮點。

First, as we just noted, FRE per share of $0.27 in the first quarter '25 rose 16% year over year, driven by higher management fees due to higher fee earning AOM. The sequential decrease of 22% mainly reflects the expected seasonal decline in incentives, which totalled $12 million in the fourth quarter '24.

首先，正如我們剛才指出的，2025 年第一季每股 FRE 為 0.27 美元，比去年同期成長 16%，這得益於收費 AOM 增加導致的管理費增加。連續 22% 的下降主要反映了預期的季節性獎勵下降，24 年第四季獎勵總額為 1,200 萬美元。

Overall, we remain comfortable with our 2025 FRE per share guidance of $1.25 to $1.50 reflecting at the midpoint of the range, approximately 20% year over year growth. We generated $37 million of distributable earnings in the first quarter '25 or $0.23 per share, up 12% year over year.

總體而言，我們對 2025 年每股 FRE 指導價 1.25 美元至 1.50 美元仍然感到滿意，這反映在該範圍的中間點，同比增長約 20%。我們在 2025 年第一季創造了 3,700 萬美元的可分配收益，即每股 0.23 美元，年增 12%。

Driven by strong FRE growth performance related earnings were the diminished in the quarter.

受強勁的 FRE 成長業績推動，本季相關收益有所減少。

However, the net accrued performance fee balance of $368 million or $2.33 per share rose 15% in the quarter, mainly due to the depreciation of the dollar partially offset by declines in publicly listed portfolio companies within private equity.

不過，本季淨應計績效費餘額為 3.68 億美元，即每股 2.33 美元，上漲了 15%，這主要是由於美元貶值，但私募股權內部公開上市投資組合公司的下跌部分抵消了這一影響。

For perspective and notwithstanding changes in the value of the public holdings in our carry funds, underlying business trends at our private active portfolio companies generally remain positive. In local currency terms, EBITDA at our non-public P/E portfolio companies, rose approximately 15% on average in 2024.

從長遠來看，儘管我們的套利基金中的公共持股價值發生了變化，但我們私人主動投資組合公司的基本業務趨勢總體上仍然是積極的。以當地貨幣計算，我們非公開市盈率投資組合公司的 EBITDA 在 2024 年平均成長約 15%。

As we focus on resilient sectors of the economy such as Agribusiness, food and beverage and healthcare. Furthermore, infrastructure three, with $53 million of net accrued performance fees, remains in catch up and we expect it will be the main source of realized performance related earnings over the year.

我們專注於農業綜合企業、食品飲料和醫療保健等經濟中具有彈性的產業。此外，基礎設施三的淨應計績效費為 5,300 萬美元，仍在追趕中，我們預計它將成為全年實現績效相關收益的主要來源。

Assets under management of $46 billion grew 43% year over year and over 9% sequentially with a sequential growth driven by the record quarterly fundraising of $3.2 billion and positive impacts from investment returns and effects. Moving on, the Ernie AUM of 35 billion rose a eurobust 46% year over year and 6% sequentially.

管理的資產為 460 億美元，年增 43%，環比增長超過 9%，環比增長得益於創紀錄的 32 億美元季度融資以及投資回報和效應的積極影響。進一步來看，Ernie AUM 為 350 億，較去年同期成長 46%，較上季成長 6%。

There are several important things to keep in mind regarding our fee earning AUM results. There were no acquisitions in the quarter, and net organic inflows in the first quarter '25 were above $700 million representing an 8.6% annualized organic growth rate.

關於我們的收費 AUM 結果，有幾件重要的事情需要牢記。本季沒有發生收購，25 年第一季的淨有機流入超過 7 億美元，年化有機成長率為 8.6%。

This was our second straight quarter of positive net organic fee earning AOM growth, and we believe it highlights how our expanded platform is primed to grow organically. Supported by the capabilities we have acquired through our M&A activity, in addition to those we have developed internally.

這是我們連續第二季實現淨有機費用收入 AOM 正成長，我們相信這凸顯了我們擴展的平台如何做好有機成長的準備。除了我們內部開發的能力之外，我們還透過併購活動獲得能力作為支持。

As a result, we have built a better and more resilient business. Fee earning AUM in the quarter also benefited from continued strong investment returns and a positive effects impact.

因此，我們建立了更好、更有彈性的業務。本季收費資產管理規模 (AUM) 也受益於持續強勁的投資回報和正面的效應影響。

Keep in mind that as we highlighted at Investor Day the FRE impact from soft currency FX volatility is modest given that most of our expense base is denominated in local currency.

請記住，正如我們在投資者日所強調的那樣，鑑於我們的大部分支出基礎都是以當地貨幣計價的，軟貨幣外匯波動對 FRE 的影響是適度的。

Providing a substantial natural hedge. We estimate that for every 10% change in soft currencies, our fee-related earnings impact is approximately 2%.

提供大量的天然對沖。我們估計，軟貨幣每變動 10%，我們的費用相關收益影響約為 2%。

Finally, as we highlighted in the earnest presentation, investment performance remains strong, particularly within credits. It is worth keeping in mind that even though many of our strategies are US dollar or hard currency denominated, Local currency returns are increasingly important as over time, we expect to source more assets from local investors to invest in local strategies.

最後，正如我們在認真的演講中所強調的那樣，投資表現依然強勁，尤其是在信貸領域。值得記住的是，儘管我們的許多策略都是以美元或硬通貨計價的，但隨著時間的推移，當地貨幣回報變得越來越重要，我們希望從當地投資者那裡獲得更多資產來投資當地策略。

Moving on to fundraising, as I noted at the start of my remarks, we are very excited to report that we raised $3.2 billion in the first quarter of 2025 and $7.4 billion over the last 12 months, both a record for Patria. The quarter's outstanding results highlight the diversified product offering and distribution capabilities of the platform we have been building.

談到籌款，正如我在演講開始時提到的，我們非常高興地報告，我們在 2025 年第一季度籌集了 32 億美元，在過去 12 個月籌集了 74 億美元，這兩項數據都創下了 Patria 的最高紀錄。本季的出色業績凸顯了我們一直在建構的平台的多樣化產品供應和分銷能力。

Fundraising included a mix of customized investment accounts, SMA special management accounts, and other fund structures including drawdown funds, Permanent capital listed vehicles and interval funds all spread across a variety of asset classes.

募集資金包括客製化投資帳戶、SMA 特別管理帳戶和其他基金結構，包括提取基金、永久資本上市工具和間隔基金，均分佈在各種資產類別中。

As of the end of the First quarter of 2025, approximately 20% of our fee earning AUM were in permanent capital vehicles.

截至 2025 年第一季末，我們收費收入 AUM 的約 20% 來自永久資本工具。

The growth of which remains a key long term objective. Drilling down into some of the fundraising highlights for the quarter. We continue to see strong demand from Asian sovereign wealth fund investors, and we closed on approximately $1 billion of commitments from these investors in customized investment accounts and SMAs, special manage accounts that will be invested in or in conjunction with our current vintage private equity buyouts and infrastructure development funds.

其成長仍然是關鍵的長期目標。深入了解本季的一些籌款亮點。我們繼續看到來自亞洲主權財富基金投資者的強勁需求，我們從這些投資者那裡獲得了約 10 億美元的承諾，這些資金將用於定制投資賬戶和 SMA、特殊管理賬戶，這些賬戶將投資於或與我們目前的老式私募股權收購和基礎設施發展基金相結合。

The quarter amply demonstrated the expertise we have developed in crafting customized solutions for our investors, and we continue to work on additional mandates for these strategies.

本季度充分展現了我們在為投資者制定客製化解決方案方面所累積的專業知識，我們將繼續致力於為這些策略提供額外的授權。

We hope to have more news to share over the coming quarters within GPMS we raised over $620 million in a new special managed account. In addition to normal course fundraising in our commingled vehicles and other special manage accounts. We also continue to see significant momentum across our credit platform led by our flagship US dollar high yield credit fund.

我們希望在接下來的幾季內與大家分享更多新聞，我們在 GPMS 內部的一個新的特別管理帳戶中籌集了超過 6.2 億美元。除了透過我們的混合車輛和其他特殊管理帳戶進行正常的籌款之外。我們也看到，以我們的旗艦美元高收益信貸基金為首的整個信貸平台繼續呈現強勁成長動能。

Regarding real estate, while high interest rates in Brazil have impacted demand for many of our listed REITs, we see selected opportunities to raise capital on the floor of the exchange through M&A and consolidation, as well as through credit-oriented REI strategies.

關於房地產，雖然巴西的高利率影響了我們許多上市房地產投資信託基金的需求，但我們看到透過併購和合併以及信貸導向的房地產投資信託基金策略在交易所籌集資金的特定機會。

It's important to keep in mind that a significant portion of the capital we raised in the quarter is customized accounts, SMAs, and other products will flow into fee earning AUM as capital is deployed, and our current pending fee earning AUM totals about $3.5 billion.

重要的是要記住，我們在本季度籌集的資金中很大一部分是客製化帳戶、SMA 和其他產品，隨著資本的部署，它們將流入收費 AUM，我們目前待定的收費 AUM 總額約為 35 億美元。

Also, we will earn fees on most of the co-investment capital sourced through the customized accounts and SMAs once deployed.

此外，一旦部署，我們將從透過客製化帳戶和 SMA 獲得的大部分共同投資資本中賺取費用。

Of course, while we are excited about our robust fundraising this quarter and believe we are comfortably on track to hit our $6 billion dollar target for the year. It is important to note that the 1st quarter benefited from the closing of several large SMAs and customized accounts that we have been working on for some time.

當然，我們對本季強勁的融資表現感到興奮，並相信我們能夠輕鬆實現今年 60 億美元的目標。值得注意的是，第一季受益於我們已經處理了一段時間的幾個大型 SMA 和客製化帳戶的關閉。

While we continue to work on other customized solutions across the platform.

同時，我們將繼續致力於整個平台的其他客製化解決方案。

In addition to our normal fundraising, The timing of when large and complex customized investment contracts will close is very difficult to predict.

除了我們正常的募款活動外，大型複雜的客製化投資合約的完成時間很難預測。

With that, we caution against extrapolating the extraordinary fundraising success in the 1st quarter across the entire year as a new level of quarterly fundraising.

因此，我們提醒不要將第一季非凡的籌款成功推斷為全年季度籌款的新水平。

Our efforts to diversify our platform and increase the resiliency of our business could not be timelier considering the highlighted global macro uncertainty and increased volatility that has gripped economies and markets around the world since the proposed imposition of widespread tariffs by the US on its trading partners. And uncertainty over future trade and economic policies.

自從美國提議對其貿易夥伴徵收廣泛關稅以來，全球宏觀不確定性凸顯，全球經濟和市場波動加劇，我們為實現平台多元化和提高業務彈性所做的努力可謂恰逢其時。以及未來貿易和經濟政策的不確定性。

Against this backdrop, it's important for investors to understand and appreciate how the region in general and patria is specifically are positioned in these uncertain times.

在這種背景下，投資者必須了解並認識到該地區以及祖國在這段不確定時期的具體定位。

In a nutshell, while it's possible that increased economic uncertainty and volatility could have a dampening impact on investors' willingness to commit capital to new investments in the short run, We believe Latin America is becoming a more attractive destination for capital even as our locally focused and diversified business model enhances our resilience.

簡而言之，雖然經濟不確定性和波動性的增加可能會在短期內抑制投資者對新投資的意願，但我們相信，即使我們以本地為重點的多元化商業模式增強了我們的韌性，拉丁美洲也正成為一個更具吸引力的資本目的地。

While much uncertainty remains and the potential for a global recession creates challenges and headwinds, we believe the region and Patria are positioned to weather and indeed possibly thrive in these challenging conditions.

儘管仍有許多不確定性，全球經濟衰退的可能性也帶來了挑戰和阻力，但我們相信該地區和帕特里亞有能力渡過這些充滿挑戰的境地，甚至有可能蓬勃發展。

Consider that save for Mexico, where our current exposure is minimal at below 3% of AUM.

考慮墨西哥的儲蓄，我們目前在該地的風險敞口極小，低於 AUM 的 3%。

The region is less exposed to potential tariffs and initially faced lower effective tariffs than other regions.

該地區受潛在關稅的影響較小，最初面臨的實際關稅也低於其他地區。

Long term, however, we believe Mexico remains an attractive potential market for expansion.

然而，從長遠來看，我們相信墨西哥仍然是一個具有擴張潛力的有吸引力的市場。

As the trade war between the US, China, and other countries escalates, we believe Latin America as a region is a beneficiary, given the region's low level of geopolitical risk and export markets that focus on in-demand agricultural products in addition to both hard and soft commodities.

隨著美國、中國和其他國家之間的貿易戰升級，我們認為拉丁美洲地區將成為受益者，因為該地區的地緣政治風險較低，且出口市場除了硬商品和軟商品外，還專注於需求旺盛的農產品。

With a population of over 650 million people and a combined GDP of over $6.5 trillion the region also has large and growing internal markets that provide an attractive export destination for trading partners.

該地區人口超過 6.5 億，國內生產總值超過 6.5 兆美元，擁有龐大且不斷增長的內部市場，為貿易夥伴提供了具有吸引力的出口目的地。

As evidence of these attributes, China is already Brazil's largest trading partner and the largest in the region when excluding Mexico. Also, the European Union and the Mercosur, a regional consortium of countries including Brazil and Argentina recently signed a trade agreement after nearly 20 years of negotiation.

作為這些屬性的證明，中國已經是巴西最大的貿易夥伴，也是除墨西哥之外該地區最大的貿易夥伴。此外，歐盟與南方共同市場（包括巴西和阿根廷在內的國家組成的區域聯盟）經過近20年的談判，最近簽署了一項貿易協定。

Spurred on, we believe, by defending imposition of tariffs and increased uncertainty out of the US. The region's relative attractiveness as a destination for investment can also be seen as it captures a growing market share of foreign direct investment which the United Nations Trade and Development Organization estimates reached 14.5% in 2023 more than 3 times the 4% in 1,999.

我們認為，這是受到捍衛美國徵收關稅和增加不確定性的刺激。該地區作為投資目的地的相對吸引力也體現在其佔據的外國直接投資市場份額不斷增長，聯合國貿易和發展組織估計，2023 年這一比例將達到 14.5%，是 1999 年 4% 的三倍多。

Which represents the beginning of the data series, making Latin America one of the few regions to record a pickup in market share. From Patra's perspective, as investors in the region, with over 36 years with significant boots on the ground resources, we have extensive experience in dealing with and investing through periods of high interest rates, effects, volatility, and economic uncertainty.

這代表了數據系列的開始，使拉丁美洲成為少數幾個市場份額回升的地區之一。從 Patra 的角度來看，作為該地區的投資者，我們擁有超過 36 年的豐富實地資源，在應對高利率、影響、波動和經濟不確定時期以及在此時期進行投資方面擁有豐富的經驗。

At the strategy or investment level, our private act investments are mostly oriented toward domestic consumption markets not export markets Infrastructure by its nature is local, and our GPMS solutions business is focused on the European and to a lesser extent US.

在策略或投資層面，我們的私人行為投資主要面向國內消費市場，而非出口市場。基礎設施本質上是本地化的，我們的 GPMS 解決方案業務主要集中在歐洲，其次是美國。

Middle market P/E secondaries, primaries, and co-investments. Direct exposure to export focused businesses and or investments in the US is minimal. Our position within Latin America as the go to alternative manager for global investors looking to invest in the region is best evidenced by the customized investment accounts we completed in the 1st quarter with several Asian sovereign wealth funds.

中間市場市盈率二級、一級和共同投資。對美國出口型企業和/或投資的直接接觸很少。我們在第一季與幾家亞洲主權財富基金完成的客製​​化投資帳戶最能證明我們在拉丁美洲作為尋求在該地區投資的全球投資者的首選另類管理者的地位。

While this interest preceded the recent tariff-induced economic uncertainty, we believe recent trade actions by the US have led to early signs of increased interest from Asian. Middle Eastern and increasingly European investors in our infrastructure and other strategies, including our European solutions business.

雖然這種興趣出現在近期關稅引發的經濟不確定性之前，但我們認為，美國近期的貿易行動已引發亞洲國家興趣增加的早期跡象。中東和越來越多的歐洲投資者投資於我們的基礎設施和其他策略，包括我們的歐洲解決方案業務。

As investors seek alternative destinations outside the US to deploy capital and earn returns. Also, the potential for the denominator effect to once again rear its head. As well as the prospect for lower DPIs in the global P/E industry should also benefit our solutions business, particularly our secondary strategies.

隨著投資者尋求美國以外的其他目的地來部署資本並獲得回報。此外，分母效應有可能再次顯現。全球 P/E 產業 DPI 降低的前景也應該有利於我們的解決方案業務，特別是我們的二級策略。

Our business is also built to serve local investors and at the local level. We continue to see early signs of increased allocations to alternatives from local investors and institutions that are both under allocated to alternative strategies.

我們的業務也旨在為當地投資者和當地層面提供服務。我們繼續看到本地投資者和機構增加對另類投資配置的早期跡象，而這些投資者和機構對另類投資策略的配置都不足。

And are often required to invest locally and understandably have a home country bias in times of economic stress and uncertainty. Local investors in Latam accounted for approximately 17% of our fundraising in the first quarter '25 and over 40% in 2024. And we believe the current uncertainty is also supportive of demand for our European solutions business.

而且通常需要在當地投資，在經濟壓力和不確定時期，可以理解的是，他們會傾向於本國投資。2025 年第一季度，拉丁美洲本地投資者約占我們融資總額的 17%，2024 年這一比例將超過 40%。我們相信，當前的不確定性也支持我們歐洲解決方案業務的需求。

Last but not least, economically, our fee earning AUM and management fees are very sticky and highly predictable, as approximately 20% of our fee earning AUM are in permanent capital vehicles and approximately 90% in vehicles with no or limited redemption features.

最後但同樣重要的一點是，從經濟角度來看，我們的收費 AUM 和管理費非常固定且高度可預測，因為我們收費 AUM 的約 20% 來自永久資本工具，約 90% 來自沒有或有限贖回功能的工具。

At the same time, our FRE has little sensitivity to both currency FX volatility, as we mentioned earlier. Pulling this all together, our financial results and strong fundraising provide additional evidence that our strategy to diversify. And grow our business both organically and inorganically while also increasing our resilience is paying off in the form of better organic growth and growing FRE.

同時，正如我們之前提到的，我們的 FRE 對貨幣外匯波動的敏感度很小。綜合起來，我們的財務表現和強大的融資能力進一步證明了我們的多元化策略。透過有機和無機的方式發展我們的業務，同時提高我們的彈性，將以更好的有機成長和不斷增長的 FRE 的形式獲得回報。

It's been only 4 years since our IPO but as we highlighted at our investor day, which is available on our website over that brief period, we have greatly expanded our regional and global investor base and distribution capabilities, and we have significantly diversified our investment strategies and product offerings. In addition to consistently achieving or beating virtually all of the objectives we set for ourselves since the time of our IPO.

雖然距離我們首次公開發行 (IPO) 僅過去了 4 年，但正如我們在投資者日（可在我們的網站上查看）上所強調的那樣，在這短暫的時間內，我們極大地擴展了我們的區域和全球投資者基礎和分銷能力，並且我們的投資策略和產品供應也顯著多樣化。自首次公開募股以來，我們不斷實現或超越了為自己設定的幾乎所有目標。

We believe we are off to a strong start to deliver on the new fundraising, fee-related earnings, and other targets we unveiled at our recent investor day.

我們相信，我們已經有一個良好的開端，可以實現我們在最近的投資者日上公佈的新融資、費用相關收益和其他目標。

Now let me turn the call over to Anna to review our financial results in more detail.

現在，讓我將電話轉給安娜，讓她更詳細地回顧我們的財務結果。

Thank you.

謝謝。

Thank you, Alex, and good morning everyone. As Alex mentioned, 2025 is off to a very exciting start and the expanded reach of our investment platforms and products and distribution capability helped us raise $3.2 billion in the first quarter, a quarterly record. Strong results in the quarter increases our confidence that we are on track to achieve our 2025 objective. That will be our first quarter results.

謝謝你，亞歷克斯，大家早安。正如亞歷克斯所提到的，2025 年開局非常令人興奮，我們投資平台和產品以及分銷能力的擴大幫助我們在第一季度籌集了 32 億美元，創下了季度紀錄。本季的強勁業績增強了我們的信心，讓我們相信我們正朝著實現 2025 年目標的方向前進。這就是我們的第一季業績。

As Alex highlighted earlier, we are very pleased with our fundraising in the quarter and believe we are well on track to achieve our $6 billion target for the year against the backdrop of increased global uncertainty and volatility.

正如亞歷克斯先前強調的那樣，我們對本季的融資情況非常滿意，並相信在全球不確定性和波動性加劇的背景下，我們有望實現今年 60 億美元的目標。

Our AUM wrote 46% year over year and 6% sequentially to approximately $35 billion while acquisitions drove most of the year over year increase, the strong sequential growth reflects a combination of solid net organic inflows, as well as positive contributions from investment, performance, and movements due to the depreciating US dollar.

我們的 AUM 年增 46%，環比增長 6%，達到約 350 億美元，而同比增長大部分源於收購，強勁的環比增長反映了穩健的淨有機流入以及投資、業績和美元貶值帶來的積極貢獻。

As a result of the US dollar depreciation in the quarter, fee earning AUM recouped approximately half of the negative effects impact in the fourth quarter 2024. More importantly, however, and as we highlighted in prior calls, taxation has limited impacts on our FRE since our expense state provides a substantial hedge against currency movements that may impact our fee earning AUM and consequently our fee revenues.

由於本季美元貶值，收費業務 AUM 在 2024 年第四季收回了約一半的負面影響。然而，更重要的是，正如我們在先前的電話會議中所強調的那樣，稅收對我們的 FRE 的影響有限，因為我們的支出狀態提供了對可能影響我們的收費 AUM 以及我們的收費收入的貨幣波動的重大對沖。

As we view that our investor date back on December 9th, based on our current asset class mix, a 10% variance in sub currencies against the dollar impacts effort by only about 2%. It's particularly noteworthy that in the quarter Patria generated approximately $700 million of netting flows into AUM for an 8.6% annualized organic growth rate.

我們認為，我們的投資者可以追溯到 12 月 9 日，根據我們目前的資產類別組合，子貨幣兌美元的 10% 差異僅會對努力產生約 2% 的影響。尤其值得注意的是，本季 Patria 為 AUM 帶來了約 7 億美元的淨流入，年化有機成長率達到 8.6%。

Since the end of the third quarter of '24, Patria has generated about $1 billion of organic netting flows, highlighting the organic growth potential of our expanded platform. Of note, we reintroduce our pending fee earning AUM KPI, which highlights that we have almost $3.5 billion of already committed capital that should turn into fee earning AUM as the capital is deployed.

自 2024 年第三季末以來，Patria 已產生約 10 億美元的有機淨流入，凸顯了我們擴展平台的有機成長潛力。值得注意的是，我們重新引入了待定費用收入 AUM KPI，這表明我們擁有近 35 億美元的已承諾資本，隨著資本的部署，這些資本應該轉化為費用收入 AUM。

For comparative purpose, this KPI was approximately 2 billion at year end 2024.

為了進行比較，到 2024 年底，這 KPI 約為 20 億。

The expanding fee earning AUM combined with our fundraising goals, the 20% of fee earning AUM there are in permanent capital vehicles, and the 35% of fee earning AUM in drawdown funds with a life of 6.5 years all point to our ability to generate net organic growth over time.

不斷擴大的收費 AUM 與我們的籌款目標相結合，20% 的收費 AUM 屬於永久資本工具，35% 的收費 AUM 屬於期限為 6.5 年的提取基金，所有這些都表明我們有能力隨著時間的推移實現淨有機增長。

Total fee revenue in the first quarter reached $77.3 million up 28% over the prior year, about a $170 million increase, driven in large part by the full impact of our acquisitions completed in 2024, incremental inflow mainly into credit, partially offset by private equity for which sees charging feees.

第一季的總費用收入達到 7,730 萬美元，比上年增長 28%，即增加約 1.7 億美元，這在很大程度上是由於我們 2024 年完成的收購的全部影響，增量流入主要流入信貸，部分被私募股權收取的費用所抵消。

It is worth mentioning that due to timing of net asset flows into fee earning AUM, management fee revenue in the first quarter did not reflect the full impact of the quarter's asset growth.

值得一提的是，由於淨資產流入收費管理資產管理規模的時間安排，第一季的管理費收入並未反映本季資產成長的全部影響。

First quarter '25 revenue decreased 17% versus private quarter, primarily due to the year-end seasonal incentive fee of about $12 million in addition to retracted management fees of approximately $2.7 million that were recognized in the fourth quarter compared to just $0.3 million that were recognized in the first quarter. Excluding the impact of retro fees, management fee revenue was essentially flat.

25 年第一季的營收與私人季度相比下降了 17%，主要原因是年終季節性激勵費約為 1,200 萬美元，此外第四季還確認了約 270 萬美元的撤回管理費，而第一季僅確認了 30 萬美元。剔除追溯費用的影響，管理費收入基本持平。

Sequentially. We currently expect retrofits to be at least 1 million in the second quarter of 2025.

依次。我們目前預計，到 2025 年第二季度，改造數量將至少達到 100 萬。

Our management fee rate averaged about 96 basis points for the last 12 months. As we review at our investor date, we are steadily diversifying our business and introducing new investment strategies and product structures, which are key drivers of ours.

過去 12 個月，我們的管理費率平均約為 96 個基點。正如我們在投資者會議上回顧的那樣，我們正在穩步實現業務多元化，並引入新的投資策略和產品結構，這是我們的主要驅動力。

Consequently, our management fee rate will continue to evolve, and we expect our fee rate over the coming years to trend towards approximately 90 basis points, but can vary substantially from quarter to quarter depending on weeks. Moving on, operating expenses, which include personal and GNA expenses totalling approximately $35 million in this quarter, were up 36% versus Q1 2024, or $9.3 million.

因此，我們的管理費率將繼續變化，我們預計未來幾年我們的費率將趨向於約 90 個基點，但每個季度可能會根據週數而有很大差異。接下來，本季營運費用（包括個人和 GNA 費用）總計約 3,500 萬美元，較 2024 年第一季成長 36%，即 930 萬美元。

About 75% of this increase reflects the impact of acquisitions with the balance driven by continuing investment of our bill. The sequential decline reflects a combination of the seasonal effects of both our bonus of personal cost as well as seasonality in GNA expenses.

其中約 75% 的成長反映了收購的影響，其餘的成長則來自於我們帳單的持續投資。連續的下降反映了個人成本獎金和 GNA 費用季節性變化的綜合影響。

Looking ahead, we believe the first quarter, personnel and GNA expenses combined are a good baseline run rate. Putting it all together, I deliver few related earnings of $42.6 million a quarter, up 21% versus prior year, with an FRE margin of 55%.

展望未來，我們相信第一季度，人員和 GNA 費用總計將是一個良好的基準運行率。綜合起來，我得出每季 4,260 萬美元的相關收益，比上年增長 21%，FRE 利潤率為 55%。

We continue to expect the full year margin to fall within the range of our 58% to 60% guidance as we growth in revenues and capture incremental expenses synergy from our acquisition. Overall, given the strong start to the year, we remain confident in our fundraising target of $6 billion and our ability to achieve our FI target of $200 million to $225 million.

隨著營收的成長以及收購帶來的增量費用綜效，我們繼續預期全年利潤率將在 58% 至 60% 的預期範圍內。總體而言，鑑於今年開局強勁，我們仍然對 60 億美元的籌款目標以及實現 2 億至 2.25 億美元的 FI 目標的能力充滿信心。

Next, our net financial and other income and expense in Q1'25 total a negative $2.8 million reflecting mainly interest expense on our credit facilities, partially offset by income generated in our new energy trading platform TRA, which contributed about $1.1 million in the quarter. As of the first quarter, net debt total approximately $143 million compared to $190 million at year end.

其次，2025 年第一季我們的淨財務和其他收入及支出總計為負 280 萬美元，主要反映了我們的信貸安排的利息支出，部分被我們的新能源交易平台 TRA 產生的收入所抵消，該平台在本季度貢獻了約 110 萬美元。截至第一季度，淨債務總額約為 1.43 億美元，而年底為 1.9 億美元。

Our net debt to FRE ratio was well below 1 time at the end of the quarter, in line with our long-term guidance. Our effective tax rate in the quarter was 9.2%, an increase of 5.5% points versus the five quarter, mainly reflecting the impact of performance fee of our Q4'24 tax rate and our mix of jurisdictions.

本季末，我們的淨負債與 FRE 比率遠低於 1 倍，符合我們的長期指引。我們本季的有效稅率為 9.2%，比第五個季度增加了 5.5 個百分點，主要反映了我們 2024 年第四季稅率的績效費和我們所在司法管轄區組合的影響。

We continue to expect our tax rate to trend towards 10% at the end of our 3-year target period in 2027, given our revolving business need and new platforms located in higher tax jurisdictions.

考慮到我們的循環業務需求和位於高稅率管轄區的新平台，我們仍然預計我們的稅率將在 2027 年 3 年目標期結束時趨向於 10%。

In Q1 2025, we generated $37 million of distributor earnings, up almost 17% year over year, reflecting higher FRE, partially offset by higher net financial interest expense, while the sequential decline reflects the impact of both performance fees and incentive fees of fourth quarter '24 results.

2025 年第一季度，我們創造了 3,700 萬美元的經銷商收益，年增近 17%，反映了更高的 FRE，但部分被更高的淨財務利息支出所抵消，而環比下降反映了 24 年第四季業績的績效費和激勵費的影響。

First quarter, per share of $0.23 was up 12% versus the prior year on higher FRE partially upset by a higher share account and a slightly higher tax rate and financial income.

第一季度，每股收益 0.23 美元，較上年同期上漲 12%，原因是 FRE 上漲，部分原因是股票帳戶增加以及稅率和財務收入略有上升。

Regarding the share count, we finished the quarter at 158 million shares and continue to expect the share count to average between 158 million and 160 million from 2025 to 2027 inclusive share repurchase, which will be focused on offsetting stock-based compensation.

關於股票數量，本季末我們持有 1.58 億股，並預計 2025 年至 2027 年期間的平均股票數量將在 1.58 億至 1.6 億股之間（包括股票回購），這將專注於抵銷股票薪酬。

Finally, as we announced during our tax day, the board approved for 2025 a quarterly dividend per share of $0.15.

最後，正如我們在納稅日宣布的那樣，董事會批准 2025 年每股季度股息為 0.15 美元。

With regards to our share repurchase program, we did not repurchase shares in the quarter, but it remains our intention to repurchase shares over the course of the 2025. Overall, we are very pleased with our first quarter results and the momentum we have built as we continue to diversify and improve the resilience of our bill. We believe we are on track to meet our FRA targets for 2025, and we are excited regarding the growth opportunities that lies ahead.

關於我們的股票回購計劃，我們本季沒有回購股票，但我們仍打算在 2025 年期間回購股票。總體而言，我們對第一季的業績以及我們在繼續實現業務多元化和提高帳單彈性的過程中所建立的勢頭感到非常滿意。我們相信我們有望實現 2025 年的 FRA 目標，並且對未來的成長機會感到興奮。

Thank you everyone for diving in, and we are now ready to answer your question.

感謝大家的參與，現在我們準備好回答你們的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our first question is going to come from the line of Craig Siegenthaler with Bank of America. Your line is open. Please go ahead.

我們的第一個問題來自美國銀行的 Craig Siegenthaler。您的線路已開通。請繼續。

Good morning, Alex. Hope everyone's doing well.

早安，亞歷克斯。希望大家都一切順利。

My question is on the macro side.

我的問題是關於宏觀的。

The trade conflicts should be a positive for Letam and Brazil, encouraging more FDI. How are your portfolios positioned from higher tariffs from the US and some of its largest trade partners, including China?

貿易衝突對萊塔姆和巴西來說應該是好事，可以鼓勵更多的外國直接投資。如果美國及其一些最大貿易夥伴（包括中國）提高關稅，您的投資組合將如何定位？

Thank you, Craig. Nice speaking with you. This is Alex here and, thanks for your presence here, in this call. Well, we, if we break it down, I think most of our, investments are, know, Latin oriented, so in, within Latin America, our exposure to Mexico is minimum, less than 3%, 1 to 3%.

謝謝你，克雷格。很高興和你交談。我是亞歷克斯，感謝您參加這次電話會議。嗯，如果我們細分一下，我認為我們的大部分投資都是面向拉丁美洲的，所以在拉丁美洲，我們對墨西哥的投資最低，不到 3%，1% 到 3%。

So most of our exposure when I say Latin America is basically South America, and there I think our investments are, pretty much local, in sectors that we think are very resilient and locally, driven like healthcare, food and beverage, and on the infrastructure side, it's now very local by nature, toll roads, etc.

因此，當我說拉丁美洲時，我們的大部分投資基本上是指南美洲，而且我認為我們的投資基本上都是本地化的，投資於我們認為非常有彈性且由本地驅動的行業，例如醫療保健、食品和飲料，而在基礎設施方面，現在本質上是非常本地化的，例如收費公路等。

And our exposure to companies through our credit portfolio, very local as well as I mentioned, the less than 3% in Mexico, and when I go to real estate it's even more local and it has all to do with the local drivers of the countries like Brazil, like, Chile, Colombia, etc.

我們透過信貸組合對公司的投資非常本地化，正如我所提到的那樣，在墨西哥的佔比不到 3%，而當我涉足房地產時，它甚至更加本地化，​​這與巴西、智利、哥倫比亞等國家的本地驅動因素有關。

So, in general, I think that our exposure, to this whole tariff war is relatively low. As the region, is in the group, of, the 10% tariffs, which is now, the lower end of the spectrum of the tariffs that, was imposed by the US.

所以，總的來說，我認為我們對整個關稅戰的了解相對較低。由於該地區屬於 10% 關稅組，因此該稅率處於美國徵收關稅範圍的較低水準。

On the other side of the, of this equation here, I definitely think that the region will be benefited, from if this trade war continues as it is, as it changes every half an hour, but if it continues, where the region, will be, tariffed at the 10% level and the other regions of the world with higher tariffs. I think that region will be benefit because it's a huge consumption market. Large part of the GDPs of these countries is com composed by local consumption, the see of the of the GDP formula and these, trading partners, our trading partners will look into the region as a place to actually sell their products. China being, I think the largest trading partner in the region, excluding Mexico.

另一方面，我確信，如果這場貿易戰繼續下去，該地區將從中受益，因為貿易戰每半小時就會發生變化，但如果繼續下去，該地區將被徵收 10% 的關稅，而世界其他地區的關稅則更高。我認為該地區將會受益，因為它是一個巨大的消費市場。這些國家的 GDP 很大一部分是由當地消費構成的，GDP 公式中也包含了這些貿易夥伴，而我們的貿易夥伴將把該地區視為實際銷售其產品的地方。我認為，中國是該地區除墨西哥之外最大的貿易夥伴。

So, and lastly, I think even if the whole tariff, debacle go back to square goes back to square one, in my humble opinion here, I think this was a credibility shakeup. With the current US leadership.

所以，最後，我認為，即使整個關稅問題回到原點，以我個人的拙見，我認為這是一次信譽的震盪。與當前的美國領導層。

That I think that investors around the world will look for other places to invest besides the US. Now, when we were talking to investors in during 2023 and 2024, and even the later part of '24, there was a big push towards US investments, US equities and whatever and when I talked to investors now, I think there's a big push outside of the US. And as I mentioned, it's just, my personal opinion. Even if the tariff deco goes back to square one, I think there was a credibility shock here and investors will look for other places to invest in Latin America, and I think is a very interesting region, low geopolitical risks, etc.

我認為，世界各地的投資者都會尋找美國以外的其他投資地點。現在，當我們在 2023 年和 2024 年，甚至在 2024 年後期與投資者交談時，他們對美國投資、美國股票等都有很大的推動力，而當我現在與投資者交談時，我認為美國以外的投資也有很大的推動力。正如我所提到的，這只是我的個人觀點。即使關稅減讓回到原點，我認為這裡也存在信譽衝擊，投資者會尋找其他地方在拉丁美洲投資，我認為這是一個非常有趣的地區，地緣政治風險較低，等等。

So three parts of my answer here. Number one, a straight, answer to your question, I don't think our portfolio will be and in, will be affected negatively affected by the tariffs, of course, if there's a global recession or whatever, things of, everything moves in the wrong direction, but as we see it now, I think it's a low risk portfolio, as far as the effects of the tariffs are concerned. Second, I think investors our region will be benefits because we are in the low tariff bracket and investors see this very large consumption market to sell products to into and lastly, I think, investors will invest more in the region. I gave an FDI figure here for 2024, the region represented 14.3% of all the FDI versus 4% in 1,990. So, basically 3 times more, even more than that in market share. And I think that's going to increase as we look into the near future.

我的回答分為三個部分。首先，直接回答你的問題，我認為我們的投資組合不會受到關稅的負面影響，當然，如果出現全球經濟衰退或其他情況，一切都會朝著錯誤的方向發展，但正如我們現在所看到的，就關稅的影響而言，我認為這是一個低風險的投資組合。其次，我認為我們地區的投資者將會受益，因為我們處於低關稅等級，投資者看到這個非常大的消費市場可以銷售產品，最後，我認為投資者將在該地區進行更多投資。我在這裡給出了 2024 年的 FDI 數據，該地區佔所有 FDI 的 14.3%，而 1990 年這一比例為 4%。因此，市佔率基本上是原來的 3 倍，甚至更多。我認為，展望不久的將來，這個數字還會增加。

Hope I answered your question correct.

希望我正確回答了你的問題。

No, that was great, Alex. Just for my fault, and we can stick with the trade war topic but move on to the fundraising front. There has been some news that Chinese institutions will be divesting from US private markets.

不，那太好了，亞歷克斯。只是因為我的錯，我們可以繼續討論貿易戰話題，但轉向籌款方面。有消息稱，中國機構將撤出美國私募市場。

Could this open the door for Patria if they divert their private markets allocations from US to Leam and Brazil specifically?

如果 Patria 將其私人市場配置從美國轉移到利馬和巴西，這是否會為 Patria 打開大門？

We're just curious how your LP meetings and calls have gone since April 2nd.

我們只是好奇自 4 月 2 日以來您的 LP 會議和電話會議進展如何。

The answer is yes, and I think this conversation, was already happening last year. I think the Chinese investors specifically were already anticipating a potential, Mr. Trump's winning the election, the US election as President, so they were already taking steps in.

答案是肯定的，而且我認為這種對話去年就已經發生了。我認為中國投資者已經預料到了川普先生贏得美國總統大選的可能性，所以他們已經採取了行動。

In the direction of lowering their reducing their US exposure and having us sign a billion dollars of SMAs, which is for us a very large amount in the first quarter of 2025, is a reflection of that and these negotiations were going on during 2024 when Mr. Trump was not the US President yet.

為了降低他們在美國的風險敞口，並讓我們簽署 10 億美元的 SMA，這對我們來說在 2025 年第一季是一筆非常大的金額，這反映了這一點，這些談判是在 2024 年進行的，當時川普先生還不是美國總統。

So, I think it's going to continue to drive, in this direction. Our conversation after April 2nd we intensify that we learned from our, Asian and not only Asian but also Middle Easterns and some European investors a concern and continue allocating to US alternative asset managers, for geopolitical reasons, going all the way to, no, we might have our accounts frozen and so all the way from those a small amount of precaution to all the way down to the red zone of, what happens if this and this and this and that and we are completely out of this, right? And all of our fund structures are that they do not flow through the US They flow through other jurisdictions. We are not a US company. We are a Cayman-based company which has no US jurisdictions influence there, etc. Etc. Etc. So I think besides being in a part of the world that I think will benefit from this geopolitical, confusion and certainty, specifically for Patria, we are structured and designed as a non-US company. We were always like that, and I think this, will definitely, benefit us, it's. In this, very uncertain world, and we already had these kind of conversations with our investors after April 2nd.

所以，我認為它將繼續朝這個方向發展。我們在 4 月 2 日之後的談話中進一步強調，我們從亞洲（不僅是亞洲，還有中東和一些歐洲）投資者那裡了解到了一種擔憂，並繼續將資金分配給美國另類資產管理公司，出於地緣政治原因，我們的帳戶可能會被凍結，所以從那些少量的預防措施一直到紅色區域，如果我們完全脫離這種情況會發生什麼，對嗎？我們所有的基金結構都是不流經美國，而是流經其他司法管轄區。我們不是美國公司。我們是一家總部位於開曼群島的公司，在那裡不受美國司法管轄權的影響，等等。所以我認為，除了身處世界某個地方並將受益於這種地緣政治、混亂和確定性之外，特別是對於 Patria 而言，我們的結構和設計都是作為一家非美國公司。我們一直都是這樣，我認為這肯定會對我們有益。在這個非常不確定的世界裡，我們在 4 月 2 日之後就已經與投資者進行了此類對話。

Hope I answer your question.

希望我能回答你的問題。

Thank you, Alex.

謝謝你，亞歷克斯。

Thank you, and one moment as we move on to our next question.

謝謝，請稍等，我們繼續討論下一個問題。

Our next question is going to come from the line of Tito Lobardo with Goldman Sachs. Your line is open. Please go ahead.

我們的下一個問題來自高盛的 Tito Lobardo。您的線路已開通。請繼續。

Hi, good morning, Alex, Anna, and Rob, thanks for the call for taking my question.

大家好，早安，亞歷克斯、安娜和羅布，感謝你們打電話回答我的問題。

My question, also on the fundraising, but I think you mentioned that you don't really see any impact yet from the noise around tariffs and given the in the first quarter where you saw very good.

我的問題也是關於籌款的，但我認為您提到過，您還沒有真正看到關稅噪音帶來的任何影響，而且考慮到第一季的表現非常好。

Fundraising, but you know just thinking about the outlook from here, you're already more than halfway to your target of $6 billion for the year. So, I mean, given this uncertainty with Paris, potentially more interest in Latam, do you see potential upside to that $6 billion in fundraising for the full year, or is there anything extraordinary in the quarter that maybe is not recurring?

籌集資金，但你知道，從現在的前景來看，你已經完成了今年 60 億美元目標的一半以上。所以，我的意思是，考慮到巴黎的不確定性，對拉美地區的興趣可能會增加，您是否認為全年 60 億美元的融資有潛在的上升空間，或者本季度是否存在一些可能不會再次發生的異常情況？

Well, thanks for the question tonight. It's nice talking to you. Thanks for participating in this call. We're keeping, I think, straight answer to your question, then I'll expand. I think we're keeping the $6 billion dollar target. We had a great first quarter, but I caution like, $3.2 billion times four, that's, I think that's a very aggressive number, but we, so we're keeping the $6 billion dollar target. However, as I see it today, we're more a little bit over halfway through, which is a very good position to be in, so I know, I feel very comfortable and the team feels very comfortable that we can actually hit our $6 billion target, which for us is an amazing number, right? We, when we gave out the number, the $21 billion for the next few years, 6 years, 7 next year, $18 million in 20 in 2027 during our investor day, December 9th, 2024.

好吧，感謝您今晚的提問。很高興和你談話。感謝您參加本次電話會議。我想，我們會直接回答你的問題，然後我會進一步闡述。我認為我們會維持 60 億美元的目標。我們第一季的業績表現非常出色，但我要提醒大家的是，32 億美元的乘以 4，我認為這是一個非常激進的數字，但我們仍將 60 億美元的目標保持下去。然而，正如我今天所看到的，我們已經完成了一半多一點，這是一個非常好的位置，所以我知道，我感到非常舒服，團隊也感到非常舒服，我們實際上可以達到 60 億美元的目標，這對我們來說是一個了不起的數字，對吧？我們在投資者日（2024 年 12 月 9 日）上公佈了未來幾年的 210 億美元投資額，6 年投資額，明年投資額為 7 億美元，2027 年投資額為 1,800 萬美元。

And now $21 billion for us in 3 years, $6 billion this year, it's a very substantial number given our size, and we already know, over $3 billion in the first quarter. And more so I think we did raise through that $3.2 billion $700 million in fee paying a CNY in the quarter of net new money. So, you see the strategy being paid off, and I'm not even counting the valuation increases in the $700 million. I'm not counting the valuation increases, and we charge on NATee. So, no, we started with a, in 2024 with a, net new money of around $380 million for the whole year. And then we have $700 million of net new money in the fee-paying AUM accounts in the first quarter. So, again, no, its extremely good fundraising, very strong fundraising. Do I know that April 2nd was after the end of the first quarter. However, I don't think that all of these Asian investors and sovereign funds would have signed all these SMAs with us in the first quarter of 2025 because The whole uncertainty on the tariffs were already there, even though April 2nd was after the end of the quarter, but they would have cautiously, said, look, Alex, let me sign this during the 2nd quarter to see what's going to happen, and they didn't.

現在我們三年的營收為 210 億美元，今年為 60 億美元，考慮到我們的規模，這是一個非常可觀的數字，而且我們已經知道，第一季的收入超過 30 億美元。更重要的是，我認為我們確實透過支付 32 億美元的費用籌集了 7 億美元的本季淨新資金。所以，你看這個策略已經獲得了回報，而且我甚至還沒有計算 7 億美元的估值成長。我沒有計算估值增加，我們在 NATee 上收費。所以，不，我們從 2024 年開始，全年淨新增資金約 3.8 億美元。然後，我們在第一季的付費 AUM 帳戶中獲得了 7 億美元的淨新資金。所以，再說一次，不，這是非常好的募款活動，非常強大的募款活動。我是否知道 4 月 2 日是第一季結束後的一天。然而，我不認為所有這些亞洲投資者和主權基金都會在 2025 年第一季度與我們簽署所有這些 SMA，因為關稅的整個不確定性已經存在，儘管 4 月 2 日是在該季度結束之後，但他們會謹慎地說，看，亞歷克斯，讓我在第二季度簽署這個，看看會發生什麼，但他們沒有。

And they didn't actually, if I go back to Craig's question in 2024, stop these conversations. On the contrary, they are, actually pushing on these conversations to expose themselves more to Latam, and a tiny move on their side is a huge effect for us, right? What is a billion dollars or $2 billion for these, Asian sovereign funds.

而如果我在 2024 年回顧 Craig 的問題，他們其實並沒有停止這些對話。相反，他們實際上正在推動這些對話，以便更多地向拉美地區展示自己，而他們這邊的一個小舉動對我們來說會產生巨大的影響，對嗎？對這些亞洲主權基金來說，10億美元或20億美元算什麼？

It's nothing for them and for us a billion, $2 billion, $3 billion is half of what we have to fundraise for the year, right? So anything that we, and we are the largest alternative asset manager in the region and in my view, of course I have a BSU the most better positions, to take on this, additional flow of money in infrastructure, in credit, in private acting, whatever, the first, these two SMAs will drive money into our infrastructure and private equity, flagship funds of vintages. However, the conversations with these investors are much broader as we go into the year, we might, you might be hearing news from us from other kinds of SMAs like managing assets that they already have on the ground in Latin America know them investing on the credit side. There're so many ideas that it's going on. I think the conversation changed, dramatically to the better, Tito, and us, and us being there, I think. Investing in the region and I mean in Asia for so many years, we opened our office in Hong Kong, now eight years ago. We opened an office in Dubai actually in the first investment we had was a, in our 97 fund one vintage from KIO, the Kuwait Investment Authority. So, we've been there in the region, so we've been there in the right place at the right time and being the largest in the region here in Latam.

對他們來說這不算什麼，而對我們來說，10 億美元、20 億美元、30 億美元只是我們今年募款的一半，對嗎？因此，我們是該地區最大的另類資產管理公司，在我看來，我當然擁有 BSU 最有利的地位，可以承擔基礎設施、信貸、私人代理等方面的額外資金流入，首先，這兩個 SMA 將推動資金進入我們的基礎設施和私募股權，這是經典的旗艦基金。然而，隨著我們進入新的一年，與這些投資者的對話變得更加廣泛，我們可能會，您可能會聽到來自其他類型的 SMA 的消息，例如管理他們在拉丁美洲已經擁有的資產，知道他們在信貸方面進行投資。有太多的想法正在發生。我認為談話發生了巨大的變化，變得更好了，對 Tito 和我們來說都是如此，而且我們在場。我們在該地區，也就是亞洲投資了很多年，八年前我們在香港開設了辦事處。我們在杜拜開設了一家辦事處，實際上，我們的第一筆投資是來自科威特投資局 (KIO) 的 97 支基金。所以，我們一直在該地區，所以我們在正確的時間出現在正確的地點，並且成為拉丁美洲地區最大的公司。

We have now been able to maximize, those investments and taking advantage of it, and you can see the numbers already there in the first quarter. I think I'm going to, we're going to be talking a lot more about this during the rest of 2025 where we're going to be announcing other SMAs and other relationships of this sort.

我們現在已經能夠最大限度地利用這些投資並加以利用，你可以在第一季看到這些數字。我認為，我們將在 2025 年剩餘時間內更多地討論這個問題，屆時我們將宣布其他 SMA 和其他此類關係。

Now I hope I answered your question.

現在我希望我回答了你的問題。

Yeah, no, that's very helpful, Alex. Thank you. Maybe I guess just on the follow up, conversely, if you look at the fee related earnings, just analyse it and even considering some incentive fees in 4Q, you are running a bit below the $200 million, $225 million guidance.

是的，不，這非常有幫助，亞歷克斯。謝謝。也許我猜只是在後續行動中，相反，如果你看一下與費用相關的收益，只需進行分析，甚至考慮到第四季度的一些激勵費用，你的收益就會略低於 2 億美元、2.25 億美元的指導價。

So, the jump in the fee earning AUM that we saw this quarter, should that already begin to benefit in Q2? Would that be more for 3Q and 4Q and along those lines, I mean, you do you expect a jump in that fee related earnings to get closer to the trend to deliver on the guidance for the full year?

那麼，我們本季看到的收費收入 AUM 的成長，是否應該在第二季開始產生效益？這對於第三季和第四季來說會更多嗎？依照這樣的思路，您是否預期與費用相關的收益會大幅成長，更接近實現全年指引的趨勢？

Thank you.

謝謝。

Yes, I think, yeah, we see everything that you just mentioned and if I do a straight math here, I think we are now, right on target to the, to deliver the middle of the guidance and I think we can.

是的，我想，是的，我們看到了您剛才提到的一切，如果我在這裡做一個直接的計算，我認為我們現在正朝著目標前進，提供指導的中間部分，我認為我們可以做到。

And I think we can do better than that, but just a very simple math. Now, the fee related earnings for us for the first quarter of 2025 was $42.6 million.

我認為我們可以做得更好，但這只是非常簡單的數學計算。現在，我們 2025 年第一季的費用相關收益為 4,260 萬美元。

As you can see there from our presentation and earnings call, if you just multiply that by 4, we get to $170 million. Okay, so, we're going to do better than that because you know everything that you said, the fee earning that the AUM that was raised will turn into fee earnings, etc. As we know, invest that capital, blah blah blah, but just $42.6 million for the quarter times 4 is $170 million.

正如您從我們的簡報和收益電話會議中看到的那樣，如果將其乘以 4，我們將獲得 1.7 億美元。好的，那麼，我們會做得更好，因為你知道你所說的一切，籌集的 AUM 的費用收入將轉化為費用收入等。正如我們所知，投資那筆資本，等等，但本季僅 4,260 萬美元乘以 4 就是 1.7 億美元。

If we add to that to the same $12 million of incentive fees that we had.

如果我們將其添加到我們原有的 1200 萬美元激勵費中。

In 2024, I'm just repeating that now and again, most of that fee came from our credit strategies and the volatility or whatever in the market favors, our credit strategies here trading our bonds, etc. But whatever I'm keeping the same $12 million of last year, so $170 million plus $12 million, that's $182 million.

2024 年，我只是不時地重複這一點，大部分費用來自我們的信貸策略和市場波動性或任何有利因素，我們的信貸策略在這裡交易我們的債券等。但無論如何，我保留去年的 1,200 萬美元，所以 1.7 億美元加上 1,200 萬美元，就是 1.82 億美元。

If we do raise the $6 billion for the year, now, as now, we raised 3.2% in the first quarter, so I think we're very well positioned to raise the 6%. The 6% means on average $3 billion a year, right? $6 for the whole year, A of 3, even though we jumpstarted with 3.2, but let's say average of 3 for the whole year, 96 basis points of management fees. So, 96 basis of the $6 billion is 28 million.

如果我們確實在今年籌集到 60 億美元，那麼現在，我們在第一季就籌集了 3.2%，所以我認為我們完全有能力籌集到 6%。6% 意味著平均每年 30 億美元，對嗎？全年 6 美元，A 為 3，儘管我們一開始就有 3.2，但如果全年平均為 3，管理費為 96 個基點。因此，60 億美元的 96 個基數是 2,800 萬美元。

So, if I add now to the $182 million number $28 million, that's $210 million right in the middle of the $200 and $225 million. So, if I just repeat the first quarter on FRE, which I think again we, we're very strong in doing that, if I have the same incentive fees as last year, and if I raise the $6 billion averages of $3 billion, and again I started the year with 3.2, I already get to $210 million.

因此，如果我現在在 1.82 億美元上加上 2800 萬美元，那就是 2.1 億美元，正好位於 2 億美元和 2.25 億美元中間。因此，如果我重複第一季的 FRE，我再次認為我們在這方面做得非常出色，如果我有與去年相同的激勵費用，並且如果我將 60 億美元的平均水平提高到 30 億美元，並且我今年年初的水平為 32 億美元，那麼我已經達到 2.1 億美元。

Right, in a simple math, so, again, that's why we think I'm here saying that we are reiterating the guidance of $200 million, $225 million.

是的，用簡單的數學來計算，這就是為什麼我們認為我在這裡說我們重申 2 億美元、2.25 億美元的指導方針。

I hope answered.

我希望能得到答案。

Yeah, perfect, that's very clear. Thank you, Alex.

是的，非常好，非常清楚。謝謝你，亞歷克斯。

Thank you. One moment for our next question.

謝謝。請稍等片刻，回答我們的下一個問題。

Our next question comes from the line of Ricardo Buchpiguel with BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Ricardo Buchpiguel。

Your line is open. Please go ahead.

您的線路已開通。請繼續。

Good morning, everyone and thank you for the opportunity of making questions.

大家早安，感謝大家給我提問的機會。

Could you please provide an update on the integration of all DNAs completed last year, talking about also what parts of the process have been easier or more challenging than expected so far.

您能否提供去年完成的所有 DNA 整合的最新情況，並談談到目前為止流程的哪些部分比預期的更容易或更具挑戰性。

Thank you very much.

非常感謝。

Of course, Ricardo, nice speaking to you and thanks for participating. I think we, internally here we're calling 2025 our no integration year and as we did then, in our three guidance give inorganic guideline but to the tail ended right now doing acquisitions, in 26, 27 and not doing relevant acquisitions. At least in the guidelines for 2025 in order for us during the later part of '24 and in '25 to integrate the business and have given us that time to do that. That's how have been our focus. I think we know we launched internally what we call a one patriot program, going all the way from.

當然，里卡多，很高興與您交談並感謝您的參與。我認為，我們內部將 2025 年稱為我們的非整合年，正如我們當時所做的那樣，在我們的三個指導中給出了無機指導，但到最後我們結束了在 26、27 年進行的收購，而不是進行相關收購。至少在 2025 年的指導方針中，為了讓我們在 24 年後期和 25 年整合業務，並給我們時間去做這件事。這就是我們一直以來的重點。我想我們知道我們在內部啟動了所謂的“一個愛國者計劃”，從…開始。

The front line to the middle office, the support areas, the back office, etc.

從前線到中台、支援區域、後台等。

Right now we're pretty happy that we are on target on the integration. We haven't, seen any major issues there, any, things that actually concerns us, no yellow flags, to be honest, I think we had the exact we had already designed what we wanted to do on the process side and on the governance side, on the system side, we are implementing, so give you 11 example, all of our HR is already under the same system, all our payroll, compensation schemes, valuation, that's all done.

目前，我們很高興看到整合工作已經順利完成。我們還沒有看到任何重大問題，任何真正讓我們擔心的事情，沒有黃旗，說實話，我認為我們已經設計好了我們想要在流程方面、治理方面和系統方面做的事情，我們正在實施，舉個例子，我們所有的人力資源都已經在同一個系統下，我們所有的工資單、薪酬方案、估值，這些都已經完成了。

And that's, we actually did go through, end of the year evaluations of our 800 plus employees, late 2024 under the common system, common methodology, we use the nine blocks, we use a common, a one system to do all these evaluations. No, everything in, under our Oracle ERP, we have everybody already, downloaded in our, share, compensation program that is a company that manages all of our employees in a global scale, we go on and on and on. So basically done, so which is, we are people business, right? So this is the most important part of our business because it is, no.

也就是說，我們確實在 2024 年底根據通用系統和通用方法對 800 多名員工進行了年終評估，我們使用了九個模組，使用一個通用的系統來進行所有這些評估。不，在我們的 Oracle ERP 下的所有內容，我們已經讓每個人都下載了我們的共享薪酬計劃，這是一個在全球範圍內管理我們所有員工的公司，我們一直在繼續。所以基本上完​​成了，也就是說，我們是做人的生意，對嗎？所以這是我們業務中最重要的部分，因為它是，不。

The majority of our costs and we have to treat people very well as we are people business and then I can go on and on the other, on the other, support areas and back office areas integration, but as a, I used one example which was HR I can, and yes, so we're I think we see into 2025 where. We're already there but getting to the end of the year with everything fully integrated, and ready to go, and I think, with that, we do generate synergy. So, that's why we're also given the guidance that for the year of 2025, we're going to post 58% to 60% FRE margins. And why is that? Because you saw lower margins last year.

我們的大部分成本，我們必須善待員工，因為我們是做人事工作的，然後我可以繼續講，另一方面，支持領域和後台辦公領域的整合，但是作為一個，我用了一個例子，那就是人力資源，是的，所以我認為我們可以看到 2025 年的情況。我們已經達到了這個目標，但到年底時一切都將完全整合，準備就緒，我認為，透過這種方式，我們確實會產生協同效應。因此，我們也得到了這樣的指導：到 2025 年，我們的 FRE 利潤率將達到 58% 至 60%。這是為什麼呢？因為去年的利潤率較低。

Then that because we are then with these integrations generating the synergies and being able to push the margins back to the 58% to 60% level that we had in 2023. So, we're fine. I think it's, we haven't.

因為我們透過這些整合產生了協同效應，並能夠將利潤率推回到 2023 年的 58% 至 60% 的水平。所以，我們很好。我認為是的，我們還沒有。

Seen any, again, as I mentioned, any yellow flags up to now and hopefully that we're going to stay that way until the end of the year. I hope I answered your question, but if you have anything specific about the integration, I'm happy to be able to answer it.

正如我所提到的那樣，到目前為止還沒有看到任何黃旗，希望我們能夠保持這種狀態直到今年年底。我希望我回答了您的問題，但如果您對整合有任何具體問題，我很樂意回答。

I'm very clear.

我很清楚。

Thank you very much.

非常感謝。

Thank you one moment as we move on to our next question.

謝謝您，我們接下來討論下一個問題。

Our next question comes from the line of William Barranjard with Itau BBA. Your line is open, please go ahead.

我們的下一個問題來自 Itau BBA 的 William Barranjard。您的線路已開通，請繼續。

Okay, thank you.

好的，謝謝。

Thank you, everyone.

謝謝大家。

Thank you, Alex for the presentation. My question here is regarding the pending AUM. You said, you told us during the call.

感謝 Alex 的演講。我的問題是關於待定的 AUM。您說，您在通話中告訴了我們。

So could you give us an overview of this 3.5 billion, maybe a breakdown such as what are the strategies they will be allocated and the expected management fee on them. And also if you could share expectations in terms of timing of these allocations, that would be great.

那麼，您能否向我們概述這 35 億，例如將其分配到哪些策略以及預期的管理費等細目。此外，如果您能分享對這些分配時間的預期，那就太好了。

Okay, no, thank you very much. Thanks for your question here and thanks for participating in our call. Well, we mentioned there that we have around $3.4 million $3.5 billion of pending, fee paying AUM $3.5 billion of pending fee-paying AUM

好的，不用了，非常感謝。感謝您在此提出的問題，也感謝您參加我們的電話會議。嗯，我們提到我們有大約 340 萬美元 35 億美元的待定付費 AUM 35 億美元的待定付費 AUM

I think it's a, it's this it's pretty much broken down, in most of it go into our infrastructure and GPMS verticals. The, however, this number changes a lot over time. So I'm giving a you a picture, not a film of what happened. So, I would, my humble suggestion here, project as we look into the future. The average management fee that we are currently.

我認為它是，它是這個，它基本上被分解了，其中大部分進入我們的基礎設施和 GPMS 垂直領域。然而，這個數字隨著時間的推移會發生很大的變化。所以我給你的是一張照片，而不是發生的事情的影片。因此，我在此提出一個謙虛的建議，就是展望未來。我們目前的平均管理費。

Having of 96 basis points, over once we actually deploy that money.

一旦我們實際部署這筆資金，就會有 96 個基點。

You can see that the breakdown that actually favors infrastructure and GPMS infrastructure has a higher management fee than the 96 basis points, but as a suggestion, I would use the average. It's very hard to break down quarter by quarter, as we see during the year, you might in the in the in the second quarter, you'll have a higher fundraising for another asset class, etc. So on average, I would, I would use a 96 basis point. When are we deploying that money? Normally we deploy that money over the next, 4 to 6 quarters, but I know, again, on the infrastructure and GP and GPMS side, I think within, I think within 2025, I think we're going to be able to deploy that money along the year. I would also use an average for the year, as we do, deploy that money over the 2nd, 3rd and 4th quarter.

您可以看到，實際上有利於基礎設施和 GPMS 基礎設施的細分具有高於 96 個基點的管理費，但作為建議，我將使用平均值。很難按季度進行細分，正如我們在一年中看到的那樣，你可能會在第二季度為另一個資產類別籌集更高的資金，等等。因此，平均而言，我會使用 96 個基點。我們什麼時候部署這筆錢？通常我們會在接下來的 4 到 6 個季度內部署這筆資金，但我知道，在基礎設施、GP 和 GPMS 方面，我認為在 2025 年內，我們將能夠在全年部署這筆資金。我也會使用全年的平均值，就像我們所做的那樣，將這筆錢部署在第二、第三和第四季。

And as I mentioned during, my answer to Tito's question, when we project that we're going to raise $6 billion which is our guidance, we project that on average we're going to have $3 billion of Tingayuan, right, just as a natural average here, but as we did, raise the $3.2 billion in the first quarter. We're in a better position to be able to, invest that money earlier than our projections because of the fact that we are now with this money, ready to go. I hope I answered your question. Maybe if you want to know any other further questions, I'm no, glad to answer.

正如我在回答 Tito 的問題時提到的那樣，當我們預計籌集 60 億美元（這是我們的指導金額）時，我們預計平均而言我們將獲得 30 億美元的 Tingayuan，對，這只是一個自然平均值，但正如我們在第一季度籌集到 32 億美元一樣。由於我們現在已經準備好這筆資金，因此我們能夠比預期更早投資這筆資金。我希望我回答了你的問題。如果您想了解任何其他問題，我很樂意回答。

No, that is perfect.

不，那太完美了。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. One moment for our next question.

謝謝。請稍等片刻，回答我們的下一個問題。

Our next question comes from the line of Gilery Gurspan with JP Morgan. Your line is open. Please go ahead.

我們的下一個問題來自摩根大通的 Gilery Gurspan。您的線路已開通。請繼續。

Hey, Alex and team. Good morning.

嘿，亞歷克斯和他的團隊。早安.

Thank you for the presentation. Congratulations on the fundraising. My question is basically two.

感謝您的演講。恭喜您籌到資金。我的問題基本上有兩個。

The first one is on credit, a very strong performance. It was mostly the high yield rate and also Chile on fixed income was also strong. Just a little bit more granularity, what do you think drove this very strong performance on credit, in terms of fundraising?

第一個是信用，表現非常強。主要是因為殖利率較高，而且智利的固定收益也很強勁。更詳細地講，您認為在融資方面，是什麼推動了信貸方面如此強勁的表現？

And if you expect it to be resilient throughout the year, I know we had the pension reform in Chile, but I don't think it's in the numbers yet. So I just want.

如果你希望它全年都保持彈性，我知道智利進行了退休金改革，但我認為它還沒有體現在數字上。所以我只是想要。

These funds and then the second thing is just a recap on the drawdown funds. I think nowadays we're sitting at $2.4 billion committed capital on infra already and private equity 1.5%. Just a reminder, what is the fund target that you want to the size target you want to have on the funds.

這些資金，第二件事就是對提取資金的回顧。我認為目前我們在基礎建設方面已投入 24 億美元承諾資本，私募股權佔 1.5%。提醒一下，您想要的基金目標是什麼，您想要的基金規模目標是什麼。

And what is going to be the timeline ahead until when you expect to fundraise those funds.

您預計籌集這些資金的時間表是怎樣的？

Thank you.

謝謝。

No, thank you very much, [Gilme]. Thanks for participating in the call and, going back to the, to your credit, question.

不用了，非常感謝，[吉爾梅]。感謝您參加電話會議，回到您剛才的值得稱讚的問題。

No, we've been performing very well. I think the team has been able to, actually.

不，我們的表現一直都很好。我認為實際上團隊已經能夠做到這一點。

Ride these volatility moments extremely well and beating the benchmark as you saw in most of the credit funds and even more so in the flagship funds, the dollar denominated last time high yield, it was a question of, being the right, overall for the fund, the right duration, with everything that happened.

很好地應對這些波動時刻，並超過基準，正如您在大多數信貸基金中看到的那樣，甚至在旗艦基金中也是如此，上次以美元計價的高收益基金，這是一個正確的問題，對於基金而言，總體而言，這是一個正確的期限，發生了所有事情。

Also, there is a, as we see within the countries in South America, Chile coming first in, lowering, inflation expectations, low inflation, lowering interest rates, with an interesting view. On the, a potential political change, later this year. So I think that also reflects, in better equities and better, credit, prices for Chile and, I think going into, to Colombia that will have, elections, early next year. Now, we are also seeing that the current government is.

此外，正如我們所看到的，在南美國家當中，智利在降低通膨預期、降低通膨率、降低利率方面名列前茅，這是一個有趣的觀點。今年稍後可能會發生政治變革。所以我認為這也反映出智利的股市和信貸價格將會更好，而且我認為，對於明年初將舉行選舉的哥倫比亞來說也是如此。現在，我們也看到現任政府也是如此。

Driving very low popularity rates and there might be a change there as well. The markets will begin to anticipate that I think later this year, which will continue to benefit us as we position ourselves in these securities from these countries and then it comes to Brazil later next year. So it's a little bit far from the Brazilian election here. So that's plus I think the strategy of the team plus the moments of, high interest rates in general, did benefit the. The asset class, and, I think it will continue to do that. I think we raised a private, a private credit fund, late last year, early this year, and I think we're already, anticipating, raising a second private credit fund, a Latam regional private, sometime this year because of no high interest from investors. So, we might launch, private credit number 2 already, no.

導致受歡迎程度非常低，並且可能還會發生變化。我認為市場將在今年稍後開始預期這一點，這將繼續使我們受益，因為我們將自己定位於這些國家的證券，然後明年晚些時候將進入巴西。所以這裡距離巴西大選還有點遠。所以，我認為球隊的策略加上整體的高利率確實對球隊有利。資產類別，我認為它將繼續這樣做。我認為我們在去年年底和今年年初籌集了一隻私人信貸基金，而且我認為我們已經在預期在今年某個時候籌集第二隻私人信貸基金，一隻拉美地區私人信貸基金，因為投資者的興趣不高。因此，我們可能已經推出第二個私人信貸，不是嗎？

Nine months after closing credit, private credit number 1, which you can see that you know some, I'm giving you some data points on the high level of interest from investors on, for our credit products in general.

在結束信貸業務九個月後，私人信貸 1 號，您可以看到您了解一些，我向您提供一些數據點，這些數據表明投資者對我們的信貸產品總體上表現出很高的興趣。

On the private equity 7 and infrastructure 5 that you asked.

關於您問到的私募股權7和基礎設施5。

Private Equity 7 will probably finish with around $2 billion if adding these SMAs that were directed to private active that I just mentioned, during the call. Some of the SMAs that we raised in the first quarter, most of them were guided to private equity, to invest along private equity 7 and to invest along infrastructure 5, so we, we'll probably land around $2 billion. There are fee paying, and very good fee paying, management fees and performance fees, these SMAs. So, it adds to that to that vintage. So, within the vintage of private equity 7, we have the closed-end fund. We have some closed-end funds that are regional close-end funds just for Brazilian res. We're going to have a closed-end fund just for Colombian pesos and we have now these SMEs. So if you add the pan-regional dollar denominated fund with the Brazilian just raises fund. The Colombian just business, the, this Colombian business denominated fund and the, and, the SMA and all of these, they have to invest together because it's a that's how investors ask us to invest alongside, one fund investing alongside the other, even though, they are, they have different currencies that denominate their management fees and performance fees, they all invest together. So, it's a $2 billion dollar vintage, same for infrastructure fund 5, I think we're going to surpass the $2 billion probably we're going to be at the 2.5%. We already surpassed the $2 billion probably going to be at the $2.5 million, and I was also always saying that it's going to be $2 million to $2.5 million and private equity 7 is going to be around 2, so we'll get there for private equity 7 and infra is going to be closer to 2.5. Same, I know we have infrastructure Development Fund $5 denominated pan regional. We have infrastructure Development Fund 5.AI is denominated. We have infrastructure development from 5 business of Colombian businesses nominated, and we have these SMAs that invest paying fees alongside these, all these funds that I mentioned, so that, we're going to reach, I think, over $2.5 billion. So happy that we're there, I think, it took longer than we expected. I think not only us, but all the other alternative managers around the world are feeling that fundraising is taking longer than they expect, but I'm happy that we are landing at least, with the numbers that we were talking throughout the last two years actually.

如果加上我在電話會議中提到的這些針對私人活躍投資者的 SMA，私募股權 7 最終可能會獲得約 20 億美元的收益。我們在第一季籌集的一些 SMA，大部分都是用於私募股權投資，用於私募股權投資 7 和基礎設施投資 5，所以我們大概會獲得大約 20 億美元的資金。這些 SMA 有收費的，也有非常好的收費的，有管理費和績效費。所以，它為那個年份增添了光彩。因此，在私募股權 7 時期，我們有了封閉式基金。我們有一些封閉式基金，是專門針對巴西資源的區域性封閉式基金。我們將設立一個專門針對哥倫比亞比索的封閉式基金，現在我們有這些中小企業。因此，如果你將泛區域美元計價基金與巴西剛籌集的基金結合。哥倫比亞的商業，這個以哥倫比亞商業計價的基金，以及 SMA 和所有這些，他們必須一起投資，因為這就是投資者要求我們一起投資的方式，一個基金與另一個基金一起投資，即使他們使用不同的貨幣來計算管理費和績效費，他們也都一起投資。因此，這是一個價值 20 億美元的年份，對於基礎設施基金 5 來說也是如此，我認為我們將超過 20 億美元，可能達到 2.5%。我們的投資規模已經超過了20億美元，可能達到250萬美元。我一直說會是200萬到250萬美元，私募股權投資佔7%左右，所以私募股權投資佔7%，基礎建設投資佔比接近25%。同樣，我知道我們有5美元的泛區域基礎設施發展基金。我們有基礎設施發展基金5.AI。我們有來自 5 家哥倫比亞企業提名的基礎設施建設項目，並且我們還有這些 SMA 進行投資並支付費用，所有這些資金都是我提到的，因此，我認為我們的投資額將超過 25 億美元。我很高興我們到了那裡，我想，花的時間比我們預期的要長。我想，不僅我們，而且全世界所有其他另類投資經理都感覺到籌資所花的時間比他們預期的要長，但我很高興我們至少達到了過去兩年來一直在談論的數字。

Thank you very much for, I hope I answered your question then.

非常感謝您，我希望我回答了您的問題。

Thank you.

謝謝。

Yes, you did.

是的，你做到了。

Thank you, Alex.

謝謝你，亞歷克斯。

Thank you, and I would now like to hand the conference back over to Alex Saigh for closing remarks.

謝謝，現在我想將會議交還給 Alex Saigh 做結束語。

Well, thank you very much for your time here. I think now again out for a great start, in 2025, no great fundraising, great results. I think the, as I mentioned here when answering Chito's question, our FRA for the quarter is $42.6 million.

嗯，非常感謝您抽出時間。我認為現在又是一個好的開端，到 2025 年，沒有大規模的募款，卻取得了巨大的成果。我認為，正如我在回答 Chito 的問題時提到的那樣，我們本季的 FRA 為 4,260 萬美元。

If you multiply by 4, and then if you add the same incentive fees of last year and then an average $3 billion dollar capital raise for this year. We get already to the $210 million, so very well positioned here to deliver the $200 million to $225 million dollar guidance that we gave you guys, of course, also very well positioned to deliver on the $6 billion dollar fundraising target, and as we move into the year, I think that, no, the region and patria probably will be very much benefited from the whole. Tariff uncertainties because of the low geopolitical risks of the region and how we are very well positioned to serve our Asian clients, Middle Eastern clients, and European client clients. So, thanks for your patience. I hope to see you in person, soon and again, have a good Friday.

如果乘以 4，然後加上去年相同的獎勵費用，那麼今年的平均資本籌集將達到 30 億美元。我們已經獲得了 2.1 億美元的資金，因此我們完全有能力實現我們給予你們的 2 億至 2.25 億美元的指導，當然，我們也完全有能力實現 60 億美元的籌款目標，隨著我們進入新的一年，我認為，不，整個地區和祖國可能會從中受益匪淺。由於該地區的地緣政治風險較低，而且我們有能力為亞洲客戶、中東客戶和歐洲客戶提供良好的服務，因此關稅存在不確定性。所以，感謝您的耐心。我希望很快能再見到您，祝您星期五愉快。

Thank you very much. Bye.

非常感謝。再見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating and you may now disconnect. Everyone, have a great day.

感謝您的參與，您現在可以斷開連接。祝大家有個愉快的一天。