Vinci Compass Investments Ltd (VINP) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Vinci Partners Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this call will be recorded.

下午好，歡迎來到 Vinci Partners 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，此通話將被錄音。

I would now like to turn the conference over to Anna Castro, Investor Relations Manager. Please go ahead, Anna.

我現在想將會議轉交給投資者關係經理 Anna Castro。請繼續，安娜。

Thank you, and good afternoon, everyone. Joining today are Alessandro Horta, Chief Executive Officer; Bruno Zaremba, Private Equity Chairman and Head of Investor Relations; and Sergio Passos, Chief Financial Officer.

謝謝，大家下午好。今天加入的是首席執行官 Alessandro Horta；私募股權主席兼投資者關係主管 Bruno Zaremba；和首席財務官 Sergio Passos。

Earlier today, we issued a press release, slide presentation in our financial statements for the quarter, which are available on our website at ir.vincipartners.com. I'd like to remind you that today's call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 20-F. We will also refer to certain non-GAAP measures, and you'll find reconciliations in the release. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Vinci Partners fund.

今天早些時候，我們在本季度的財務報表中發布了新聞稿和幻燈片演示，可在我們的網站 ir.vincipartners.com 上獲取。我想提醒您，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並且不在公司的控制範圍內，可能與實際結果存在重大差異。我們不承擔更新這些聲明的任何義務。有關可能影響結果的一些風險的討論，請參閱我們的 20-F 的風險因素部分。我們還將參考某些非 GAAP 措施，您會在新聞稿中找到對賬。另請注意，本次電話會議的任何內容均不構成出售要約或徵求購買任何 Vinci Partners 基金權益的要約。

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

有了這個，我會把電話轉給亞歷山德羅。

Thank you, Anna. Good afternoon, and thank you all for joining our call. We are very pleased to join you all today as we announce results for the fourth quarter and full year of 2022. Vinci posted adjusted distributable earnings of BRL 55.8 million in the quarter.

謝謝你，安娜。下午好，感謝大家加入我們的電話會議。我們很高興今天與大家一起宣布 2022 年第四季度和全年的業績。Vinci 公佈本季度調整後的可分配收益為 5580 萬雷亞爾。

For the full year of 2022, adjusted distributable earnings totaling BRL 247.7 million or BRL 4.47 per common share, an increase of 9% in our cash earnings per share when compared for the full year of 2021. Our business model has once again proven its resilience while navigating through more turbulent and uncertain markets. Vinci was able to generate substantial amounts of cash flow backed by predictable FRE with an added contribution from our liquid investment portfolio.

2022 年全年，調整後可分配收益總計 2.477 億雷亞爾或每股普通股 4.47 雷亞爾，與 2021 年全年相比，每股現金收益增長 9%。我們的商業模式再次證明了其韌性同時在更加動盪和不確定的市場中航行。 Vinci 能夠產生可預測的 FRE 支持的大量現金流，並從我們的流動投資組合中獲得額外貢獻。

As a result, the company will be able to maintain a meaningful dividend distribution to its shareholders. We announced a quarterly dividend of $0.17 on the dollar per common share in the fourth quarter totaling $0.71 in the full year, representing a compelling dividend yield while we undergo a fundraising cycle that can drive significant growth for the following years.

因此，公司將能夠為其股東維持有意義的股息分配。我們宣布第四季度每普通股派發 0.17 美元的季度股息，全年總計 0.71 美元，這代表了令人信服的股息收益率，同時我們正在經歷一個可以推動未來幾年顯著增長的籌資週期。

Vinci ended the fourth quarter with BRL 63 billion in assets under management, up 10% year-over-year, driven by fundraising across private market funds and the acquisition of SPS in the second half of the year. In 2022, we started a fundraising cycle for private market products raising close to BRL 6 billion in new capital subscriptions over the year, which alongside the acquisition of Vinci SPS, represented roughly BRL 8 billion in new long-term AUM for Vinci. This cycle of fundraising will drive long-term growth and is expected to allow us to push margins higher as these funds carry a higher fee rate than the current blended average fee for Vinci.

Vinci 在第四季度結束時管理的資產為 630 億雷亞爾，同比增長 10%，這得益於私募市場基金的籌資和下半年對 SPS 的收購。 2022 年，我們開始了私募市場產品的籌資週期，全年籌集了近 60 億巴西雷亞爾的新認購資本，加上收購 Vinci SPS，代表 Vinci 的新長期 AUM 約為 80 億巴西雷亞爾。這一籌款週期將推動長期增長，預計將使我們能夠提高利潤率，因為這些基金的費率高於目前 Vinci 的混合平均費用。

And on top of that, long-term lockups that directly contribute to our fee-related earnings stability and predictability. This quarter, we activated BRL 1 billion in commitments from BNDES as we anticipated in our last earnings call, being BRL 500 million for VICC, our climate change fund in infrastructure and another BRL 500 million for Vinci Credit Infra, our infrastructure debentures fund in credit, which had already an anchor commitment signed from a local institutional player in the first half of 2022.

最重要的是，長期鎖定直接有助於我們與費用相關的收入穩定性和可預測性。本季度，我們啟動了 BNDES 的 10 億雷亞爾承諾，正如我們在上次財報電話會議中所預期的那樣，其中 5 億雷亞爾用於 VICC，我們的基礎設施氣候變化基金，另外 5 億雷亞爾用於 Vinci Credit Infra，我們的基礎設施信用債券基金，它已經在 2022 年上半年與當地機構參與者簽署了錨定承諾。

These investments reinforce Vinci's position as the one-stop shop and partner of choice for institutional investors in Brazil as relevant institutional players continue to increase their exposure to alternatives. We believe that should be an important trend going forward given that institutional players are still extremely under-allocated to alternatives locally.

這些投資鞏固了 Vinci 作為巴西機構投資者的一站式服務和首選合作夥伴的地位，因為相關機構參與者繼續增加對另類投資的敞口。我們認為，鑑於機構參與者對本地替代品的配置仍然極度不足，這應該是未來的一個重要趨勢。

Moving on to our REITs. Despite facing a challenging fundraising environment following a sharp interest rate tightening cycle in Brazil, we were able to raise approximately BRL 800 million across 2 existing products while also launching 2 additional products, increasing diversification and allowing us to better tackle market opportunities and leverage our fundraising capabilities. We will continue to rely on our highly experienced team to be creative in a tougher environment, while we position ourselves for a new window of opportunities in REITs. If you look at the trend between 2019 and 2020, we raised roughly BRL 3 billion across only 4 REITs at the time.

繼續我們的房地產投資信託基金。儘管在巴西緊縮利率週期後面臨充滿挑戰的籌資環境，我們還是能夠通過 2 個現有產品籌集大約 8 億雷亞爾，同時還推出了 2 個額外的產品，增加了多元化，使我們能夠更好地把握市場機會並利用我們的籌資能力。我們將繼續依靠我們經驗豐富的團隊在更艱難的環境中發揮創造力，同時我們將自己定位於房地產投資信託基金的新機遇之窗。如果您看一下 2019 年至 2020 年的趨勢，我們當時僅通過 4 個房地產投資信託基金籌集了大約 30 億雷亞爾。

We have now 7 REITs across our real estate and credit segments, a vast diversification that can be an important contributor to our AUM growth when we encounter more favorable market conditions for primary capital raises. This year, we faced several market challenges, not only in Brazil but worldwide, with central banks around the world pursuing a tightening cycle in interest rates. In Brazil, we have the benefit of being ahead of the global curve with room for easing rates over the next few quarters. However, we still face volatile public markets in a harsh environment for fundraising throughout the year on top of mark-to-market effects that also impacted our AUM numbers.

我們現在在房地產和信貸領域擁有 7 個房地產投資信託基金，這是一種巨大的多元化，當我們遇到更有利的一級資本籌集市場條件時，它可以成為我們 AUM 增長的重要貢獻者。今年，我們面臨著多項市場挑戰，不僅在巴西，而且在全球範圍內，世界各國央行都在尋求緊縮利率的周期。在巴西，我們領先於全球曲線，在未來幾個季度有放寬利率的空間。然而，除了影響我們資產管理規模的按市值計價效應之外，我們全年在籌款環境惡劣的情況下仍然面臨動蕩的公開市場。

Nonetheless, we have been experiencing a favorable market for capital deployment across the platform. This has led to an exciting pipeline of opportunities to continue to deploy capital as we enter 2023 in several of our investment strategies. In private equity, our new vintage within our flagship strategy, VCP IV announced this quarter, its first investment, a controlling stake in Arklok, a leading Hardware-as-a-Service company in Brazil. In our private equity impact strategy, VIR, we are seeing an exciting pipeline of investment opportunity and its fourth vintage is already 50% invested. VIR IV is an exceptional investment base aligned with its strong performance may anticipate its fifth vintage from originally in 2024 to the back half of 2023.

儘管如此，我們一直在經歷一個有利的跨平台資本配置市場。隨著我們的多項投資策略進入 2023 年，這導致了一系列令人興奮的機會繼續部署資本。在私募股權方面，我們的旗艦戰略中的新年份 VCP IV 本季度宣布了其第一筆投資，即對巴西領先的硬件即服務公司 Arklok 的控股權。在我們的私募股權影響力戰略 VIR 中，我們看到了令人興奮的投資機會管道，其第四個年份已經投資了 50%。 VIR IV 是一個特殊的投資基礎，與其強勁的表現相一致，可能預計其第五個年份從最初的 2024 年到 2023 年下半年。

Another vertical with compelling room to deploy capital is Vinci SPS, and we are thrilled with the outcome of this transaction so far. SPS vintages continue to deliver strong performance and the third vintage has already called 1/3 of its capital commitments in a little over than 1 year from its inception. We expect to start fund raising its fourth vintage between the end of 2023 and the beginning of 2024.

另一個具有引人注目的資本配置空間的垂直領域是 Vinci SPS，我們對迄今為止的交易結果感到非常興奮。 SPS vintages 繼續表現強勁，第三個 vintages 在成立後不到 1 年的時間裡已經收回了 1/3 的資本承諾。我們預計將在 2023 年底至 2024 年初之間開始為其第四個年份籌集資金。

Finally, Vinci Credit Infra is now in a position to start deploying capital and accruing fees as this fund only charges management fee on invested capital. Credit spreads have increased recently in light of tighter credit conditions, allowing the fund to build a good quality portfolio of superior risk-adjusted returns.

最後，Vinci Credit Infra 現在可以開始部署資本並收取費用，因為該基金僅對投資資本收取管理費。鑑於信貸條件收緊，信用利差最近有所增加，這使該基金能夠建立一個優質的風險調整後回報率高的投資組合。

Let me now turn to our view regarding our business outlook and our platform development. Since our IPO, we have been focused on skewing our firm to develop its capabilities and continue to improve our market-leading team with the aim on developing new products, driving strong risk-adjusted performance and ultimately drive growth across the platform. We believe we have been able to hit several of these objectives, and we are proud of what we have accomplished since becoming a public company.

現在讓我談談我們對我們的業務前景和平台開發的看法。自首次公開募股以來，我們一直專注於讓我們的公司發展其能力，並繼續改進我們的市場領先團隊，以開發新產品、推動強勁的風險調整後業績並最終推動整個平台的增長。我們相信我們已經能夠實現其中的幾個目標，我們為成為上市公司以來所取得的成就感到自豪。

At the time of the IPO, we had a total of BRL 49 billion in AUM against our year-end BRL 63 billion figure. This is almost 30% expansion achieved against a backdrop of a historical rise in local interest rates in volatile global markets. Now our focus will be reaping the benefit of our investments in the platform, focusing on efficiency to deliver growth with strong margins.

在首次公開募股時，我們的 AUM 總額為 490 億巴西雷亞爾，而我們年底的數字為 630 億巴西雷亞爾。在動蕩的全球市場中本地利率歷史性上升的背景下，實現了近 30% 的擴張。現在，我們的重點將是從我們對該平台的投資中獲益，專注於效率以實現高利潤率的增長。

We are also acutely aware of macro disturbance and how they could affect our business. Giving worldwide challenges with higher level of inflation and interest rates, we are enhancing our cost consciousness and focusing on efficiency this year, looking to drive increased productivity across the platform. While we keep focusing on efficiency and productivity, we are still active in growing our business in both organic and inorganic effects. We are seeing a number of high-quality firms facing headwinds, raising capital in a challenging environment. And this should make a way for conversations around partnerships that would allow value generation for all the parties involved.

我們也敏銳地意識到宏觀干擾以及它們如何影響我們的業務。面對更高水平的通貨膨脹和利率帶來的全球挑戰，我們正在增強我們的成本意識並在今年關注效率，以期推動整個平台的生產力提高。在我們不斷關注效率和生產力的同時，我們仍然積極地在有機和無機效應方面發展我們的業務。我們看到許多優質公司面臨逆風，在充滿挑戰的環境中籌集資金。這應該為圍繞夥伴關係的對話開闢一條道路，從而為所有相關方創造價值。

Our strong cash balance also adds flexibility around new structuring as was the case with our transaction with SPS in 2022. We have a very active sourcing on the corporate M&A front and are looking into several different opportunities for potential acquisitions, focusing on recurring FRE growth and client base expansion, which we believe can be an interesting complement to our cash deployment on top of our CEDAE location to proprietary private market funds. We believe there is significant room to grow FRE by acquiring smaller private market-oriented managers that are under scale in this tougher macro environment, especially in perpetual capital products, which can be highly synergistic to our current product offering.

我們強大的現金餘額也增加了圍繞新結構的靈活性，就像我們在 2022 年與 SPS 的交易一樣。我們在企業併購方面有非常積極的採購，並正在尋找幾個不同的潛在收購機會，重點是經常性 FRE 增長和客戶群擴張，我們認為這可以成為我們在 CEDAE 位置之上向專有私人市場基金部署現金的有趣補充。我們認為，通過收購在這種嚴峻的宏觀環境中規模較小的規模較小的面向私人市場的管理公司，FRE 有很大的增長空間，尤其是在永久資本產品方面，這可以與我們目前的產品供應高度協同。

To finalize my remarks, let me spend some time and provide an update on our efforts into our new retirement service vertical, VRS. In the end of November, we published a press release announcing that Vinci has been approved by the Brazilian superintendency for private insurance, SUSEP, to operate life insurance and open-ended pension plans in Brazil. SUSEP's approval was an important milestone for VRS as we are now set to launch our product and start fundraising.

最後，讓我花點時間介紹一下我們在新的退休服務垂直領域 VRS 方面的最新進展。 11 月底，我們發布了一份新聞稿，宣布 Vinci 已獲得巴西私人保險監管機構 SUSEP 的批准，可以在巴西經營人壽保險和開放式養老金計劃。 SUSEP 的批准是 VRS 的一個重要里程碑，因為我們現在準備推出我們的產品並開始籌款。

Before going to the product characteristics, we would like to cover why we are increasing our investment into the pension plans industry. Currently, we have BRL 3.5 billion within our Investment Solutions platform, which a product stamped as pension plan products. In this fund, we are the active manager of the product, which is distributed and remains under custody of a partner regulated insurance company.

在介紹產品特性之前，我們想介紹一下我們為什麼要增加對養老金計劃行業的投資。目前，我們的投資解決方案平台擁有 35 億巴西雷亞爾，該產品被標記為養老金計劃產品。在該基金中，我們是產品的主動管理人，該產品由合作夥伴監管的保險公司分發並保管。

With VRS, we will also have the opportunity to become the custodian of the assets and, thus, allow us to access another pool of fees. VRS will provide service in addition to our current pension plan funds, increasing our contact points with clients and our ability to fundraise from this pool of capital. We believe there are 3 main reasons to access this market: First, it's a sizable addressable market with more than BRL 1 trillion in AUM and double-digit growth over the last years. While liquid markets have struggled with outflows, the open-ended pension plans posted another year of inflows in 2022.

有了 VRS，我們也將有機會成為資產的保管人，從而使我們能夠獲得另一個費用池。 VRS 將在我們目前的養老金計劃基金之外提供服務，增加我們與客戶的聯繫點以及我們從該資金池籌集資金的能力。我們認為進入這個市場有 3 個主要原因：首先，這是一個規模龐大的潛在市場，資產管理規模超過 1 萬億雷亞爾，並且在過去幾年中實現了兩位數的增長。儘管流動性市場一直在努力應對資金外流，但開放式養老金計劃在 2022 年又迎來了一年的資金流入。

Second, close to 90% of the industry is in the hands of the incumbent banks. This has a direct connection to one of Vinci's growth opportunities, the capital decentralization from incumbent banks. This has been attested by recent pension plans portability numbers as we are seeing a significant number of flows from traditional banks to independent insurers. And third, there is a lack of independent alternative players offering open-ended pension plans. Currently, in Brazil, this number is a low single-digit number of relevant players.

其次，接近 90% 的行業掌握在老牌銀行手中。這與 Vinci 的增長機會之一直接相關，即現有銀行的資本分散化。最近的養老金計劃可移植性數據證明了這一點，因為我們看到大量資金從傳統銀行流向獨立保險公司。第三，缺乏提供開放式養老金計劃的獨立替代參與者。目前，在巴西，這個數字是相關球員的低個位數。

The market has several barriers of entries caused by expertise and restructuring requirements. SUSEP has a number of requirements that's only sizable and consolidated players can address, which plays Vinci in a unique position to capture a relevant portion of the industry.

由於專業知識和重組要求，市場存在若干進入壁壘。 SUSEP 有許多要求，只有規模龐大且經過整合的參與者才能滿足，這使得 Vinci 處於獨特的地位，可以佔領行業的相關部分。

Aligned with the vast market opportunity, VRS has been set up to assure strong competitive advantages that positions our product offering with a differentiated approach from that of our competition. We have developed a tailor-made asset allocation algorithm based on many factors, including individuals retirement goals, risk appetite, objectives, et cetera, and it is customized for a full life cycle and backed by solid risk tolerance metrics.

與巨大的市場機會保持一致，VRS 的成立是為了確保強大的競爭優勢，使我們的產品以與競爭對手不同的方式定位。我們根據個人退休目標、風險偏好、目標等諸多因素開發了量身定制的資產配置算法，並針對全生命週期進行定制，並有可靠的風險承受能力指標作為支持。

Moreover, VRS will provide an annual review to clients as priorities and targets may evolve through our investors' lifetime. To enhance the offering for our customers, we have developed a one-of-a-kind technological experience supported by a user-friendly digital platform and a tech adviser mechanism to assist our clients.

此外，VRS 將向客戶提供年度審查，因為優先事項和目標可能會在我們投資者的一生中發生變化。為了增強為客戶提供的服務，我們開發了一種由用戶友好的數字平台和技術顧問機制支持的獨一無二的技術體驗，以幫助我們的客戶。

Our goal is to have the best solution in the industry, which will ultimately simplify the most complex process for pension beneficiaries. The product suitability is based on a customized experience that we have 2 positive outcomes for users. First, it will shrink the gap between customers' expectation and results as our asset allocation approach diminishes the impact of short-term volatility focusing on long-term returns. And second, a tailor-made investment portfolio will ultimately increase efficiency as we will allocate capital through different type of funds depending on market condition and investors' preferences.

我們的目標是擁有業內最好的解決方案，最終將為養老金受益人簡化最複雜的流程。產品適用性基於定制體驗，我們為用戶帶來了 2 個積極成果。首先，它將縮小客戶期望與結果之間的差距，因為我們的資產配置方法減少了注重長期回報的短期波動的影響。其次，量身定制的投資組合最終將提高效率，因為我們將根據市場狀況和投資者偏好通過不同類型的基金配置資金。

It should also be a driver to reduce client's cost, and we will offer low-cost passive funds as a part of the product's matrix. We start fundraising efforts, leveraging our proprietary high net worth individual investor base, expanding over the next quarter to selected corporate pension plans, a segment with over BRL 100 billion of addressable market, which has, in addition to the large current capital pool, a tremendous growth opportunity.

它還應該成為降低客戶成本的驅動力，我們將提供低成本的被動基金作為產品矩陣的一部分。我們開始籌款工作，利用我們專有的高淨值個人投資者基礎，在下一季度擴展到選定的企業養老金計劃，該部分擁有超過 1000 億雷亞爾的可尋址市場，除了目前龐大的資本池外，還有巨大的增長機會。

We will keep updating investors on our quarterly calls as the business evolves and new milestones are achieved. To finalize my remarks, I would like to stress the following: it's in challenging environments that we set ourselves apart from the competition. Our highly diversified platform, both in product offering and client base provide us the stability to continue to deliver solid results in a still challenging capital raising market. We are excited about our potential long-term growth and continue to position the platform to capture this opportunity.

隨著業務的發展和新的里程碑的實現，我們將不斷向投資者更新我們的季度電話會議。最後，我想強調以下幾點：正是在充滿挑戰的環境中，我們才能在競爭中脫穎而出。我們在產品供應和客戶基礎方面高度多元化的平台為我們提供了穩定性，使我們能夠在仍然充滿挑戰的融資市場中繼續取得穩固的成果。我們對我們潛在的長期增長感到興奮，並繼續定位平台以抓住這個機會。

With that, I will turn it over to Bruno to go over our financial results.

有了這個，我將把它交給布魯諾來檢查我們的財務結果。

Thank you, Alessandro, and good afternoon, everyone.

謝謝亞歷山德羅，大家下午好。

Starting on Slide 11, we will cover AUM trends for the fourth quarter and full year 2022. Vinci ended the quarter with BRL 63.1 billion in AUM, up 10% year-over-year. Here, we post strong growth in our credit strategy, growing its AUM by 72% when compared to the end of 2021. The growth in credit was driven by the launch of Vinci Credit Infra, our new strategy focused on infrastructure debentures with a long-term oriented structure. The fund has shown great demand from institutional investors who committed BRL 1.3 billion to the new strategy so far.

從幻燈片 11 開始，我們將介紹第四季度和 2022 年全年的 AUM 趨勢。Vinci 在本季度末的 AUM 為 631 億雷亞爾，同比增長 10%。在這裡，我們的信貸戰略實現了強勁增長，與 2021 年底相比，其 AUM 增長了 72%。信貸增長是由 Vinci Credit Infra 的推出推動的，我們的新戰略專注於基礎設施債券，具有長期面向術語的結構。該基金已顯示出機構投資者的巨大需求，迄今為止，機構投資者已向新戰略投入了 13 億巴西雷亞爾。

We will continue to fundraise for this product throughout 2023. Another highlight this year was the further development of the partnership between our credit and real estate teams, launching 2 new perpetual REITs, 1 exposed to the agribusiness sector, a leading sector of the Brazilian economy and the other focused on MBS instruments.

我們將在整個 2023 年繼續為該產品籌集資金。今年的另一個亮點是進一步發展我們的信貸和房地產團隊之間的伙伴關係，推出了 2 個新的永久性房地產投資信託基金，其中 1 個涉及巴西經濟的領先部門農業綜合企業另一個專注於 MBS 儀器。

These 2 new funds were able to raise capital in a tough market environment and broaden our product offering in listed perpetual vehicles. Combining these 2 new REITs with creative (inaudible) kind operations in our offices and shopping mall REITs, VINO and VISC, we raised approximately BRL 800 million in perpetual capital through 2022. In infrastructure, our climate change fund, VICC, signed its first commitments, including an anchor investment from BNDES for BRL 500 million. VICC is expected to hold a first close in the first quarter of 2023 and continue to fund raise throughout the year.

這 2 只新基金能夠在艱難的市場環境中籌集資金，並擴大我們在上市永久車輛方面的產品範圍。將這兩個新的房地產投資信託基金與我們辦公室和購物中心房地產投資信託基金 VINO 和 VISC 中的創造性（聽不清）類業務相結合，我們在 2022 年之前籌集了約 8 億雷亞爾的永久資本。在基礎設施方面，我們的氣候變化基金 VICC 簽署了第一份承諾，包括 BNDES 的 5 億雷亞爾錨定投資。 VICC 預計將在 2023 年第一季度進行首次收盤，並在全年繼續籌資。

The fund will start to earn fees beginning at the first close and following capital raises should accrue retroactively management fees. Another important contributor to our AUM growth in 2022 was the acquisition of SPS Capital, adding long-term capital in a new vertical to our platform. At the end of the year, long-term capital comprised over 50% of AUM, resulting in a more predictable revenue stream for management fees. We will keep actively pursuing opportunities to add long-term capital to our AUM, be it organic or inorganic.

該基金將在第一次收盤時開始賺取費用，並且在募集資金後應追溯產生管理費。對我們 2022 年 AUM 增長的另一個重要貢獻是對 SPS Capital 的收購，為我們平台的新垂直領域增加了長期資本。截至年底，長期資本佔 AUM 的 50% 以上，從而使管理費收入流更加可預測。我們將繼續積極尋求機會，為我們的資產管理規模增加長期資本，無論是有機的還是無機的。

Moving on to Slide 13. We go over accrued performance fees in our private market funds. Performance fee receivable increased to BRL 167.5 million in the fourth quarter, an 8% increase quarter-over-quarter. The VCP strategy currently accounts roughly 90% of accrued performance fees, representing an appealing upside for future performance fees.

轉到幻燈片 13。我們檢查了私募市場基金的應計業績費用。第四季度應收績效費增至 1.675 億雷亞爾，環比增長 8%。 VCP 策略目前約占應計績效費用的 90%，這代表著未來績效費用的誘人上升空間。

At the end of the quarter, Vinci had BRL 11 billion in performance-eligible AUM coming from private market funds. Still an investment period that can further contribute to our accrued performance fees as these funds enter their divestment periods.

截至本季度末，Vinci 擁有來自私募市場基金的 110 億雷亞爾符合業績要求的資產管理規模。隨著這些基金進入撤資期，仍然是一個投資期，可以進一步增加我們的應計業績費用。

Turning to Slide 14, we will cover our fee-related revenues. Revenues from management and advisory fees totaled BRL 104 million in the quarter. Management fees accounted for roughly BRL 100 million in the quarter, up 9% year-over-year. This increase was a result of the fundraising experienced across our private market strategies over the year and the impact of Vinci SPS following the acquisition closed in the third quarter of 2022. We should see a continuing positive trend coming in the next few quarters with new capital raises in our closed-end products in private markets, aligned with capital deployment in Vinci SPS and Vinci Credit Infra. Both have significant dry powder to allocate this year.

轉到幻燈片 14，我們將介紹與費用相關的收入。本季度來自管理和諮詢費的收入總計 1.04 億雷亞爾。本季度管理費約為 1 億雷亞爾，同比增長 9%。這一增長是由於我們全年在私募市場策略中經歷的籌資以及 Vinci SPS 在 2022 年第三季度完成收購後的影響。我們應該會看到未來幾個季度隨著新資本的持續積極趨勢我們在私人市場的封閉式產品中籌集資金，與 Vinci SPS 和 Vinci Credit Infra 的資本部署保持一致。兩者今年都有大量幹火藥可供分配。

Total fee-related revenues were BRL 393.5 million for the full year, down 8% year-over-year due to a reduction in advisory fees in the year. As for management fees, they were up by 3% when compared to the full year of 2021.

全年與費用相關的總收入為 3.935 億雷亞爾，同比下降 8%，原因是當年諮詢費減少。管理費方面，較2021年全年上漲3%。

In Slide 15, we present our operating expenses for the quarter and full year. Total expenses accounted for BRL 56.3 million in the quarter, down 4% year-over-year. In the full year, total expenses were BRL 208.5 million, down 5% year-over-year. Excluding bonus compensation, fixed and variable expenses for the full year increased 7% year-over-year following inflationary pressures on fixed costs and our investments in VRS.

在幻燈片 15 中，我們展示了本季度和全年的運營費用。本季度總支出為 5630 萬雷亞爾，同比下降 4%。全年總支出為 2.085 億雷亞爾，同比下降 5%。由於固定成本的通貨膨脹壓力和我們對 VRS 的投資，不包括獎金薪酬，全年固定和可變費用同比增長 7%。

As mentioned by Alessandro, challenging market environments require even more attention to our overall efficiency. With that said, while expenses remain well paid in 2022, we will enhance our cost consciousness, focusing on protecting margins and accelerating operating leverage once our revenues reaccelerates. We believe we have opportunities to be more productive across the firm, while maintaining a superior service to [ROPs].

正如 Alessandro 所說，充滿挑戰的市場環境要求我們更加關注整體效率。話雖如此，雖然 2022 年的支出仍能得到很好的支付，但我們將增強成本意識，一旦我們的收入重新加速增長，就會專注於保護利潤率和提高經營槓桿。我們相信我們有機會提高整個公司的生產力，同時保持對 [ROP] 的優質服務。

Moving on to Slide 16. We will go over our fee-related earnings for the quarter. FRE totaled BRL 51.3 million or BRL 0.93 per share in the quarter, down 5% year-over-year due to a stellar fourth quarter 2021 for our advisory vertical. Bear in mind that our core business remains healthy -- with healthy trends and growing. Advisory fees will carry a significant amount of seasonality as we highlighted a few times in previous earnings calls.

轉到幻燈片 16。我們將回顧本季度與費用相關的收入。 FRE 本季度總計 5130 萬巴西雷亞爾或每股 0.93 巴西雷亞爾，同比下降 5%，原因是我們的諮詢垂直行業在 2021 年第四季度表現出色。請記住，我們的核心業務保持健康——具有健康的趨勢和增長。正如我們在之前的財報電話會議中多次強調的那樣，諮詢費將具有很大的季節性。

In addition, higher interest rates also play a role in M&A and capital market activities as transaction usually grow in periods of looser monetary policy. This characteristic is currently being offset by stronger returns in our cash balance.

此外，較高的利率也在併購和資本市場活動中發揮作用，因為交易通常在寬鬆的貨幣政策時期增長。這一特徵目前正被我們現金餘額的強勁回報所抵消。

Coming back to the core asset management business. If we consider only the FRE from our Asset Management segment, excluding FRE for advisory and our investments in VRS, which did not exist in 2021, we posted an FRE increase of 22% year-over-year, an acceleration in the fourth quarter when compared to the rest of 2022. As we have been communicating, we expected growth to accelerate in the back half of 2022, as private market fundraises gained traction and Vinci SPS had a full quarter impact in our FRE. In regard to the full year 2022, given the Advisory segment had an outstanding performance throughout 2021, the year-on-year comparison also carries the defect on top of the VRS investments, which was not present in the prior year.

回到核心資產管理業務。如果我們只考慮我們資產管理部門的 FRE，不包括 2021 年不存在的諮詢 FRE 和我們對 VRS 的投資，我們公佈的 FRE 同比增長 22%，這是第四季度的加速，當時與 2022 年剩餘時間相比。正如我們一直在溝通的那樣，我們預計增長將在 2022 年下半年加速，因為私人市場籌資獲得牽引力並且 Vinci SPS 對我們的 FRE 產生了整個季度的影響。關於 2022 年全年，鑑於諮詢部門在整個 2021 年的表現出色，同比比較也存在 VRS 投資之上的缺陷，這在上一年是不存在的。

As previously mentioned last quarter, we should continue to see growth for our core business FRE over the next quarters, due to some key factors. First, we will continue to fund raise for private market funds throughout the year. These funds carry higher fee rates than the average fee rate of the platform, and in some cases, such as VICC and VCP IV, we have retroactive fees to start of the funds. Second, we have funds that charge higher fees over invested capital such as Vinci SPS funds and Vinci Credit Infra. As they increase their capital allocation during the year, we should see an increment in fees. Both still have significant amount of dry powder to deploy.

正如上個季度提到的那樣，由於一些關鍵因素，我們應該會在接下來的幾個季度繼續看到我們的核心業務 FRE 的增長。一是全年繼續為私募市場基金募集資金。這些基金的費率高於平台的平均費率，在某些情況下，例如 VICC 和 VCP IV，我們有追溯費用以啟動基金。其次，我們有一些基金對投資資本收取更高的費用，例如 Vinci SPS 基金和 Vinci Credit Infra。隨著他們在這一年中增加資本配置，我們應該會看到費用增加。兩者仍有大量幹火藥需要部署。

Third, as already covered by Alessandro, we are starting to raise capital for VRS and should see revenues coming from this segment in the next few quarters. This new AUM should begin to offset the run rate cost for the segments. We are now also working with the possibility of potentially anticipating the launch of VIR V and Vinci SPS IV to the back half of '23, depending on how capital allocation opportunity develop for current vintage funds. And finally, potential additional M&A opportunities and a big focus company-wide on productivity and efficiency could also present further FRE expansion drivers. The combination of these factors creates a solid base for FRE growth in 2023, irrespective of a significant improvement in market conditions.

第三，正如亞歷山德羅已經提到的，我們正在開始為 VRS 籌集資金，並且應該會在未來幾個季度看到來自該部門的收入。這個新的 AUM 應該開始抵消細分市場的運行率成本。我們現在還在研究可能預期 VIR V 和 Vinci SPS IV 到 23 年下半年推出的可能性，這取決於當前老式基金的資本配置機會如何發展。最後，潛在的額外併購機會以及全公司對生產力和效率的高度關注也可能帶來進一步的 FRE 擴張驅動力。這些因素的結合為 2023 年的 FRE 增長奠定了堅實的基礎，無論市場狀況是否有顯著改善。

Moving on to margins. FRE margin was 49% in the quarter, up 1 percentage point when compared to the same period last year. For the full year, FRE margin was also 49%. When we adjust the margin to disregarding investment in VRS, FRE margin would have been 50% for the full year compared with 52% for the prior year.

繼續討論利潤率。本季度的 FRE 利潤率為 49%，與去年同期相比上升了 1 個百分點。全年，FRE 利潤率也為 49%。當我們調整利潤率以忽略對 VRS 的投資時，全年的 FRE 利潤率將為 50%，而上一年為 52%。

Shifting to Slide 18, we go over our realized GP investment and financial income. Vinci had BRL 17.7 million in realized GP and financial income this quarter, down 18% year-over-year due to realizations in FIP Infra Transmissão that occurred in the fourth quarter of 2021. As we anticipated last quarter, we had a stronger-than-usual performance in our financial results due to local markets positive traction over the third quarter. In the fourth quarter, we faced a more challenging market environment with future interest rates widening considerably which impacted our liquid portfolio. This resulted in a more modest financial result in the quarter when we compare results with the third quarter.

轉到幻燈片 18，我們回顧了已實現的 GP 投資和財務收入。由於 2021 年第四季度 FIP Infra Transmissão 的實現，Vinci 本季度實現 GP 和財務收入為 1770 萬雷亞爾，同比下降 18%。正如我們上季度預期的那樣，我們的業績強於-由於當地市場對第三季度的積極推動，我們的財務業績表現一般。在第四季度，我們面臨更具挑戰性的市場環境，未來利率大幅擴大，這影響了我們的流動性投資組合。當我們將結果與第三季度進行比較時，這導致本季度的財務結果更為溫和。

As highlighted in the past, these movements are cyclical and we should see returns of at least 80% of CDI rate in the long-term return for our liquid portfolio, which has been the average return since our IPO. As of the fourth quarter, Vinci reached a total GP commitment of BRL 1.1 billion across private markets and closed-end products with close to 1/3 of these commitments already been called. The reminder will be called over time as funds deploy capital. We will continue to leverage our cash balance to raise new products across private markets.

正如過去強調的那樣，這些變動是周期性的，我們的流動投資組合的長期回報率應該至少達到 CDI 利率的 80%，這是我們首次公開募股以來的平均回報率。截至第四季度，Vinci 在私募市場和封閉式產品中實現了 11 億雷亞爾的 GP 承諾，其中近 1/3 的承諾已經兌現。隨著基金部署資金，該提醒將隨著時間的推移而被調用。我們將繼續利用我們的現金餘額在私人市場上籌集新產品。

Nonetheless, as Alessandro mentioned, we're closely monitoring opportunistic M&A transactions to accelerate FRE growth, adding value to our shareholders. Our strong free cash flow also played an important role delivering substantial value to our shareholders through share repurchases. Since the announcement of our first buyback plan in the second quarter of '21, we have concluded the repurchase of 1.8 million shares. We are announcing today an additional buyback program of BRL 60 million, which reflects the Board's confidence in the company's prospects and long-term growth by deploying cash from our cash earnings in a way that will benefit our shareholders.

儘管如此，正如亞歷山德羅所提到的，我們正在密切關注機會主義併購交易，以加速 FRE 增長，為我們的股東增加價值。我們強大的自由現金流也發揮了重要作用，通過股票回購為我們的股東創造了可觀的價值。自 21 年第二季度宣布我們的第一個回購計劃以來，我們已經完成了 180 萬股的回購。我們今天宣布了一項額外的 6000 萬巴西雷亞爾回購計劃，這反映了董事會對公司前景和長期增長的信心，通過以有利於我們股東的方式從我們的現金收益中分配現金。

Turning to Slide 19, we will go through our adjusted distributable earnings. Adjusted distributable earnings totaled BRL 55.8 million or BRL 1.01, down 19% on a year-over-year basis, driven by realizations in FIP Infra Transmissão, which occurred in the last quarter of 2021. Adjusted DE totaled BRL 247.7 million or BRL 4.47 in the full year, up 9% on a per share basis when compared to the last year. Adjusted DE margin was 48% in the full year, an increase of 2.7 percentage points compared to last year. We expect to continue to add shareholder value by expanding distributable earnings results over time as a combination of organic growth through fundraisings across our platform and inorganic AUM expansion through acquisitions, such as the transaction with SPS Capital, drive our FRE and ultimately, our bottom line.

轉到幻燈片 19，我們將查看調整後的可分配收益。調整後的可分配收益總計 5580 萬巴西雷亞爾或 1.01 巴西雷亞爾，同比下降 19%，這是受 2021 年最後一個季度發生的 FIP Infra Transmissão 實現的推動。調整後的 DE 總計 2.477 億巴西雷亞爾或 4.47 巴西雷亞爾全年，與去年相比每股增長 9%。全年調整後的 DE 利潤率為 48%，比上年提高 2.7 個百分點。我們希望通過隨著時間的推移擴大可分配收益結果來繼續增加股東價值，這是通過我們平台的籌資實現有機增長和通過收購（例如與 SPS Capital 的交易）實現無機資產管理規模擴張的結合，推動我們的 FRE 並最終提高我們的底線.

And with that, I'll turn it over to Sergio to go through our segments.

有了這個，我會把它交給塞爾吉奧來完成我們的細分市場。

Thank you, Bruno.

謝謝你，布魯諾。

Turning to our segment highlights. As you can see in Slide 22, our platform remains highly diversified, which we believe should be the main contributor to the resilience of our business. Disregarding the investments made in the VRS segment, 56% of our FRE over the full year 2022 came from our private market strategies, followed by IP&S with 21%, liquid strategies with 19% and financial advisory contributing with 4%. The same level of diversification is reflected in our segment distributable earnings.

轉向我們的細分市場亮點。正如您在幻燈片 22 中看到的那樣，我們的平台仍然高度多元化，我們認為這應該是我們業務彈性的主要貢獻者。不考慮對 VRS 部門的投資，我們 2022 年全年 FRE 的 56% 來自我們的私募市場策略，其次是 IP&S 佔 21%，流動性策略佔 19%，財務諮詢佔 4%。同樣程度的多元化反映在我們的分部可分配收益中。

Moving on to each of the segments, starting with our private markets strategies on Slide 23. FRE totaled BRL 33.7 million in the quarter, up 25% year-over-year, driven by the strong fundraising over the year and the incorporation of Vinci SPS. The biggest achievement across private markets this quarter was the signing of BNDES investment in Vinci Credit Infra and the VICC totaling BRL 1 billion in capital commitments. Both investments were activated in the fourth quarter, but we will start to have a positive impact on management fee revenues in 2023.

從我們在幻燈片 23 上的私募市場戰略開始，進入每個細分市場。由於全年強勁的籌資和 Vinci SPS 的合併，本季度 FRE 總計 3370 萬雷亞爾，同比增長 25% .本季度私人市場最大的成就是簽署了 BNDES 對 Vinci Credit Infra 和 VICC 總計 10 億雷亞爾資本承諾的投資。這兩項投資都在第四季度啟動，但我們將在 2023 年開始對管理費收入產生積極影響。

As predicted in previous quarter, we started to experience an increase in private markets average management fee rate. We should see continuous tailwinds to average management fee rates as we advance on fundraising and capital deployment over the next 2 quarters. Segment distributable earnings were BRL 134.3 million in the full year, an increase of 5% year-over-year, boosted by FRE growth.

正如上一季度所預測的那樣，我們開始經歷私募市場平均管理費率的上升。隨著我們在未來兩個季度推進籌資和資本部署，我們應該會看到平均管理費率持續上漲。受 FRE 增長的推動，全年分部可分配收益為 1.343 億雷亞爾，同比增長 5%。

Total AUM was BRL 28.7 billion for the end of the quarter, up 30% year-over-year, driven by strong fundraising across all private market strategies and the acquisition of Vinci SPS. Adding to the previously mentioned contribution from BNDES, we also had contributions throughout the year in our fourth vintage for our flagship private equity strategy, VCP IV.

本季度末的總資產管理規模為 287 億雷亞爾，同比增長 30%，這主要得益於所有私募市場戰略的強勁籌資和對 Vinci SPS 的收購。除了前面提到的 BNDES 的貢獻外，我們還在第四個年份全年為我們的旗艦私募股權策略 VCP IV 做出了貢獻。

Lastly, although facing an environment with high nominal interest rates, our REITs were resilient and raised close to BRL 800 million over the year. The success behind the capital raise was due to 2 factors: first, the partnership between our credit and real estate groups, launching REITs with exposure to private credit transactions, which are more appealing in this environment. Second, paying kind transactions for which we can raise AUM without having to access necessarily the primary markets, which has proven to be a valuable asset in tougher market scenarios.

最後，儘管面臨名義利率高的環境，我們的房地產投資信託基金仍具有彈性，並在一年內籌集了近 8 億巴西雷亞爾。此次融資的成功歸功於兩個因素：首先，我們的信貸和房地產集團之間的合作夥伴關係，推出了接觸私人信貸交易的房地產投資信託基金，這在這種環境下更具吸引力。其次，我們可以通過支付實物交易來籌集資產管理規模，而無需進入一級市場，這已被證明在更艱難的市場情景中是一項寶貴的資產。

Moving on to Slide 24. We go over results for liquid strategies. Fee-related earnings in the quarter of BRL 8.8 million, up 20% year-over-year. FRE over the year-to-date totaled BRL 38.3 million, down 10% when compared to last year. As a consequence of intra-quarter depreciation of AUM that impacted management fee revenues throughout the year and limited redemptions experienced in the beginning of 2022. Total AUM was BRL 10.2 billion at the end of the quarter with AUM being resilient compared to the Brazilian industry for liquid strategies. With public markets improving in Brazil, we should see a pickup in equity strategies from an inflow standpoint. Meanwhile, we will still rely on our sticky investor base to continue to provide stability to our earnings.

轉到幻燈片 24。我們回顧流動性策略的結果。本季度與費用相關的收入為 880 萬雷亞爾，同比增長 20%。今年迄今為止的 FRE 總額為 3830 萬雷亞爾，與去年相比下降了 10%。由於 AUM 的季度內貶值影響了全年的管理費收入，並且 2022 年初的贖回有限。本季度末 AUM 總額為 102 億雷亞爾，與巴西行業相比，AUM 具有彈性液體策略。隨著巴西公開市場的改善，從資金流入的角度來看，我們應該會看到股票策略有所回升。同時，我們仍將依靠我們有粘性的投資者基礎來繼續為我們的收益提供穩定性。

Moving on to our IP&S business on Slide 25. FRE totaled BRL 9.7 million in the quarter, up 14% on a year-over-year basis. Segment DE totaled BRL 10.3 million in the quarter, up 9% year-over-year. Over the year, segment DE was BRL 43 million, down 19% due to the stronger year for international exclusive mandates contributing to performance revenues in 2021.

在幻燈片 25 上繼續我們的 IP&S 業務。本季度 FRE 總計 970 萬雷亞爾，同比增長 14%。 DE 部門本季度總計 1030 萬雷亞爾，同比增長 9%。全年，DE 部分為 4300 萬雷亞爾，下降 19%，原因是國際獨家授權對 2021 年業績收入的貢獻較大。

Turning to Slide 26, we cover our results for financial advisory. FRE for financial advisory was BRL 8.2 million over the full year 2022, representing a decrease of 77% compared to last year. This was a result of a record 2021 for the advisory business. As previously discussed in several quarters, revenues for financial advisory carry a certain level of seasonality and although uncertainty to predict, they should resume post impactful results when markets improve and [due] activity reaccelerate.

轉到幻燈片 26，我們介紹了財務諮詢的結果。 2022 年全年財務諮詢的 FRE 為 820 萬雷亞爾，比去年下降 77%。這是 2021 年諮詢業務創紀錄的結果。正如之前幾個季度所討論的那樣，財務諮詢收入具有一定程度的季節性，儘管預測存在不確定性，但當市場改善和[適當]活動重新加速時，它們應該會恢復有影響力的結果。

Finally, moving on to Slide 27. We go over results for the Retirement Services segments. Fee-related earnings for the quarter was negative BRL 1.5 million, and over the year, represented a negative BRL 6 million. As Alessandro mentioned earlier, we should launch the product this quarter. Therefore, we should start to see revenue contribution at some point this year, starting to offset our setup cost for the vertical. We are very optimistic and excited with the prospect of VRS, and we'll keep updating our investors as the business develops through the year. That's it for today's presentation.

最後，轉到幻燈片 27。我們回顧了退休服務部門的結果。本季度與費用相關的收益為負 150 萬巴西雷亞爾，全年為負 600 萬巴西雷亞爾。正如亞歷山德羅之前提到的，我們應該在本季度推出該產品。因此，我們應該會在今年的某個時候開始看到收入貢獻，開始抵消我們在垂直領域的設置成本。我們對 VRS 的前景非常樂觀和興奮，隨著業務的發展，我們將不斷更新我們的投資者。這就是今天的演示文稿。

Once again, we'd like to thank you for joining our call. With that, I'd like to open the call for questions. Operator?

再次感謝您加入我們的電話會議。有了這個，我想打開問題的電話。操作員？

(Operator Instructions) Our first question comes from Ricardo Buchpiguel from BTG Pactual.

（操作員說明）我們的第一個問題來自 BTG Pactual 的 Ricardo Buchpiguel。

Congrats on the results. I have a couple of questions here. First, can you please talk about how do you guys see the asset class mix that you have today? How -- if you believe you are too concentrated in a specific asset class, if you believe you want to develop another area or something like that? And also, can you please talk a little bit about your pipeline in terms of M&A and what types of eventual new segments would you be interested in looking into? And finally, we signed the results that there was a positive nonrecurring impact related to adjustments on contingents and considerations. So can you please provide more color on what these adjustments are?

祝賀結果。我有幾個問題。首先，你們能談談你們如何看待你們今天擁有的資產類別組合嗎？如何——如果你認為自己過於專注於特定資產類別，如果你認為自己想開發另一個領域或類似領域？此外，您能否談談您在併購方面的管道以及您有興趣研究哪些類型的最終新細分市場？最後，我們簽署了與或有事項和對價調整相關的積極非經常性影響的結果。那麼你能提供更多關於這些調整的顏色嗎？

Thank you, Ricardo. That's Alessandro here. I will pick up the first 2 questions, and I'll leave to Bruno to answer the adjustment. In terms of asset classes, we continue to believe that we have already a very important diversification. So we will continue to focus on the asset classes that we have. As we have been stressing doing the time that we have been a public company. Of course, the movements in terms of AUM, the growth changes on 1 asset class to another over time, but we believe that we'll grow all of them.

謝謝你，里卡多。那是亞歷山德羅。我會挑前兩個問題，我會留給 Bruno 來回答調整。在資產類別方面，我們仍然認為我們已經實現了非常重要的多元化。因此，我們將繼續關注我們擁有的資產類別。正如我們一直強調的那樣，我們一直是一家上市公司。當然，隨著時間的推移，AUM 的變化，一種資產類別的增長會發生變化，但我們相信我們會增長所有這些資產類別。

As you saw recently, we saw a pickup of activity of fundraising for private markets, be it private equity, infrastructure and private credit. A few quarters ago, we saw more in our investment solutions, but that will come and go in that way. But we still believe that we have around a very important diversification in terms of asset classes, and we should concentrate in these asset classes going forward.

正如您最近所見，我們看到私募市場籌資活動有所回升，無論是私募股權、基礎設施還是私人信貸。幾個季度前，我們在投資解決方案中看到了更多，但這將以這種方式來來去去。但我們仍然認為，我們在資產類別方面擁有非常重要的多元化，我們應該在未來專注於這些資產類別。

Second, in terms of M&A pipeline, with the market, the conditions of the market that we have today, as we mentioned before, we are seeing a lot of good quality teams and firms with not so easy environment to fundraise. But we see that as an opportunity for M&A transactions. Right now, we have a very big pipeline and we are focusing more in long-term lockup type of products being perpetual capital or very long term. So we are right now focused on M&A activity more on the private market side. And the last question I'll leave to Bruno to answer.

其次，就併購渠道而言，正如我們之前提到的，我們今天所擁有的市場條件下，我們看到許多優秀的團隊和公司在籌資環境並不那麼容易。但我們認為這是併購交易的機會。現在，我們有一個非常大的管道，我們更關注長期鎖定類型的產品，即永久資本或非常長期。因此，我們現在更多地關注私人市場方面的併購活動。最後一個問題我會留給布魯諾來回答。

Thanks for the question, Ricardo. Good to hear from you. So the nonrecurring impact that you mentioned that has impacted our net earnings number for the quarter was an adjustment on the obligation that we have that is attached to the SPS transaction. So there's a portion of that transaction, which is linked to stock issuances. So we had 2 components in that deal. We had a cash component at closing in the third quarter of last year, and we have an equity component, which is based on an earn-out regarding additional revenue generated by the company. So that earn-out was adjusted in the fourth quarter for the change in stock price of Vinci. So that's the impact that we had, the one that you mentioned.

謝謝你的問題，里卡多。很高興聽到你的消息。因此，您提到的影響我們本季度淨收入數字的非經常性影響是對我們與 SPS 交易相關的義務的調整。因此，該交易的一部分與股票發行有關。所以我們在那筆交易中有兩個組成部分。我們在去年第三季度結束時有現金部分，我們有股權部分，這是基於公司產生的額外收入的盈利。因此，該盈利在第四季度根據 Vinci 股價的變化進行了調整。這就是我們所產生的影響，即您提到的影響。

Our next question comes from Beatriz Abreu from Goldman Sachs.

我們的下一個問題來自高盛的 Beatriz Abreu。

Can you hear me well?

你能聽清楚嗎？

Yes, Beatriz. Go ahead.

是的，比阿特麗斯。前進。

I guess the first question would be, I noticed that there was an IP&S outflow in the quarter. If you could maybe talk a little bit about that, give us some color around what that was and your expectations for the segment going forward? If you expect any more outflows this quarter or in the next few quarters?

我想第一個問題是，我注意到本季度有 IP&S 流出。如果你能談談這個，請給我們一些關於那是什麼的顏色以及你對未來細分市場的期望？如果您預計本季度或未來幾個季度會有更多資金流出？

And the second question would be around VRS. So you did mention you expect to launch this quarter, first quarter of '23, do you have any expectations as of now in terms of when you expect to breakeven in that segment? And also, what kind of management fee levels are you expecting from VRS?

第二個問題是關於 VRS 的。所以你確實提到你希望在本季度，即 23 年第一季度推出，你對你預計何時在該細分市場實現收支平衡有什麼期望嗎？另外，您對 VRS 的管理費水平有何期望？

Okay. Beatriz, thanks for the questions. This is Bruno. So I'm going to answer the first question, and Alessandro is going to tackle the second one. So in regards to IP&S, the outflow was concentrated in one commingled fund that we have in that segment. And the reason was basically the same reason why we had a little bit lower return on our assets in our liquid portfolio in the third quarter -- sorry, in the fourth quarter, which was the widening of interest rates.

好的。比阿特麗斯，謝謝你的提問。這是布魯諾。所以我要回答第一個問題，亞歷山德羅將解決第二個問題。因此，關於 IP&S，流出集中在我們在該領域擁有的一個混合基金。原因與我們在第三季度流動投資組合中的資產回報率略低的原因基本相同 - 抱歉，在第四季度，這是利率的擴大。

So this fund is a fund that has usually positioned in short duration bonds. It's a quasi-fixed income fund that is looking to shorten or increase the duration of the portfolio, depending on the views on the market. But usually, it carries very short-term duration bonds. And with the widening in interest rates that we saw in the fourth quarter, the fund ran a couple of months or 2 or 3 months below the nominal CDI rates and that led to some redemptions.

因此，該基金是通常定位於短期債券的基金。這是一種準固定收益基金，希望根據市場觀點縮短或增加投資組合的久期。但通常情況下，它帶有期限很短的債券。隨著我們在第四季度看到的利率上升，該基金比名義 CDI 利率低了幾個月或 2 或 3 個月，這導致了一些贖回。

I think we had the same effect in the third quarter, but due to a different reason, which was a couple of prints, monthly prints of deflation that we have that also hurt the short-term duration real interest rate bonds. So this fund was hit, let's say, a couple of quarters for different reasons in terms of performance. We saw some redemptions in the fourth quarter that we're very focused on this fund.

我認為我們在第三季度產生了同樣的效果，但由於不同的原因，這是我們所擁有的幾份通貨緊縮的月度印刷品，這也損害了短期持續時間的實際利率債券。因此，這只基金因為不同的原因在業績方面受到打擊，比方說，幾個季度。我們在第四季度看到了一些贖回，我們非常關注這只基金。

Now in the first quarter, we're already running above CDI in this fund. So the first couple of months, the performance is above 100% of CDI. So we expect that effect to now to become immaterial. And also regarding IP&S, we do expect to have some new mandates to come online eventually in the next few months, and those should also have a positive impact. We have won a few mandates that are going to be the -- those funds are going to be transferred to us in the next few months. So that should probably have a positive impact in IP&S inflows in the next couple of quarters, we expect that to happen. So -- and then I'll ask Alessandro to cover the second question.

現在在第一季度，我們已經在該基金中運行高於 CDI。所以前幾個月，性能高於 CDI 的 100%。因此，我們預計這種影響現在變得無關緊要。關於 IP&S，我們確實希望在未來幾個月內最終有一些新的授權上線，這些也應該會產生積極的影響。我們已經贏得了一些授權——這些資金將在未來幾個月內轉移給我們。因此，這可能會對未來幾個季度的 IP&S 流入產生積極影響，我們預計會發生這種情況。所以——然後我會請 Alessandro 回答第二個問題。

Hi, Beatriz. Thank you for your question. Regarding VRS, as we said, we are very near the launch of the product, but we start especially through our high net worth kind of clients and also we -- later, we selected corporate. Having said that, that will mean that we will start with more wholesale type of clients instead of going more with through massive clients. So the idea to start slowly to test all the systems, to use the technology to make it everything ready is to have more and more transactions in our platform.

嗨，比阿特麗斯。謝謝你的問題。關於 VRS，正如我們所說，我們非常接近產品的推出，但我們特別是從我們的高淨值客戶開始，而且我們 - 後來，我們選擇了企業。話雖如此，這將意味著我們將從更多批發類型的客戶開始，而不是通過大量客戶來更多。所以慢慢開始測試所有系統，使用技術讓一切準備就緒的想法是在我們的平台上進行越來越多的交易。

Having said that, our idea in terms of breakeven will be in 2024, maybe in the beginning of 2024, we will start in our view, already running a breakeven of VRS as a unit stand-alone.

話雖如此，我們關於盈虧平衡的想法將在 2024 年，也許在 2024 年初，我們將開始在我們看來，已經將 VRS 作為一個獨立的單元運行盈虧平衡。

Perfect. And just a follow-up on that, if I may. Just in terms of management fee level if you guys are thinking something closer to an IP&S or something closer to liquid strategies given the client base.

完美的。如果可以的話，只是對此的後續行動。就管理費水平而言，如果你們正在考慮更接近 IP&S 的東西或更接近給定客戶群的流動策略的東西。

That's a very good question. That will depend on the type of the mandate because inside VRS, we'll have 2 different sources of income, okay? The management fee itself and being an insurance company will also have the part of the insurance company that's already charged today in the scheme that we have on the funds that are related with pension plans. So we have these 2 type of revenues. Of course, one will be related with the insurance company itself and another one more like an asset management. And that will depend on the type of the mandate.

這是一個很好的問題。這將取決於授權的類型，因為在 VRS 內部，我們將有兩種不同的收入來源，好嗎？管理費本身和作為一家保險公司也將有保險公司今天已經在我們對與養老金計劃相關的資金的計劃中收取的部分。所以我們有這兩種收入。當然，一個會與保險公司本身有關，另一個更像是資產管理。這將取決於授權的類型。

We'll have a lot of flexibility to build a kind of more like traditional portfolio that will carry, as you said, something more similar to IP&S, but we could have technically something more towards alternatives that will carry higher fees. And we use our own products and external products and also as maybe [ETF] to compose the overall portfolio of a client so that we have different components of this. If you allocate more like liquid stuff with more like an asset allocation point of view, we'll go for more like IP&S. But if you go more in the direction and the client wants on the alternatives, you have higher fees related to that.

我們將有很大的靈活性來構建一種更像傳統的投資組合，正如你所說，它會攜帶更類似於 IP&S 的東西，但我們在技術上可以有更多的東西來提供更高費用的替代品。我們使用我們自己的產品和外部產品，也可能使用 [ETF] 來構成客戶的整體投資組合，以便我們擁有不同的組成部分。如果你從資產配置的角度分配更像流動性的東西，我們會選擇更像 IP&S 的東西。但是，如果你在這個方向上走得更遠，而客戶想要其他選擇，你就會為此支付更高的費用。

Our next question comes from William Barranjard from Itaú BBA.

我們的下一個問題來自 Itaú BBA 的 William Barranjard。

So I have 2 questions here. The first one is regarding the realization of performance fees for 2023. So can you share with us how do you expect it to evolve earlier this year and then later second half of the year?

所以我在這裡有兩個問題。第一個是關於 2023 年績效費用的實現。那麼您能否與我們分享一下您預計今年早些時候和下半年晚些時候會如何發展？

And the second question here is -- also regarding capital raise, so I would like to understand how you view which products should be easier or harder to grow and raise capital this year. And with that, if we should expect the increase in overall AUM being pushed mainly by the long-term part of the business. That's the questions.

這裡的第二個問題是——也是關於融資，所以我想了解你如何看待今年哪些產品應該更容易或更難增長和融資。因此，如果我們應該預期整體資產管理規模的增長主要是由業務的長期部分推動的。這就是問題。

Thank you for the questions, William. This is Bruno. So on the PRE side, we have, I think -- I made a comment in the past and just to reaffirm that there is an expected realization for '23 in the private side, which is our expected exit of the remaining assets in FIP Infra Transmissão, which is one of the funds that we have in the Infra side. And that asset is already booked in our income statement -- sorry, in our balance sheet, the expectation of that realization.

謝謝你的問題，威廉。這是布魯諾。因此，在 PRE 方面，我認為 - 我過去發表過評論，只是為了重申私人方面對 23 年的預期實現，這是我們預期退出 FIP Infra 中的剩餘資產Transmissão，這是我們在基礎設施方面擁有的資金之一。並且該資產已經記入我們的損益表 - 抱歉，在我們的資產負債表中，期望實現這一目標。

We have that in the slide that shows the future potential performance fees and also in the balance sheet. In this particular asset, we also have GP investments. So as was the case of the first assets that we realized in '21, the second asset will have an impact in both lines. So we're going to have an impact in PRE and also an impact in realized GP investments. That impact should be around BRL 15 million to BRL 20 million combined, the 2 impacts for our distributable earnings. There is significant demand for the asset. We are finalizing getting the required licenses for the assets to be fully approved by the regulatory body, but we have already received inbounds from strategic players.

我們在顯示未來潛在績效費用的幻燈片以及資產負債表中都有。在這個特定的資產中，我們也有 GP 投資。因此，就像我們在 21 年實現的第一個資產的情況一樣，第二個資產將對兩條線產生影響。因此，我們將對 PRE 產生影響，並對已實現的 GP 投資產生影響。這種影響應該在 1500 萬至 2000 萬巴西雷亞爾的總和左右，這是對我們可分配收益的 2 種影響。對該資產的需求很大。我們正在最終確定獲得監管機構完全批准的資產所需的許可證，但我們已經收到戰略參與者的入站。

So we feel confident that having the approval from the regulatory body, we should be able to move the asset quite easily, and that's expected to happen in '23. In regards to fundraising, we have discussed in the past few quarters, the target for fundraising in 2023 coming from our private market funds. We have all of them in the market today, the ones that we have mentioned. So we have the credit fund, we have VICC. We have private equity VCP IV. We should have also eventually the anticipation of VIR V and Vinci SPS.

因此，我們有信心獲得監管機構的批准，我們應該能夠很容易地轉移資產，這有望在 23 年發生。在籌款方面，我們在過去幾個季度討論過，2023 年的籌款目標來自我們的私募市場基金。我們今天在市場上擁有所有這些，我們已經提到過的那些。所以我們有信貸基金，我們有 VICC。我們有私募股權 VCP IV。我們最終也應該有VIR V和Vinci SPS的期待。

My view today is that between all of these funds, what we're seeing most interest from LPs is in the climate transition fund. That has been a theme, really very strong team on a global basis. A lot of investors today, despite the fact that globally, we're seeing a little bit of a pullback in demand for private markets. This is an area of the market that we haven't seen that effect at all. So people are really still looking quite strongly into climate transition funds.

我今天的觀點是，在所有這些基金中，我們看到有限合夥人最感興趣的是氣候過渡基金。這一直是一個主題，在全球範圍內非常強大的團隊。儘管在全球範圍內，我們看到許多投資者對私人市場的需求有所回落。這是我們根本沒有看到這種影響的市場領域。所以人們真的仍然非常關注氣候過渡基金。

I think there's still a severe under-allocation to this thing globally. In Brazil, in our view, has a competitive advantage to answer part of this question, right? We have a very good geological and natural resources in the country. The load factors, if you look at load factors for renewable energy -- in Brazil, they are very, very differentiated when you compare to your peer, even American load factor.

我認為全球對這件事的分配仍然嚴重不足。在我們看來，巴西具有競爭優勢來回答這個問題的一部分，對吧？我們在國內擁有非常好的地質和自然資源。負載係數，如果你看一下可再生能源的負載係數——在巴西，當你與你的同行相比時，它們是非常非常不同的，甚至是美國的負載係數。

So we can operate renewable energy in Brazil in a much more efficient way. So this has been one of the funds that we were seeing more traction. The other one that we're very excited about as well is Vinci SPS IV. So we're very happy with the partnership with the SPS Capital team. We are seeing a lot of anticipation in regards to Vinci SPS IV. We receive inbounds as well from local investors regarding the fund when the fund will come to market. Everybody wants to talk to us about the funds. So that's another product that we feel that once we have it online and available for investing, we also have potential impact, favorable impact to our AUM. I think for '23, as was the case of the second half of '22, we are going to see a protagonist from private markets, right? That's what we saw in the second half of last year.

因此，我們可以以更高效的方式在巴西運營可再生能源。因此，這是我們看到更多吸引力的基金之一。另一個讓我們非常興奮的是 Vinci SPS IV。因此，我們對與 SPS Capital 團隊的合作感到非常高興。我們看到很多人對 Vinci SPS IV 充滿期待。當基金上市時，我們也收到當地投資者關於該基金的意見。每個人都想和我們談談資金。因此，這是我們認為的另一種產品，一旦我們將其上線並可用於投資，我們也會對我們的 AUM 產生潛在影響和有利影響。我認為對於 23 年，就像 22 年下半年的情況一樣，我們將看到來自私人市場的主角，對吧？這就是我們在去年下半年看到的情況。

Given the sheer size of the fundraise that we're going to pursue in these funds, I think it's very likely that we're going to continue to see protagonist from private market funds in '23 as well as was the case of the last few quarters of '22. We still have that target of BRL 10 billion. Now we are kind of halfway through a little bit less than halfway through, but kind of getting halfway through. And with what we're seeing from the market from a demand standpoint, I think we're going to probably hit that target by the end of '23. So that's -- that's what we see on that side. And obviously, we continue to hold, let's say, a positive outlook for improved fundraising for the liquid names in our portfolio as well. IP&S and equities are areas where we feel that we have an opportunity to raise money if the market conditions improve. And also talking about the REITs, right? I think we talked about that in the call today. The REITs will be a strong engine for us for fundraising eventually.

鑑於我們將在這些基金中進行的籌資規模龐大，我認為我們很可能會在 23 年繼續看到來自私募市場基金的主角，就像最近幾個基金的情況一樣22 年的四分之一。我們仍然有 100 億雷亞爾的目標。現在我們已經完成了一半，雖然還不到一半，但已經完成了一半。從需求的角度來看，根據我們從市場上看到的情況，我認為我們可能會在 23 年底前實現這一目標。這就是 - 這就是我們在那邊看到的。顯然，我們繼續對我們投資組合中流動性名稱的籌資改善持樂觀態度。 IP&S 和股票是我們認為如果市場狀況改善我們有機會籌集資金的領域。還要談論房地產投資信託基金，對嗎？我想我們今天在電話中談到了這一點。房地產投資信託基金最終將成為我們籌款的強大引擎。

It's a group of products that when we had an open market we raised in a couple of quarters, BRL 1.4 billion in the first half of '21. That was the number that we raised. So it's -- and we had fewer REITs than we have today. So today, we have more products available for fundraising than we did have in '21. So we expect once the market has lower interest rates, hopefully, next year or by the end of this year when interest rates start coming down, and we have a more benign environment from an interest rate standpoint. This can be a group of products that can contribute quite meaningfully for the AUM of the firm from a fundraising standpoint. And on an ongoing basis, it can be a relevant contributor on an ongoing basis for us.

這是一組產品，當我們有一個公開市場時，我們在幾個季度內籌集了資金，21 世紀上半年籌集了 14 億雷亞爾。那是我們提出的數字。所以它是 - 我們擁有的房地產投資信託基金比今天少。所以今天，我們有比 21 世紀更多的產品可供籌款。因此，我們預計一旦市場利率降低，希望是在明年或今年年底利率開始下降時，從利率的角度來看，我們將擁有一個更加有利的環境。從籌款的角度來看，這可以是一組可以為公司的 AUM 做出非常有意義的貢獻的產品。在持續的基礎上，它可以持續為我們做出相關貢獻。

Thank you. That's all for today. I would like now to turn the call over to Mr. Alessandro for the final remarks. Please, Mr. Alessandro, you can proceed.

謝謝。今天就到此為止。我現在想把電話轉給亞歷山德羅先生做最後的評論。 Alessandro 先生，請繼續。

So I would like to thank you all for your support and confidence in the last 2 years since we've become a public company. And I'd like to share our optimism that derives from our very tested resilient model that we expect to continue to grow, at the same time, provide a very good profitability and dividend yield. So good night to you, and thank you all.

因此，我要感謝大家在我們成為上市公司後的過去兩年中給予的支持和信任。我想分享我們的樂觀情緒，這種樂觀情緒源自我們經過測試的彈性模型，我們希望該模型繼續增長，同時提供非常好的盈利能力和股息收益率。祝你們晚安，謝謝大家。

Vinci Partners conference call has now concluded. Thank you for attending today's presentation. You may now disconnect, and have a great day.

Vinci Partners 電話會議現已結束。感謝您參加今天的演講。你現在可以斷開連接，祝你有美好的一天。