Vinci Compass Investments Ltd (VINP) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the Vinci Partners second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call will be recorded.

下午好，歡迎參加 Vinci Partners 2024 年第二季財報電話會議。（操作員說明） 謹此提醒，本次通話將會被錄音。

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

我現在想將會議交給投資者關係經理安娜·卡斯特羅 (Anna Castro)。請安娜繼續。

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. 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.

謝謝大家，大家下午好。今天加入的還有執行長 Alessandro Horta； Bruno Zaremba，私募股權董事長兼投資者關係主管；財務長塞爾吉奧·帕索斯 (Sergio Passos)。今天早些時候，我們發布了本季度財務報表的新聞稿幻燈片演示，可在我們的網站 ir.vincipartners.com 上查看。

I'd like to remind you that today's call may include forward-looking statements, which are uncertain outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For discussion on 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 refine reconciliations in the release.

我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述在公司的控制範圍之外具有不確定性，並且可能與實際結果有重大差異。我們不承擔更新這些聲明的任何責任。有關可能影響結果的一些風險的討論，請參閱 20-F 的風險因素部分。我們也會在新聞稿中參考某些非公認會計原則措施並完善對帳。

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. On results, Vinci generated fee-related earnings of BRL61.9 million or BRL1.16 per share and adjusted distributable earnings of BRL58.4 million or BRL1.10 per share for the second quarter 2024. We declared a quarterly dividend of BRL0.17 on the dollar per common share payable on September 5 to shareholders of record as of August 21.

另請注意，本次電話會議中的任何內容均不構成出售任何 Vinci Partners 基金權益的要約或徵求購買任何 Vinci Partners 基金權益的要約。根據業績，Vinci 2024 年第二季的費用相關收益為 6,190 萬雷亞爾或每股 1.16 雷亞爾，調整後可分配收益為 5,840 萬雷亞爾或每股 1.10 雷亞爾。我們宣佈於 9 月 5 日向截至 8 月 21 日登記在冊的股東派發每股普通股 0.17 雷亞爾的季度股利。

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

這樣，我會將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 today as we announce results for the second quarter 2024. Let me start by saying that we posted, once again, a double-digit growth in fee-related earnings on a year-over-year basis.

謝謝你，安娜。下午好，感謝大家加入我們的電話會議。我們很高興今天與您一起宣布 2024 年第二季的業績。首先我要說的是，我們的費用相關收入再次實現了兩位數的年成長。

This quarter was even more significant, close to a 25% increase on a per share basis. This remarkable growth is largely attributed to our exceptional fundraising performance in private market strategies over the past quarters, which continues to deliver across several fronts. We accomplished these results despite the challenging environment for raising capital outside traditional fixed income investments in Brazil.

本季的成長更為顯著，每股成長接近 25%。這一顯著的成長很大程度上歸功於過去幾季我們在私募市場策略上的出色籌款表現，並繼續在多個領域取得成果。儘管巴西傳統固定收益投資以外的融資環境充滿挑戰，但我們仍取得了這些成果。

Delving into our fundraising efforts, we are excited to share notable progress this quarter for our private markets products. Despite the global asset management industry facing significant challenges in raising capital equity, closed-end funds, we successfully secured nearly BRL500 million in new capital subscription for VCP IV from both local and international institutional investors.

深入研究我們的籌款工作，我們很高興分享本季我們的私募市場產品的顯著進展。儘管全球資產管理產業在籌集股本、封閉式基金方面面臨重大挑戰，我們仍成功從本地和國際機構投資者獲得了近5億雷亞爾的VCP IV新資本認購。

By the end of the second quarter, VCP IV has reached the same size as VCP III in Brazilian Real, achieved during one of the most challenging fundraising conditions for the private equity asset class worldwide in the past decade. This significant milestone highlights Vinci resilience in navigating through a tough market.

到第二季末，VCP IV 的規模已達到與 VCP III 巴西雷亞爾相同的規模，這是在過去十年全球私募股權資產類別最具挑戰性的融資條件之一下實現的。這一重要的里程碑凸顯了 Vinci 在艱難市場中的韌性。

We are extremely pleased with these results, which not only affirm the effectiveness of our proprietary distribution channels and the solid relationships we have cultivated with our LPs over the years, but also our testimony of the solid performance from our private equity strategy since inception.

我們對這些結果感到非常滿意，這不僅肯定了我們專有分銷管道的有效性以及我們多年來與有限合夥人建立的牢固關係，而且也證明了我們自成立以來私募股權策略的穩健表現。

We are very excited for the promising deployment opportunities that Fund IV will enable us to pursue. Moreover, Fund IV stands out at the largest vintage in the strategy in the terms of local commitments by a considerable margin. This highlights what we have been stating since our IPO.

我們對第四基金將使我們能夠追求的有前景的部署機會感到非常興奮。此外，就本地承諾而言，基金 IV 在該策略的最大年份中脫穎而出，遙遙領先。這凸顯了我們自首次公開募股以來一直在聲明的內容。

The Brazilian market remains highly under-penetrated for private market investments, with a gradual shift in mindset moving in our favor. We are seeing this trend unfold for several of our private market asset classes and a backdrop of high interest rates both locally and globally. As market conditions become more favorable, we anticipate this shift accelerating.

巴西市場的私募市場投資滲透率仍然嚴重不足，但心態逐漸轉變，對我們有利。我們看到，在本地和全球高利率的背景下，我們的幾個私人市場資產類別正在呈現這種趨勢。隨著市場條件變得更加有利，我們預期這種轉變將會加速。

Vinci is well-positioned to capitalize on this transition toward alternative investments. The success of our recent capital raise for Fund IV in private equity underscores our position as a leading force in Brazil's growing alternatives market. And as was the case with VCP IV, we will continue to work with our local investors to understand what their needs are and how to provide the best solution to address those needs.

Vinci 處於有利地位，可以利用這一向另類投資的轉變。我們最近為私募股權基金 IV 籌集資金的成功凸顯了我們作為巴西不斷增長的另類市場的主導力量的地位。與 VCP IV 的情況一樣，我們將繼續與當地投資者合作，了解他們的需求以及如何提供最佳解決方案來滿足這些需求。

Moving on, I am pleased to announce a significant milestone for our private credit segment. In July, we secured our first commitment from an international institutional investor for the segment in the Vinci Credit Infra Fund. While this commitment will reflect in our AUM figures only in the third quarter, we wanted to share this exciting development with our shareholders now.

接下來，我很高興地宣布我們私人信貸部門的一個重要里程碑。7 月，我們獲得了國際機構投資者對 Vinci Credit Infra Fund 部門的首筆承諾。雖然這項承諾只會反映在我們第三季的資產管理規模數據中，但我們現在希望與股東分享這一令人興奮的發展。

While local investor interests in alternative products continue to grow, we are also advancing our international distribution efforts at a promising pace. When we began raising capital from international investors, our offshore distribution team was part of the private equity business and VCP was the only fund with international peace.

在當地投資者對另類產品的興趣持續增長的同時，我們也以令人鼓舞的速度推進我們的國際分銷工作。當我們開始向國際投資者籌集資金時，我們的離岸分銷團隊是私募股權業務的一部分，而 VCP 是唯一具有國際和平的基金。

Today, we have successfully attracted international investors to invest with us across private equity, real estate, infrastructure, public equity and now private credit. Our ongoing investment in building a robust platform with a strong enduring relationship is clearly paying off, and with Compass in our corner, the potential flow from Latin America capital providers will enhance our local strategies even further.

如今，我們已成功吸引國際投資者與我們一起投資私募股權、房地產、基礎設施、公共股權以及現在的私人信貸領域。我們持續投資建立一個具有強大持久關係的強大平台，顯然已獲得回報，在康帕斯的支持下，來自拉丁美洲資本提供者的潛在資金流將進一步增強我們的本地策略。

Additionally, to further strengthen our private credit segment, we announced the closing of the acquisition of MAV capital, adding approximately BRL550 million in assets under management with long-term lockups. MAV's expertise in the agribusiness sector will be instrumental in establishing a leading position in this area, which could have significant impact over the medium to long term. The agribusiness sector in Brazil remains underserved by the investment industry despite its substantial contribution to the country's GDP, making it a promising opportunity for growth.

此外，為了進一步加強我們的私人信貸部門，我們宣布完成對 MAV Capital 的收購，增加了約 5.5 億雷亞爾的長期鎖定管理資產。MAV 在農業綜合企業領域的專業知識將有助於建立該領域的領先地位，這可能會在中長期內產生重大影響。儘管巴西的農業綜合企業部門對該國國內生產總值做出了巨大貢獻，但投資業對其提供的服務仍然不足，這使其成為一個充滿希望的成長機會。

Moving on to our recent announced transaction with Compass, we are targeting a closing date somewhere between late third quarter to early in the fourth quarter. The integration process is progressing smoothly. As we mentioned in our last earnings call, we engaged a global consulting firm to support us throughout this transition, and we are making excellent strides.

繼續我們最近宣布的與 Compass 的交易，我們的目標是在第三季末到第四季初之間的某個時間完成交易。整合進程進展順利。正如我們在上次財報電話會議中提到的，我們聘請了一家全球顧問公司在整個轉型過程中為我們提供支持，並且我們正在取得巨大進展。

At this time, the project has been concluded with 21 workstreams being simultaneously run across companies to assure a smooth day one and maximize the capturing of the synergies mapped during the project. This was a truly company-wide effort, with the teams at both Vinci and Compass working in an integrated way ahead of the closing date to map and brainstorm potential synergy gains from the merger.

目前，該專案已結束，21 個工作流程在各公司同時運行，以確保第一天順利進行，並最大限度地發揮專案期間的協同效應。這是真正全公司範圍的努力，Vinci 和 Compass 的團隊在交易截止日期之前以整合的方式進行工作，以規劃和集思廣益合併帶來的潛在協同收益。

Compass is having a very good year with assets under management reaching near BRL220 billion in the second quarter, an increase of almost BRL12 billion since the end of 2023, driven by strong fundraising across the IP&S business. The IP&S strategy, dedicated to liquid products, has had a strong year so far into 2024, raising approximately BRL6 billion, reflecting Compass' strong market position and continued flows into the segment.

Compass 度過了非常美好的一年，在 IP&S 業務強勁融資的推動下，第二季管理的資產達到近 2,200 億雷亞爾，自 2023 年底以來增加了近 120 億雷亞爾。致力於液體產品的 IP&S 策略在 2024 年迄今表現強勁，籌集了約 60 億雷亞爾，反映了 Compass 強大的市場地位和持續流入該領域的資金。

Additionally, the strategy within IP&S focused on alternatives has also seen good inflows with fundraising exceeding BRL2.5 billion year to date. In the credit strategy vertical, Compass has experienced substantial traction with its Brazilian fund, attracting significant investor interest over the recent months.

此外，IP&S 內專注於替代品的策略也獲得了良好的資金流入，今年迄今籌集的資金超過 25 億雷亞爾。在信貸策略垂直領域，Compass 的巴西基金受到了巨大的關注，近幾個月吸引了投資者的濃厚興趣。

In addition, Vinci has also started to leverage Compass' strong distribution network in LATAM, with roadshows already taking place with our private markets investment teams and their commercial teams.

此外，Vinci 也開始利用 Compass 在拉丁美洲強大的分銷網絡，我們的私人市場投資團隊及其商業團隊已經進行了路演。

In addition, we will host events in Chile and Mexico during the third quarter to present all investment strategy currently available within the Vinci platform to potential Latin American clients. As mentioned, this pre-closing period has been very productive and we are not wasting time. We have been tackling low-hanging fruits aggressively and expect additional opportunities once this transaction closes.

此外，我們將在第三季在智利和墨西哥舉辦活動，向潛在的拉丁美洲客戶展示 Vinci 平台目前可用的所有投資策略。如前所述，關閉前的這段時期非常富有成效，我們沒有浪費時間。我們一直在積極解決容易實現的目標，並期望在此次交易完成後獲得更多機會。

We are very excited about our prospects with the merger and will continue to work with Compass to leverage growth within both platforms across Latin American countries as we work on the integration in the next several months.

我們對合併的前景感到非常興奮，並將繼續與 Compass 合作，在未來幾個月進行整合時，利用拉丁美洲國家兩個平台的成長。

To conclude my remarks, I'd like to take a moment to discuss the macroeconomic environment. Last week, the Fed hinted at the possibility of cutting interest rates in their September meeting. The Fed will start cutting rates at a moment where the economy is still positive.

在結束我的演講時，我想花點時間討論宏觀經濟環境。上週，聯準會在 9 月會議上暗示了降息的可能性。聯準會將在經濟仍然樂觀的時刻開始降息。

Growth for next year is expected to be 1.8% and unemployment is still at 4.3%, below the natural rate of unemployment of 4.6%. The American economy will likely slow down but not necessarily to recessionary levels. In Brazil, the interest rate curve is still currently pricing in potential rate hikes. However, with the Fed lowering rates, we might see a reduction or even delimitation of these anticipated hikes from Brazil's interest rate curve.

明年的成長率預計為 1.8%，失業率仍為 4.3%，低於 4.6% 的自然失業率。美國經濟可能會放緩，但不一定達到衰退水準。在巴西，利率曲線目前仍在定價潛在的升息。然而，隨著聯準會降息，我們可能會看到巴西利率曲線中這些預期升息的減少甚至消失。

This is an important subject to consider as the adjustment in expectations for Brazilian rates could help stabilize market performance, which would translate in a better environment for inflows in our liquids and rich businesses.

這是一個需要考慮的重要主題，因為巴西利率預期的調整可能有助於穩定市場表現，這將為我們的流動資金和富裕企業的資金流入創造更好的環境。

In closing, I would like to convey the following message. Vinci continues to deliver growth supported by its highly diversified platform and robust distribution capabilities. In the short to medium term, we expect to drive further growth through our private market strategies with multiple fundraising initiatives underway across the platform.

最後，我想傳達以下訊息。Vinci 在其高度多元化的平台和強大的分銷能力的支持下繼續實現成長。在中短期內，我們預計將透過私募市場策略推動進一步成長，並在整個平台上進行多項募款活動。

Additionally, we anticipate gaining momentum in our liquids and IP&S segments as the global macroeconomic environment becomes more favorable over the coming quarters. We also remain very active on the M&A front, diligently looking into opportunities to enhance our product offerings in Brazil and now across Latin America.

此外，隨著未來幾季全球宏觀經濟環境變得更加有利，我們預計我們的液體和 IP&S 領域將獲得成長動力。我們在併購方面也仍然非常活躍，努力尋找機會來增強我們在巴西和整個拉丁美洲的產品供應。

The Compass merger added another possible dimension to us, which is the inorganic expansion of our alternative asset management capabilities across the region. The team has a very clear view on where potential demand for investment solutions is and which blank spaces we might fill on a regional basis through partnerships and acquisitions.

康帕斯合併為我們增加了另一個可能的維度，即我們在整個地區的另類資產管理能力的無機擴張。該團隊非常清楚投資解決方案的潛在需求在哪裡，以及我們可以透過合作和收購在區域基礎上填補哪些空白。

With this regional effort, we aim to strengthen our position as the gateway to alternative assets in LATAM to deliver greater value to our investors and shareholders, capitalizing on the evolving landscape to drive both local and regional expansion.

透過這項區域性努力，我們的目標是加強我們作為拉丁美洲另類資產門戶的地位，為我們的投資者和股東提供更大的價值，利用不斷變化的格局來推動本地和區域擴張。

With that, I would like to turn the call over to Bruno.

說到這裡，我想把電話轉給布魯諾。

Thank you, Alessandro, and good afternoon, everyone. I'll start by covering our fundraising efforts in private markets. As anticipated by Alessandro, we had a stellar quarter fundraising for the fourth meeting in our private equity flagship strategy, VCP IV.

謝謝你，亞歷山德羅，大家午安。我將首先介紹我們在私募市場的募款工作。正如 Alessandro 所預期的那樣，我們的私募股權旗艦策略 VCP IV 的第四次會議在季度融資中表現出色。

Developed by both local and international institutional investors, we successfully raised nearly BRL0.5 billion in commitments for VCP IV this quarter. Excluding coin investments, VCP IV has virtually matched the commitment capital of its predecessor funds.

由本地和國際機構投資者共同開發，本季我們成功籌集了近 5 億雷亞爾的 VCP IV 承諾資金。不包括代幣投資，VCP IV 幾乎與其前身基金的承諾資本相當。

Moreover, we've seen substantial interest from local institutional investors for this vintage, with Fund IV becoming the largest local fund we've raised for this strategy since inception. This aligns with our ongoing discussions about the need for Brazilian investors to diversify away from traditional fixed-income investors and explore alternative products as they build their long-term allocations.

此外，我們看到本地機構投資者對這一年份表現出濃厚的興趣，Fund IV 成為我們自成立以來為此策略籌集的最大本地基金。這與我們正在進行的巴西投資者在建立長期配置時需要從傳統固定收益投資者轉向多元化並探索替代產品的討論是一致的。

To wrap up VCP, we are aiming for a final closing by the end of the year, as we continue to work towards additional commitments primarily from international institutional investors. Additional commitments will continue to trigger retroactive fees from the start of the funds. This has been a significant contributor to management fees in the second quarter and could have a significant impact when we finalize the fundraising later in the year.

為了結束 VCP，我們的目標是在今年年底前完成最終交割，同時我們將繼續努力爭取主要來自國際機構投資者的額外承諾。額外的承諾將繼續觸發自資金啟動之日起的追溯費用。這是第二季管理費的重要貢獻者，並且可能在我們今年稍後完成籌款時產生重大影響。

Moving on to private credits, we have successfully secured commitments for the Vinci Credit Infra Fund, which has now exceeded BRL1.5 billion in assets under management. The initial investments that established the fund came from local institutional investors, and we continue to see strong demand for this asset class from this client base.

接下來是私人信貸，我們成功獲得對 Vinci Credit Infra Fund 的承諾，該基金管理的資產現已超過 15 億雷亞爾。成立基金的初始投資來自當地機構投資者，我們繼續看到該客戶群對此類資產類別的強勁需求。

However, our fundraising efforts are now expanding across other distribution channels. In July, we achieved a significant milestone by securing our first capital subscription from an international institutional investor for Vinci Credit Infra. In addition to international investors, Vinci Credit Infra is also set to attract commitments from the allocators and distributors channel in the third quarter.

然而，我們的籌款活動現在正在擴展到其他分銷管道。7 月，我們獲得了國際機構投資者對 Vinci Credit Infra 的首次認購，實現了一個重要的里程碑。除了國際投資者外，Vinci Credit Infra 還將在第三季吸引分配者和經銷商管道的承諾。

In summary, we are witnessing robust demand for the fund across multiple distribution channels. We will continue our fundraising efforts for Vinci Credit Infra through the end of 2024 and into early 2025.

總之，我們看到多個分銷管道對該基金的強勁需求。我們將在 2024 年底至 2025 年初繼續為 Vinci Credit Infra 籌款。

Now, let's delve into our pipeline from the upcoming quarters in private markets. First, we have just launched the fourth vintage of our Opportunistic Capital Solutions strategy. We anticipate initial commitments throughout the third quarter primarily from local high net worth investors and re-ups from previous vintages.

現在，讓我們深入研究未來幾季私募市場的管道。首先，我們剛推出了第四個階段的機會資本解決方案策略。我們預計整個第三季的初步承諾主要來自當地高淨值投資者，並且會比之前的年份增加。

SPS IV is also gaining significant traction with international investors, as we expect to secure notable commitments from international institutional investors by the end of the year. As highlighted in previous quarters, the earlier vintages have performed exceptionally well, and we expect this new vintage to be considerably larger than its predecessor, which raised BRL1 billion. It's important to note that the SPS team raised Fund III before joining Vinci, primarily leveraging local connections from senior partners.

SPS IV 也受到國際投資者的極大關注，因為我們預計到今年年底將獲得國際機構投資者的顯著承諾。正如前幾季所強調的那樣，早期年份的表現異常出色，我們預計這個新年份的規模將比其前一個年份大得多，後者籌集了 10 億雷亞爾。值得注意的是，SPS 團隊在加入 Vinci 之前籌集了第三期基金，主要利用高級合作夥伴的本地關係。

Now, with the full capabilities of our platforms, we have access to broader pools of capital, which will expand the capital raising efforts for Fund IV. We will provide more details on the fund and its fundraising progress during our next earnings conference call.

現在，憑藉我們平台的全部能力，我們可以獲得更廣泛的資金池，這將擴大四號基金的融資。我們將在下次收益電話會議上提供有關該基金及其籌款進度的更多詳細資訊。

In infrastructure, we anticipate a final closing for VICC in the latter half of the year. The fund has already made investments in the first quarter and has a robust pipeline for the coming quarters. This initial pipeline has been signed at levels of returns that are above the target return of the fund, giving a very constructive investment environment. We expect interesting capital deployment opportunities to continue for VICC, and to reach the fund's target commitment of BRL2 billion.

在基礎設施方面，我們預計 VICC 將在今年下半年最終竣工。該基金已在第一季進行了投資，並在未來幾季擁有強勁的投資管道。該初始管道已以高於基金目標回報的回報水平簽署，從而提供了非常有建設性的投資環境。我們預計 VICC 將繼續獲得有趣的資本部署機會，並實現該基金 20 億雷亞爾的目標承諾。

These are the key highlights for our short-term private markets fundraising efforts, but we also have a strong medium-term pipeline. This includes strategies such as VIR-V, the next vintage in our private equity impact and return strategy, and VFDL-2, the second vintage for our development and logistics strategy in real estate.

這些是我們短期私募市場融資工作的主要亮點，但我們也擁有強大的中期管道。這包括 VIR-V（我們的私募股權影響和回報策略的下一個時期）和 VFDL-2（我們的房地產開發和物流策略的第二個時期）等策略。

In addition, we are working on a new residential development fund after strong success in our novel fund for the strategy in 2024. All these funds are expected to commence fundraising late in 2024 or early 2025. Besides these initiatives for close-end funds, our REITs are fully allocated and ready to come back to market with new issuances as soon as market conditions improve.

此外，繼我們的 2024 年戰略新基金取得巨大成功之後，我們正在籌建新的住宅開發基金。所有這些基金預計將於 2024 年底或 2025 年初開始籌款。除了這些針對封閉式基金的舉措外，我們的房地產投資信託基金已全部配置完畢，並準備在市場狀況改善後立即以新發行的方式重返市場。

You should recall that last year we were able to raise more than BRL1 billion in VISC-11, our shopping mall REITs, in a three-month span. This is a clear example of what we can accomplish with a more constructive environment. We will keep investors informed about these and other medium-term initiatives we are working on. To close on private markets, I would like to reinforce the following.

您應該還記得，去年我們在三個月內透過 VISC-11（我們的購物中心 REIT）籌集了超過 10 億雷亞爾。這是一個清楚的例子，說明我們可以透過更具建設性的環境來實現什麼目標。我們將隨時向投資者通報我們正在進行的這些和其他中期舉措。為了關閉私人市場，我想強調以下幾點。

Since our IPO, we have actively expanded our private market strategies both organically, with new vintages across various strategies, and inorganically, through acquisitions like SPS and MAV Capital. This ongoing effort is resulting in a platform that comprises high-quality capital with long-term commitments.

自首次公開募股以來，我們積極擴展我們的私募市場策略，既有有機地（在各種策略中推出新產品），也有無機地（透過收購 SPS 和 MAV Capital）。這項持續的努力正在打造一個由高品質資本和長期承諾組成的平台。

For example, in the first quarter following Vinci's listing, first quarter of 2021, 48% of Vinci's fee-related earnings came from private market strategies. In the most recent quarter, examining the fee-related earnings over the past last 12 months, nearly 70% were generated from private market strategies. The effort into developing and expanding our private market strategy has not only resulted in AUM expansion, but also significantly enhanced the quality of our revenues. Vinci now presents a much more stable, resilient and diversified business model than was the case at our IPO.

例如，在Vinci上市後的第一季度，即2021年第一季度，Vinci 48%的費用相關收入來自於自私募市策略。在最近一個季度，檢視過去 12 個月的費用相關收入，近 70% 來自私募市策略。發展和擴大私募市場策略的努力不僅擴大了資產管理規模，還顯著提高了我們的收入品質。Vinci 現在呈現出比我們 IPO 時更加穩定、有彈性和多元化的業務模式。

Turning to our IP&S and public equity segments, we continue to face a challenging environment for both areas. Both segments are particularly sensitive to higher nominal and real interest rates and recent market volatility in Brazil. Despite the challenges, public equity has remained remarkably resilient, with flows essentially neutral over recent quarters.

談到我們的智慧財產權與服務和公共股權部門，我們繼續面臨這兩個領域充滿挑戰的環境。這兩個細分市場都對名目利率和實際利率上升以及巴西近期的市場波動特別敏感。儘管面臨挑戰，公共股權仍保持顯著的彈性，最近幾季的資金流動基本上呈現中性。

This stability highlights our strong and enduring relationship with our institutional client base, which has proven to be very resilient. In addition, we are starting to see interest from institutional investors, given the current level of attractiveness in local market valuations, which could lead to increase in our SMA business inequities.

這種穩定性突顯了我們與機構客戶群之間牢固而持久的關係，事實證明這種關係非常有彈性。此外，考慮到當前本地市場估值的吸引力水平，我們開始看到機構投資者的興趣，這可能會導致我們的 SMA 業務不平等現象增加。

We are working with some existing and new relationships that might allow us to start seeing flows in the short term. In contrast, the IP&S segment continued to experience outflows in the second quarter, particularly from our pension strategies within our allocators and distributors channel.

我們正在與一些現有的和新的關係合作，這可能會讓我們在短期內開始看到流量。相較之下，IP&S 部門在第二季持續出現資金外流，特別是來自我們的分配者和經銷商通路內的退休金策略。

Multimercado funds, as these funds are structured, have witnessed massive redemptions in the market year to-date, and despite being in the top quartile, our funds were dragged with this flow. In more recent weeks, we have seen moderation in these redemptions, which hopefully will lead to better overall trends in future quarters. On a more positive note, our private credit segment has seen promising results within the same allocators and distributors channel.

Multimercado 基金，由於這些基金的結構，今年迄今在市場上出現了大規模贖回，儘管處於前四分之一，但我們的基金卻受到了這種流動的拖累。最近幾週，我們看到這些贖回有所放緩，這有望在未來幾季帶來更好的整體趨勢。從更積極的角度來看，我們的私人信貸部門在同一分配者和經銷商管道中取得了可喜的成果。

Last year, we launched a dedicated pension plan strategy that is performing well in both fundraising and performance, raising roughly BRL400 million in the periods and continued to show strong weekly fundraising. We continue to raise capital at Vinci with third-party distributors, though currently with a short-term focus on pension plans related to credit assets and avoiding riskier asset classes.

去年，我們推出了專門的退休金計畫策略，在籌款和績效方面均表現良好，期間籌集了約 4 億雷亞爾，並繼續表現出強勁的每週籌款能力。我們繼續與第三方分銷商在 Vinci 籌集資金，但目前短期重點關注與信貸資產相關的退休金計劃並避免風險較高的資產類別。

The crediting flow in our platform mirrors what we are seeing in Compass as well, with very strong local fundraising performance on the fixed-income sites. Encouragingly, over the past two weeks, the combination of moderation of outflows in IP&S and the strong performance in credit has led to an improvement in flows within the allocators and distributors channel across the entire platform. This marks a notable recovery from May and June, which were the weakest months of the year.

我們平台上的信貸流程也反映了我們在 Compass 中看到的情況，固定收益網站上的本地籌款表現非常強勁。令人鼓舞的是，過去兩週，IP&S 資金流出的放緩和信貸的強勁表現相結合，導致整個平台的分配者和分銷商渠道內的流量有所改善。這標誌著今年最疲軟的五月和六月的顯著復甦。

And with that, I will turn it to Sergio to go through our results.

接下來，我會將其交給 Sergio 來查看我們的結果。

Thank you, Bruno. Now, let's start by covering management and advisory fees. Fee-related revenues totaled BRL126 million in the quarter, up 18% on an year-over-year basis. Focusing specifically on management fees, we saw an even more significant increase, with a remarkable 23% year-over-year growth, driven by robust fundraising across our private markets products. This quarter also benefited from retroactive fees associated with the capital raise in VCP IV, which included approximately two years' worth of fees. This resulted in an additional BRL14.9 million in the net revenue for the quarter.

謝謝你，布魯諾。現在，讓我們從管理費和諮詢費開始。本季與費用相關的收入總計 1.26 億雷亞爾，年增 18%。特別關注管理費，在私募市場產品強勁融資的推動下，我們看到了更顯著的成長，比去年同期成長了 23%。本季也受惠於與 VCP IV 融資相關的追溯費用，其中包括約兩年的費用。這導致本季淨收入增加 1,490 萬雷亞爾。

When excluding retroactive fees, management fees still show a positive trend, supported by new commitments in private markets. Looking ahead, we expect continued growth in revenues from this asset class, although liquid products and IP&S face ongoing challenges, as Bruno mentioned earlier.

當排除追溯費用時，在私募市場新承諾的支持下，管理費仍呈現正面趨勢。展望未來，我們預計該資產類別的收入將持續成長，儘管流動產品和 IP&S 面臨持續的挑戰，正如布魯諾之前所提到的。

Please note that we will continue fundraising for VCP IV and VICC in infrastructure during the second half of the year. Both funds include retroactive fees clauses, so new commitments will generate fees from the fund's inception, which could continue to positively impact our numbers in the later half of the year.

請注意，下半年我們將繼續為 VCP IV 和 VICC 基礎設施融資。這兩隻基金都包含追溯費用條款，因此新的承諾將從基金成立之日起產生費用，這可能會繼續對我們下半年的數字產生正面影響。

Turning to advisory fees, we had another strong quarter. Year to-date, we have accumulated nearly BRL22 million in net revenues from advisory fees, highlighting the momentum in our corporate advisory segment. For the second half of the year, we already have over BRL10 million in advisory fees from signed transactions that are pending closing.

談到諮詢費用，我們又經歷了一個強勁的季度。今年迄今為止，我們的諮詢費淨收入已累計近 2,200 萬雷亞爾，凸顯了我們企業諮詢領域的發展動能。今年下半年，我們已從待完成的已簽署交易中獲得了超過 1,000 萬雷亞爾的諮詢費。

Additionally, we have a robust pipeline of opportunities to execute upon. We are confident in achieving our target of annual BRL30 million in net advisory revenue, with potential for upside. Despite challenging market conditions and a muted IPO marketing, our corporate advisory business has delivered excellent results. We believe that as market conditions improve, we will be well positioned to make an even greater impact in this segment.

此外，我們還有大量的執行機會。我們有信心實現每年 3000 萬雷亞爾淨諮詢收入的目標，並且具有上升潛力。儘管市場環境充滿挑戰且 IPO 行銷乏力，我們的企業諮詢業務仍取得了出色的業績。我們相信，隨著市場狀況的改善，我們將能夠在這一領域產生更大的影響。

Turning to FRE results, in the second quarter, FRE totaled BRL62 million, or BRL1.16 per share, representing a 24% year-over-year increase on a per share basis. Looking at year to-date figures, FRE reached BRL116 million, or BRL2.17 per share, up 18% on a per share basis. FRE continues to grow, pushed by the strong fundraising for private market products.

至於FRE業績，第二季FRE總計6,200萬雷亞爾，即每股1.16雷亞爾，每股年增24%。從今年迄今的數據來看，FRE 達到 1.16 億雷亞爾，即每股 2.17 雷亞爾，每股成長 18%。在私募市場產品融資強勁的推動下，FRE 持續成長。

As I mentioned in the last quarter earnings call, when considering our short-term FRE, we expect an upwards trajectory. This projection is supported by several factors, including new commitments in private markets, the impact of retroactive fees, and the robust pipeline for advisory service.

正如我在上個季度的財報電話會議中提到的，在考慮我們的短期 FRE 時，我們預計會出現上升趨勢。這項預測得到了多種因素的支持，包括私募市場的新承諾、追溯費用的影響以及強勁的諮詢服務管道。

Now, let's discuss expenses. Year-to-date, our margins have improved by 154 basis points compared to the same period last year, which aligns with our expectations from the previous earnings call. We do not anticipate significant changes in margins for 2024, but we are aiming for modest expansions.

現在，我們來討論一下費用。今年迄今為止，我們的利潤率比去年同期提高了 154 個基點，這與我們上次財報電話會議的預期一致。我們預計 2024 年的利潤率不會有重大變化，但我們的目標是適度擴張。

Excluding the VRS strategy, where we made substantial investments over the past quarters, our FRE margin would have been 52%. For comparison purposes, our margin for the full year 2021, when there were no investments in VRS, was also 52%. Our core business continues to maintain healthy margins and show resilience despite the challenging conditions of the past two to three years.

不包括過去幾季我們進行了大量投資的 VRS 策略，我們的 FRE 利潤率為 52%。出於比較目的，我們 2021 年全年的利潤率（沒有投資 VRS 時）也為 52%。儘管過去兩到三年充滿挑戰，我們的核心業務仍繼續保持健康的利潤率並表現出韌性。

The success is a direct result of our focused efforts in private market fundraising and our diligent cost management. By practicing product cost control, we are positioning ourselves to accelerate the growth of FRE and DE when market conditions become more favorable.

這項成功是我們在私募市場融資方面的集中努力和勤奮的成本管理的直接結果。透過實行產品成本控制，我們將在市場條件變得更有利時加速 FRE 和 DE 的成長。

Before we proceed, I'd like to provide some clarity on the non-operation expense we incurred this quarter, totaling approximately BRL12 million. These expenses are exclusively related to our transactions with Compass and MAV Capital.

在我們繼續之前，我想澄清一下我們本季產生的非營運費用，總計約 1200 萬雷亞爾。這些費用完全與我們與 Compass 和 MAV Capital 的交易有關。

We prioritize transparency, and I want to assure our investors that there are no other items included in this line, and the non-recurrence expects of this expense. There will be more expense linked with the closing of the transaction with Compass and with other M&A projects we are currently engaged if they go forward.

我們優先考慮透明度，我想向我們的投資者保證，該項目中不包含其他項目，並且該費用不會重複發生。如果與 Compass 的交易以及我們目前正在進行的其他併購項目繼續進行，將會產生更多費用。

Turning to PRE results, performance fees have remained relatively modest due to the market volatility experienced in the first half of the year. This quarter, we recognized a partial realization of performance fees from FIP Infra Transmissão. Since this performance was already booked on our balance sheet, its impact on PRE is neutral, but it positively affects distributable earnings.

就 PRE 業績而言，由於上半年市場波動，業績費用仍然相對溫和。本季度，我們確認 FIP Infra Transmissão 部分實現了績效費。由於這項績效已經記入我們的資產負債表，因此它對 PRE 的影響是中性的，但它對可分配收益有正面影響。

It's important to note that these recognized fees is seen from a cash distribution related to an asset sold in 2021. The fund still holds one remaining asset, which we expect to realize in the coming quarters, potentially leading to a higher level of performance fees.

值得注意的是，這些已確認的費用是從與 2021 年出售資產相關的現金分配中看出的。該基金仍持有一項剩餘資產，我們預計將在未來幾季變現，這可能會導致更高水準的績效費用。

Before moving on to the next topic, I'd like to highlight the performance potential of our platform. First, we have approximately BRL16 billion in performance eligible assets under management across IP&S and public equities. When market conditions improve, this could become a significant source of earnings.

在進入下一個主題之前，我想強調一下我們平台的效能潛力。首先，我們管理約 160 億雷亞爾的 IP&S 和公共股票的績效合格資產。當市場狀況改善時，這可能成為重要的收入來源。

Second, private market funds. Gross accrued performance fees exceed BRL350 million in the second quarter. While liquid funds may impact earnings in the short to medium terms, the performance fees for private markets are expected to begin materializing only in 2026 as these funds mature.

二是私募市場資金。第二季應計績效費用總額超過 3.5 億雷亞爾。雖然流動資金可能會在中短期內影響收益，但隨著這些基金的成熟，私募市場的績效費用預計要到 2026 年才會開始實現。

To wrap up, I'd like to cover our distributable earnings. Adjusted distributable earnings totaled BRL58 million in the second quarter of 2024, or BRL1.10 per share, down 16% year over year on a per share basis, due to a combination of two factors. First, the second quarter of 2023 saw unusually strong financial income, benefiting from a combination of higher liquid portfolio size, higher nominal interest rates, and an overall more favorable market environment.

最後，我想談談我們的可分配收入。受兩個因素的綜合影響，2024 年第二季調整後可分配收益總計 5,800 萬雷亞爾，即每股 1.10 雷亞爾，每股年減 16%。首先，受益於較高的流動性投資組合規模、較高的名目利率以及整體較為有利的市場環境，2023 年第二季的財務收入異常強勁。

Second, this quarter we had an FX rate impact on Vinci's net debt position in US dollar, esteeming from the operation with Aries. This had an impact of approximately BRL6.5 billion or BRL12.0 per share on adjusted distributable earnings. It's important to note that while we experience a short-term negative impact from FX rate depreciation, Vinci derives about 25% of its net revenue in US dollar. Therefore, the short-term effect on distributable earnings is expected to reverse and positively impact our fee-related earnings in the coming quarters.

其次，本季我們對 Vinci 的美元淨債務部位產生了匯率影響，這是從與 Aries 的操作來看的。這對調整後的可分配收益產生了約 65 億雷亞爾或每股 12.0 雷亞爾的影響。值得注意的是，儘管匯率貶值給我們帶來了短期負面影響，但 Vinci 約 25% 的淨收入以美元計算。因此，對可分配收益的短期影響預計將扭轉並對我們未來幾季的費用相關收益產生積極影響。

In closing, I would like to once again reiterate the positive outlook for fee-related earnings over the next quarters and the great momentum that we encountered as a firm. We remain committed to generating shareholder value through both organic and inorganic paths.

最後，我想再次重申未來幾季與費用相關的收益的積極前景以及我們作為一家公司所遇到的巨大勢頭。我們仍然致力於透過有機和無機途徑創造股東價值。

With that, I would like to close our remarks and open the call for questions. Once again, I would like to thank you for joining our call. Please, operator, you can proceed with the questions. Thank you.

我想結束我們的演講並開始提問。我再次感謝您加入我們的電話會議。接線員，請您繼續提問。謝謝。

(Operator Instructions) Ricardo Buchpiguel, BTG.

（操作員說明）Ricardo Buchpiguel，BTG。

Hi everyone and thank you for the opportunity of making questions. I have two here on my side. Can you please talk about what type of clients and geographies have you been focusing on your fundraising for private markets? And do you believe it will be more challenging to raise money now that you are moving to focus more on international clients given the current market conditions? And also related to this topic, if you could remind us, out of the BRL15 billion target of fundraising from 2022 to 2024, how much have you raised so far? Thank you.

大家好，感謝您提供提問的機會。我這邊有兩個。您能否談談您在私募市場融資中關注的客戶類型和地區？鑑於當前的市場狀況，您是否認為由於您將更專注於國際客戶，籌集資金會更具挑戰性？同樣與這個主題相關的是，您能否提醒我們，在 2022 年至 2024 年 150 億雷亞爾的籌款目標中，到目前為止您已經籌集了多少資金？謝謝。

Hi Ricardo. Thank you very much for the question. That's Alessandro speaking here. Just to your first point regarding the type and geographies of clients of private markets, that of course depends a bit on each of the private market asset classes.

嗨里卡多。非常感謝你的提問。這是亞歷山德羅在這裡講話。關於私募市場客戶的類型和地理位置的第一點，這當然在一定程度上取決於每種私募市場資產類別。

Talking about private equity, the last quarter, as we mentioned, the BRL550 million of fundraising, they came both from local and international investors. The international investors came more from Europe this quarter and locally they were coming more from institutional local investors. I would say more around half of both sources in terms of private markets.

談到私募股權，正如我們所提到的，上個季度籌集了 5.5 億雷亞爾的資金，它們來自本地和國際投資者。本季國際投資者較多來自歐洲，而本地投資者較多來自當地機構投資者。我想說，就私人市場而言，這兩個來源中大約有一半左右。

Talk a little bit more about infrastructure. So we are talking about VICC. Recently you have been a very important push in Asia where we expect some field commitments coming for the next few quarters. And we had a very strong success, as we mentioned, in previous calls in Europe.

多談談基礎設施。所以我們正在談論VICC。最近，你們在亞洲做出了非常重要的推動，我們預計在接下來的幾季將做出一些實地承諾。正如我們所提到的，我們在先前的歐洲電話會議中取得了巨大的成功。

Now we have a more soft-circled and expected pipeline of fundraising more in Asia going forward. And in SPS, as Bruno mentioned, I think we are expecting the first flows to come more from local investors, especially high net worth, single family office, multifamily office, and some allocators and distributors. And then moving forward from international investors, that will come, we expect, more from the North American market and also from Asia.

現在，我們在亞洲有一個更軟循環和預期的籌款管道。在 SPS 中，正如布魯諾所提到的，我認為我們預計第一批資金將更多來自當地投資者，尤其是高淨值投資者、單一家族辦公室、聯合家族辦公室以及一些分配者和分銷商。然後，我們預計，國際投資者將更多來自北美市場和亞洲。

And I will leave the second part of your question to Bruno to complement on that.

我將把你問題的第二部分留給布魯諾補充。

Ricardo, good talking to you tonight. We are currently at about BRL10 billion of the BRL15 billion targets. We have, as you know, the next six months, we have commitments coming from all of the funds that we have that are still open. Our expectation is that the contribution until the end of the year will be likely stronger from SPS on a relative basis now that the other funds are tapping off a little bit. So we expect some commitment still from BCP, VICC and Credit Infra. But our biggest check will likely come from SPS until the end of the year that we have an unexpected big first close to happen now in the third and fourth quarters. But we are today at close to about BRL10 billion.

里卡多，今晚很高興與你交談。目前，我們已完成 150 億雷亞爾目標中的約 100 億雷亞爾。如您所知，在接下來的六個月裡，我們的承諾來自我們所有尚未結清的資金。我們的預期是，鑑於其他基金正在逐步退出，SPS 到今年年底的貢獻相對而言可能會更大。因此，我們預計 BCP、VICC 和 Credit Infra 仍會做出一些承諾。但我們最大的支票可能會來自 SPS，直到今年年底，我們將在第三和第四季進行意外的首次收盤。但今天我們的收入接近 100 億雷亞爾。

Thank you very much, guys.

非常感謝你們，夥伴們。

Beatriz Abreu, Goldman Sachs.

比阿特麗斯·阿布魯，高盛。

Hi, everyone. Good evening, and thanks for taking my question. I have two questions on my side. The first one is on the positive management fees due to the catch-up fees mostly from VCP IV. And I see that you have a good pipeline for fundraising expected for the second half of the year. I guess my question is related to next year. Since the BRL15 billion has fundraising target is until the end of this year, what are you expecting the increase in fundraising to come from mostly for next year?

大家好。晚上好，感謝您提出我的問題。我這邊有兩個問題。第一個是積極的管理費，因為追趕費主要來自 VCP IV。我發現你們預計下半年的募款管道會良好。我想我的問題與明年有關。由於150億雷亞爾的募款目標是到今年年底，您預計明年的募款成長主要來自哪些方面？

And the second question is related to the strong appreciation of accrued performance fees this quarter. If you can comment a little bit more about what drove that, maybe if you could give some color on the investments. And what are your expectations for timing of performance fees, distributions, or any of the funds close to their hurdle rate? If you could talk a little bit more about that, it would be great? Thank you.

第二個問題與本季應計績效費的強勁升值有關。如果您能對推動這一趨勢的原因進行更多評論，也許您可以對投資進行一些說明。您對績效費、分配或任何接近最低門檻率的基金的時間安排有何期望？如果您能多談談這一點，那就太好了？謝謝。

Hi, Beatriz. How are you? That's Alessandro. Nice to have you today with us. Starting with the first part of the question regarding management fees, accrued retroactive fees, sorry, regarding, especially as I said, regarding VCP IV. And that's a very good question. We expect a good part of VCP IV to be concluded this year, and also VICC. But we still expect from both some final fundraising to the beginning of next year.

嗨，比阿特麗斯。你好嗎？那是亞歷山德羅。很高興今天你和我們在一起。從問題的第一部分開始，涉及管理費、應計追溯費用，抱歉，特別是正如我所說的，關於 VCP IV。這是一個非常好的問題。我們預計 VCP IV 的大部分內容以及 VICC 將於今年完成。但我們仍然期望明年初能夠完成一些最終的募款活動。

Next year, we have -- we expect the international portion of SPS IV. So that will be something that will be tapping probably in the end of this year to the beginning of the next year, maybe first and second quarter, maybe. And also, we will have a few products, especially VIR V that we postponed at the beginning of the fundraising that will be more important next year. And also, VFDL-2, that's our logistics for private equity type real estate funds that again will be to next year.

明年，我們預計 SPS IV 的國際部分。因此，這可能會在今年年底到明年年初，也許是第一季和第二季進行。此外，我們還會有一些產品，特別是我們在籌款之初推遲的 VIR V，明年將更加重要。而且，VFDL-2，這是我們為私募股權類型房地產基金提供的物流，同樣將在明年進行。

Besides of that, also, we expect the opportunistic residential real estate fund also to be relevant next year. So we'll be having less of the funds that we already reaching the targets like VCP IV and VICC. But we'll still have important contribution that we expect coming from SPS IV in terms of fundraising, VIR V, VFDL-II, and the opportunistic real estate fund second vintage next year.

除此之外，我們預計機會主義住宅房地產基金明年也將發揮作用。因此，我們已經達到 VCP IV 和 VICC 等目標的資金將會減少。但我們預計 SPS IV 在籌款、VIR V、VFDL-II 以及明年第二期機會主義房地產基金方面仍將做出重要貢獻。

And I'll leave Bruno to talk a little bit about the appreciation of expected performance fee.

我將讓布魯諾談談預期績效費的升值。

Yes, I think the performance fee is something that we have discussed also in the past. We're seeing other families of products starting to contribute to future performance fees. In the case of this quarter, we saw mainly SPS coming into the math. So just as an information, the first SPS fund is already paying performance fees. They are not impacting our numbers because in the transaction, we negotiated that the first couple of funds, the performance would be retained by the management fees. But the third fund is also above the preferred return rates and started to accrue towards the future performance fees as well.

是的，我認為我們過去也討論過績效費。我們看到其他產品系列開始為未來的績效費用做出貢獻。就本季而言，我們主要看到 SPS 進入數學計算。因此，僅供參考，第一隻 SPS 基金已經在支付績效費。它們不會影響我們的數字，因為在交易中，我們協商確定前幾隻基金的績效將由管理費保留。但第三隻基金也高於首選回報率，也開始計入未來的績效費用。

SPS has a profile of a quicker turnaround in terms of the performance. So if you think about the fact that they are paying already performance from Funds I and probably Fund II very quickly. Those funds are around five years old. So thinking about Fund III , we would expect that Fund III to start paying performance fees probably into late 2025, early 2026. So of that accrued performance, I think probably SPS will likely be the first one to start transitioning to realize GP results. And then after that, we're likely going to see VCP III as the one that is going to start contributing, but VCP III probably a little bit later in terms of dates.

SPS 在效能方面具有更快的周轉速度。因此，如果你考慮一下這樣一個事實：他們已經很快地支付了基金 I 和基金 II 的表現。這些基金已有五年左右的歷史。因此，考慮到基金 III，我們預計基金 III 可能會在 2025 年底、2026 年初開始支付績效費。因此，就累積的績效而言，我認為 SPS 可能會是第一個開始轉型以實現 GP 結果的公司。之後，我們可能會看到 VCP III 開始做出貢獻，但 VCP III 的日期可能會晚一些。

But I would expect that diversification of the performance fees on the accrued part to continue. So we will likely see other families of funds starting to have a piece of that pie going forward. So we have the infra funds as well. At some point, they should start -- other infra funds should start contributing there. Obviously, the contribution from SPS is likely going to grow in size over time. So the tendency is that for the next few years, you're going to see that pie diversify and increase in size. And then likely by the end of '25, early '26, we're going to start seeing the beginning of that performance start to transition as realized.

但我預計應計部分的績效費用將繼續多元化。因此，我們可能會看到其他基金家族開始在未來分一杯羹。所以我們也有基礎建設資金。在某個時候，他們應該開始——其他基礎設施基金應該開始在那裡捐款。顯然，隨著時間的推移，SPS 的貢獻可能會越來越大。所以趨勢是，在接下來的幾年裡，你會看到蛋糕變得多樣化並且規模不斷擴大。然後很可能到 25 年底、26 年初，我們將開始看到效能開始轉變為實現的狀態。

Just to complement -- finally, to complement Alessandro, I think one family of products that the contribution so far in '24 was very limited was the REITs. So we had the contribution late '23 from fundraising in the VISC in the late third quarter and fourth quarter of last year. This is a group of products that we believe in a more benign environment, we can raise multiple billion reais per year. Unfortunately, so far this year has been more muted given the volatility that we saw in the market has been more difficult to raise money for this type of product. But it's a product that we expect to contribute over time.

只是為了補充 - 最後，為了補充 Alessandro，我認為 24 年迄今為止貢獻非常有限的一系列產品是房地產投資信託基金。因此，我們在 23 年末從去年第三季末和第四季的 VISC 籌款中獲得了捐款。這是一組我們相信在更良性的環境下我們每年可以籌集數十億雷亞爾的產品。不幸的是，鑑於我們在市場上看到的波動使得為此類產品籌集資金變得更加困難，今年到目前為止，情況更加平靜。但我們希望隨著時間的推移，它會做出貢獻。

So despite the fact that perhaps some of our closed-end drawdown funds are wrapping up, VCP, VICC are going to wrap up by early '25. We should have other private market funds such as the REITs and the new products that Alessandro mentioned. And on top of those potentially new credit products as well, which we are developing at this point, we're seeing more traction in credit.

因此，儘管事實上我們的一些封閉式提款基金可能正在結束，但 VCP、VICC 將在 25 年初結束。我們應該有其他私募市場基金，例如房地產投資信託基金和亞歷山德羅所提到的新產品。除了我們目前正在開發的那些潛在的新信貸產品之外，我們還看到信貸領域的吸引力越來越大。

Our pension plan style credit fund is doing very well, is raising multiple billion reais per day and several million per day and several million per week. It's already up to BRL0.5 billion and continues to raise money. So we're seeing opportunities to develop new credit products similar to the ones that we're seeing abroad, more semi-liquid type style products. So that will likely be something that we expect to contribute also in 2025 and going forward.

我們的退休金計畫式信貸基金表現非常好，每天籌集數十億雷亞爾，每天籌集數百萬雷亞爾，每週籌集數百萬雷亞爾。目前已籌集到 5 億雷亞爾，並且還在繼續籌集資金。因此，我們看到了開發新信貸產品的機會，類似於我們在國外看到的產品，更多的半流動型產品。因此，我們預計在 2025 年及未來也將做出貢獻。

Yeah, just to complement that, Beatriz, to that point of Bruno, we are studying a lot new products on the credit spectrum and even using the best practices and exchanging, I'd say, ideas with Ares. And we believe that this type of semi-liquid type of funds will be something that probably will be very relevant moving forward and especially next year as we identify the demand for this type of a product and they match very well with the, I'd say, asset liability management sum of our clients.

是的，為了補充這一點，Beatriz，就 Bruno 而言，我們正在研究信用範圍內的許多新產品，甚至使用最佳實踐，並與 Ares 交換想法。我們相信，這種類型的半流動型基金可能在未來非常相關，尤其是明年，因為我們確定了對此類產品的需求，並且它們與我認為非常匹配比如說我們客戶的資產負債管理總額。

Perfect. That's very clear. Thank you, Alessandro and Bruno.

完美的。這非常清楚。謝謝你們，亞歷山德羅和布魯諾。

Tommy Andrade, Quipus Capital.

湯米·安德拉德 (Tommy Andrade)，Quipus 資本。

Hello. Thank you for taking my question. I wanted to ask about the operating profit on the financial statements versus the operating profit that shows up in the presentation in page 36. They are different and wanted your help for reaching it. It's BRL48 million in the financial statements and BRL65 million in the presentation. So I wanted to know the difference

你好。感謝您回答我的問題。我想詢問財務報表上的營業利潤與第 36 頁簡報中顯示的營業利潤。他們與眾不同，需要您的幫助才能實現這一目標。財務報表中的數字為 4,800 萬雷亞爾，簡報中的數字為 6,500 萬雷亞爾。所以我想知道其中的區別

Okay, Tommy. Thanks for the question. So the difference is basically some non-cash impacts that we have that we segregate from the distributable earnings number. So the two main components there are the unrealized mark-to-market effects on our GP commitments. So this quarter we had a negative impact from the mark-to-market coming mainly from the REIT performance during the quarter. So the REITs that we have in our GP commitment, they depreciated in value this quarter. So that was more than the positive impact that we had from VCP IV markup. So that was part of the unrealized and that impacts operating profit.

好吧，湯米。謝謝你的提問。因此，差異基本上是我們從可分配收益數字中分離出來的一些非現金影響。因此，兩個主要組成部分是對我們普通合夥人承諾的未實現的按市值計價的影響。因此，本季我們受到市值計價的負面影響，主要來自本季房地產投資信託基金的表現。因此，我們在普通合夥人承諾中擁有的房地產投資信託基金，本季價值貶值。因此，這不僅是 VCP IV 加價帶來的正面影響。因此，這是未實現的一部分，影響了營業利潤。

And the other impact is the stock option impact that we have, the stock option program, which we usually have an impact of now around 5 million per quarter more or less, which also is a non-cash impact and that impacts the accounting operating profit, but not the distributable earnings operating profit that we show on the cash -- let's say cash, distributable earnings number. So those are the two main -- those could vary. I mean, obviously the unrealized portion could vary up and down. So we have had quarters in the past where that number was very much early up. We have had quarters in the past that it was a little bit down. Over time we expect it to be up.

另一個影響是我們擁有的股票選擇權影響，即股票選擇權計劃，我們現在通常每季或多或少產生約 500 萬美元的影響，這也是一種非現金影響，會影響會計營業利潤，但不是我們在現金上顯示的可分配收益營業利潤－比如說現金，可分配收益數字。這些是兩個主要的——它們可能會有所不同。我的意思是，顯然未實現的部分可能會上下變化。因此，我們在過去的幾個季度中，這個數字非常早。過去我們曾經歷過一些季度業績略有下降的情況。隨著時間的推移，我們預計它會上升。

The SOP is obviously always a negative impact, which today is running at around 5 million. And the final impact is the non-recurring M&A expense that Sergio mentioned in his remarks. This quarter was about 12 million and it is related to lawyer and the due diligence fees that we have expanded both in the MAV transaction, which has already closed, and in the Compass transaction they'll expect to close, as we said, between the end of third quarter and beginning of the fourth.

SOP 顯然總是帶來負面影響，目前約 500 萬。最後的影響是塞爾吉奧在演講中提到的非經常性併購費用。本季約為 1200 萬美元，與律師費和盡職調查費用有關，我們在已經完成的 MAV 交易和 Compass 交易中都擴大了費用，正如我們所說，他們預計將在第三節結束和第四節開始。

So those were the expenses or the impact this quarter. This quarter was a little bit heavier than normal because we had the negative unrealized and we had a bigger expense on the M&A side, but those are typically the differences between the distributable earnings and the net earnings from an accounting standpoint.

這些就是本季的費用或影響。這個季度比正常情況要重一些，因為我們有未實現的負數，而且我們在併購方面的費用更大，但從會計角度來看，這些通常是可分配收益和淨利潤之間的差異。

Thank you. And can I ask another one?

謝謝。我可以再問一個嗎？

Yes, of course, go ahead.

是的，當然，繼續吧。

Thank you. In the cash flow statement, there's a line for a contribution for retirement plan, plans for BRL140 million. Is that contributions to the retirement services segment or what is the original line?

謝謝。在現金流量表中，有一行為退休計畫供款，計畫為 1.4 億雷亞爾。這是對退休服務部門的貢獻還是原來的路線？

So when we launched VRS, regulatory in Brazil, you need to have an insurance company. So part of the launching of VRS had to do with us creating an insurance company. And in Brazilian accounting, the insurance company, the assets of the insurance company are reserves. And that is what you see in the income statement -- so on the cash flow statements, the reserves that are being constituted for the liabilities that we have against the pension plans that we carry in our own insurance company.

所以當我們在巴西推出VRS監管時，你需要有一家保險公司。因此，VRS 的推出部分與我們創建一家保險公司有關。而在巴西會計中，保險公司，保險公司的資產就是準備金。這就是你在損益表中看到的——在現金流量表上，我們為我們自己的保險公司的退休金計畫所承擔的負債而準備的準備金。

Thank you.

謝謝。

The question-and-answer session is over. I would like to turn the floor back to Mr. Alessandro Horta for the closing remarks. Please, Mr. Horta, you may proceed.

問答環節結束。我想請亞歷山德羅·奧爾塔先生致閉幕詞。奧爾塔先生，請繼續。

I'd like to thank you once again for your support and interest in our company. As we said during the call, we are very, very positive with the year so far, even though the macroeconomic environment has not been favorable and the fundraising environment has been very challenging. We have been able to really tip a very, very decent path and growth.

我謹再次感謝您對我們公司的支持與關注。正如我們在電話會議中所說，儘管宏觀經濟環境並不有利且融資環境非常具有挑戰性，但我們對今年迄今為止非常非常樂觀。我們已經能夠真正開闢一條非常非常體面的道路和成長。

And we expect once we have a better macroeconomic environment moving forward, the reduction of interest rates outside Brazil and also a better environment locally that can speed up the fundraising, the realization of performance.

我們預計，一旦我們有更好的宏觀經濟環境，巴西以外的利率下降，以及當地更好的環境，可以加快融資速度，實現業績。

So we are quite waiting for this moment and optimistic that we will be very resilient in a very difficult scenario and we can grow in a very important way when we see a more benign scenario. So thank you very much and good night for you all.

因此，我們非常等待這一刻，並樂觀地認為，在非常困難的情況下，我們將非常有彈性，並且當我們看到更良性的情況時，我們可以以非常重要的方式實現成長。非常感謝大家，祝大家晚安。

This concludes today's presentation. We thank you all for participating and wish you a very good evening.

今天的演講到此結束。我們感謝大家的參與，並祝福大家有個美好的夜晚。