Vinci Compass Investments Ltd (VINP) 2024 Q3 法說會逐字稿

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

晚上好，歡迎參加 Vinci Partners 2024 年第三季財報電話會議。（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)。請繼續，安娜。

Thank you, and good afternoon, everyone. Joining us 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，大家下午好。今天加入我們的是執行長 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)。

Earlier today, we issued a press release, slide presentation and 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.

今天早些時候，我們發布了新聞稿、幻燈片演示和本季度的財務報表，可在我們的網站 ir.vincipartners.com 上取得。我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述具有不確定性且超出公司的控制範圍，並且可能與實際結果有重大差異。

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.

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。我們也會參考某些非 GAAP 衡量標準，您會在新聞稿中找到對帳資訊。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。

On results, Vinci generated fee-related earnings of BRL53.8 million or BRL1.02 per share and adjusted distributable earnings of BRL57.1 million or BRL1.08 per share for the third quarter 2024. We declared a quarterly dividend of $0.16 on the dollar per common share payable on December 5 to shareholders of record as of November 20.

根據業績，Vinci 2024 年第三季的費用相關收益為 5,380 萬雷亞爾或每股 1.02 雷亞爾，調整後可分配收益為 5,710 萬雷亞爾或每股 1.08 雷亞爾。我們宣佈於 12 月 5 日向截至 11 月 20 日登記在冊的股東派發每股普通股 0.16 美元的季度股息。

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 evening, and thank you all for joining our call. We are very pleased to join you today as we announce results for the third quarter 2024. To kick things off, let's start with a brief overview of our results for the quarter. Vinci reached BRL70 billion in AUM, posting an 8% year-over-year growth.

謝謝你，安娜。晚上好，感謝大家加入我們的通話。我們很高興今天與您一起宣布 2024 年第三季的業績。首先，讓我們先簡要概述本季的業績。Vinci 的資產管理規模達到 700 億雷亞爾，年增 8%。

Our efforts in raising capital for private market funds continue to boost our AUM and FRE with highlights this quarter to a little over BRL0.5 billion in additional commitments, including the first coming from a global investor in our Credit Infra strategy. We also saw positive net inflows in our public equity strategy, which we will provide more details further in the call.

我們為私募市場基金籌集資金的努力繼續提高我們的 AUM 和 FRE，本季度的亮點是額外承諾略高於 5 億雷亞爾，其中包括來自我們信貸基礎設施戰略的全球投資者的首筆承諾。我們的公共股權策略也出現了正淨流入，我們將在電話會議中進一步提供更多細節。

While during this quarter, growth was more measured, we anticipate a strong finish to the year. We expect final closings for VCP IV, securing additional commitments for VICC and Credit Infra and completing the first closing for SPS IV. While interest rates in the US are on a downward trajectory, Brazil Central Bank is expected to implement modest rate hikes to continue to keep inflation expectations under control.

雖然本季的成長更加謹慎，但我們預計今年將強勁結束。我們預計 VCP IV 的最終交割，確保對 VICC 和 Credit Infra 的額外承諾，並完成 SPS IV 的首次交割。儘管美國利率處於下行軌道，但巴西央行預計將實施小幅升息，以繼續控制通膨預期。

Despite these circumstances, Vinci continues to excel, especially when it comes to fundraising in private markets, standing resilient in a market where many asset managers limited to single strategies have struggled to remain competitive.

儘管有這些情況，Vinci 仍然表現出色，尤其是在私募市場融資方面，在許多僅限於單一策略的資產管理公司難以保持競爭力的市場中保持韌性。

In that sense, we are getting to a point where the recognition of the brand and attractiveness of the platform has put us in a different position from other local and regional players. We had seen a similar evolution in the US and European alternative asset markets with the sector displaying bigger concentration around the larger names and we are starting to witness the same phenomenon in our Latin America market.

從這個意義上說，我們正處於這樣一個階段：品牌的認可度和平台的吸引力使我們處於與其他本地和區域參與者不同的地位。我們在美國和歐洲的另類資產市場也看到了類似的演變，該行業更加集中於較大的品牌，我們開始在拉丁美洲市場看到同樣的現象。

Moving on to our segment earnings. Distributable earnings reached BRL57 million in the quarter, reflecting a 12% year-over-year increase on a per share basis. These results highlight our firm's robust trajectory and position us well to continue delivering value and growth.

繼續我們的部門收益。本季可分配收益達 5,700 萬雷亞爾，每股收益較去年同期成長 12%。這些結果凸顯了我們公司強勁的發展軌跡，並使我們能夠繼續創造價值和成長。

Shifting to some very exciting news since the end of the quarter. Last week, we announced the closing of our combination with Compass. This begins a historic transformation for our firm that will redefine our future. The combination with Compass marks the official establishment of a leading pan-regional alternative asset manager with a first-class diversified product offering with all major strategies across the alternative scope where local, regional and global investors can find a full suite of products.

自本季末以來，我們轉向一些非常令人興奮的消息。上週，我們宣布結束與 Compass 的合併。這開啟了我們公司的歷史性轉型，並將重新定義我們的未來。與Compass的合併標誌著一家領先的泛區域另類資產管理公司的正式成立，該管理公司擁有一流的多元化產品組合，涵蓋另類領域的所有主要策略，讓本地、區域和全球投資者可以找到全套產品。

With the combined platform of Vinci and Compass, we have established one of the leading content providers for alternative investments in Latin America. This strength, paired with the extensive distribution capability we possess creates a foreign-able presence across the region.

透過 Vinci 和 Compass 的聯合平台，我們已成為拉丁美洲另類投資領先的內容提供者之一。這種優勢與我們擁有的廣泛分銷能力相結合，在整個地區創造了海外影響力。

Together, we serve a vast and diverse client base of more than 2,600 LPs spanning both institutional and high net worth investors. Compass brings $41 billion in AUM as of September 2024, reflecting a significant 10% growth year-to-date from [$37 billion] at the close of 2023.

我們共同為 2,600 多名有限合夥人（包括機構投資者和高淨值投資者）組成的龐大且多元化的客戶群提供服務。截至 2024 年 9 月，Compass 的資產管理規模達到 410 億美元，較 2023 年底的 [370 億美元] 大幅成長 10%。

This strong expansion underscores the dynamics and strength of Compass' platform, now part of our combined vision to deliver unparalleled investment solutions across Latin America. The combined platform managed $54 billion in AUM as of September 2024.

這一強勁擴張凸顯了 Compass 平台的活力和實力，該平台現已成為我們在拉丁美洲提供無與倫比的投資解決方案的綜合願景的一部分。截至 2024 年 9 月，合併後的平台管理的資產管理規模為 540 億美元。

As we have disclosed when we signed the transaction in March, we needed to secure regulatory approvals across multiple Latin America countries, each with its own processes and requirements. We are pleased to report that the required steps for closing unfolded smoothly and according to our anticipated timeline.

正如我們在三月簽署交易時所揭露的那樣，我們需要獲得多個拉丁美洲國家的監管批准，每個國家都有自己的流程和要求。我們很高興地報告，關閉所需的步驟已按照我們預期的時間表順利展開。

The integration process has been progressing exceptionally well, underscoring the strong cultural alignment and shared vision between our teams. We have been working together in close partnership, leveraging each other's strength and expertise to create a cohesive united platform.

整合過程進展得非常順利，凸顯了我們團隊之間強大的文化一致性和共同願景。我們一直緊密合作，利用彼此的優勢和專業知識，創造一個有凝聚力的聯合平台。

For instance, we have already seamlessly combined operations into a single consolidated office in both Sao Paulo and New York cities where both companies previously had independent locations.

例如，我們已經將聖保羅和紐約的業務無縫合併為一個統一的辦事處，兩家公司之前在這兩個城市擁有獨立的辦公地點。

A significant milestone resulting from this integration is VCP IV's most recent achievement, securing its first commitment from a Mexican LP following successful road shows across Chile and Mexico by our integrated teams from Vinci and Compass.

這次整合帶來的一個重要里程碑是 VCP IV 的最新成就，繼我們來自 Vinci 和 Compass 的整合團隊在智利和墨西哥成功進行路演後，獲得了墨西哥 LP 的首次承諾。

This accomplishment is a direct outcome of the combined efforts and the extended reach of our joint platform, illustrating the real value and growth potential that this integration brings to our investment network and its strategic initiatives.

這項成就是我們聯合平台共同努力和擴大影響力的直接結果，說明了這種整合為我們的投資網絡及其策略舉措帶來的真正價值和成長潛力。

We expect many more cross-selling opportunities in the future with commitment indications for the first close of SPS IV to be held in the fourth quarter. Join us on November 25 for an extraordinary call where we will delve deeper into the combination, provide integration and synergies updates and outline our strategic vision for our combined platforms as we move forward.

我們預計未來會有更多交叉銷售機會，並承諾在第四季度舉行 SPS IV 首次交割。請參加 11 月 25 日舉行的特別電話會議，我們將更深入地探討此次合併，提供整合和協同效應的最新信息，並概述我們在前進過程中對合併平台的戰略願景。

Moving on to a more recent announcement, the acquisition of Lacan early this week. This acquisition will allow Vinci to launch its Forestry strategy. We believe Forestry is a complementary investment strategy to our current roster of solutions and for which we have a positive long term view.

接下來是最近的公告，本週稍早收購拉康。此次收購將使 Vinci 能夠啟動其林業策略。我們相信林業是對我們目前解決方案的補充投資策略，我們對此抱持著正面的長期看法。

Lacan is a prominent Timberland investment management organization in Latin America with BRL1.5 billion in AUM distributed across three vintages with the fourth currently in fundraising. Their deep expertise in this area makes them the ideal partner for this expansion with a proven track record that sets them apart and we are excited to offer our clients a new investment strategy.

Lacan 是拉丁美洲著名的 Timberland 投資管理機構，資產管理規模達 15 億雷亞爾，分佈在三個年份，第四個年份目前正在籌款中。他們在這一領域的深厚專業知識使他們成為此次擴張的理想合作夥伴，他們擁有良好的業績記錄，使他們與眾不同，我們很高興為我們的客戶提供新的投資策略。

Lacan's team managing 130,000 hectares of planted land and an additional 31,000 hectares of preserved areas. Their extensive experience and commitment to sustainable forestry practices align perfectly with our vision of impactful long-term investment.

拉康的團隊管理 13 萬公頃的種植地和另外 31,000 公頃的保護區。他們豐富的經驗和對永續林業實踐的承諾與我們具有影響力的長期投資的願景完美契合。

This acquisition brings Lacan's people into Vinci's fold, led by Founder, Luiz Augusto Candiota and a senior leadership team that has successfully managed multiple forestry assets for over a decade. With a diversified portfolio that includes greenfield and brownfield projects in eucalyptus, pine and native forest, Lacan's presence strengths our capabilities in real asset investments and provides a new avenue for growth.

此次收購將 Lacan 的人員納入 Vinci 的旗下，由創辦人 Luiz Augusto Candiota 和一個十多年來成功管理多個林業資產的高階領導團隊領導。憑藉著多元化的投資組合，包括尤加利、松樹和原生林的綠地和棕地項目，拉康的存在增強了我們在實體資產投資方面的能力，並提供了新的成長途徑。

This strategy provides us with the potential for sustainable value creation in a underserved market and we believe that with Lacan's seasoned team on board, there will be additional opportunities to expand this strategy into other Latin America markets in the future.

這項策略為我們在服務不足的市場中提供了可持續價值創造的潛力，我們相信，隨著拉康經驗豐富的團隊的加入，未來將有更多機會將該策略擴展到其他拉丁美洲市場。

We structured the transaction with a cash payment upon closing, which took place last Monday and additional cash considerations in a period of up to four years, contingent upon fundraising and incremental management fee revenues.

我們在上週一完成交易時支付了現金，並在長達四年的時間內考慮了額外的現金考慮，具體取決於籌款和增量管理費收入。

We expect the acquisition to favorably impact our AUM and segment results for the fourth quarter and into 2025, and the transaction is expected to be immediately accretive to FRE per share and DE per share.

我們預計此次收購將對我們第四季度至 2025 年的資產管理規模和分部業績產生有利影響，並且預計該交易將立即增加每股 FRE 和每股 DE。

To finalize my remarks, I would like to reinforce that this transaction aren't just milestones. They mark the beginning of a new era for Vinci Partners, establishing us as the gateway to alternative investments in Latin America. We believe these movements solidify Vinci's status as a leading full-service player in Latin America, uniquely positioned to capitalize on the region's high-growth potential for alternative investments.

最後，我想強調的是，這筆交易不僅僅是里程碑。它們標誌著 Vinci Partners 新時代的開始，使我們成為拉丁美洲另類投資的門戶。我們相信，這些舉措鞏固了 Vinci 作為拉丁美洲領先的全方位服務參與者的地位，其獨特的優勢在於利用該地區另類投資的高成長潛力。

This is one of the topics we want to convey in our call on November 25, and we hope to see you there. We will discuss the key aspects of our M&A activity so far, delve into further details on the Compass business, team and integration process and provide our strategic vision for the coming years as we grow into Latin America.

這是我們在 11 月 25 日的電話會議中想要傳達的主題之一，我們希望在那裡見到您。我們將討論迄今為止併購活動的關鍵方面，深入探討 Compass 業務、團隊和整合流程的更多細節，並提供我們未來幾年在拉丁美洲發展的策略願景。

Thanks again for joining our call. With that, I would like to turn the call over to Bruno.

再次感謝您加入我們的通話。說到這裡，我想把電話轉給布魯諾。

Thank you, Alessandro, and good evening, everyone. I'll start by covering our fundraising efforts. Starting with public equities. We saw positive net inflows this quarter coming primarily from institutional investors. Our Mosaico Strategy secured additional commitments from an offshore institutional investor, a sovereign wealth fund with a longstanding relationship with Vinci.

謝謝你，亞歷山德羅，大家晚上好。我將首先介紹我們的籌款工作。從公共股票開始。我們看到本季的淨流入主要來自機構投資者。我們的 Mosaico 策略獲得了離岸機構投資者的額外承諾，該投資者是與 Vinci 有著長期合作關係的主權財富基金。

We share with this investor the view that Brazilian equities are extremely undervalued from a historical perspective against more developed markets and are currently at an interesting entry point for medium to long-term investors.

我們同意這位投資者的觀點，即從歷史角度來看，相對於更發達的市場，巴西股市被極度低估，目前對於中長期投資者來說是一個有趣的切入點。

As we have been talking with our investors and prospects, Brazil is currently two standard deviations from the mean when you compare the market's price to earnings multiple to that of the S&P 500. Brazil's economy has been growing strongly post-pandemic, while the stock market has been practically stable in reals since the beginning of 2021.

正如我們一直在與投資者和潛在客戶交談的那樣，當您將巴西市場的本益比與標準普爾 500 指數的本益比進行比較時，目前巴西的本益比與平均值相差兩個標準差。巴西經濟在大流行後一直強勁增長，而股市自 2021 年初以來實際上一直保持穩定。

We are thrilled with the growing momentum of this strategy and the strong interest from international investors. For this reason, we have designated it as one of the priorities in our fundraising efforts in collaboration with Compass.

我們對這項策略的不斷增長勢頭以及國際投資者的強烈興趣感到興奮。因此，我們將其指定為與 Compass 合作籌款活動的優先事項之一。

As we consistently highlighted in previous communications, we anticipate a recovering capital raising as soon as the market presents an opportunity, fueled by our strong long-term track record and deep enduring relationship with our clients.

正如我們在先前的溝通中一貫強調的那樣，在我們強大的長期業績記錄以及與客戶的深厚持久關係的推動下，一旦市場出現機會，我們預計就會恢復融資。

In contrast, the IP&S segment continues to experience outflows in the third quarter, primarily driven by withdrawals within our separate mandate strategies. The record high real interest rate levels in Brazil have prompted some rebalancing across client portfolios and this led to some review of mandates that were under our control.

相較之下，IP&S 部門在第三季繼續出現資金外流，這主要是由我們單獨的授權策略中的撤資所推動的。巴西創紀錄的高實際利率水準促使客戶投資組合進行了一些再平衡，這導致我們對我們控制下的委託進行了一些審查。

Meanwhile, our commingled funds, which feature higher fees have shown redemptions tapering off during the quarter. IP&S remains a more cyclical part of our business with a more direct connection to fluctuations in short-term interest rates. With the recent interest rate hike cycle, it is likely that the group will face headwinds for some additional time.

同時，我們的混合基金收費較高，本季贖回量逐漸減少。IP&S 仍然是我們業務中更具週期性的部分，與短期利率波動有更直接的關聯。隨著最近的升息週期，該集團可能會在一段時間內面臨阻力。

Shifting to our retirement service vertical, we are seeing increasing inflows for Vinci Retirement Services following the launch of our new platform, Mio Vinci Partners in the first half of the year. We're excited to share that Mio has recently launched several new investment strategies in collaboration with some of Brazil's top asset managers.

轉向退休服務垂直領域，今年上半年推出新平台 Mio Vinci Partners 後，Vinci 退休服務的資金流入不斷增加。我們很高興告訴大家，Mio 最近與巴西一些頂級資產管理公司合作推出了幾項新的投資策略。

Among these, three new pension plan funds were created in partnership with Vinci's IP&S and private credit teams, marking a significant expansion of our retirement-focused offerings. In addition, Mio was chosen by BlackRock as its partner for the introduction of its first retirement strategy in Brazil.

其中，與 Vinci 的 IP&S 和私人信貸團隊合作創建了三個新的退休金計劃基金，標誌著我們以退休為重點的產品的顯著擴展。此外，Mio 還被貝萊德選為其合作夥伴，在巴西推出首個退休策略。

This new equity index funds specifically designed for retirement was successfully launched in September, further strengthening Mio's position in the retirement space and underscoring our ability to attract leading global partnerships.

這款專為退休人士設計的新股票指數基金於 9 月成功推出，進一步鞏固了 Mio 在退休領域的地位，並強調了我們吸引全球領先合作夥伴的能力。

We believe there are significant opportunities for VRS to further penetrate Brazil's traditional pension market by introducing the technology innovations that address the market's current fragmentation and lack of integration. The conventional pension model in Brazil is heavily analog, often requiring multiple agents such as managers, insurers and distributors with limited collaboration among them.

我們相信，透過引入解決市場當前分散和缺乏整合問題的技術創新，VRS 有很大機會進一步滲透巴西傳統退休金市場。巴西的傳統退休金模式高度相似，通常需要多個代理商，例如管理者、保險公司和經銷商，而他們之間的合作有限。

This setup restricts investors to a single discretionary strategy per pension fund, making portfolio diversification challenging without holding multiple accounts. We have witnessed strong feedback to Mio's solution in the marketplace and are currently participating in several processes to absorb corporate pension plans in our solution. We expect to continue to see growth accelerated in the platform in coming quarters.

這種設置限制投資者對每個退休基金採取單一的全權委託策略，使得在不持有多個帳戶的情況下實現投資組合多元化具有挑戰性。我們見證了市場上對 Mio 解決方案的強烈反饋，目前正在參與多個流程，以將企業退休金計劃吸收到我們的解決方案中。我們預計未來幾季該平台的成長將繼續加速。

Now, let's move on to our fundraising efforts in private markets. During the third quarter, we received a new commitment from a Latin American LP into Vinci Credit Infra fund under our private credit segments, marking the first capital subscription from international institutional investors for this fund.

現在，讓我們繼續在私募市場上進行募款工作。第三季度，我們收到了拉丁美洲有限合夥人對我們私人信貸部門下的 Vinci Credit Infra 基金的新承諾，這標誌著國際機構投資者對該基金的首次認購。

This milestone is particularly exciting, and we remain optimistic about future commitments from this channel. In the third quarter, Vinci Credit Infra raised BRL215 million, primarily from this LP, but also from our allocators and distributors channel.

這一里程碑尤其令人興奮，我們對該通路的未來承諾保持樂觀。第三季度，Vinci Credit Infra 籌集了 2.15 億雷亞爾，主要來自該有限合夥人，但也來自我們的分配者和經銷商管道。

Demand for the fund remains strong across multiple distribution channels and we will continue our fundraising effort for Vinci Credit Infra throughout the end of 2024 and into early 2025, bringing it closer to our target of BRL2 billion. Within the private credit strategy, we also launched a new strategy this quarter, a new receivable investment fund or [FIDC].

多個分銷管道對該基金的需求仍然強勁，我們將在 2024 年底至 2025 年初繼續為 Vinci Credit Infra 籌集資金，使其更接近我們 20 億雷亞爾的目標。在私人信貸策略中，我們本季也推出了一項新策略，即新的應收帳款投資基金或[FIDC]。

This fund has been well received by allocators and distributors with BRL100 million raised so far and continuous flows every day. These achievements reflect our effective execution of Vinci's strategic plan to expand in private markets and highlights our ability to navigate complex economic conditions while consistently delivering results.

該基金受到了配置方和發行方的好評，目前已籌集1億雷亞爾，且每天源源不絕。這些成就反映了我們有效執行了 Vinci 在私募市場擴張的策略計劃，並突顯了我們在持續交付成果的同時應對複雜經濟狀況的能力。

The credit inflow on our platform is in line with trends at Compass, where we're also seeing exceptionally strong fundraising in fixed income and credit products.

我們平台上的信貸流入與 Compass 的趨勢一致，我們也看到固定收益和信貸產品的融資異常強勁。

Now turning to our infrastructure strategy. VICC reached a significant milestone of BRL1.5 billion in total commitments, driven by strong interest from allocators and distributors this quarter.

現在轉向我們的基礎設施策略。在本季分配者和經銷商的強烈興趣推動下，VICC 的承諾總額達到了 15 億雷亞爾的重要里程碑。

This fund has already started to deploy capital and has a robust pipeline for the upcoming quarters. This pipeline is positioned at return levels exceeding the fund's targets, supported by a very favorable investment environment.

該基金已經開始部署資本，並為未來幾季擁有強大的管道。在非常有利的投資環境的支持下，該管道的回報水準超過了基金的目標。

The market environment continues to be favorable for capital deployment and the fund remains on track to achieve its targeted total commitments of BRL2 billion. We anticipate a final closing for VICC in the first quarter of 2025. VCP IV within our private equity strategy is also gearing up for final rounds of fundraising in the fourth quarter.

市場環境持續有利於資本部署，該基金仍有望實現 20 億雷亞爾的總承諾目標。我們預計 VICC 將於 2025 年第一季最終完成。我們私募股權策略中的 VCP IV 也正在為第四季度的最後幾輪融資做準備。

We continue to receive record-breaking capital subscription from local institutions, marking the highest level seen across all VCP vintages. As Alessandro highlighted, the integration and collaboration with Compass has been very productive and we're already seeing the positive outcomes of this partnership.

我們繼續收到來自當地機構的創紀錄的認購資金，這是所有 VCP 年份中的最高水平。正如 Alessandro 所強調的那樣，與 Compass 的整合和合作非常富有成效，我們已經看到了這種夥伴關係的積極成果。

In October, we secured our first commitment from a Mexican LP within the Compass distribution channel, a significant milestone that represents the initial investment in VCP from this newly integrated distribution network. This client not only indicated the commitment to VCP, but also is expected to underwrite SPS IV.

10 月份，我們在 Compass 分銷管道內獲得了墨西哥有限合夥人的首個承諾，這是一個重要的里程碑，代表了這個新整合的分銷網絡對 VCP 的初始投資。該客戶不僅表明了對VCP的承諾，而且預計將承保SPS IV。

This marks an exciting new phase for VCP IV as well as for other Vinci products as we expand our reach and leverage the strength of our combined platform. Still on the topic of VCP, we are delighted to inform that VCP III has announced its first partial divestment of our portfolio company, Farmax.

隨著我們擴大業務範圍並利用我們組合平台的優勢，這標誌著 VCP IV 以及其他 Vinci 產品進入了令人興奮的新階段。仍然是 VCP 的話題，我們很高興地通知 VCP III 已宣布首次部分撤資我們的投資組合公司 Farmax。

This divestment achieved in under three years since the acquisition of the company will allow the fund to return over 80% of the capital initially invested in the assets at 27% [IR]. This transaction underscores the private equity team's vision in leveraging opportunities to drive strong returns and create substantial value to LPs.

自收購該公司以來不到三年的時間內完成的撤資將使該基金以 27% [IR] 的比例返還最初投資於資產的資本的 80% 以上。這項交易凸顯了私募股權團隊利用機會推動強勁回報並為有限合夥人創造巨大價值的願景。

Portfolio companies in VCP III are growing revenues and EBITDA at an annualized rate of 30% and 29% respectively since the inception of the fund. This should lead to additional opportunities to return capital in interesting levels of return to our investors.

自基金成立以來，VCP III 的投資組合公司的營收和 EBITDA 的年化成長率分別為 30% 和 29%。這將為我們的投資者帶來更多機會，以令人感興趣的回報水平返還資本。

Moving on to SPS IV. This fund remains one of the top priorities in our collaboration with the Compass team as we work to integrate selected Vinci funds onto their distribution platform. This vintage is attracting substantial interest from international investors, and we anticipate securing the first round of commitments from both local and international investors in the fourth quarter.

繼續 SPS IV。該基金仍然是我們與 Compass 團隊合作的首要任務之一，因為我們致力於將選定的 Vinci 基金整合到他們的分銷平台上。該年份吸引了國際投資者的濃厚興趣，我們預計將在第四季度獲得本地和國際投資者的第一輪承諾。

The strategy has posted a historical 20% net annualized return in dollars across its first three vintages, which presents a very compelling level of risk return and above what we typically see for opportunistic credit funds in developed markets.

該策略在前三個年份中實現了歷史性的20% 美元淨年化回報率，這呈現出非常引人注目的風險回報水平，高於我們通常在已開發市場中看到的機會主義信貸基金的水平。

Wrapping up, it's clear that momentum is strong across our private market strategies with all major asset classes actively fundraising for its flagships. SPS IV in particular presents a substantial opportunity to boost FRE growth in 2025. Additionally, Lacan is currently in fundraising process for its fourth vintage and will immediately integrate the investment team into our distribution platform to help them successfully raise the fund.

總而言之，很明顯，我們的私募市場策略勢頭強勁，所有主要資產類別都在為其旗艦產品積極融資。特別是 SPS IV 為 2025 年推動 FRE 成長提供了巨大機會。此外，拉康目前正在進行第四個階段的籌款過程，並將立即將投資團隊整合到我們的分銷平台中，以幫助他們成功籌集資金。

This includes introducing the strategy to new local institutions such as municipalities, as well as reaching our foreign investor base, including both global investors and Latin American LPs from the Compass network. All of these fundraising drivers position us well for continued growth and expanded reach across our private market offerings.

這包括向市政當局等新的當地機構介紹該策略，以及接觸我們的外國投資者群體，包括來自 Compass 網路的全球投資者和拉丁美洲有限合夥人。所有這些籌款驅動因素都使我們能夠持續成長並擴大私募市場產品的覆蓋範圍。

With that, I'll turn it over to Sergio to go through our results.

這樣，我會將其交給 Sergio 來檢查我們的結果。

Thank you, Bruno. Let's start by covering management and advisory fees. Fee-related revenues totaled BRL112.7 million in this quarter, reflecting a 5% year-over-year increase. Focusing on advisory fees, we had a strong quarter with BRL6 million in revenues. Year-to-date, advisory fees have generated close to BRL28 million in net revenues, underscoring the solid momentum in our Corporate Advisory segment.

謝謝你，布魯諾。讓我們從管理費和諮詢費開始。本季費用相關收入總計 1.127 億雷亞爾，年增 5%。我們以諮詢費為重點，季度業績強勁，營收達 600 萬雷亞爾。今年迄今為止，諮詢費已產生近 2,800 萬雷亞爾的淨收入，凸顯了我們企業諮詢部門的強勁勢頭。

We are confident in exceeding our annual target of BRL30 million in net advisory fee. Despite a subdued IPO environment, our Corporate advisory business has consistently delivered strong results. As market conditions improve, we believe we will be well positioned to make an even greater impact to our overall results.

我們有信心超過 3000 萬雷亞爾淨諮詢費的年度目標。儘管 IPO 環境低迷，但我們的企業諮詢業務始終取得了強勁的業績。隨著市場狀況的改善，我們相信我們將處於有利位置，對我們的整體業績產生更大的影響。

Turning to management fees. We observed a 2% year-over-year increase. However, when you take out catch-up fees from both periods, management fees grew by [9%] year-over-year, reflecting strong new commitments in private markets.

轉向管理費。我們觀察到年增 2%。然而，如果扣除這兩個時期的追補費，管理費較去年同期成長 [9%]，反映出私募市場的強勁新承諾。

This variation is due to the fact that while this quarter did benefit from retroactive fees associated with capital raise in VCP IV and VICC, catch-up fees were substantially higher in the third quarter of 2023. Fundraising for VCP IV and VICC in infrastructure will continue to come through in the fourth quarter of 2024.

造成這種差異的原因是，雖然本季確實受益於與 VCP IV 和 VICC 融資相關的追溯費用，但 2023 年第三季的追趕費用大幅較高。VCP IV 和 VICC 基礎設施領域的融資將在 2024 年第四季繼續完成。

Both funds include retroactive fees clause, which means new commitments will generate fees from the fund's inception dates. This feature could positively impact our financial results in the coming months.

這兩隻基金都包含追溯費用條款，這意味著新的承諾將從基金成立之日起產生費用。此功能可能會對我們未來幾個月的財務業績產生正面影響。

Turning to FRE results. Third quarter year-to-date FRE totaled BRL169 million or BRL3.19 per share, representing a 14% year-over-year increase on a per share basis. For the quarter, FRE reached BRL53.8 million or BRL1.02 per share, up 7% on a per share basis.

轉向 FRE 結果。年初至今第三季 FRE 總額為 1.69 億雷亞爾，即每股 3.19 雷亞爾，每股年增 14%。本季度，FRE 達到 5,380 萬雷亞爾，即每股 1.02 雷亞爾，每股成長 7%。

We anticipate a continued upward trajectory in FRE growth, driven by several key factors, new commitments in private markets, the impact of retroactive fees, a strong pipeline in our advisory service and as Bruno mentioned, the inclusion of Lacan's and Compass figures starting in the fourth quarter.

我們預計，在幾個關鍵因素、私人市場的新承諾、追溯費用的影響、我們諮詢服務的強大管道以及布魯諾提到的包括拉康和指南針數據在內的幾個關鍵因素的推動下，FRE 的成長將持續上升。

Shifting to expenses, our year-to-date margins have improved by 100 basis points on a year-over-year basis, reflecting our commitment to cost efficiency and disciplined expense growth. Notably, when excluding the VRS strategy, our margin for the third quarter of 2024 year-to-date stands at 52% compared to 50% for the same period in 2023, representing a solid 200 basis points increase.

轉向費用方面，我們今年迄今的利潤率年增了 100 個基點，反映了我們對成本效率和嚴格費用成長的承諾。值得注意的是，如果排除 VRS 策略，我們 2024 年第三季迄今的利潤率為 52%，而 2023 年同期為 50%，大幅成長 200 個基點。

Our core business continues to uphold strong margins and demonstrates remarkable resilience even amidst the challenging condition of the past couple of years. This accomplishment directly reflects our focused efforts in private markets fundraising and rigorous cost management.

即使在過去幾年充滿挑戰的情況下，我們的核心業務仍繼續保持強勁的利潤率並表現出非凡的韌性。這項成就直接反映了我們在私募市場融資和嚴格成本管理方面的專注努力。

Regarding non-operational expenses, this quarter includes some costs related to our M&A activities, mainly attributed to the closing of MAV acquisition. However, we anticipate a larger amount in the fourth quarter around BRL35 million, primarily due to the closing of the Compass combination and the associated transaction costs and also expenses related to the Lacan acquisition. These are onetime costs solely attributed to transaction costs closed in the third and fourth quarters.

關於非營運費用，本季包括一些與我們的併購活動相關的成本，主要歸因於 MAV 收購的完成。然而，我們預計第四季度的金額將增加約 3,500 萬雷亞爾，主要是由於 Compass 合併的完成以及相關的交易成本以及與 Lacan 收購相關的費用。這些一次性成本僅歸因於第三季和第四季完成的交易成本。

Turning to [PRU] results. It's worth noting that most of our open-end funds charge performance fees on a (technical difficulty) with revenues recognized in June and December. As a result, the first and third quarters typically reflect lower levels of performance fees from our domestic open-end funds.

轉向 [PRU] 結果。值得注意的是，我們大部分的開放式基金在6月和12月確認收入的情況下（技術難度）收取績效費用。因此，第一季和第三季通常反映出我們國內開放式基金的業績費用水準較低。

For this quarter, performance fees were primarily recognized in our public equity segments as the challenging local market conditions have impacted the performance of liquid funds. However, we are well positioned for future growth with over BRL16.5 billion in performance eligible assets under management across IP&S and public equities, offering a substantial potential source of performance fees as market conditions improve.

本季度，業績費主要在我們的公共股本領域確認，因為充滿挑戰的當地市場狀況影響了流動基金的表現。然而，我們為未來的成長做好了充分準備，在 IP&S 和公共股票領域管理超過 165 億雷亞爾的業績合格資產，隨著市場狀況的改善，我們將提供大量潛在的業績費用來源。

Additionally, gross accrued performance fee in private market funds reached [BRL308 million] by the third quarter. While performance fees from liquid funds may impact earnings in the near-term, we expect private markets performance fees to begin materializing as these funds mature, providing a longer-term earning boost.

此外，截至第三季度，私募市場基金的應計績效費總額達到[3.08 億巴西雷亞爾]。雖然流動基金的績效費可能會影響短期收益，但我們預計，隨著這些基金的成熟，私募市場的績效費用將開始實現，從而提供長期獲利成長。

To wrap up, I would like to cover our distributable earnings. Adjusted distributable earnings totaled BRL57.1 million in the third quarter or BRL1.08 per share, representing a 12% increase year-over-year on a per share basis. Distributable earnings benefited from realized financial income this quarter. Our liquidity cash position generated BRL15.2 million in the quarter of 2024, a 26% increase over the prior year.

最後，我想談談我們的可分配收入。第三季調整後可分配收益總計 5,710 萬雷亞爾，即每股 1.08 雷亞爾，每股年增 12%。可分配收益受益於本季已實現的財務收入。我們的流動性現金部位在 2024 年季度產生了 1,520 萬雷亞爾，比上年增長 26%。

In closing, I would like to once again emphasize the positive outlook for fee-related earnings over the coming quarters and the strong momentum we are experiencing as a firm. We remain committed to generating shareholder value through both organic and inorganic growth opportunities.

最後，我想再次強調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正在經歷的強勁勢頭。我們仍然致力於透過有機和無機成長機會創造股東價值。

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.

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。

Please, operator, you can proceed with the questions. Thank you.

接線員，請您繼續提問。謝謝。

(Operator Instructions) Pedro Leduc, Itau.

（操作員說明）Pedro Leduc，Itau。

Good evening, everybody and congrats on the quarter. Thank you for taking the question. First, on the Lacan, congrats on the acquisition there. Can you talk us a little bit more about the ambitions that you have for this vertical mid, long-term, perhaps in AUM or geographies or the sub-products within that can be explored?

大家晚上好，恭喜這個季度。感謝您提出問題。首先，關於拉康，恭喜你收購了那裡。您能否與我們多談談您對這一垂直領域中長期的雄心壯志，也許是在資產管理規模、地區或其中可以探索的子產品方面？

And then the second question, more on the numbers itself, the personnel expense and other G&A line went up a little bit. It's gone up a bit year-to-date as well. I know there's some non-organic effects there, but if you can talk us a little bit more about the expense line, especially for the mid long -- at least fourth quarter and year ahead?

然後是第二個問題，更多關於數字本身，人員費用和其他一般行政費用增加。今年迄今也有所上升。我知道其中存在一些非有機影響，但您是否可以多談談費用線，特別是中長期的費用線——至少是第四季度和未來一年？

Hi, Pedro. This is Alessandro. Thank you for your question. I'll take the first portion of your question regarding Lacan. As you mentioned, we are very enthusiastic and excited about the prospects of Lacan. As you know, this is a market where not just Brazil, but Latin America has a huge competitive advantage.

嗨，佩德羅。這是亞歷山德羅。謝謝你的提問。我將回答你關於拉康的問題的第一部分。正如你所提到的，我們對拉康的前景充滿熱情和興奮。如您所知，這個市場不僅是巴西，拉丁美洲也擁有巨大的競爭優勢。

And now with the carbon possibilities for the assets, we can even enhance the interest coming from our investors, not just by the regular returns of the forest assets, but also with the carbon market related to these assets.

現在，有了資產的碳可能性，我們甚至可以提高投資者的興趣，不僅是透過森林資產的定期回報，還可以透過與這些資產相關的碳市場。

We do not have a precise target, but we evaluate that we can reach in this vertical without a lot of investment and the capacity and taking consideration the capacity of the team today that we can reach around $1 billion of AUM, something near BRL6 billion -- from BRL5.5 billion to BRL6 billion.

我們沒有精確的目標，但我們評估，我們可以在沒有大量投資和能力的情況下達到這個垂直領域，並考慮到今天團隊的能力，我們可以達到大約10 億美元的AUM，接近60 億雷亞爾- - 從 55 億雷亞爾增至 60 億雷亞爾。

And in terms of geographies, first, I will talk a little bit more about the source of the capital that today for Lacan, it's basically local money and we expect that already in the fourth vintage that it's in fundraising. We will have some international LPs coming. So we're expanding the base of the LPs.

就地理而言，首先，我將更多地談論今天的拉康資金來源，它基本上是當地資金，我們預計在第四個年份就已經在籌款了。我們將會有一些國際唱片公司來。所以我們正在擴大有限合夥人的基礎。

And in terms of investment, for now, we will keep the current strategy of focus in Brazil because there is a huge space to continue to deploy this capital. But in the future, we think this could be a regional and even global type of strategy and especially, in terms of Latin America, we see there is a potential to expand further than Brazil in other countries. There is a lot of possibilities, for example, Uruguay, Paraguay, Chile and so.

而在投資方面，目前來看，我們會保持目前的戰略重點在巴西，因為巴西還有巨大的空間可以繼續部署這筆資金。但在未來，我們認為這可能是一種區域性甚至全球性的策略，特別是在拉丁美洲方面，我們認為在其他國家有比巴西進一步擴張的潛力。可能性有很多，像是烏拉圭、巴拉圭、智利等等。

Okay. Pedro, this is Bruno. Regarding your second question, I think the only outside effect that we had was the incorporation of MAV that affected the third quarter. So we closed that deal earlier and that had an effect on a year-on-year basis. But other than that, the underlying trends below the acquisition of MAV -- on top of the acquisition of MAV were basically related to inflation.

好的。佩德羅，這是布魯諾。關於你的第二個問題，我認為我們唯一的外部影響是 MAV 的合併影響了第三季。因此，我們提前完成了該交易，這對同比產生了影響。但除此之外，收購 MAV 之下——收購 MAV 之上——的潛在趨勢基本上與通貨膨脹有關。

So we had salary corrections that were in line with the inflation. And we had some health costs, health plan costs that were a little bit above inflation. But I would say nothing else on a relative or relevant basis that I would point out at this point.

因此，我們根據通貨膨脹對薪資進行了調整。我們的一些醫療費用、醫療計劃費用略高於通貨膨脹。但我不會在相對或相關的基礎上說我此時要指出的任何其他內容。

Ricardo Buchpiguel, BTG.

里卡多·布赫皮格爾，BTG。

Hi, everyone and thank you for the opportunity here to make questions. I have two here on my side. So first, can you please update us on the fundraising for VCP IV and how has been the demand picking up, especially foreign investors, as I mentioned, was a little bit more of the focus now in this particular product.

大家好，感謝您給我在這裡提問的機會。我這邊有兩個。首先，您能否向我們介紹一下 VCP IV 融資的最新情況以及需求的回升情況，特別是正如我所提到的，外國投資者現在更加關注這一特定產品。

And also, we noticed the first time we saw in the quarter for a few quarters that we have like positive net inflows in the public equity segment. So I just wanted to hear your thoughts if you believe this could mark like an inflection point or the recent market duration, we saw in the following months could eventually put this vertical back on the negative territory in terms of inflows? Thank you.

此外，我們注意到本季幾季以來我們第一次看到公共股權領域出現正淨流入。因此，我只是想聽聽您的想法，如果您認為這可能標誌著一個拐點或最近的市場持續時間，我們在接下來的幾個月中看到，最終可能會在資金流入方面使這一垂直線重新回到負值區域？謝謝。

Thank you, Ricardo. This is Bruno. So on VCP IV, we are getting to the finish line. We expect to wrap up the fund by the end of the year. We do have still interest spending from international investors and a few of them are in due diligence with us at this point. We would expect them to close by the end of the year.

謝謝你，里卡多。這是布魯諾。因此，在 VCP IV 上，我們即將到達終點線。我們預計將在今年年底前完成該基金。我們確實仍有來自國際投資者的利息支出，其中一些投資者目前正在與我們進行盡職調查。我們預計它們將在今年年底關閉。

I think the highlight over the past few quarters has been a very strong interest from local institutional investors. So I think this was really a point that we made in the prepared remarks part of the call. It has been, I would say, probably the most significant surprise this time around.

我認為過去幾季的亮點是當地機構投資者的濃厚興趣。所以我認為這確實是我們在電話會議準備好的發言部分中提出的觀點。我想說，這可能是這次最重大的驚喜。

This fund is going to have a different balance from a local and international LP standpoint from the participation of the two were more half and half in this fund. And historically, this has been more around 70%-plus from international investors.

從本地和國際有限合夥人的角度來看，該基金將有不同的平衡，因為兩者在該基金中的參與比例各佔一半。從歷史上看，70% 以上來自國際投資者。

I think this has a couple of interesting indications to the future, right? The first is that the asset class is becoming more and more known in Brazil, and this is good because it allows us to grow the amount of LPs that we have access to.

我認為這對未來有一些有趣的暗示，對嗎？首先，該資產類別在巴西越來越為人所知，這是一件好事，因為它使我們能夠增加我們可以獲得的有限合夥人的數量。

And hopefully, these LPs that came in, in VCP IV and some of them actually already re-upping from VCP III. They will be satisfied with the strategy and the returns and will come back in future vintages. I think this is an important point.

希望這些 LP 在 VCP IV 中出現，其中一些實際上已經從 VCP III 中重新升級。他們會對策略和回報感到滿意，並將在未來的年份中回歸。我認為這是很重要的一點。

And the second important point is that we are able to generate more potential carry in local currency. This is good because it creates more certainty on the carry because we are not against the dollar in this part of the fund. So obviously, with the dollars, you have another variable in regards to future carry results.

第二個重要點是我們能夠以當地貨幣產生更多潛在的利差。這很好，因為它為套利創造了更多的確定性，因為我們在基金的這一部分中並不反對美元。顯然，對於美元來說，未來的套利結果還有另一個變數。

And having more of the funding in reals, I think that's also positive because it creates more certainty around carry collection in the future. So we expect VCP IV to wrap up by the end of the year.

並且擁有更多的實際資金，我認為這也是積極的，因為它為未來的套利收集創造了更多的確定性。因此，我們預計 VCP IV 將在今年年底結束。

Regarding equities, we did have a positive inflow in the third quarter. This is coming from international investors. I think there has been more and more of a viewpoint internationally that the valuations of Brazilian securities are really very cheap.

在股票方面，第三季我們確實有正面的資金流入。這是來自國際投資者。我認為國際上越來越多的觀點認為巴西證券的估值確實非常便宜。

This is something that we have been talking with investors quite a lot over the past, I would say, probably 1.5 years or 2 years. And it's starting to hit home in terms of people really understanding and seeing this has been an interesting opportunity. We had the first inflow now.

這是我們過去與投資者討論過很多次的事情，我想說，可能是 1.5 年或 2 年。人們開始真正理解並看到這是一個有趣的機會。現在我們有了第一批資金流入。

And we expect, as we also mentioned in the prepared remark's part, we expect equities to be one of the leading short-term opportunities with the combination with Compass. So what we're doing now is that we're launching UCITS platform funds for our equity strategies.

我們預計，正如我們在準備好的評論部分中也提到的那樣，我們預計股票將成為與 Compass 合併後的主要短期機會之一。因此，我們現在正在做的是，我們正在為我們的股票策略推出 UCITS 平台基金。

So we're going to have one that is going to be Brazil centric that we're going to be more aligned with our dividend strategy. And then, we're going to launch also a new revamped Latin American strategy in equities with the leadership of Roberto, who is our Head of Equities here at Vinci. He's going to lead that effort and we're very optimistic about these two products.

因此，我們將製定一個以巴西為中心的計劃，以便與我們的股息策略更加一致。然後，我們還將在 Vinci 股票主管 Roberto 的領導下推出一項經過修改的拉丁美洲股票策略。他將領導這項工作，我們對這兩種產品非常樂觀。

So for the Brazilian UCITS fund, there is apparently already some demand from pan-regional institutional investors. And basically, they have big exposures to passive index funds and we're going to try to convert part of that into these active strategies.

所以對於巴西UCITS基金來說，顯然已經有一些來自泛區域機構投資人的需求。基本上，他們對被動指數基金有很大的曝險，我們將嘗試將其中的一部分轉換為這些主動策略。

And then in LatAm, Compass at some point in time a few years ago, it was a very, very big player in equities LatAm and we believe with the combination of our strength, we can recover that position. So it's another part of the effort that we have with Compass on the equity side.

然後在拉丁美洲，康帕斯在幾年前的某個時間點，是拉丁美洲股市中非常非常大的參與者，我們相信，透過我們的實力結合，我們可以恢復這一地位。這是我們與康帕斯在股權方面所做努力的另一部分。

Beatriz Abreu, Goldman Sachs.

比阿特麗斯·阿布魯，高盛。

Hi, Alessando, Bruno and Sergio, good evening. Thanks for the call. I have a couple of questions. The first one on management fees. What was the amount this quarter of retroactive fees, if you could share that?

嗨，亞歷山多、布魯諾和塞爾吉奧，晚上好。感謝您的來電。我有幾個問題。第一個是管理費。如果您能分享一下，本季的追溯費用是多少？

And also, I know that Bruno just talked about the expected additional closings in VCP IV, but if you also could comment about expected closings and the timeline for the other flagship funds that you're fundraising for, that would be great. I'm just trying to get a sense here for how many quarters more should we expect retroactive fees to be kicking in or not in management fees, right?

而且，我知道 Bruno 剛剛談到了 VCP IV 的預期額外關閉，但如果您也能評論一下您正在籌款的其他旗艦基金的預期關閉和時間表，那就太好了。我只是想了解一下，我們應該預計追溯費還需要多少個季度才能計入管理費，對吧？

And then my second question is a follow-up on Lacan. So you mentioned that you're looking to raise the fourth vintage already. What are your expectations regarding timing for this? And if you could share maybe the sizes of the last vintages for Lacan, just to get a sense of how big that new vintage can get? Thank you.

我的第二個問題是拉康的後續問題。所以你提到你已經在考慮釀造第四個年份的葡萄酒了。您對此的時間安排有何期望？如果您可以分享拉康最後一個年份的大小，只是為了了解新年份可以有多大？謝謝。

Okay, Beatriz. Thank you very much for the question. So on the retroactive fees, this quarter, we had BRL3 million flat. So it was really BRL3.0 million. It was a slower quarter from the funds that had the retroactive fee impact on the numbers.

好吧，比阿特麗斯。非常感謝你的提問。因此，就追溯費用而言，本季我們有 300 萬雷亞爾的固定費用。所以確實是 300 萬雷亞爾。這是對數字產生追溯費用影響的基金的較慢季度。

Remember that second quarter, I think we had a more relevant impact and also third quarter of last year where we had a more relevant impact. This was a slower quarter. We are still going to have impact with these additional commitments in VCP IV. If they do come through, they might be material.

請記住，我認為第二季我們產生了更相關的影響，去年第三季我們也產生了更相關的影響。這是一個較慢的季度。我們仍將對 VCP IV 中的這些額外承諾產生影響。如果它們真的成功了，它們可能會很重要。

And then VICC, which is the other fund that we have opened. Today, we have an outlook of closing that fund in the first quarter of next year, but it's possible depending on demand that that is still extended a little bit more.

然後是VICC，這是我們開設的另一個基金。今天，我們預計將在明年第一季關閉該基金，但根據需求，該基金仍有可能再延長一點。

Today, we are at the end of the first quarter, but it might -- let's say, might push forward another three months or so. So it could be middle of next year. So those are the two funds that we would expect to have still some retroactive impact for us.

今天，我們正處於第一季末，但可能會再推遲三個月左右。所以可能是明年年中。因此，我們預期這兩隻基金仍會對我們產生一些追溯影響。

Additional significant closes, I think the next -- now, in the fourth quarter, the big one that we have expectations at this point is SPS. So SPS, we have been working with investors in this fund for closing over the past few months. We are in a position now that we're starting to get the sub-docs for the first close of the fund. Last fund -- the last fund of SPS Fund III was around BRL1 billion.

我認為下一個——現在，第四季度，我們目前期望的最重要的交易是 SPS。因此，SPS 在過去幾個月一直在與該基金的投資者合作以完成交割。我們現在正開始取得基金首次交割的子文檔。最後一筆資金－SPS Fund III 的最後一筆資金約為 10 億雷亞爾。

And we expect the first close of SPS to be above the total size of Fund III. So that's the expectation at this time, which obviously would be very, very good indication. We still have by the end of 2025 to work in SPS IV. And starting with a first close above Fund III size, obviously, is a very, very good start and very good indication of what we might be able to get for Fund IV.

我們預計 SPS 的首次收盤規模將高於基金 III 的總規模。這就是目前的預期，這顯然是非常非常好的跡象。到 2025 年底，我們仍需要進行 SPS IV 工作。顯然，從首次收盤價高於基金 III 規模開始，這是一個非常非常好的開始，也很好地表明了我們可以從基金 IV 中獲得什麼。

In regards to Lacan, we are combining with them, let's say, at a moment where they had already started their fundraising for Fund IV. So they already have some commitments. They have commitments that are already signed and some of them are conditioned to minimum sizes, which is something that we see mainly from international investors. They don't like coming at a size of fund that is too small.

至於拉康，我們正在與他們結合，比如說，在他們已經開始為第四號基金籌款的時候。所以他們已經有了一些承諾。他們已經簽署了承諾，其中一些承諾僅限於最低規模，我們主要從國際投資者那裡看到這一點。他們不喜歡基金規模太小。

So some of these commitments are conditioned for -- to the fund reaching a minimum size. We have both of them at this moment in Lacan. I think combining with Lacan and having Lacan access, our international distribution platform is going to be very positive. Remember that, obviously, we were talking about VICC. We have been raising VICC for the past year.

因此，其中一些承諾是有條件的——基金達到最低規模。此時此刻，我們在拉康那裡擁有了這兩點。我認為與拉康相結合並擁有拉康的訪問權限，我們的國際發行平台將會非常積極。請記住，顯然我們正在談論 VICC。去年我們一直在籌集 VICC。

VICC is a climate-related impact fund in Infra Article 9 fund. And Lacan's fourth fund is also Article 9 and also is now in the new vintage more of a climate-related fund. We're going to start exploring carbon credits in the fund as part of the return. So we have already good experience in discussing climate-related investments in Brazil because of VICC.

VICC 是基礎設施第 9 條基金中的氣候相關影響基金。拉康的第四個基金也是第 9 條基金，現在也處於新時期，更多的是與氣候相關的基金。我們將開始探索基金中的碳信用額作為回報的一部分。因此，由於 VICC，我們在討論巴西氣候相關投資方面已經有了豐富的經驗。

And we believe this is going to be very positive for Lacan IV as well. It might lead to good LP conversations and potentially some of them might have interest in joining Vintage IV for Lacan. The size of Lacan today, the official target of the fund is about BRL800 million.

我們相信這對拉康四世來說也將是非常正面的。這可能會導致良好的 LP 對話，並且其中一些可能有興趣加入拉康的 Vintage IV。以拉康如今的規模，該基金的官方目標約為8億雷亞爾。

Obviously, we would like to do more if possible, but the size that we are targeting at this point is BRL800 million. Today, we have commitments that are around a third of this already with very strong visibility. We're going to work with the management team there to raise the rest over 2024 -- sorry, over 2025.

顯然，如果可能的話，我們希望做得更多，但我們目前的目標規模是 8 億雷亞爾。如今，我們的承諾大約佔其中的三分之一，並且已經具有非常明顯的可見性。我們將與那裡的管理團隊合作，在 2024 年之前籌集剩下的資金——抱歉，在 2025 年之前。

And Beatriz, that's Alessandro. Just to complement, we have the first three funds, they are [1.5] in total. The first one is around BRL350 million or so. The second around [BRL4 million to BRL5 million] and the last one around BRL600 million to BRL700 million.

比阿特麗斯，那是亞歷山德羅。作為補充，我們有前三個基金，它們總共是[1.5]。第一個約為 3.5 億雷亞爾左右。第二個約為 [400 萬至 500 萬雷亞爾]，最後一個約為 6 億至 7 億雷亞爾。

Guilherme Grespan, JPMorgan.

吉列爾姆‧格雷斯潘，摩根大通。

Hey, good evening, everyone. Thank you for the presentation and congratulations on the results especially given the market conditions. Just one question on IP&S. We saw again a little bit of outflow there, BRL1.2 billion outflows. I think it's the same product that continues to see the outflows is the pension strategy, right? If I recall correctly, it's mostly retail-driven.

嘿，大家晚上好。感謝您的介紹並對結果表示祝賀，特別是考慮到市場條件。只是一個關於 IP&S 的問題。我們再次看到了少量資金外流，資金外流達 12 億雷亞爾。我認為退休金策略與持續出現資金外流的產品是一樣的，對嗎？如果我沒記錯的話，它主要是零售驅動的。

Just want to get your thoughts going ahead, we should have Selic going up again probably. I tend to imagine it's a headwind to the strategy. So how you guys are seeing the evolution of the AUM of this strategy, if we should continue to see some outflows going forward or if you see at some point a stabilization or even a growth in AUM here? Thank you.

只是想讓你的想法繼續下去，我們可能應該讓 Selic 再次上升。我傾向於認為這是該策略的逆風。那麼，你們如何看待該策略的 AUM 的演變？謝謝。

Grespan, this is Bruno. So the trend, they changed a little bit. So in the past, I would say, since the middle of '23 until the middle of '24, we saw a stronger outflow from the commingled funds, so the pension funds and other commingled type vehicles.

格雷斯潘，這是布魯諾。所以趨勢，他們改變了一點。所以在過去，我想說，從 23 年中期到 24 年中期，我們看到混合基金、退休基金和其他混合類型工具的資金流出更加強勁。

In the third quarter, this trend changed a little bit. So we had less redemptions from the commingled funds, so pension plans and commingled funds and a bigger impact from very specific mandates that we lost that were very low fee-paying and that had a bigger impact than we had in other quarters.

第三季度，這一趨勢發生了一些變化。因此，我們從混合基金中獲得的贖回較少，因此退休金計劃和混合基金以及我們失去的非常具體的授權產生的更大影響，這些授權的費用非常低，並且比其他季度產生的影響更大。

So on a revenue standpoint, I think the withdrawals that we had in the third quarter, they are less significant than what we saw before. In the immediate future, we had some big wins in the separate mandate side. It's not very clear if we're going to be able to put all of them in by the fourth quarter but we are working on that.

因此，從收入的角度來看，我認為我們在第三季的提款量沒有我們之前看到的那麼重要。在不久的將來，我們在單獨的任務方面取得了一些重大勝利。目前還不清楚我們是否能夠在第四季度之前將所有這些都投入使用，但我們正在努力。

The mandates have already been won. It's a matter really of transferring the funds into our custody. We are working hard to have them all in the fourth quarter. So the separate mandate side, we expect to see at least a moderation on the negative impact.

任務授權已經贏得。這實際上是一個將資金轉入我們保管的問題。我們正在努力爭取在第四季實現這些目標。因此，在單獨的任務方面，我們預期負面影響至少會有所緩解。

And then on the commingled funds, although, the trend and the higher interest rate environment as you said, clearly is not positive for this business line. The performance of our funds in the more recent past has been better. So as you saw in the financial income line for the third quarter, we had a good third quarter. These funds are basically partially the funds that we sell to our clients. So most of them or all of them, the difference is that in the income statement, sometimes we have some hedges that in the funds we don't have.

然後，就混合基金而言，正如您所說，趨勢和較高的利率環境顯然對該業務線不利。我們的基金最近的表現較好。正如您在第三季的財務收入線中看到的那樣，我們的第三季表現良好。這些資金基本上部分是我們出售給客戶的資金。所以他們中的大多數或全部，區別在於，在損益表中，有時我們有一些基金中沒有的對沖。

But in general, the performance of the fund, the funds have been better. So we would expect with this better performance for the trends in terms of outflows to continue to moderate. Although, without an environment of more constructive interest rates, it's very, very difficult to see significant inflows in IP&S.

但整體來說，基金、基金的績效都比較好。因此，我們預計隨著更好的表現，資金流出趨勢將繼續放緩。儘管如此，如果沒有更具建設性的利率環境，就很難看到智慧財產權和服務領域的大量資金流入。

So I think this is something that we have been waiting for this turning point that we had a couple of quarters over the past 18 months that were a little bit better. I remember the first quarter of '24 was a little bit better. And then I think in the middle of '23, we had another quarter which was a little bit better in which we had some actually positive inflow. But with the current environment, you're right, it's a strong headwind.

所以我認為這是我們一直在等待的轉捩點，在過去 18 個月裡我們有幾個季度的情況有所改善。我記得 24 年第一季的情況要好一些。然後我認為在 23 年中期，我們又經歷了一個稍微好一點的季度，我們實際上有一些積極的資金流入。但就目前的環境而言，你是對的，這是一個強大的逆風。

So hopefully, we can reduce the negative impact in future quarters. But without a more constructive interest rate environment, it's tough to see a lot of contribution.

因此，希望我們能夠減少未來幾季的負面影響。但如果沒有更具建設性的利率環境，就很難看到很多貢獻。

I would like to turn the floor back to Mr. Alessandro Horta for the closing remarks. Please, Mr. Horta, you may proceed.

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。

So, dear all, I would like to thank you for your continued support and interest. Again, we would like to express our optimism with the future and that we are very confident with our recent developments. We would like also to reinforce the invitation for our call on November 25. So thank you again and have a nice weekend.

所以，親愛的大家，我要感謝你們一直以來的支持與關注。我們再次對未來表示樂觀，並對我們最近的發展充滿信心。我們也想再次邀請您參加 11 月 25 日的電話會議。再次感謝您，祝您週末愉快。

This does conclude today's presentation. We thank you for your participation and wish you a very good evening.

今天的演講到此結束。我們感謝您的參與並祝您度過一個美好的夜晚。