Patria Investments Limited
- Open
- 11.03
- Day high
- 11.24
- Day low
- 11.03
- Prev close
- 10.98
- Volume
- 308K
- Mkt cap
- $1.8B
- P/E (TTM)
- 23.9
- EPS (TTM)
- $0.47
- P/B
- 2.9
- P/S
- 4.4
- Yield
- 5.50%
- Per share
- $0.61
- ▲Insiders net buying $1.6M over the last 3 months (6 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Patria Investments Limited (PAX) is a Financial Services company listed on NASDAQ. The stock is down 23% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
Patria Investments Limited (PAX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PAX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.28 | $0.27 | -3.6% | $97M | +4.9% |
| Feb 3, 2026 | $0.47 | $0.50 | +6.4% | $134M | +19.8% |
| Nov 4, 2025 | $0.26 | $0.30 | +15.4% | $87M | -26.3% |
| Aug 1, 2025 | $0.30 | $0.24 | -20.0% | $83M | -1.8% |
| May 2, 2025 | $0.25 | $0.23 | -8.0% | $80M | -19.3% |
| Feb 12, 2025 | $0.36 | $0.58 | +61.1% | $157M | +70.4% |
| Aug 1, 2024 | $0.22 | $0.22 | +0.0% | $75M | -14.3% |
| May 2, 2024 | $0.34 | $0.21 | -38.2% | $64M | -7.0% |
| Feb 15, 2024 | $0.34 | $0.47 | +38.2% | $112M | +34.9% |
| Aug 3, 2023 | $0.27 | $0.30 | +11.1% | $79M | +27.0% |
| May 4, 2023 | $0.19 | $0.27 | +42.1% | $74M | +26.1% |
| Feb 14, 2023 | $0.34 | $0.36 | +5.9% | $91M | +36.2% |
PAX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Neto Olimpio Matarazzodirector | Buy | 50,000 | $11.46 |
| Jun 5, 2026 | Neto Olimpio Matarazzodirector | Buy | 35,000 | $11.14 |
| Jun 5, 2026 | Neto Olimpio Matarazzodirector | Buy | 15,000 | $11.09 |
| Jun 1, 2026 | Neto Olimpio Matarazzodirector | Buy | 15,000 | $11.50 |
| May 28, 2026 | Neto Olimpio Matarazzodirector | Buy | 15,000 | $11.31 |
| May 22, 2026 | Neto Olimpio Matarazzodirector | Buy | 15,000 | $11.40 |
| Nov 16, 2009 | LANDMAN WILLIAMdirector | Buy | 420,000 | $7.50 |
| Nov 12, 2009 | Malibu Partner LLC10 percent owner | Buy | 1,386,338 | — |
| Nov 12, 2009 | Malibu Partner LLC10 percent owner | Buy | 1,367,990 | — |
| Feb 14, 2008 | Gressel Daniel Ldirector | Buy | 200,000 | $7.50 |
Source: PAX SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full PAX insider & 13F page →Patria Investments Limited company profile
Overview
Patria Investments Limited (NASDAQ:PAX) is a leading private market investment firm founded in 1994 and headquartered in Grand Cayman, Cayman Islands. The company went public in January 2021 and has grown to become one of the largest alternative asset managers focused on Latin America. With over 30 years of experience, Patria has evolved from a regional private equity specialist into a diversified alternative investment platform managing over $40 billion in assets across multiple strategies including private equity, infrastructure, credit, real estate, and public equities.
Business
Patria operates as an alternative asset management firm specializing in private market investments across Latin America. Alternative asset management involves pooling capital from institutional investors like pension funds, sovereign wealth funds, and family offices to invest in non-traditional assets that are not publicly traded on stock exchanges. The company's business is organized around six main investment verticals, each representing different asset classes and investment strategies: 1. Private Equity (approximately 30% of fee-earning AUM): This involves acquiring controlling stakes in established companies, improving their operations and growth prospects, then selling them after 3-7 years. Patria's private equity funds focus on mid-market companies across Latin America, with a 20-year pooled net internal rate of return of 17.5%. 2. Infrastructure (approximately 8% of fee-earning AUM): These funds invest in essential infrastructure assets like toll roads, power plants, water utilities, and telecommunications networks. Patria takes a unique approach by often taking development risk, building projects from scratch and then operating them long-term. 3. Credit (approximately 20% of fee-earning AUM): This segment provides debt financing to companies and governments, including high-yield bonds, local currency debt, and structured credit products. The credit platform has grown significantly, benefiting from high interest rates in Latin American markets. 4. Real Estate (approximately 18% of fee-earning AUM): Patria invests in commercial real estate properties, real estate investment trusts (REITs), and real estate securities across Latin America, with particular strength in Brazil's market. 5. Public Equities (approximately 8% of fee-earning AUM): This involves actively managed investment strategies in publicly traded Latin American stocks, providing investors with exposure to regional equity markets. 6. Global Private Market Solutions (GPMS) (approximately 30% of fee-earning AUM): This is Patria's newest and fastest-growing segment, acquired through strategic acquisitions. GPMS provides private equity solutions to investors in Europe and North America, focusing on middle-market opportunities outside of Latin America.
Revenue model
Patria generates revenue through two primary streams typical of alternative asset managers: management fees and performance fees. Management fees represent the stable, recurring revenue base, typically ranging from 1-2% annually of committed capital or assets under management. These fees are paid regardless of investment performance and cover the operational costs of managing the funds. In 2024, management fees comprised the majority of Patria's $374 million in total revenue. Performance fees (also called carried interest) are earned when investment returns exceed predetermined hurdle rates, typically 8% annually. Patria usually receives 20% of profits above this threshold. These fees are more volatile and depend on successful exits from portfolio investments, but can be substantial - for example, the recent Aguas Pacifico infrastructure exit generated approximately $60 million in performance fees. The company's paying customers are primarily institutional investors including pension funds, sovereign wealth funds, insurance companies, family offices, and high-net-worth individuals. Notably, Patria has successfully diversified its investor base, with 70% of 2024 fundraising coming from local Latin American investors compared to virtually none in 2020. Several factors influence Patria's profitability margins. Positive margin drivers include the scalable nature of asset management (fixed costs spread over growing AUM), successful fundraising that increases fee-earning assets, strong investment performance that generates performance fees, and the expansion into higher-margin strategies. Negative margin pressures come from competitive fee compression in the industry, integration costs from recent acquisitions, the need to hire additional investment professionals as AUM grows, and economic downturns that can reduce asset values and limit exit opportunities. The company targets fee-related earnings margins of 58-60%, which are considered healthy in the alternative asset management industry.
Competitive moat
Patria's competitive moat is moderately strong but faces several challenges. The company's primary advantages stem from its deep expertise and established relationships in Latin American markets, where it has operated for over 30 years. This regional specialization creates barriers for global competitors who lack local knowledge, regulatory understanding, and government relationships necessary to navigate complex Latin American investment environments. The firm benefits from switching costs - once institutional investors commit capital to Patria's funds (typically for 7-10 year periods), they cannot easily withdraw, providing revenue stability. Additionally, Patria's track record of strong investment returns (17.5% net IRR in private equity over 20 years) helps attract and retain investors, creating a virtuous cycle of fundraising success. However, the moat faces significant competitive pressures. Large global asset managers like Blackstone, KKR, and Apollo have substantial resources to enter Latin American markets and can offer investors broader geographic diversification. Local competitors in each Latin American country possess similar regional expertise and may have stronger government connections. The alternative asset management industry also suffers from relatively low barriers to entry - experienced investment professionals can leave to start competing firms, taking relationships and expertise with them. The company's recent expansion beyond Latin America through GPMS acquisitions, while providing diversification, also puts Patria in direct competition with established players in more competitive North American and European markets where its regional expertise advantage disappears. Additionally, the rise of direct investing by large institutional investors could potentially disintermediate asset managers like Patria over time.
Risks & safety
Patria presents a moderate margin of safety with manageable financial risks but some valuation concerns. • Liquidity and Solvency: Current ratio of 0.96 indicates tight short-term liquidity, though this is typical for asset managers with quarterly fee collections. Cash position of $33.4 million is relatively low but supplemented by steady management fee cash flows. Debt-to-equity ratio of 0.47 is reasonable for the industry. • Valuation Metrics: Trading at 7.9x P/E ratio appears attractive, though this reflects lumpy performance fee income. EV/EBITDA of 6.0x is reasonable for a growing asset manager. Price-to-book ratio of 3.7x reflects the premium for intangible assets typical in asset management. • Other Considerations: Strong free cash flow generation of $68 million in Q3 2024, though working capital can be volatile due to timing of performance fees. Revenue visibility is good due to long-term fund commitments, but performance fees create earnings volatility. The company maintains conservative leverage and has demonstrated ability to generate consistent fee-related earnings growth.
Recent development
Over the past few years, Patria has undergone significant strategic transformation from a Latin America-focused private equity firm to a diversified global alternative asset manager. The most significant development has been the company's aggressive expansion through strategic acquisitions, including the purchase of abrdn's Private Equity Solutions business and Credit Suisse's real estate investment trusts, which added over $10 billion in assets under management. The company has dramatically expanded its product offerings from 10 strategies in 2020 to over 38 strategies by 2024, diversifying across six major investment verticals. A key strategic pivot has been the development of local investment strategies in five Latin American countries (Brazil, Chile, Colombia, Mexico, and Peru), allowing Patria to raise capital from domestic pension funds and institutional investors in each market rather than relying solely on international capital. Patria has also focused on building permanent capital vehicles and separately managed accounts (SMAs), which provide more stable, long-term capital compared to traditional drawdown funds. The credit platform has emerged as a major growth driver, benefiting from high interest rates across Latin America and representing one of the fastest-growing segments. Geographic expansion beyond Latin America through the GPMS platform now represents approximately 30% of fee-earning AUM, providing diversification and access to larger, more developed private equity markets in Europe and North America. The company has also strengthened its distribution capabilities through partnerships like the one with Bancolombia for regional expansion, helping to build local investor relationships across the region.
PAX company profile · for informational purposes only — not investment advice.
Track PAX with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free