Nicolas Bacellar

Nicolas Bacellar asked about changes in the Limited Partner (LP) base and re-up rates for Patria's flagship Private Equity and Infrastructure funds, specifically mentioning PE Fund IV and V, given the challenging macro environment in Latin America.

Answer

Alexandre Saigh, CEO of Patria, noted a general shift in the LP base for drawdown funds from endowments and family offices towards institutional investors, who contribute larger checks. He stated that re-up rates for recent funds, such as Infrastructure Development Fund V and Secondary Opportunities Fund V, typically range between 40% and 60%, with Secondary Opportunities Fund V currently above 50%.

Nicolas Bacellar inquired about the flagship private equity and infrastructure funds, specifically asking about changes in the Limited Partner (LP) base from PE Fund 4 to PE Fund 5, and the re-up rates achieved from LPs.

Answer

Alexandre Saigh (CEO, Patria) noted a general shift in the LP base for drawdown funds, including private equity and infrastructure, from endowments and family offices towards institutional investors, who contribute larger checks. He stated that re-up rates typically range from 40% to 60%, citing the Secondary Opportunities Fund V as having re-up rates above 50%. Saigh offered to provide specific re-up rates for older funds like Private Equity Buyout Fund IV offline.