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    Rodrigo Ferreira • Bank of America

    Rodrigo Ferreira's questions to Patria Investments Ltd (PAX) leadership

    Rodrigo Ferreira's questions to Patria Investments Ltd (PAX) leadership • Q2 2025

    Question

    Rodrigo Ferreira of Bank of America inquired about Patria's expansion strategy in Mexico, including the types of partners or acquisitions sought, and asked for an update on the capital deployment pipeline, particularly for the infrastructure segment.

    Answer

    CEO Alexandre Saigh detailed a cautious expansion into Mexico, starting with a small real estate investment trust (fibra) acquisition alongside a local partner to target the logistics sector. He noted Mexico's growing pension fund market as a key opportunity for local products. Regarding deployment, Saigh confirmed that out of the $3.3 billion in pending fee-earning AUM, about a third is for infrastructure, with a strong pipeline in Brazilian toll roads and Colombian energy and water sanitation projects. He also highlighted the GPMS business, which has significant capital to deploy in European middle-market private equity secondaries.

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    Rodrigo Ferreira's questions to Cohen & Steers Inc (CNS) leadership

    Rodrigo Ferreira's questions to Cohen & Steers Inc (CNS) leadership • Q2 2025

    Question

    Rodrigo Ferreira from Bank of America questioned the reasons for moderated global listed infrastructure flows in Q2 and the dynamics behind stronger global versus U.S. real estate flows, including investor geography.

    Answer

    CEO Joseph Harvey explained that lower Q2 global listed infrastructure flows were due to two large institutional clients rebalancing and taking profits, not a change in strategy appeal. He remains bullish on infrastructure. Regarding real estate, Harvey confirmed a shift toward global strategies as investors look beyond 'American exceptionalism,' noting the firm's pipeline reflects more global allocators. He added that concerns over U.S. policy, like the now-removed 'revenge tax,' have had minimal impact on flows.

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