Patria Investments Agrees To Acquire RBR Gestão De Recursos For Undisclosed Terms

Patria Investments Limited ("Patria") (NASDAQ:PAX), a global alternative asset manager, announced today the agreement to acquire RBR Gestão de Recursos Ltda. ("RBR Gestão"), which, after internal corporate reorganization, will hold approximately US$ 1.5 bn of listed Real Estate Investment Trusts ("REITs"). RBR Gestão is the current manager of 12 funds, of which 11 are listed REITs focused predominately on Credit and Multi-Asset strategies. Other assets that are not within the perimeter of the transaction will be carved out under the aforementioned internal corporate reorganization and will remain under the management of other RBR Group companies and their respective teams. Although not subject to shareholders nor antitrust approvals, the transaction remains subject to the satisfaction of conditions precedent customary for this type of transaction. Post acquisition, Patria will be the leading manager of listed REITs in Brazil with scale across a variety of strategies, including Office, Logistics, Credit, Multi-Asset and Urban Retail.

Upon closing of the transaction, the addition of approximately US$ 1.3 bn of Fee Earning Assets under Management ("FEAUM") will increase Patria's total Real Estate FEAUM to US$ 8.5 bn pro-forma as of 3Q25, representing a Compound Annual Growth Rate ("CAGR") of over 65% since Patria's IPO in early 2021. Patria's high-margin Real Estate strategies, of which 90% is in permanent capital vehicles, will account for over 20% of Patria's total FEAUM.

While transaction terms are not being disclosed, the transaction is expected to close in Q1 2026 and be accretive to both FRE and DE in the first year.