Patria Investments Announces Acquisition of RBR Gestão, adding US$ 1.5 bn in Listed Real Estate Investment Trusts (“REITs”) in Brazil

Rhea-AI Summary

Patria (NASDAQ: PAX) agreed to acquire RBR Gestão, which after reorganization will hold approximately US$1.5 billion in listed Real Estate Investment Trusts (REITs).

Pro-forma the transaction, Patria will add about US$1.3 billion of Fee Earning Assets under Management (FEAUM), taking Real Estate FEAUM to US$8.5 billion pro-forma as of 3Q25 and reflecting a >65% CAGR in Real Estate FEAUM since Patria's 2021 IPO. Permanent capital vehicles will represent roughly 22% of total FEAUM pro-forma and 90% of the Real Estate strategies.

The deal is expected to close in Q1 2026, is subject to customary closing conditions, and is expected to be accretive to FRE and DE in year one. Some RBR assets will be carved out and remain with other RBR Group companies.

Positive

• Adds US$1.5B in listed REITs to Patria's platform
• Increases Real Estate FEAUM by ~US$1.3B
• Real Estate FEAUM reaches US$8.5B pro-forma (3Q25)
• >65% CAGR in Real Estate FEAUM since 2021 IPO
• Permanent capital vehicles represent ~22% of total FEAUM pro-forma

Negative

• Transaction remains subject to customary conditions precedent
• Certain RBR assets will be carved out and will not transfer
• Transaction terms are not disclosed, creating valuation transparency risk
• Expected close in Q1 2026 introduces timing uncertainty

Key Figures

Listed REIT AUM US$ 1.5 bn REITs to be held by RBR Gestão post reorganization

Funds managed 12 funds RBR Gestão funds, 11 of which are listed REITs

Listed REIT funds 11 REITs RBR Gestão listed REITs focused on Credit and Multi-Asset

Permanent capital share 22% of total FEAUM Pro-forma contribution from permanent capital vehicles

Added Real Estate FEAUM US$ 1.3 bn Fee Earning AUM added at closing from RBR Gestão

Total Real Estate FEAUM US$ 8.5 bn Pro-forma as of 3Q25 after RBR Gestão acquisition

Real Estate FEAUM CAGR over 65% Compound annual growth since Patria’s IPO in early 2021

Permanent capital in Real Estate 90% of strategies Share of high-margin Real Estate strategies in permanent capital vehicles

Market Reality Check

$16.18 Last Close

Volume Volume 505,042 is 1.18x the 20-day average of 426,324 ahead of the acquisition news. normal

Technical Shares trade above the 200-day MA of 13.24 and sit 1.05% below the 52-week high of 16.26.

Peers on Argus

PAX was up 2.16% with mixed peer action: GCMG +2.51%, GDV +1.04%, BBUC and CLM slightly positive, while DBRG fell 1.04%, pointing to stock-specific drivers.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 26	Acquisition deal	Positive	+2.2%	Acquisition of Solis adding US$3.5bn of fee‑earning AUM and boosting Credit.
Nov 04	Earnings results	Positive	+3.0%	Q3 2025 results with >US$50bn AUM and strong FRE and DE metrics.
Oct 08	Investor call notice	Neutral	-0.6%	Announcement of Q3 2025 results release date and investor call details.
Aug 01	Earnings results	Positive	-4.4%	Strong Q2 2025 earnings, higher guidance and new share repurchase program.
Jul 08	Investor call notice	Neutral	-1.1%	Scheduling of Q2 2025 earnings release and related conference call.

Pattern Detected

Recent fundamentally positive news (earnings, acquisitions) often saw positive price reactions, though one strong earnings release coincided with a notable selloff.

Recent Company History

Over the last few months, Patria has combined organic growth with acquisitions. Q2 and Q3 2025 earnings showed rising FRE, strong fundraising, and dividends, while a share repurchase program was introduced. An acquisition of Solis added US$3.5bn of fee‑earning AUM and lifted Credit FEAUM above 25% of total. The current RBR Gestão deal continues this expansion of fee‑earning and permanent capital AUM in Brazil-focused strategies.

Market Pulse Summary

This announcement expands Patria’s Brazilian listed REIT platform, adding approximately US$ 1.5 bn in REIT assets and about US$ 1.3 bn of fee‑earning AUM. Pro‑forma Real Estate FEAUM reaches US$ 8.5 bn with a CAGR above 65% since the IPO, and a high share of permanent capital vehicles. Investors may track closing in Q1 2026, integration of 12 funds, and how the enlarged platform contributes to FRE and DE over time.

Key Terms

real estate investment trusts financial

"will hold approximately US$ 1.5 bn of listed Real Estate Investment Trusts (“REITs”)."

Real estate investment trusts are companies that own and manage income-producing properties — such as apartments, offices, shopping centers or warehouses — and are required to distribute most of their rental income to shareholders as dividends. They let investors buy a piece of real estate without owning buildings directly, offering regular income, diversification and exposure to property values and rents; like a mutual fund for property that pays out cash from rents and is sensitive to market cycles and interest rates.

reits financial

"RBR Gestão is the current manager of 12 funds, of which 11 are listed REITs focused"

REITs, or real estate investment trusts, are companies that own and operate income-producing properties—like apartments, shopping centers, offices, warehouses, or cell towers—and share the rental profits with investors in the form of dividends. Think of a REIT as a mutual fund for real estate: it lets investors buy a small piece of many properties without managing buildings themselves, providing regular income, portfolio diversification, and an easier way to invest in property through public markets.

fee earning assets under management financial

"addition of approximately US$ 1.3 bn of Fee Earning Assets under Management (“FEAUM”)"

Fee earning assets under management are the portion of a financial firm's total assets that are actively managed on behalf of clients for which the firm charges management or performance fees. Think of it like the amount of customer money that is on a company’s payroll to earn revenue; larger or higher-fee balances typically mean more predictable income and help investors judge a manager’s growth potential and profitability. This metric matters because it links client money directly to the firm’s fee revenue and future earnings visibility.

compound annual growth rate financial

"representing a Compound Annual Growth Rate (“CAGR”) of over 65% since Patria’s IPO"

The compound annual growth rate (CAGR) shows how much an investment or value has grown, on average, each year over a specific period. It considers the effect of growth that compounds or builds upon itself, similar to how interest accumulates in a savings account. Investors use CAGR to compare different investments’ long-term performance and to understand how steady or consistent their growth has been over time.

cagr financial

"representing a Compound Annual Growth Rate (“CAGR”) of over 65% since Patria’s IPO"

Compound Annual Growth Rate (CAGR) measures the average yearly growth of an investment, revenue, or other metric over a multi-year period as if it had grown at a steady rate each year. Think of it like the constant speed that would take you from the starting value to the ending value over the same time—useful because it smooths out ups and downs and lets investors compare different assets or performance periods on an even footing.

permanent capital vehicles financial

"permanent capital vehicles will account for approximately 22% of total Fee Earning"

A permanent capital vehicle is an investment entity that raises money without a fixed date to return it, allowing managers to hold assets for the long term instead of being forced to sell on a timetable. For investors, that means the vehicle can pursue longer-term opportunities, smooth out short-term market swings, and potentially generate steady income or capital growth—think of it as a pot of money meant to stay invested rather than a clocked loan.

AI-generated analysis. Not financial advice.

Acquisition solidifies Patria’s position as the leading manager of listed REITs in Brazil while further enhancing Patria’s scale in strategically critical credit and multi-asset strategies. Pro-forma for the transaction, permanent capital vehicles will account for approximately 22% of total Fee Earning Assets under Management (“FEAUM”)

GRAND CAYMAN, Cayman Islands, Dec. 11, 2025 (GLOBE NEWSWIRE) -- 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.

Rodrigo Abbud, Patria’s Head of Real Estate in Brazil, said: “It’s remarkable to see the evolution of Patria’s Real Estate platform. With the acquisition of RBR Gestão and the management of these 12 funds, Patria becomes the leading REIT manager in Brazil, positioning us for continued growth in a market where, in addition to investment performance, scale is key.”

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. Additional information will be posted to the Shareholders section of Patria’s website at https://ir.patria.com/.

About Patria Investments

Patria is a global middle market alternative asset manager, specializing in key resilient and growth sectors. We are a leading asset manager in Latin America and have a strong presence in Europe through our extensive network of General Partners relationships. Our on-the-ground presence combines investment leaders, sector experts, company managers, and strategic relationships, allowing us to identify compelling investment opportunities accessible only to those with local proficiency. With 37 years of experience and over US$ 51 bn in assets under management, we consistently deliver attractive returns through long-term investments, while promoting inclusive and sustainable development in the regions where we operate. Further information is available at www.patria.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Media contact:

Burson / +44 20 7113 3468 / patria@hillandknowlton.com 

Patria Shareholder Relations:

E. PatriaShareholderRelations@patria.com
T. +1 917 769 1611

FAQ

What does Patria's acquisition of RBR Gestão mean for PAX shareholders?

The deal adds ~US$1.3B FEAUM and is expected to be accretive to FRE and DE in the first year after close.

How much listed REITs will Patria gain from the RBR gestão deal?

RBR Gestão will hold approximately US$1.5B in listed REITs after internal reorganization.

When is the Patria (PAX) acquisition of RBR Gestão expected to close?

The transaction is expected to close in Q1 2026, subject to customary conditions precedent.

How will the acquisition affect Patria's Real Estate FEAUM and scale?

Pro-forma Real Estate FEAUM rises to US$8.5B as of 3Q25, reflecting >65% CAGR since the 2021 IPO.

Will all RBR assets transfer to Patria in the acquisition of RBR Gestão?

No; certain assets are being carved out and will remain under other RBR Group companies.

Does the Patria acquisition require shareholder or antitrust approvals?

The announcement says the deal is not subject to shareholder or antitrust approvals but is subject to customary closing conditions.