Patria Investments Announces Acquisition of WP Global Partners

Rhea-AI Summary

Patria Investments (NASDAQ: PAX) announced an agreement to acquire WP Global Partners, a U.S. lower-middle-market private equity solutions manager. The all-cash deal includes a base price equal to 1.7% of FEAUM and a cash earnout payable in 2029. Pro-forma GMPS FEAUM exceeds $13.3bn, including WP’s approximate $1.8bn of fee-earning AUM, boosting Patria’s U.S. scale and middle‑market primaries, co-investment capabilities and GP relationships.

Positive

• Pro-forma GMPS FEAUM > $13.3bn
• Adds ~$1.8bn of Fee-Earning AUM from WP Global Partners
• Nearly 40% of investments in U.S. assets pro-forma
• Transaction expected to be accretive to FRE and DE in year one

Negative

• All-cash earnout deferred to 2029, creating a contingent payment obligation
• Increases pro-forma U.S. exposure to ~40%, raising geographic concentration risk

News Market Reaction

+2.26%

1 alert

+2.26% News Effect

On the day this news was published, PAX gained 2.26%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

GMPS FEAUM: more than $13.3 bn U.S. asset mix: nearly 40% WP FEAUM added: approx. US$1.8 bn +5 more

8 metrics

GMPS FEAUM more than $13.3 bn Pro-forma Global Private Markets Solutions FEAUM as of 3Q25

U.S. asset mix nearly 40% Share of GMPS investments in U.S. assets pro-forma

WP FEAUM added approx. US$1.8 bn WP Global Partners Fee-Earning AUM to be added on completion

Base price multiple 1.7% of FEAUM All-cash base price as percentage of WP FEAUM

Patria AUM over $51 bn Total assets under management across five core asset classes

Capital deployed by WP over six billion dollars Cumulative capital deployed across sectors since WP’s founding

Patria track record 37 years Patria’s experience as an alternative asset manager

WP employees 30 employees WP Global Partners headcount including >10 investment professionals

Market Reality Check

Price: $13.69 Vol: Volume 2,137,873 is 2.49x...

high vol

$13.69 Last Close

Volume Volume 2,137,873 is 2.49x the 20-day average of 858,415 shares. high

Technical Price 14.61 is trading above the 200-day MA at 14.13, near the upper half of its 52-week range.

Peers on Argus

PAX slipped -0.41% with elevated volume while key peers showed mixed moves (e.g....

PAX slipped -0.41% with elevated volume while key peers showed mixed moves (e.g., GCMG -0.7%, BBUC +1.08%, GDV -0.21%), indicating a stock-specific setup rather than a unified asset management sector move.

Previous Acquisition Reports

5 past events · Latest: Jan 02 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 02	Credit acquisition	Positive	+5.0%	Completed 51% Solis Investimentos deal, adding ~US$3.5bn Credit FEAUM.
Dec 11	Real estate acquisition	Positive	+0.4%	Agreed to acquire RBR Gestão, adding ~US$1.3bn Real Estate FEAUM.
Nov 26	Credit acquisition	Positive	+2.2%	Announced 51% Solis stake, boosting Credit FEAUM to >US$11.7bn.
Jul 16	Real estate acquisition	Positive	-1.4%	Completed Nexus Capital acquisition, adding ~US$725m and >US$2bn Colombia AUM.
Jun 06	Real estate acquisition	Positive	-0.8%	Signed agreement to acquire Nexus Capital with ~US$800m AUM.

Pattern Detected

Recent acquisition announcements have generally been received positively, with multiple events showing modest to strong gains, though there have been occasional negative reactions.

Recent Company History

Over the past year, Patria has repeatedly used acquisitions to expand its platform. Deals such as Solis Investimentos added ~US$3.5bn of Credit FEAUM, while the RBR Gestão transaction added about US$1.3bn of Real Estate FEAUM, taking that segment to US$8.5bn pro-forma as of 3Q25. Nexus Capital transactions broadened real estate AUM in Colombia. These events were often described as accretive, indicating a track record of using M&A to scale fee‑earning assets and diversify by region and asset class.

Historical Comparison

+2.0% avg move · In the past 5 acquisition-related announcements, PAX has moved on average about 2%, with mostly posi...

acquisition

+2.0%

Average Historical Move acquisition

In the past 5 acquisition-related announcements, PAX has moved on average about 2%, with mostly positive but sometimes mixed day‑after reactions.

Acquisition history shows a pattern of scaling fee‑earning AUM across credit and real estate, now extending to U.S. lower‑middle‑market private equity solutions via WP Global Partners.

Market Pulse Summary

This announcement adds a U.S. lower‑middle‑market private equity solutions platform to Patria’s exis...

Analysis

This announcement adds a U.S. lower‑middle‑market private equity solutions platform to Patria’s existing alternatives franchise, with WP contributing approximately US$1.8 billion of FEAUM and lifting GMPS FEAUM to more than $13.3 bn pro‑forma. It reinforces a recurring strategy of AUM growth via acquisitions seen in prior credit and real estate deals. Investors may track execution on accretion to FRE and DE, integration of WP’s team, and future AUM growth disclosures.

Key Terms

fee earning assets under management, co-investment, earn out

3 terms

fee earning assets under management financial

"Patria’s Global Private Markets Solutions (“GMPS”) Fee Earning Assets under Management"

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.

co-investment financial

"strengthening its middle-market primaries and co-investment private equity capabilities in the U.S."

Co-investment is when one or more investors put money directly into the same deal alongside a lead investor or fund, rather than only investing through the lead's pooled vehicle. Think of it like joining a group of friends to chip in for a single big purchase: it can give investors larger or cheaper exposure to a specific asset, closer alignment with the lead, and higher potential returns — but also concentrates risk in that single investment.

earn out financial

"all cash earn out, subject to specific performance parameters to be paid in 2029"

An earn-out is a portion of the purchase price in a business sale that is paid later only if the acquired business hits agreed future targets, such as sales, profit, or specific milestones. It matters to investors because it shifts risk between buyer and seller—buyers pay less up front and sellers can earn more if performance is strong—so earn-outs affect expected future cash flows, the reliability of the deal’s valuation, and how quickly value from the acquisition may materialize.

AI-generated analysis. Not financial advice.

Bolstering U.S. Private Markets Presence

The acquisition enhances Patria’s scale in a strategic market, strengthening its middle-market primaries and co-investment private equity capabilities in the U.S., broadening GP relationships and client reach. Pro-forma for the transaction, Patria’s Global Private Markets Solutions (“GMPS”) Fee Earning Assets under Management (“FEAUM”) are more than $13.3 bn as of 3Q25, with nearly 40% of investments in U.S. assets.

GRAND CAYMAN, Cayman Islands, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Patria Investments Limited (“Patria”) (NASDAQ: PAX), a global alternative asset manager, today announced an agreement to acquire WP Global Partners (“WP”), a U.S. based private equity solutions manager focused on the lower-middle-market. The acquisition strengthens Patria’s local presence and investment capacity in North America and supports increasing global investor demand for middle-market private equity exposure.

Founded in 2005 with offices in New York and Chicago, WP has 30 employees, including more than ten experienced investment professionals and has deployed over six billion dollars across a variety of sectors. Integrating WP’s capabilities and team expands Patria’s U.S. presence, investment and fundraising capabilities, complementing its established Private Equity Solutions business and advancing the firm’s global diversification strategy.

Patria has 37 years of experience with over $51bn of assets under management across a range of five core asset classes and has evolved from a product provider to a solutions provider and today manages more than 35 investment strategies across more than 100 products. The addition of WP’s capabilities further accelerates Patria’s global diversification strategy, adding to the firm’s suite of infrastructure, credit and real estate funds and complementing the firm’s portfolio of flagship closed-end and evergreen funds in private equity primaries and co-investments in developed markets.

Marco D’Ippolito, Managing Partner said: "This is an important step forward in bringing to Patria a talented team with a proven track record and strong reputation. This transaction immediately broadens the universe of GPs in our ecosystem and strengthens our product offering across private equity primaries, secondaries and co-investments in the U.S. lower middle market."

Donald Phillips, Chairman and CEO, WP Global Partners said: “After carefully evaluating potential partners for WP’s next chapter, Patria stood out for its entrepreneurial culture, diversified global platform and strong focus on mid-market private equity. I feel confident that Patria will provide our team and clients with an excellent home to continue serving our clients effectively.”

The transaction involves an all-cash base price equivalent to 1.7% of FEAUM and all cash earn out, subject to specific performance parameters to be paid in 2029. The transaction is expected to be accretive to both FRE and DE in the first year. Upon completion, the addition of WP’s approximate US$1.8 billion of Fee-Earning AUM (“FEAUM”) will increase Patria’s pro-forma total GPMS FEAUM to more than $13.3 bn.

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

Latham & Watkins LLP acted as legal advisor to Patria. Raymond James & Associates, Inc. acted as financial advisor and Hogan Lovells US LLP acted as legal advisor to WP Global in connection with the transaction.

About Patria Investments

Patria is a global middle market alternative asset manager, specializing in key resilient and growth sectors. Our on-the-ground presence across three continents 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 did Patria (PAX) acquire from WP Global Partners on Feb 2, 2026?

Patria acquired WP Global Partners, a U.S. lower-middle-market private equity solutions manager. According to the company, the deal adds WP’s approximate $1.8bn of Fee-Earning AUM and expands Patria’s U.S. primaries, secondaries and co-investment capabilities.

How large is the deal versus Patria’s assets under management (AUM)?

The transaction raises pro-forma GMPS FEAUM to more than $13.3bn. According to the company, WP contributes about $1.8bn of FEAUM, increasing Patria’s U.S. presence and bringing nearly 40% of investments into U.S. assets pro-forma.

What are the financial terms of Patria’s acquisition of WP Global Partners (PAX)?

The base purchase price is an all-cash amount equal to 1.7% of FEAUM with an additional cash earnout tied to performance. According to the company, the earnout is subject to specific metrics and payable in 2029.

Will the WP acquisition affect Patria’s earnings per share or fees in the near term?

The company expects the transaction to be accretive to both FRE and DE in the first year. According to the company, the deal’s contribution from WP’s FEAUM should improve fee-earning scale and near-term financial metrics.

How does the acquisition change Patria’s U.S. market strategy and footprint?

The acquisition strengthens Patria’s U.S. middle-market primaries and co-investment capabilities and broadens GP relationships. According to the company, integrating WP’s team and platform expands local investment and fundraising capacity in North America.