Pertento-affiliated Holders Disclose 5.9% Stake in PAX via Schedule 13G/A

Rhea-AI Filing Summary

Patria Investments Limited (PAX) received a Schedule 13G/A reporting that Pertento-related reporting persons hold common shares representing notable passive stakes. Pertento Partners LLP and Eduardo Marques each report beneficial ownership of 3,971,972 shares (5.9% of Class A), while Pertento Master Fund Limited reports 3,430,599 shares (5.2%). All reported shares are held with shared voting and dispositive power, and no reporting person claims sole voting or sole dispositive power. The filing states these securities are held for advisory clients of Pertento Partners LLP and asserts the holdings were not acquired to change or influence control of the issuer. The filing is signed by Eduardo Marques and includes a joint filing agreement.

Positive

• Clear disclosure of beneficial ownership by Pertento-affiliated parties, aiding market transparency
• Passive intent stated, indicating holdings were not acquired to change or influence control
• All material ownership figures provided: 3,971,972 shares (5.9%) and 3,430,599 shares (5.2%)

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine passive ownership disclosure; shows modest concentrated stakes by Pertento-affiliated parties totaling high-single-digit percentages.

The Schedule 13G/A transparently reports passive holdings in Patria Investments Limited by Pertento entities and an individual, with 3.97M shares (5.9%) attributed to both Pertento Partners LLP and Eduardo Marques, and 3.43M shares (5.2%) to Pertento Master Fund Limited. Shared voting and dispositive power indicate coordinated advisory control rather than sole control. For investors, this is a material ownership disclosure but appears non-activist and compliant with passive investor filing conventions.

Corporate Governance Expert

TL;DR: Governance implications are limited; filing affirms passive intent and joint filing structure.

The document clarifies that the securities are held by advisory clients of Pertento Partners LLP and disclaims acquisition for control purposes. Shared powers across reporting persons suggest coordinated reporting rather than unilateral control. The inclusion of a joint filing agreement and the certification language reduce ambiguity about activist intent. This is a standard governance disclosure that preserves issuer stability while notifying the market of meaningful ownership levels above 5%.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Patria Investments Limited

(Name of Issuer)

Class A common shares, par value US$0.0001 per share

(Title of Class of Securities)

G69451105

(CUSIP Number)

08/15/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G69451105

1

Names of Reporting Persons

Pertento Partners LLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,971,972.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,971,972.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,971,972.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G69451105

1

Names of Reporting Persons

Eduardo Marques

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRAZIL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,971,972.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,971,972.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,971,972.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. G69451105

1

Names of Reporting Persons

Pertento Master Fund Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,430,599.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,430,599.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,430,599.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Patria Investments Limited
(b)	Address of issuer's principal executive offices: 60 Nexus Way, 4th Floor, Camana Bay, PO Box 757, KY1-9006, Grand Cayman, Cayman Islands
Item 2.
(a)	Name of person filing: Pertento Partners LLP Eduardo Marques Pertento Master Fund Limited
(b)	Address or principal business office or, if none, residence: Pertento Partners LLP 111 Park Street London W1K7JL United Kingdom Eduardo Marques 111 Park Street London W1K7JL United Kingdom Pertento Master Fund Limited 111 Park Street London W1K7JL United Kingdom
(c)	Citizenship: Pertento Partners LLP -United Kingdom Eduardo Marques - Brazil Pertento Master Fund Limited - Cayman Islands
(d)	Title of class of securities: Class A common shares, par value US$0.0001 per share
(e)	CUSIP No.: G69451105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Pertento Partners LLP - 3,971,972 Eduardo Marques - 3,971,972 Pertento Master Fund Limited - 3,430,599
(b)	Percent of class: Pertento Partners LLP - 5.9% Eduardo Marques - 5.9% Pertento Master Fund Limited - 5.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Pertento Partners LLP - 0 Eduardo Marques - 0 Pertento Master Fund Limited - 0
	(ii) Shared power to vote or to direct the vote: Pertento Partners LLP - 3,971,972 Eduardo Marques - 3,971,972 Pertento Master Fund Limited - 3,430,599
	(iii) Sole power to dispose or to direct the disposition of: Pertento Partners LLP - 0 Eduardo Marques - 0 Pertento Master Fund Limited - 0
	(iv) Shared power to dispose or to direct the disposition of: Pertento Partners LLP - 3,971,972 Eduardo Marques - 3,971,972 Pertento Master Fund Limited - 3,430,599
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 1 are directly owned by advisory clients of Pertento Partners LLP. None of those advisory clients, other than Pertento Master Fund Limited, may be deemed to beneficially own more than 5% of the Class A common shares, par value US$0.0001 per share.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Pertento Partners LLP

Signature:	/s/ Eduardo Marques
Name/Title:	Eduardo Marques/Managing Partner
Date:	08/19/2025

Eduardo Marques

Signature:	/s/ Eduardo Marques
Name/Title:	Eduardo Marques
Date:	08/19/2025

Pertento Master Fund Limited

Signature:	/s/ Eduardo Marques
Name/Title:	Eduardo Marques/Authorized Person
Date:	08/19/2025

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Exhibit A - Joint Filing Agreement

FAQ

What stake does Pertento Partners LLP report in Patria Investments Limited (PAX)?

Pertento Partners LLP reports beneficial ownership of 3,971,972 shares, representing 5.9% of the Class A common shares.

How many shares does Pertento Master Fund Limited report owning in PAX?

Pertento Master Fund Limited reports owning 3,430,599 shares, equal to 5.2% of the Class A common shares.

Do any reporting persons claim sole voting or dispositive power over the reported shares?

No. The filing shows 0 shares with sole voting or sole dispositive power; all reported shares are held with shared voting and dispositive power.

When was this Schedule 13G/A signed and by whom?

The filing is signed on 08/19/2025 by Eduardo Marques on behalf of Pertento Partners LLP and Pertento Master Fund Limited.

Were the shares reported as being acquired to influence control of Patria Investments?

No. The certification states the securities were not acquired and are not held to change or influence control of the issuer.