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For Patria Investments Ltd. (PAX), Enduring Alpha Fund, LP is identified as the record and direct beneficial owner of 6,958,465 Class A common shares, representing 9.9% of the class. Endure Capital GP, LP, Endure Capital Management, LLC and Ryan Simes also report shared voting and dispositive power over those same shares and may be deemed to have indirect beneficial ownership through the relationships described. The reported percentage is based on 69,584,651 shares outstanding as of June 30, 2026. Each reporting person disclaims beneficial ownership of shares held directly by the other reporting persons.
Key Figures
Beneficial ownership:6,958,465 Class A common sharesPercentage of class:9.9%Shares outstanding:69,584,651 shares
3 metrics
Beneficial ownership6,958,465 Class A common sharesEnduring Alpha Fund, LP, record and direct beneficial owner
Percentage of class9.9%Beneficial ownership reported by each reporting person
Shares outstanding69,584,651 sharesAs of June 30, 2026
Key Terms
beneficial ownership, shared voting power, shared dispositive power
3 terms
beneficial ownershipregulatory
"Enduring Alpha Fund is the record and direct beneficial owner"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"Shared Voting Power 6,958,465.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 6,958,465.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many PAX shares does Enduring Alpha Fund, LP report owning?
Enduring Alpha Fund, LP is identified as the direct beneficial owner of 6,958,465 Class A common shares, equal to 9.9% of the class. The percentage is based on 69,584,651 shares outstanding as of June 30, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
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)
09/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G69451105
1
Names of Reporting Persons
Endure Capital Management, LLC
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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,958,465.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,958,465.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,958,465.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: The figure in Item 11 included above is based upon 69,584,651 outstanding shares as of June 30, 2026, as disclosed by the Issuer to the Reporting Persons on September 14, 2026.
SCHEDULE 13G
CUSIP Number(s):
G69451105
1
Names of Reporting Persons
Enduring Alpha Fund, LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,958,465.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,958,465.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,958,465.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The figure in Item 11 included above is based upon 69,584,651 outstanding shares as of June 30, 2026, as disclosed by the Issuer to the Reporting Persons on September 14, 2026.
SCHEDULE 13G
CUSIP Number(s):
G69451105
1
Names of Reporting Persons
Endure Capital GP, LP
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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,958,465.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,958,465.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,958,465.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The figure in Item 11 included above is based upon 69,584,651 outstanding shares as of June 30, 2026, as disclosed by the Issuer to the Reporting Persons on September 14, 2026.
SCHEDULE 13G
CUSIP Number(s):
G69451105
1
Names of Reporting Persons
Ryan Simes
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 STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,958,465.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,958,465.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,958,465.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The figure in Item 11 included above is based upon 69,584,651 outstanding shares as of June 30, 2026, as disclosed by the Issuer to the Reporting Persons on September 14, 2026.
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, Grand Cayman, E9 KY1-9006
Item 2.
(a)
Name of person filing:
This statement is jointly filed by and on behalf of each of Endure Capital Management, LLC, a Texas limited liability company ("Endure Management"), Enduring Alpha Fund, LP, a Delaware limited partnership ("Enduring Alpha Fund"), Endure Capital GP, LP, a Texas limited partnership ("Endure Capital"), and Ryan Simes (collectively referred to herein as "Reporting Persons"). Enduring Alpha Fund is the record and direct beneficial owner of 6,958,465 shares of Class A common shares, par value US$0.0001 per share ("Common Stock"), of Patria Investments Limited (the "Issuer") covered by this statement. Endure Capital is the general partner of, and may be deemed to have indirect beneficial ownership of securities owned by, Enduring Alpha Fund. Endure Management is the general partner of Endure Capital and the investment manager of Enduring Alpha Fund and may be deemed to beneficially own securities owned by Enduring Alpha Fund. Mr. Simes is the sole member of, and may be deemed to have indirect beneficial ownership of securities beneficially owned by, Endure Management. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock held directly by the other Reporting Persons.
Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934 (the "Act") or any other purpose, the beneficial owner of any securities covered by this statement.
Each Reporting Person may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 6500 River Pl Blvd Building 7, Suite 250, Austin, TX 78730.
(c)
Citizenship:
See Item 4 on the cover pages hereto.
(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:
See Item 9 on the cover pages hereto.
(b)
Percent of class:
See Item 11 on the cover pages hereto.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover pages hereto.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover pages hereto.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover pages hereto.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover pages hereto.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
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.
Endure Capital Management, LLC
Signature:
/s/ Ryan Simes
Name/Title:
Managing Member
Date:
11/06/2026
Enduring Alpha Fund, LP
Signature:
Endure Capital GP, LP
Name/Title:
General Partner
Date:
11/06/2026
Signature:
Endure Capital Management, LLC
Name/Title:
General Partner of the General Partner
Date:
11/06/2026
Signature:
/s/ Ryan Simes
Name/Title:
Managing Member of the General Partner of the General Partner
Date:
11/06/2026
Endure Capital GP, LP
Signature:
Endure Capital Management, LLC
Name/Title:
General Partner
Date:
11/06/2026
Signature:
/s/ Ryan Simes
Name/Title:
Managing Member of the General Partner
Date:
11/06/2026
Ryan Simes
Signature:
/s/ Ryan Simes
Name/Title:
Ryan Simes
Date:
11/06/2026
Exhibit Information
Exhibit 99.1 - Joint Filing Agreement (incorporated herein by reference to Exhibit 99.1 to the Schedule 13G Amendment filed by the Reporting Persons with the SEC on May 15, 2026).
