Patria Investments Limited ownership disclosure: a group led by Endure Capital entities and Ryan Simes reports shared beneficial ownership of 6,093,118 shares held by Enduring Alpha Fund and direct ownership of 267,812 shares by Mr. Simes. The filing states these figures include 20,500 shares issuable upon exercise of call options within 60 days.
The cover-page percentages are 8.9% for the Endure group and 9.3% for Mr. Simes, each calculated using March 31, 2026 outstanding shares of 68,448,417 as disclosed in the Issuer's Form 20-F.
Positive
None.
Negative
None.
Insights
Joint 13G/A shows a passive group reporting shared beneficial ownership near 9%.
The filing lists Enduring Alpha Fund as the record holder of 6,093,118 shares and describes the ownership chain through Endure Capital GP and Endure Capital Management, LLC. It also discloses 20,500 call-option shares exercisable within 60 days.
Disclosure preserves legal disclaimers: each Reporting Person disclaims beneficial ownership of shares held by the others and notes possible group status under securities laws. Subsequent filings would show any change in voting/dispositive power.
Position size and percent-of-class are explicitly stated and anchored to the Issuer's Form 20-F.
The filing ties percent calculations to March 31, 2026 outstanding shares of 68,448,417, producing 8.9% for the fund position and 9.3% for Mr. Simes (which includes his direct holdings and the group stake). The filing flags 102 shares held in IRAs for Mr. Simes and option-based potential issuance of 20,500 shares.
Materiality depends on future actions by the Reporting Persons; cash-flow treatment and any planned disposition methods are not set forth in this excerpt.
Key Figures
Enduring Alpha Fund shares:6,093,118 sharesRyan Simes direct shares:267,812 sharesIncluded option shares:20,500 shares+4 more
7 metrics
Enduring Alpha Fund shares6,093,118 sharesrecord owner per filing
Ryan Simes direct shares267,812 sharesdirect beneficial ownership reported
Included option shares20,500 sharesmay be acquired within 60 days upon exercise of call options
Shares outstanding used68,448,417 sharesas of <date>March 31, 2026</date> (Form 20-F)
Endure group percent8.9%percent of class for 6,093,118 shares
Simes total percent9.3%percent of class for combined holdings of Reporting Persons
IRA shares noted102 sharesheld through two IRA accounts of Mr. Simes
Key Terms
call options, beneficial ownership, Section 13(d) or 13(g), shared dispositive power
4 terms
call optionsfinancial
"may be acquired by the Reporting Persons within 60 days upon the exercise of call options"
A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.
beneficial ownershipregulatory
"record and direct beneficial owner of 6,093,118 shares of Common Stock"
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.
Section 13(d) or 13(g)regulatory
"shall not be construed as an admission that such person is... the beneficial owner... for the purposes of Section 13(d) or 13(g)"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
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)
03/31/2026
(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
6,093,118.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,093,118.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,093,118.00
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)
8.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 include 20,500 Class A common shares, par value US$0.0001 per share ("Common Stock"), of Patria Investments Limited (the "Issuer"), that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Common Stock.
(2) The figure in Item 11 included above is based upon 68,448,417 shares of Common Stock outstanding as of March 31, 2026, as disclosed on the Issuer's Annual Report on Form 20-F filed on April 30, 2026, by the Issuer with the U.S. Securities and Exchange Commission (the "Form 20-F").
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
6,093,118.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,093,118.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,093,118.00
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)
8.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 include 20,500 shares of Common Stock that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Common Stock.
(2) The figure in Item 11 included above is based upon 68,448,417 shares of Common Stock outstanding as of March 31, 2026, as disclosed in the Form 20-F.
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
6,093,118.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,093,118.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,093,118.00
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)
8.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 include 20,500 shares of Common Stock that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Common Stock.
(2) The figure in Item 11 included above is based upon 68,448,417 shares of Common Stock outstanding as of March 31, 2026, as disclosed in the Form 20-F.
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
267,812.00
6
Shared Voting Power
6,093,118.00
7
Sole Dispositive Power
267,812.00
8
Shared Dispositive Power
6,093,118.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,360,930.00
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)
9.3 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: (1) The figures in Items 5, 7, and 9 include 102 shares of Common Stock held through two of the Reporting Person's IRA accounts.
(2) The figures in Items 6, 8, and 9 include 20,500 shares of Common Stock that may be acquired by the Reporting Persons within 60 days upon the exercise of call options to purchase Common Stock.
(3) The figure in Item 11 included above is based upon 68,448,417 shares of Common Stock outstanding as of March 31, 2026, as disclosed in the Form 20-F.
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 6,093,118 shares of Common Stock of 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. Mr. Simes is the record and direct beneficial owner of 267,812 shares of Common Stock of the Issuer covered by this statement. 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 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 page(s) 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(s) hereto.
(b)
Percent of class:
See Item 11 on the cover page(s) 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:
05/15/2026
Enduring Alpha Fund, LP
Signature:
Endure Capital GP, LP
Name/Title:
General Partner
Date:
05/15/2026
Signature:
Endure Capital Management, LLC
Name/Title:
General Partner of the General Partner
Date:
05/15/2026
Signature:
/s/ Ryan Simes
Name/Title:
Managing Member of the General Partner of the General Partner
