Patria Investments Ltd ownership disclosures: an amendment (No. 3) to a Schedule 13G/A reports that Pertento Partners LLP, Pertento Advisors LLC and Eduardo Marques each beneficially hold 5,316,094 Class A common shares (8.0% of the class) and Pertento Master Fund Limited holds 4,699,587 shares (7.1%). The filing states these securities are directly owned by advisory clients of Pertento Partners LLP and includes a Joint Filing Agreement. Signatures are dated 05/15/2026.
Positive
None.
Negative
None.
Insights
Holds and shared voting power disclosed for multiple Pertento entities.
The filing lists identical beneficial share counts and shared voting and dispositive power for Pertento Partners LLP, Pertento Advisors LLC, and Eduardo Marques, each shown with 5,316,094 shares and 8.0% ownership. Pertento Master Fund Limited is shown with 4,699,587 shares (7.1%).
These figures reflect positions held for advisory clients; the filing clarifies that, except for Pertento Master Fund Limited, no single advisory client exceeds 5%. Subsequent filings would show any material changes in holdings.
Amendment and joint filing formalize shared reporting responsibilities.
The document is an amended Schedule 13G/A with an attached Joint Filing Agreement and signatures dated 05/15/2026. It attributes shared voting and dispositive power rather than sole control, aligning with passive/beneficial reporting patterns for advisory relationships.
Watch for future amendments if advisory client allocations or beneficial ownership percentages change above reporting thresholds.
Key Figures
Pertento beneficial ownership:5,316,094 sharesPercent of class:8.0%Pertento Master Fund ownership:4,699,587 shares+3 more
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
What stake does Pertento Partners LLP report in PAX?
Pertento Partners LLP reports beneficial ownership of 5,316,094 shares, representing 8.0% of Class A common shares. The filing attributes shared voting and dispositive power to Pertento Partners LLP and notes these shares are held for advisory clients.
How much does Pertento Master Fund Limited own in PAX?
Pertento Master Fund Limited beneficially owns 4,699,587 shares, representing 7.1% of the Class A common shares. The filing lists shared voting and dispositive power over these shares as reported in Amendment No. 3.
Who signed the Schedule 13G/A amendment for PAX?
The amendment is signed by Eduardo Marques in multiple capacities (Managing Partner and Authorized Person). Signature entries are dated 05/15/2026 and the filing includes a Joint Filing Agreement as an exhibit.
Are these PAX holdings held directly or on behalf of others?
The filing states the reported securities are directly owned by advisory clients of Pertento Partners LLP. It clarifies that, other than Pertento Master Fund Limited, no single advisory client reported holds more than 5% of the Class A common shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Patria Investments Ltd
(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
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
5,316,094.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,316,094.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,316,094.00
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)
8.0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G69451105
1
Names of Reporting Persons
Pertento Advisors 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,316,094.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,316,094.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,316,094.00
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)
8.0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
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
5,316,094.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,316,094.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,316,094.00
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)
8.0 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
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
4,699,587.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,699,587.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,699,587.00
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)
7.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Patria Investments Ltd
(b)
Address of issuer's principal executive offices:
60 Nexus Way, 4th Floor Camana Bay, PO Box 757, KY1-9006 Grand Cayman, Cayman Islands
Address or principal business office or, if none, residence:
Pertento Partners LLP
111 Park Street
London W1K7JL
United Kingdom
Pertento Advisors LLC
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
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).
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. 3 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.
