Exhibit 99.3
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3Q'24 Earnings Release
November 07th, 2024
ir.vincipartners.com
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Vinci Partners Reports Third Quarter 2024 Results
Alessandro Horta, Chief Executive Officer, stated, “Vinci reached R$70 billion in AUM, posting an 8% year-over-year growth. Our efforts in raising capital for Private Market funds continue to boost our results in AUM and FRE numbers, with highlights this quarter to a little over half a billion reais in additional commitments, including the first coming from a global investor in our Credit Infra strategy. Shifting to some very exciting news since the end of the third quarter, last week we announced the closing of our combination with Compass and the acquisition of Lacan earlier this week. These transactions aren’t just milestones, they mark the beginning of a new era for Vinci Partners, officially establishing us as the gateway to alternative investments in Latin America. We believe these movements solidify Vinci’s status as a leading full-service player in Latin America, uniquely positioned to capitalize on the region’s high growth potential for alternative investments."
Dividend
Vinci Partners has declared a quarterly dividend of US$0.16 per share to record holders of common stock at the close of business on November 20, 2024. This dividend will be paid on December 05, 2024.
Third Quarter 2024 Highlights
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IR.VINCIPARTNERS.COM SHAREHOLDERRELATIONS@VINCIPARTNERS.COM
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About Vinci Partners
Vinci Partners is a leading alternative investment platform in Brazil, established in 2009.
Vinci Partners’ business segments include Private Markets (Private Equity, Real Estate, Infrastructure, Special Situations and Private Credit), Public Equities, Investment Products and Solutions, Corporate Advisory and Retirement Services. As of September 30, 2024, the firm had R$70 billion of assets under management.
Webcast and Earnings Conference Call
Vinci Partners will host a conference call at 5:00pm ET on Thursday, November 07, 2024, to announce its third quarter 2024 results.
To access the webcast please visit the Events & Presentations' section of the Company's website at: https://ir.vincipartners.com/news-and-events/events.
For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.
To access the conference call through dial in, please register at 3Q24 VINP Earnings Dial In to obtain the conference number and access code.
Investor Contact
ShareholderRelations@vincipartners.com
NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240
USA Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson
+1 (212) 355-4449
Brazil Media Contact
Danthi Comunicações
Carla Azevedo (carla@danthicomunicacoes.com.br)+55 (21) 3114-0779
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Segment Earnings
| (R$ thousands, unless mentioned) | 3Q'23 | 2Q'24 | 3Q'24 | ∆ YoY(%) | 3Q'23 YTD | 3Q'24 YTD | ∆ YoY(%) |
| Net revenue from management fees | 104,745 | 114,134 | 106,750 | 2% | 293,391 | 317,339 | 8% |
| Net revenue from advisory fees | 2,283 | 11,481 | 5,966 | 161% | 20,801 | 27,806 | 34% |
| Total Fee Related Revenuesi | 107,028 | 125,615 | 112,716 | 5% | 314,192 | 345,145 | 10% |
| Segment personnel expenses | (7,483) | (7,556) | (8,239) | 10% | (22,224) | (23,132) | 4% |
| Other G&A expenses | (5,356) | (7,025) | (6,614) | 23% | (13,850) | (19,635) | 42% |
| Corporate center expenses | (24,110) | (25,750) | (24,817) | 3% | (69,126) | (71,654) | 4% |
| Bonus compensation related to management and advisory | (18,746) | (23,380) | (19,228) | 3% | (57,857) | (61,356) | 6% |
| Total Fee Related Expenses | (55,695) | (63,711) | (58,897) | 6% | (163,056) | (175,776) | 8% |
| FEE RELATED EARNINGS (FRE)ii | 51,333 | 61,904 | 53,819 | 5% | 151,136 | 169,369 | 12% |
| FRE Margin (%)iii | 48.0% | 49.3% | 47.7% | 48.1% | 49.1% | ||
| FRE per shareiv (R$/share) | 0.95 | 1.16 | 1.02 | 7% | 2.79 | 3.19 | 14% |
| Net revenue from performance fees | 2,058 | 5,613 | 1,890 | (8)% | 14,786 | 9,776 | (34)% |
| Performance based compensation | (925) | (2,503) | (907) | (2)% | (7,026) | (4,419) | (37)% |
| PERFORMANCE RELATED EARNINGS (PRE)v | 1,133 | 3,110 | 984 | (13)% | 7,760 | 5,358 | (31)% |
| PRE Margin (%)vi | 55.1% | 55.4% | 52.1% | 52.5% | 54.8% | ||
| (-) Unrealized performance fees | – | 3,483 | – | N/A | – | 3,483 | N/A |
| (+) Unrealized performance compensation | – | (1,233) | – | N/A | – | (1,233) | N/A |
| (+) Realized GP investment income | 4,699 | 12,379 | 4,539 | (3)% | 14,759 | 21,324 | 44% |
| SEGMENT DISTRIBUTABLE EARNINGSvii | 57,165 | 79,643 | 59,342 | 4% | 173,655 | 198,301 | 14% |
| Segment DE Margin (%) | 50.2% | 54.1% | 49.8% | 50.5% | 52.2% | ||
| (+) Depreciation and amortization | 1,646 | 1,873 | 2,272 | 38% | 5,452 | 6,036 | 11% |
| (+) Realized financial income | 12,027 | 11,421 | 15,178 | 26% | 62,299 | 38,961 | (37)% |
| (-) Leasing expenses | (2,394) | (2,076) | (1,931) | (19)% | (7,542) | (6,223) | (17)% |
| (-) Other itemsviii | (2,933) | (17,517) | (6,858) | 134% | (12,373) | (33,611) | 172% |
| (-) Non-operational expensesix | – | (11,674) | (3,728) | N/A | – | (16,735) | N/A |
| (-) Income taxes (excluding related to unrealized fees and income) | (13,691) | (14,872) | (10,899) | (20)% | (39,296) | (38,258) | (3)% |
| DISTRIBUTABLE EARNINGS (DE)x | 51,820 | 46,797 | 53,377 | 3% | 182,195 | 148,471 | (19)% |
| DE Margin (%)xi | 41.2% | 29.5% | 39.7% | 44.9% | 35.5% | ||
| DE per share (R$/share) | 0.96 | 0.88 | 1.01 | 5% | 3.36 | 2.80 | (17)% |
| (+) Non-operational expenses (including Income Tax effect) | – | 11,604 | 3,727 | N/A | – | 16,639 | N/A |
| ADJUSTED DISTRIBUTABLE EARNINGSxii | 51,820 | 58,401 | 57,104 | 10% | 182,195 | 165,110 | (9)% |
| Adjusted DE Margin (%)xiii | 41.2% | 36.8% | 42.5% | 44.9% | 39.4% | ||
| Adjusted DE per share (R$/share) xiv | 0.96 | 1.10 | 1.08 | 12% | 3.36 | 3.11 | (7)% |
Total Fee Related Revenues of R$112.7 million for the quarter ended September 30, 2024, compared to R$107.0 million for the quarter ended September 29, 2023, an increase of 5% year-over year. This increase was pushed by a pickup in deal activity, leading to higher advisory fees and organic growth across Private Market strategies over the quarter. In the quarter, management fees accounted for R$106.8 million, an increase of 2% year-over-year. Disregarding catch up fees from both quarters, management fees increased by 9% year-over-year. Fee related revenues were R$345.1 million for the nine months ended September 30, 2024, up 10% when compared to the nine months ended September 29, 2023, driven by strong fundraising across Private Markets' products.
Fee Related Earnings (“FRE”) of R$53.8 million (R$1.02/share) for the quarter ended September 30, 2024, up 5% year-over-year on an absolute basis and 7% year-over-year on an FRE per share basis when compared to the quarter ended September 29, 2023, fueled by an increase in management and advisory fees. FRE of R$169.4 million (R$3.19/share) for the nine months ended September 30, 2024, up 12% when compared to the nine months ended September 29, 2023 on an absolute basis and 14% on an FRE per share basis, driven by stronger management and advisory fees.
FRE Margin was 49.1% for the nine months ended September 30, 2024, an increase of 1.0 percentage point year-over-year, following our commitment to cost efficiency with contained expense growth. Disregarding the VRS segment, FRE
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Margin was 51% for the for the nine months ended September 30, 2024.
Performance Related Earnings (“PRE”) of R$1.0 million for the quarter ended September 30, 2024, down 13% year-over-year, as the local market presents significant challenges for the performance of liquid funds. Most of our open-end funds charge performance fees semiannually, recognizing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open-ended funds. PRE was R$5.4 million for the nine months ended September 30, 2024, a decrease of 31% when compared to the nine months ended September 29, 2023.
Segment Distributable Earnings of R$59.3 million for the quarter ended September 30, 2024, compared to R$57.2 million for the quarter ended September 29, 2023, up 4% year-over-year. Segment Distributable Earnings were R$198.3 million for the nine months ended September 30, 2024, up 14% year-over-year, when compared to the nine months ended September 29, 2023.
Adjusted Distributable Earnings (“DE”) of R$57.1 million (R$1.08/share) for the quarter ended September 30, 2024, compared to R$51.8 million (R$0.96/share) for the quarter ended September 29, 2023, up 10% year-over-year on an absolute basis and 12% year-over-year on an Adjusted DE per share basis. This increase was driven mostly by FRE growth. Adjusted DE was R$165.1 million (R$3.11/share) for the nine months ended September 30, 2024, down 9% when compared to the nine months ended September 29, 2023, on an absolute basis and down 7% on an Adjusted DE per share basis. The year-over-year decline in year-to-date Adjusted DE is attributed to a combination of (i) a decrease in financial income following a strong nine-month period ending September 30, 2023, during which the liquid portfolio benefited from more favorable market conditions compared to the current year, and (ii) the impact of FX rate depreciation on Vinci’s net debt position in US dollars, which affected the 'Other Items' line.
Adjusted DE Margin was 42.5% for the quarter ended September 30, 2024, a 1.3 percentage point increase compared to 41.2% for the quarter ended September 29, 2023. For the nine months ended September 30, 2024, Adjusted DE Margin reached 39.4%, a decrease of 5.5 percentage points compared to the nine months ended September 29, 2023.
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Segment Highlights
Private Market Strategies
| (R$ thousands, unless mentioned) | 3Q'23 | 2Q'24 | 3Q'24 | ∆ YoY (%) | 3Q'23 YTD | 3Q'24 YTD | ∆ YoY (%) |
| Net revenue from management fees | 68,323 | 81,238 | 73,375 | 7% | 184,596 | 217,131 | 18% |
| Net revenue from advisory fees | 275 | 2,197 | 491 | 79% | 824 | 3,242 | 294% |
| Total Fee Related Revenues | 68,597 | 83,434 | 73,867 | 8% | 185,420 | 220,374 | 19% |
| Segment personnel expenses | (3,685) | (3,925) | (4,508) | 22% | (10,913) | (12,140) | 11% |
| Other G&A expenses | (2,835) | (3,384) | (3,021) | 7% | (6,813) | (9,261) | 36% |
| Corporate center expenses | (14,867) | (16,292) | (15,943) | 7% | (41,090) | (45,172) | 10% |
| Bonus compensation related to management and advisory | (10,109) | (12,373) | (10,787) | 7% | (28,038) | (32,138) | 15% |
| Total Fee Related Expenses | (31,496) | (35,974) | (34,259) | 9% | (86,853) | (98,711) | 14% |
| FEE RELATED EARNINGS (FRE) | 37,102 | 47,461 | 39,608 | 7% | 98,567 | 121,664 | 23% |
| FRE Margin (%) | 54.1% | 56.9% | 53.6% | 53.2% | 55.2% | ||
| Net revenue from performance fees | 464 | 3,720 | 12 | (97)% | 2,999 | 3,740 | 25% |
| Realized performance fees | 464 | 7,205 | 12 | (97)% | 2,999 | 7,225 | 141% |
| Unrealized performance fees | – | (3,483) | – | N/A | – | (3,483) | N/A |
| Performance based compensation | (205) | (1,646) | (5) | (98)% | (1,326) | (1,654) | 25% |
| PERFORMANCE RELATED EARNINGS (PRE) | 259 | 2,074 | 7 | (97)% | 1,673 | 2,086 | 25% |
| PRE Margin (%) | 55.8% | 55.8% | 58.3% | 55.8% | 55.8% | ||
| (-) Unrealized performance fees | – | 3,483 | – | N/A | – | 3,483 | N/A |
| (+) Unrealized performance compensation | – | (1,233) | – | N/A | – | (1,233) | N/A |
| (+) Realized GP investment income | 4,699 | 12,379 | 4,539 | (3)% | 14,759 | 21,324 | 44% |
| SEGMENT DISTRIBUTABLE EARNINGS | 42,059 | 64,164 | 44,155 | 5% | 114,999 | 147,325 | 28% |
| Segment DE Margin (%) | 57.0% | 62.3% | 56.3% | 56.6% | 59.2% | ||
| ASSETS UNDER MANAGEMENT (AUMxv R$ millions) | 30,347 | 34,692 | 35,209 | 16% | 30,347 | 35,209 | 16% |
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) | 27,060 | 31,321 | 31,851 | 18% | 27,060 | 31,851 | 18% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.98% | 1.02% | 0.90% | 0.98% | 0.90% |
Fee Related Earnings (FRE) of R$39.6 million for the quarter ended September 30, 2024, up 7% year-over-year. Alongside the favorable fundraising environment, the acquisition of MAV Capital contributed to revenue growth in the third quarter 2024. FRE was R$121.7 million for the nine months ended September 30, 2024, an increase of 23% when compared to the nine months ended September 29, 2023. This growth was fueled by an increase in management fees revenue and catch-up fees from strong Private Markets fundraising over the year.
Performance Related Earnings (PRE) was R$2.1 million for the nine months ended September 30, 2024, an increase of 25% when compared to the nine months ended September 29, 2023. Performance was recognized in Infrastructure and Private Credit.
Segment Distributable Earnings of R$44.2 million for the quarter ended September 30, 2024, up 5% when compared to the quarter ended September 29, 2023, driven by higher Fee Related Earnings in the quarter. Segment DE was R$147.3 million for the nine months ended September 30, 2024, up 28% when compared to the nine months ended September 29, 2023, fueled by growth in FRE and PRE.
AUM of R$35.2 billion at the end of the third quarter, a 16% increase year-over-year, propelled by robust fundraising over the last twelve months across all Private Markets strategies, with highlights for VCP IV in Private Equity, VICC in Infrastructure, Vinci Credit Infra in Credit and VISC in Real Estate.
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Investment Products and Solutions
| (R$ thousands, unless mentioned) | 3Q'23 PF¹ | 2Q'24 | 3Q'24 | ∆ YoY (%) | 3Q'23 YTD PF¹ | 3Q'24 YTD | ∆ YoY (%) |
| Net revenue from management fees | 20,803 | 18,959 | 18,754 | (10)% | 64,105 | 57,527 | (10)% |
| Net revenue from advisory fees | 8 | 524 | 525 | 6,468% | 23 | 1,058 | 4,499% |
| Total Fee Related Revenues | 20,811 | 19,484 | 19,280 | (7)% | 64,129 | 58,585 | (9)% |
| Segment personnel expenses | (1,819) | (1,527) | (1,616) | (11)% | (5,648) | (4,770) | (16)% |
| Other G&A expenses | (1,095) | (1,082) | (1,208) | 10% | (3,440) | (3,298) | (4)% |
| Corporate center expenses | (4,527) | (4,659) | (4,249) | (6)% | (14,288) | (13,008) | (9)% |
| Bonus compensation related to management and advisory | (4,718) | (4,851) | (3,758) | (20)% | (14,663) | (12,561) | (14)% |
| Total Fee Related Expenses | (12,158) | (12,118) | (10,831) | (11)% | (38,037) | (33,637) | (12)% |
| FEE RELATED EARNINGS (FRE) | 8,653 | 7,365 | 8,448 | (2)% | 26,091 | 24,948 | (4)% |
| FRE Margin (%) | 41.6% | 37.8% | 43.8% | 40.7% | 42.6% | ||
| Net revenue from performance fees | 180 | 214 | 148 | (18)% | 2,699 | 371 | (86)% |
| Realized performance fees | 180 | 214 | 148 | (18)% | 2,699 | 371 | (86)% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (90) | (107) | (108) | 20% | (1,266) | (220) | (83)% |
| PERFORMANCE RELATED EARNINGS (PRE) | 90 | 107 | 39.9 | (56)% | 1,434 | 151.2 | (89)% |
| PRE Margin (%) | 50.0% | 49.9% | 27.0% | 53.1% | 40.8% | ||
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 8,743 | 7,472 | 8,488 | (3)% | 27,526 | 25,099 | (9)% |
| Segment DE Margin (%) | 41.7% | 37.9% | 43.7% | 41.2% | 42.6% | ||
| ASSETS UNDER MANAGEMENT (AUM R$ millions) | 25,943 | 24,815 | 24,010 | (7)% | 25,943 | 24,010 | (7)% |
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) | 25,693 | 24,604 | 23,723 | (8)% | 25,693 | 23,723 | (8)% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.35% | 0.33% | 0.34% | 0.35% | 0.34% |
Fee Related Earnings (FRE) of R$8.4 million for the quarter ended September 30, 2024, down 2% year-over-year. FRE was R$24.9 million for the nine months ended September 30, 2024, a decrease of 4% when compared to the nine months ended September 29, 2023 Pro Forma. This decrease is attributed to outflows, especially within our pension funds strategy, which carries higher fees.
Performance Related Earnings (PRE) was R$39.9 thousand for the quarter ended September 30, 2024, down 56% year-over-year.
Segment Distributable Earnings of R$8.5 million for the quarter ended September 30, 2024, down 3% year-over-year. Segment DE was R$25.1 million for the nine months ended September 30, 2024, a decrease of 9% when compared to the nine months ended September 29, 2023 Pro Forma, that posted higher contribution from FRE and PRE.
AUM of R$24.0 billion, down 7% year-over-year.
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Public Equities
| (R$ thousands, unless mentioned) | 3Q'23 PF¹ | 2Q'24 | 3Q'24 | ∆ YoY (%) | 3Q'23 YTD PF¹ | 3Q'24 YTD | ∆ YoY (%) |
| Net revenue from management fees | 15,582 | 13,762 | 14,392 | (8)% | 44,643 | 42,118 | (6)% |
| Net revenue from advisory fees | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 15,582 | 13,762 | 14,392 | (8)% | 44,643 | 42,118 | (6)% |
| Segment personnel expenses | (906) | (834) | (744) | (18)% | (2,743) | (2,468) | (10)% |
| Other G&A expenses | (383) | (475) | (488) | 27% | (1,051) | (1,308) | 24% |
| Corporate center expenses | (3,391) | (3,382) | (3,260) | (4)% | (9,945) | (9,532) | (4)% |
| Bonus compensation related to management and advisory | (2,357) | (2,267) | (2,122) | (10)% | (6,535) | (6,393) | (2)% |
| Total Fee Related Expenses | (7,037) | (6,958) | (6,615) | (6)% | (20,274) | (19,700) | (3)% |
| FEE RELATED EARNINGS (FRE) | 8,546 | 6,804 | 7,777 | (9)% | 24,370 | 22,418 | (8)% |
| FRE Margin (%) | 54.8% | 49.4% | 54.0% | 54.6% | 53.2% | ||
| Net revenue from performance fees | 1,415 | 1,679 | 1,730 | 22% | 9,088 | 5,665 | (38)% |
| Realized performance fees | 1,415 | 1,679 | 1,730 | 22% | 9,088 | 5,665 | (38)% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (630) | (749) | (794) | 26% | (4,435) | (2,544) | (43)% |
| PERFORMANCE RELATED EARNINGS (PRE) | 785 | 929 | 936 | 19% | 4,653 | 3,120 | (33)% |
| PRE Margin (%) | 55.5% | 55.3% | 54.1% | 51.2% | 55.1% | ||
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 9,330 | 7,733 | 8,713 | (7)% | 29,021 | 25,538 | (12)% |
| Segment DE Margin (%) | 54.9% | 50.1% | 54.0% | 54.0% | 53.4% | ||
| ASSETS UNDER MANAGEMENT (AUM R$ millions) | 8,904 | 9,463 | 10,856 | 22% | 8,904 | 10,856 | 22% |
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) | 8,854 | 9,426 | 10,823 | 22% | 8,854 | 10,823 | 22% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.74% | 0.61% | 0.60% | 0.74% | 0.60% |
Fee Related Earnings (FRE) of R$7.8 million for the quarter ended September 30, 2024, down 9% year-over-year. FRE was R$22.4 million for the nine months ended September 30, 2024, a decrease of 8% when compared to the nine months ended September 29, 2023 Pro Forma.
Performance Related Earnings (PRE) of R$936.0 thousand for the quarter ended September 30, 2024, up 19% year-over-year. PRE was R$3.1 million for the nine months ended September 30, 2024, a decrease of 33% when compared to the nine months ended September 29, 2023 Pro Forma.
Segment Distributable Earnings of R$8.7 million for the quarter ended September 30, 2024, down 7% year-over-year. Segment DE was R$25.5 million for the nine months ended September 30, 2024, a decrease of 12% when compared to the nine months ended September 29, 2023 Pro Forma.
AUM was R$10.9 billion at the end of the third quarter, up 22% year-over-year.
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Corporate Advisory
| (R$ thousands, unless mentioned) | 3Q'23 | 2Q'24 | 3Q'24 | ∆ YoY (%) | 3Q'23 YTD | 3Q'24 YTD | ∆ YoY (%) |
| Net revenue from management fees | – | – | – | N/A | – | – | N/A |
| Net revenue from advisory fees | 2,000 | 8,760 | 4,949 | 147% | 19,954 | 23,506 | 18% |
| Total Fee Related Revenues | 2,000 | 8,760 | 4,949 | 147% | 19,954 | 23,506 | 18% |
| Segment personnel expenses | (491) | (609) | (601) | 22% | (1,487) | (1,763) | 19% |
| Other G&A expenses | (229) | (285) | (75) | (67)% | (544) | (530) | (3)% |
| Corporate center expenses | (1,206) | (1,287) | (1,241) | 3% | (3,456) | (3,582) | 4% |
| Bonus compensation related to management and advisory | (623) | (2,768) | (1,690) | 171% | (6,381) | (7,551) | 18% |
| Total Fee Related Expenses | (2,548) | (4,949) | (3,607) | 42% | (11,868) | (13,427) | 13% |
| FEE RELATED EARNINGS (FRE) | (548) | 3,810 | 1,342 | N/A | 8,086 | 10,078 | 25% |
| FRE Margin (%) | -27.4% | 43.5% | 27.1% | 40.5% | 42.9% | ||
| SEGMENT DISTRIBUTABLE EARNINGS | (548) | 3,810 | 1,342 | N/A | 8,086 | 10,078 | 25% |
| Segment DE Margin (%) | -27.4% | 43.5% | 27.1% | 40.5% | 42.9% |
Fee Related Earnings (FRE) of R$1.3 million for the quarter ended September 30, 2024. FRE was R$10.1 million for the nine months ended September 30, 2024, an increase of 25% when compared to the nine months ended September 29, 2023, due to a pickup in deal activity in 2024.
Segment Distributable Earnings for the nine months ended September 30, 2024 were R$10.1 million, an increase of 25% year-over-year when compared to the nine months ended September 29, 2023.
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Retirement Services
| (R$ thousands, unless mentioned)/ | 3Q'23 | 2Q'24 | 3Q'24 | ∆ YoY (%) | 3Q'23 YTD | 3Q'24 YTD | ∆ YoY (%) |
| Net revenue from management fees | 38 | 175 | 228 | 498% | 47 | 561 | 1,095% |
| Net revenue from advisory fees | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 38 | 175 | 228 | 498% | 47 | 561 | 1,095% |
| Segment personnel expenses | (582) | (661) | (769) | 32% | (1,433) | (1,991) | 39% |
| Other G&A expenses | (815) | (1,799) | (1,821) | 123% | (2,003) | (5,238) | 162% |
| Corporate center expenses | (121) | (129) | (124) | 3% | (348) | (358) | 3% |
| Bonus compensation related to management and advisory | (939) | (1,122) | (870) | (7)% | (2,239) | (2,714) | 21% |
| Total Fee Related Expenses | (2,456) | (3,712) | (3,584) | 46% | (6,023) | (10,302) | 71% |
| FEE RELATED EARNINGS (FRE) | (2,418) | (3,537) | (3,356) | 39% | (5,976) | (9,739) | 63% |
| FRE Margin (%) | N/A | N/A | N/A | N/A | N/A | ||
| Net revenue from performance fees | – | – | 0 | N/A | – | 0 | N/A |
| Realized performance fees | – | – | 0 | N/A | – | 0 | N/A |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | – | – | – | N/A | – | – | N/A |
| PERFORMANCE RELATED EARNINGS (PRE) | – | – | – | N/A | – | – | N/A |
| PRE Margin (%) | N/A | N/A | N/A | N/A | N/A | ||
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | (2,418) | (3,537) | (3,356) | 39% | (5,976) | (9,739) | 63% |
| Segment DE Margin (%) | N/A | N/A | N/A | N/A | N/A | ||
| ASSETS UNDER MANAGEMENT (AUM R$millions) | 37 | 241 | 320 | 768% | 37 | 320 | 768% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.60% | 0.39% | 0.35% | 0.60% | 0.35% |
Fee Related Earnings (FRE) of negative R$3.4 million for the quarter ended September 30, 2024. FRE was negative R$9.7 million for the nine months ended September 30, 2024.
AUM of R$320 million by the end of the third quarter. We are experiencing a pickup in flows for VRS since the launch of the platform called Mio Vinci Partners.
Mio launched multiple new investment strategies in collaboration with leading Brazilian asset managers this quarter, including three Pension Plan funds created in partnership with Vinci's IP&S and Private Credit strategies.
During this quarter, Mio was selected by BlackRock as its partner for the launch of its first retirement strategy in Brazil, an equity index fund designed for retirement released in September.
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Income Statement
| (R$ thousands, unless mentioned) | 3Q'23 | 2Q'24 | 3Q'24 | ∆ YoY (%) | 3Q'23 YTD | 3Q'24 YTD | ∆ YoY (%) |
| REVENUES | |||||||
| Net revenue from management fees | 104,745 | 114,134 | 106,750 | 2% | 293,391 | 317,339 | 8% |
| Net revenue from performance fees | 2,058 | 5,613 | 1,890 | (8)% | 14,786 | 9,776 | (34)% |
| Realized performance fees | 2,058 | 9,096 | 1,890 | (8)% | 14,786 | 13,259 | (10)% |
| Unrealized performance fees | – | (3,483) | – | N/A | – | (3,483) | N/A |
| Net revenue from advisory | 2,283 | 11,481 | 5,966 | 161% | 20,801 | 27,806 | 34% |
| Total net revenues from services rendered | 109,086 | 131,228 | 114,606 | 5% | 328,978 | 354,921 | 8% |
| EXPENSES | |||||||
| Bonus related to management and advisory | (18,746) | (23,380) | (19,228) | 3% | (57,857) | (61,356) | 6% |
| Performance based compensation | (925) | (2,503) | (907) | (2)% | (7,026) | (4,419) | (37)% |
| Realized | (925) | (3,736) | (907) | (2)% | (7,026) | (5,652) | (20)% |
| Unrealized | – | 1,233 | – | N/A | – | 1,233 | N/A |
| Total compensation and benefits xvi | (19,671) | (25,883) | (20,135) | 2% | (64,883) | (65,775) | 1% |
| Segment personnel expenses | (7,483) | (7,556) | (8,238) | 10% | (22,224) | (23,131) | 4% |
| Other general and administrative expenses | (5,356) | (7,025) | (6,614) | 23% | (13,850) | (19,635) | 42% |
| Corporate center expenses | (24,110) | (25,750) | (24,817) | 3% | (69,126) | (71,654) | 4% |
| Total expenses | (56,620) | (66,214) | (59,803) | 6% | (170,082) | (180,194) | 6% |
| Operating profit | 52,466 | 65,014 | 54,803 | 4% | 158,896 | 174,727 | 10% |
| OTHER ITEMS | |||||||
| GP Investment income | (3,347) | 4,250 | (6,609) | 97% | 11,104 | 11,150 | 0% |
| Realized gain from GP investment income | 4,699 | 12,379 | 4,539 | (3)% | 14,759 | 21,324 | 44% |
| Unrealized gain from GP investment income | (8,046) | (8,128) | (11,149) | 39% | (3,655) | (10,174) | 178% |
| Financial income | 12,027 | 11,421 | 15,178 | 26% | 62,299 | 38,961 | (37)% |
| Realized gain from financial income | 12,027 | 11,421 | 15,178 | 26% | 62,299 | 38,961 | (37)% |
| Unrealized gain from financial income | (0) | – | – | N/A | (0) | – | N/A |
| Leasing expenses | (2,394) | (2,076) | (1,931) | (19)% | (7,542) | (6,223) | (17)% |
| Other items | (11,442) | (21,249) | 1,496 | N/A | (22,864) | (34,745) | 52% |
| Share Based Plan | (5,118) | (5,660) | (4,147) | (19)% | (10,718) | (15,955) | 49% |
| Non-operational expenses | – | (11,674) | (3,728) | N/A | – | (16,735) | N/A |
| Total Other Items | (10,274) | (24,988) | 259 | N/A | 32,279 | (23,547) | N/A |
| Profit before income taxes | 42,192 | 40,026 | 55,062 | 31% | 191,175 | 151,180 | (21)% |
| (-) Income taxes | (10,375) | (11,679) | (13,693) | 32% | (35,100) | (35,756) | 2% |
| NET INCOME | 31,817 | 28,347 | 41,369 | 30% | 156,075 | 115,424 | (26)% |
| (+) Non-operational expenses (including Income Tax effect) | – | 11,604 | 3,727 | N/A | – | 16,639 | N/A |
| (-) Contingent consideration adjustment related to acquisitions | 5,655 | 3,870 | (5,444) | N/A | 7,785 | 2,225 | (71)% |
| ADJUSTED NET INCOME | 37,472 | 43,821 | 39,652 | 6% | 163,860 | 134,288 | (18)% |
Total net revenues from services rendered of R$114.6 million for the quarter ended September 30, 2024, up 5% year-over-year. This growth was driven by stronger management and advisory fees in the period. Net revenues for the nine months ended September 30, 2024, were R$354.9 million, representing an 8% increase when compared to the nine months ended September 29, 2023, a result from higher advisory and management fees in the period.
| · | Management fee revenues of R$106.8 million for the quarter ended September 30, 2024, up 2% year-over-year. Disregarding catch up fees from both quarters, management fees increased by 9% year-over-year. Management fees of R$317.3 million for the nine months ended September 30, 2024, up 8% when compared to the nine months ended September 29, 2023. Although Private Markets revenues continue to grow and push FRE for the platform, IP&S have been suffering headwinds in the pension plans strategy propelled by tougher macro conditions. |
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| · | Performance fee revenues of R$1.9 million for the quarter ended September 30, 2024, down 8% year-over-year. Performance fee revenues of R$9.8 million for the nine months ended September 30, 2024, a decrease of 34% when compared to the nine months ended September 29, 2023. |
| · | Advisory fee revenues of R$6.0 million for the quarter ended September 30, 2024, compared to R$2.3 million for the quarter ended September 29, 2023, an increase of 161% year-over-year. Advisory revenues for the nine months ended September 30, 2024, were R$27.8 million, up 34% when compared to the nine months ended September 29, 2023. |
Total expenses for the quarter ended September 30, 2024, of R$59.8 million, compared to R$56.6 million for the quarter ended September 29, 2023, an increase of 6% year-over-year. Total expenses for the nine months ended September 30, 2024, were R$180.2 million, up 6% when compared to the nine months ended September 29, 2023. Disregarding Vinci Retirement Services, total operating expenses summed R$169.9 million, up 4% when compared to the nine months ended September 29, 2023, following our cost efficiency orientation to contain expenses growth.
| · | Bonus related to management and advisory fees of R$19.2 million for the quarter ended September 30, 2024, compared to R$18.7 million for the quarter ended September 29, 2023, a 3% increase year-over-year. Bonus related to management and advisory was R$61.4 million for the nine months ended September 30, 2024, up 6% year-over-year, when compared to the nine months ended September 29, 2023. |
| · | Performance based compensation of R$907.0 thousand for the quarter ended September 30, 2024, compared to R$925.0 thousand for the quarter ended September 29, 2023, a decrease of 2% year-over-year. Performance based compensation for the nine months ended September 30, 2024, was R$4.4 million, a decrease of 37% when compared to the nine months ended September 29, 2023. |
| · | Segment personnel expensesxvii of R$8.2 million for the quarter ended September 30, 2024, compared to R$7.5 million for the quarter ended September 29, 2023, an increase of 10% year-over-year. Segment personnel expenses for the nine months ended September 30, 2024, was R$23.1 million, up 4% when compared to the nine months ended September 29, 2023. |
| · | Corporate center expensesxviii of R$24.8 million for the quarter ended September 30, 2024, compared to R$24.1 million for the quarter ended September 29, 2023, an increase of 3% year-over-year. Corporate center expenses for the nine months ended September 30, 2024, were R$71.7 million, up 4% year-over-year, when compared to the nine months ended September 29, 2023. |
| · | Other general and administrative expensesxix of R$6.6 million for the quarter ended September 30, 2024, compared to R$5.4 million for the quarter ended September 29, 2023, an increase of 23% year-over-year. Other G&A expenses for the nine months ended September 30, 2024, were R$19.6 million, up 42% when compared to the nine months ended September 29, 2023. |
Operating Profit of R$54.8 million for the quarter ended September 30, 2024, compared to R$52.5 million for the quarter ended September 29, 2023, an increase of 4% year-over-year. Operating profit for the nine months ended September 30, 2024, was R$174.7 million, up 10% when compared to the nine months ended September 29, 2023.
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GP Investment incomexx, a result of the company’s GP investments in its proprietary private market funds, was negative R$6.6 million for the quarter ended September 30, 2024, compared to negative R$3.3 million for the quarter ended September 29, 2023. The decline was largely driven by depreciation in REITs, resulting from shifts in local market conditions. GP Investment income for the nine months ended September 30, 2024, was R$11.2 million compared to R$11.1 million for the nine months ended September 29, 2023.
Financial Incomexxi of R$15.2 million for the quarter ended September 30, 2024, compared to R$12.0 million for the quarter ended September 29, 2023, up 26% year-over-year. This increase was driven by higher realized gains in the liquid fund’s portfolio during the quarter. Financial income for the nine months ended September 30, 2024, was R$39.0 million.
Leasing Expensesxxii of R$1.9 million for the quarter ended September 30, 2024, compared to R$2.4 million for the quarter ended September 29, 2023, down 19% year-over-year.
Other Items of R$1.5 million for the quarter ended September 30, 2024. Other items comprise the income/(loss) generated by contingent consideration adjustment, financial income/(expenses) related to SPS acquisition, Ares Convertible Preferred Shares and other financial expenses.
Share Based Plan expensesxxiii of R$4.1 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2024, share based plan expenses accounted for R$16.0 million.
Profit before income taxes of R$55.1 million for the quarter ended September 30, 2024, reflecting a 31% increase year-over-year. For the nine months ended September 30, 2024, profit before income taxes was R$151.2 million.
Income Taxesxxiv of R$35.8 million for the nine months ended September 30, 2024, which represented an effective tax rate of 24%, compared to R$35.1 million for the nine months ended September 29, 2023, which represented an effective tax rate of 18%, marking an increase of 6 percentage points year-over-year in the effective tax rate.
Non-operational expenses of R$3.7 million for the quarter ended September 30, 2024. Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.
Contingent consideration adjustment related to acquisitions, after tax, of negative R$5.4 million for the quarter ended September 30, 2024. Contingent consideration adjustment related to Vinci SPS’ acquisition reflects the change in earn out’s fair value to be paid in 2027. On September 30, 2024, Vinci revaluated the fair value of the obligation based on the economic conditions at the date, resulting in a decrease of the contingent consideration fair value. The variation was recognized as a gain in the financial result.
Adjusted Net Income of R$39.7 million for the quarter ended September 30, 2024, compared to R$37.5 million for the quarter ended September 29, 2023. Adjusted Net Income was R$134.3 million for the nine months ended September 30, 2024.
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Supplement Details
Assets Under Management (AUM) Rollforward – R$ millions
For the Three Months Ended September 30, 2024
| Private | Public | IP&S | Infrastructure | Real Estate | Credit |
Retirement Services |
Vinci SPS | Total | |
| Equity | Equities | ||||||||
| Beginning balance | 15,524 | 9,463 | 24,815 | 3,943 | 6,726 | 6,260 | 241 | 2,239 | 69,212 |
| (+/-) Capital Subscription / (capital return) | 19 | – | (4) | 88 | (128) | 259 | – | (32) | 202 |
| (+) Capital Subscription | 56 | – | – | 102 | – | 390 | – | 1 | 549 |
| (-) Capital Return | (38) | – | (4) | (14) | (128) | (131) | – | (33) | (347) |
| (+) Acquisitions | – | – | – | – | – | – | – | – | – |
| (+/-) Net Inflow / (outflow) | – | 620 | (1,209) | – | (2) | 117 | 73 | – | (401) |
| (+/-) Appreciation / (depreciation) | 261 | 774 | 408 | (45) | (244) | 146 | 5 | 77 | 1,382 |
| Ending Balance | 15,803 | 10,856 | 24,010 | 3,987 | 6,351 | 6,782 | 320 | 2,285 | 70,395 |
For the Twelve months Ended September 30, 2024
| Private | Public | IP&S | Infrastructure | Real Estate | Credit |
Retirement Services |
Vinci SPS | Total | |
| Equity | Equities | ||||||||
| Beginning balance | 13,971 | 8,904 | 25,943 | 2,731 | 6,220 | 5,335 | 37 | 2,091 | 65,231 |
| (+/-) Capital Subscription / (capital return) | 498 | – | 540 | 1,165 | 409 | 294 | – | (112) | 2,794 |
| (+) Capital Subscription | 808 | – | 548 | 1,267 | 946 | 588 | – | 177 | 4,334 |
| (-) Capital Return | (310) | – | (8) | (103) | (537) | (294) | – | (289) | (1,540) |
| (+) Acquisitions | – | – | – | – | – | 540 | – | – | 540 |
| (+/-) Net Inflow / (outflow) | – | 507 | (4,769) | – | 133 | 221 | 272 | – | (3,636) |
| (+/-) Appreciation / (depreciation) | 1,334 | 1,445 | 2,296 | 91 | (411) | 393 | 11 | 306 | 5,465 |
| Ending Balance | 15,803 | 10,856 | 24,010 | 3,987 | 6,351 | 6,782 | 320 | 2,285 | 70,395 |
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Fee Earning Assets Under Management (FEAUM) Rollforward – R$ millions
For the Three Months Ended September 30, 2024
| Private | Public | IP&S | Infrastructure | Real Estate | Credit |
Retirement Services |
Vinci SPS | Total | |
| Equity | Equities | ||||||||
| Beginning balance | 12,385 | 9,426 | 24,604 | 3,899 | 6,726 | 6,240 | 241 | 2,072 | 65,592 |
| (+/-) Capital Subscription / (capital return) | 19 | – | (4) | 88 | (128) | 259 | – | (32) | 202 |
| (+) Capital Subscription | 56 | – | – | 102 | – | 390 | – | 1 | 549 |
| (-) Capital Return | (38) | – | (4) | (14) | (128) | (131) | – | (33) | (347) |
| (+) Acquisitions | – | – | – | – | – | – | – | – | – |
| (+/-) Net Inflow / (outflow) | – | 620 | (1,259) | – | (2) | 117 | 73 | – | (451) |
| (+/-) Appreciation / (depreciation) | 286 | 777 | 383 | (44) | (244) | 143 | 5 | 68 | 1,374 |
| Ending Balance | 12,690 | 10,823 | 23,723 | 3,943 | 6,351 | 6,759 | 320 | 2,108 | 66,717 |
For the Twelve months Ended September 30, 2024
| Private | Public | IP&S | Infrastructure | Real Estate | Credit |
Retirement Services |
Vinci SPS | Total | |
| Equity | Equities | ||||||||
| Beginning balance | 10,733 | 8,854 | 25,693 | 2,682 | 6,220 | 5,335 | 37 | 2,091 | 61,644 |
| (+/-) Capital Subscription / (capital return) | 526 | – | 540 | 1,179 | 409 | 294 | – | (280) | 2,668 |
| (+) Capital Subscription | 758 | – | 548 | 1,267 | 946 | 588 | – | 9 | 4,116 |
| (-) Capital Return | (232) | – | (8) | (88) | (537) | (294) | – | (289) | (1,448) |
| (+) Acquisitions | – | – | – | – | – | 519 | – | – | 519 |
| (+/-) Net Inflow / (outflow) | – | 507 | (4,774) | – | 133 | 221 | 272 | – | (3,641) |
| (+/-) Appreciation / (depreciation) | 1,432 | 1,462 | 2,265 | 82 | (411) | 390 | 11 | 296 | 5,527 |
| Ending Balance | 12,690 | 10,823 | 23,723 | 3,943 | 6,351 | 6,759 | 320 | 2,108 | 66,717 |
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Accrued Performance Fees – Private Market Funds
| (R$ mm) | 2Q'24 | Unrealized Performance Fees | Realized Distributions | 3Q'24 |
| Private Equity | 302.4 | 30.9 | 0.0 | 333.3 |
| Vinci SPS | 25.0 | 2.1 | 0.0 | 27.1 |
| Infrastructure | 15.6 | (1.4) | 0.0 | 14.2 |
| Real Estate | 0.0 | 4.7 | 0.0 | 4.7 |
| Credit | 0.1 | 0.2 | 0.0 | 0.3 |
| Total | 343.0 | 36.2 | 0.0 | 379.6 |
Vinci Partners recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when is highly probable that the revenue will not be reversed in the Income Statement.
The fund FIP Infra Transmissão in Infrastructure had R$10.7 million as of the end of the third quarter of 2024 booked as unrealized performance fees in the company´s balance sheet.
Accrued performance fees shown for Private Equity funds of R$333.3 million, for the Vinci SPS fund SPS III of R$ 27.1 million, for the Infrastructure VIAS fund of R$3.5 million, for Real Estate funds of R$4.7 million and for the Credit fund VCM of R$0.3 million, as of the end of the third quarter of 2024 have not been booked as unrealized performance fees in the company´s balance sheet.
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Investment Records – IP&S, Public Equities, Private Credit and Listed Funds
| Fund | Segment |
NAVxxv (R$ millions) |
3Q'24 | YTD | 12 M | 24 M | Market Comparison | Index Rate |
| Vinci Multiestratégia FIM | IP&S | 180.6 | 2.4% | 6.1% | 9.1% | 22.5% | CDI7 | CDI7 |
| Atlas Strategyxxvi | IP&S | 228.1 | 3.1% | 4.6% | 8.1% | 12.5% | CDI7 | CDI7 |
| Total Return Strategyxxvii | Public Equities | 269.1 | 4.6% | (1.6)% | 9.6% | 18.4% | IPCA⁹ + Yield IMA-B¹⁰ | IPCA5 + Yield IMA-B¹⁰ |
| Mosaico Strategyxxviii | Public Equities | 935.9 | 5.4% | (2.2)% | 9.8% | 13.9% | IBOV8 | IBOV8 |
| Vinci Gas Dividendos FIA | Public Equities | 378.5 | 6.2% | (1.9)% | 11.9% | 17.0% | IBOV8 | IBOV8 |
| Valorem Strategyxxix | IP&S | 1,098.8 | 1.7% | 5.1% | 7.8% | 19.3% | IMA-B 5¹² | IMA-B 5¹² |
| Equilibrio Strategyxxx | IP&S | 1,494.2 | 1.4% | 4.7% | 7.2% | 18.3% | IPCA⁹ | - |
| Vinci Retorno Real FIM | IP&S | 173.6 | 0.5% | 4.6% | 8.1% | 18.4% | IMA-B¹⁰ | IMA-B¹⁰ |
| Vinci Crédito Imobiliário II | Private Credit | 762.5 | 2.7% | 3.3% | 7.9% | 20.9% | IPCA⁹ | IPCA⁹+ 6% |
| Vinci Crédito Estruturado Multiestrategia Plus FIC FIM | Private Credit | 73.7 | 3.1% | 9.6% | 13.5% | 28.1% | CDI7 | CDI7 |
| Vinci Energia Sustentável | Private Credit | 559.3 | 2.4% | 4.6% | 8.6% | 19.2% | IPCA⁹ | IPCA⁹+ 6% |
| Vinci Crédito Multiestratégia | Private Credit | 344.0 | 3.7% | 8.2% | 12.3% | 22.1% | CDI7 | IPCA⁹ + 5% |
| VISC11 | Real Estate (listed REIT) | 3,133.7 | (4.5)% | (11.4)% | 1.5% | 18.4% | IFIX¹¹ | IPCA⁹ + 6% |
| VILG11 | Real Estate (listed REIT) | 1,267.4 | 3.5% | (9.5)% | (14.4)% | (9.9)% | IFIX¹¹ | IPCA⁹ + 6% |
| VINO11 | Real Estate (listed REIT) | 418.3 | (25.3)% | (28.3)% | (33.9)% | (39.0)% | IFIX¹¹ | IPCA⁹ + 6% |
| VIFI11 | Real Estate / Private Credit (listed REIT) | 61.6 | (2.6)% | (6.7)% | 1.9% | 23.8% | IFIX¹¹ | IFIX¹¹ |
| VIUR11 | Real Estate (listed REIT) | 172.5 | (0.6)% | (19.4)% | (11.2)% | (1.4)% | IFIX¹¹ | IPCA⁹ + 6% |
| VCRI11 | Real Estate / Private Credit (listed REIT) | 145.0 | (2.3)% | (0.9)% | 12.5% | - | IFIX¹¹ | IPCA⁹ + X% |
| VICA11 | Real Estate / Private Credit (REIT) | 377.5 | 0.4% | 0.7% | 0.6% | - | IFIX¹¹ | CDI7 + 1% |
| VINCI FOF IMOBILIARIO FIM CP | Real Estate (REIT) | 56.4 | 0.0% | 1.2% | 4.1% | 17.2% | IFIX¹¹ | IFIX¹¹ |
| VIGT11 | Infrastructure (listed) | 513.6 | (25.3)% | (28.3)% | (33.9)% | (39.0)% | - | - |
| Benchmark | 3Q'24 | YTD | 12 M | 24 M |
| IBOV | 6.4% | (1.8)% | 13.1% | 19.8% |
| CDI | 2.6% | 8.0% | 11.1% | 26.0% |
| IMA-B 5 | 1.9% | 5.3% | 8.4% | 21.1% |
| IPCA + Yield IMA-B | 2.3% | 8.2% | 10.7% | 22.9% |
| IPCA | 0.8% | 3.3% | 4.4% | 9.8% |
| IFIX | (1.2)% | (0.2)% | 2.7% | 10.5% |
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Investment Records – Closed End Private Markets funds xxxi
| Fund |
Segment
|
Vintage year |
Committed Capital (R$mm) |
Invested Capital (R$mm) |
Realized or Partially Realized (R$mm) |
Unrealized (R$mm) |
Total Value (R$mm) |
Gross MOICxxxii (BRL) |
Gross MOIC (USD) |
Gross IRRxxxiii (BRL) |
Gross IRR (USD) |
| Fund 1 | Private Equity | 2004 | 1,415 | 1,206 | 5,110 | 99 | 5,209 | 4.3x | 4.0x | 71.5% | 77.2% |
| VCP II | Private Equity | 2011 | 2,200 | 2,063 | 1,872 | 2,328 | 4,200 | 2.0x | 1.1x | 9.9% | 1.1% |
| VCP III | Private Equity | 2018 | 4,000 | 2,342 | 54 | 4,975 | 5,029 | 2.1x | 2.1x | 33.0% | 28.3% |
| VCP IV | Private Equity | 2022 | 2,691 | 335 | – | 549 | 549 | 1.5x | 1.5x | – | – |
| VCP Strategyxxxiv | Private Equity | 10,306 | 5,946 | 7,036 | 7,951 | 14,986 | 2.5x | 2.2x | 64.6% | 70.2% | |
| NE Empreendedorxxxv | Private Equity | 2003 | 36 | 13 | 26 | – | 26 | 2.1x | 2.6x | 22.0% | 30.5% |
| Nordeste III | Private Equity | 2017 | 240 | 135 | 95 | 163 | 257 | 1.9x | 1.5x | 18.7% | 11.1% |
| VIR IV | Private Equity | 2020 | 1,000 | 495 | 160 | 556 | 695 | 1.4x | 1.4x | 27.2% | 25.4% |
| VIR Strategyxxxvi | Private Equity | 1,276 | 642 | 281 | 718 | 978 | 1.6x | 1.5x | 22.4% | 27.0% | |
| SPS I | Vinci SPS | 2018 | 128 | 191 | 267 | 82 | 349 | 2.4x | 1.9x | 25.9% | 19.1% |
| SPS II | Vinci SPS | 2020 | 671 | 1,021 | 926 | 658 | 1,584 | 2.4x | 2.3x | 24.2% | 24.0% |
| SPS III | Vinci SPS | 2021 | 1,071 | 1,002 | 130 | 1,223 | 1,353 | 2.9x | 2.8x | 29.0% | 23.2% |
| SPS Strategyxxxvii | Vinci SPS | 1,870 | 2,214 | 1,323 | 1,963 | 3,286 | 2.7x | 2.5x | 25.7% | 22.8% | |
| FIP Transmissãoxxxviii | Infrastructure | 2017 | 211 | 104 | 289 | 87 | 376 | 3.6x | 2.7x | 57.0% | 41.7% |
| VIASxxxix | Infrastructure | 2021 | 386 | 350 | – | 409 | 409 | 1.3x | 1.3x | 20.7% | 15.3% |
| VICCxl | Infrastructure | 2022 | 1,566 | – | – | – | – | – | – | – | – |
| VFDLxli | Real Estate | 2021 | 422 | 291 | 16 | 325 | 341 | 1.2x | 1.1x | 11.3% | 6.7% |
| Vinci Credit Infraxlii | Private Credit | 2022 | 1,798 | 1,140 | – | 681 | 681 | 1.2x | 1.2x | NM | NM |
Shareholder Dividends
| ($ in thousands) | 1Q'23 | 2Q'23 | 3Q'23 | 4Q'23 | 1Q'24 | 2Q'24 | 3Q'24 |
| Adjusted Distributable Earnings (R$) | 60,006 | 70,369 | 51,820 | 63,641 | 49,605 | 58,401 | 57,104 |
| Adjusted Distributable Earnings (US$)xliii | 11,994 | 14,290 | 10,647 | 12,829 | 9,801 | 10,331 | 9,872 |
| Adjusted DE per Common Share (US$)xliv | 0.22 | 0.26 | 0.20 | 0.24 | 0.18 | 0.19 | 0.19 |
| Actual Dividend per Common Sharexlv | 0.16 | 0.20 | 0.17 | 0.20 | 0.17 | 0.17 | 0.16 |
| Record Date | May 25, 2023 | August 24, 2023 | November 22, 2023 | February 22, 2024 | May 23, 2024 | August 21, 2024 | November 20, 2024 |
| Payable Date | June 09, 2023 | September 08, 2023 | December 07, 2023 | March 07, 2024 | June 07, 2024 | September 05, 2024 | December 05, 2024 |
Vinci Partners generated R$1.08 or US$0.19¹ of Adjusted Distributable Earnings per common share for the third quarter of 2024. The company declared a quarterly dividend of US$0.16² per common share to record holders as of November 20, 2024; payable on December 05, 2024.
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Share Summary
| VINP Shares | 3Q'22 | 4Q'22 | 1Q'23 | 2Q'23 | 3Q'23 | 4Q'23 | 1Q'24 | 2Q'24 | 3Q'24 |
| Class B | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 |
| Class Axlvi | 40,892,619 | 40,614,497 | 40,247,461 | 39,730,720 | 39,405,827 | 39,312,578 | 38,778,597 | 38,779,209 | 38,404,375 |
| Common Shares Outstanding | 55,358,858 | 55,080,736 | 54,713,700 | 54,196,959 | 53,872,066 | 53,778,817 | 53,244,836 | 53,245,448 | 52,870,614 |
Common Shares Outstanding as of quarter end of 52,870,614 shares.
| · | Repurchased 374,834 common shares in the quarter, with an average share price of US$10.4. |
| · | Repurchased 4,685,954 common shares since the announcement of the first share repurchase plan, with an average share price of US$10.7. |
| · | The fifth buyback program, approved in September, is limited to US$15 million and replaces the buyback program approved in February 2024. As of September 30, 2024, the remaining authorization for the share repurchase plan was US$14.7 million. |
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GP Commitment in Vinci Partners funds
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(R$ millions, unless mentioned) Fund |
Segment | 3Q'24 Commitments | Total Capital Committed | 3Q’24 Capital Called |
Total Capital Called
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Capital Returned/ Dividends Paid (3Q’24) |
Accumulated Capital Returned/ Dividends Paid
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Fair value of investments
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| Nordeste III | Private Equity | – | 5.0 | – | 3.2 | – | 1.6 | 3.4 |
| VCP III | Private Equity | – | 3.1 | – | 2.8 | – | – | 4.3 |
| VIR IV | Private Equity | – | 11.1 | – | 6.5 | 0.1 | 1.8 | 6.3 |
| VCP IV | Private Equity | – | 350.0 | – | 33.2 | – | – | 41.3 |
| FIP Infra Transmissão (co-investment)¹ | Infrastructure | – | 29.5 | – | 8.9 | – | 23.9 | 7.4 |
| FIP Infra Transmissão¹ | Infrastructure | – | 10.5 | – | 3.4 | – | 7.3 | 2.1 |
| VIAS | Infrastructure | – | 50.0 | – | 37.5 | – | – | 50.7 |
| Vinci Transporte e Logística II | Infrastructure | – | 15.0 | – | – | – | – | – |
| Vinci Transporte e Logística I | Infrastructure | – | 11.4 | – | 11.3 | – | – | 19.0 |
| VICC | Infrastructure | – | 100.0 | 0.8 | 3.1 | – | – | 0.2 |
| VFDL | Real Estate | – | 70.0 | 3.5 | 59.1 | – | – | 66.3 |
| VIUR | Real Estate | – | 67.3 | – | 67.3 | 1.4 | 19.4 | 43.1 |
| VINO | Real Estate | – | 50.0 | – | 50.0 | 0.7 | 9.3 | 23.1 |
| Vinci FOF Imobiliário | Real Estate | – | 36.9 | – | 36.9 | – | 22.5 | 20.0 |
| VCRI | Real Estate/Credit | – | 80.0 | – | 80.0 | 2.3 | 26.4 | 68.8 |
| VICA | Real Estate/Credit | – | 23.0 | – | 23.0 | 0.7 | 6.1 | 23.0 |
| Vinci Crédito Infra Institucional | Credit | – | 100.0 | – | 56.9 | – | – | 62.2 |
| VSP FIM | IP&S | – | 50.0 | 4.8 | 22.5 | 0.5 | 1.9 | 26.7 |
| VINCI PIPE | Public Equities | – | 25.0 | – | 25.0 | – | 0.00 | 21.6 |
| Vinci US Real Estate | Real Estate | – | 46.4 | – | 46.4 | – | – | 50.5 |
| FDIRS | Infrastructure | – | 15.0 | – | 15.0 | – | – | 16.0 |
| Total | – | 1,149.2 | 9.1 | 592.0 | 5.7 | 120.2 | 556.1 |
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Reconciliation and Disclosures
Non-GAAP Reconciliation
| (R$ thousands, unless mentioned) | 3Q'23 | 2Q'24 | 3Q'24 | 3Q'23 YTD | 3Q'24 YTD |
| OPERATING PROFIT | 52,466 | 65,014 | 54,803 | 158,896 | 174,727 |
| (-) Net revenue from realized performance fees | (2,058) | (9,096) | (1,890) | (14,786) | (13,259) |
| (-) Net revenue from unrealized performance fees | – | 3,483 | – | – | 3,483 |
| (+) Compensation allocated in relation to performance fees | 925 | 2,503 | 907 | 7,026 | 4,419 |
| FEE RELATED EARNINGS (FRE) | 51,333 | 61,904 | 53,819 | 151,136 | 169,369 |
| OPERATING PROFIT | 52,466 | 65,014 | 54,803 | 158,896 | 174,727 |
| (-) Net revenue from management fees | (104,745) | (114,134) | (106,750) | (293,391) | (317,339) |
| (-) Net revenue from advisory | (2,283) | (11,481) | (5,966) | (20,801) | (27,806) |
| (+) Bonus related to management and advisory | 18,746 | 23,380 | 19,228 | 57,857 | 61,356 |
| (+) Personnel expenses | 7,483 | 7,556 | 8,238 | 22,224 | 23,131 |
| (+) Other general and administrative expenses | 5,356 | 7,025 | 6,614 | 13,850 | 19,635 |
| (+) Corporate center expenses | 24,110 | 25,750 | 24,817 | 69,126 | 71,654 |
| PERFORMANCE RELATED EARNINGS (PRE) | 1,133 | 3,110 | 984 | 7,760 | 5,358 |
| OPERATING PROFIT | 52,466 | 65,014 | 54,803 | 158,896 | 174,727 |
| (-) Net revenue from unrealized performance fees | – | 3,483 | – | – | 3,483 |
| (+) Compensation allocated in relation to unrealized performance fees | – | (1,233) | – | – | (1,233) |
| (+) Realized gain from GP investment income | 4,699 | 12,379 | 4,539 | 14,759 | 21,324 |
| SEGMENT DISTRIBUTABLE EARNINGS | 57,165 | 79,643 | 59,342 | 173,655 | 198,301 |
| NET INCOME | 31,817 | 28,347 | 41,369 | 156,075 | 115,424 |
| (-) Net revenue from unrealized performance fees | – | 3,483 | – | – | 3,483 |
| (+) Income tax from unrealized performance fees | – | (401) | – | – | (401) |
| (+) Compensation allocated in relation to unrealized performance fees | – | (1,233) | – | – | (1,233) |
| (-) Unrealized gain from GP investment income | 8,046 | 8,128 | 11,149 | 3,655 | 10,174 |
| (+) Income tax on unrealized gain from GP investment income | 46 | (987) | 180 | 56 | (524) |
| (-) Unrealized gain from financial income | 0 | 0 | – | 0 | 0 |
| (+) Income tax on unrealized gain from financial income | – | – | – | – | – |
| (-) Contingent consideration (earn-out) gain (loss), after-tax | 5,655 | 3,870 | (5,444) | 7,785 | 2,225 |
| (+) Depreciation and amortization³ | 1,646 | 1,873 | 2,272 | 5,452 | 6,036 |
| (+) Share Based Plan | 5,058 | 3,529 | 4,041 | 9,413 | 13,718 |
| (-) Income Taxes on Share Based Plan | (448) | 188 | (190) | (241) | (431) |
| (+) Non-operational expenses including income tax related to realized expense | – | 11,604 | 3,727 | – | 16,639 |
| ADJUSTED DISTRIBUTABLE EARNINGS | 51,820 | 58,401 | 57,104 | 182,195 | 165,111 |
| TOTAL NET REVENUE FROM SERVICES RENDERED | 109,086 | 131,228 | 114,606 | 328,978 | 354,921 |
| (-) Net revenue from realized performance fees | (2,058) | (9,096) | (1,890) | (14,786) | (13,259) |
| (-) Net revenue from unrealized performance fees | – | 3,483 | – | – | 3,483 |
| NET REVENUE FROM MANAGEMENT FEES AND ADVISORY | 107,028 | 125,615 | 112,716 | 314,192 | 345,146 |
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Effective Tax Rate Reconciliation
| (R$ thousands, unless mentioned) | 3Q'23 | 3Q'24 | 3Q'23 YTD | 3Q'24 YTD | |
| Profit (loss) before income taxes | 42,192 | 55,062 | 191,175 | 151,180 | |
| Combined statutory income taxes rate - % | 34% | 34% | 34% | 34% | |
| Income tax benefit (Expense) at statutory rates | (14,346) | (18,721) | (65,000) | (51,401) | |
| Reconciliation adjustments: | |||||
| Expenses not deductible | (542) | (45) | (606) | (144) | |
| Tax benefits | 131 | (39) | 173 | 107 | |
| Share based payments | (76) | (459) | (329) | (1,144) | |
| Tax loss | - | (1,115) | - | (3,321) | |
| Effect of presumed profit of subsidiariesxlvii and offshore subsidiaries | 4,498 | 6,583 | 30,570 | 19,984 | |
| Other additions (exclusions), net | (40) | 103 | 92 | 163 | |
| Income taxes expenses | (10,375) | (13,693) | (35,100) | (35,756) | |
| Current | (14,370) | (13,153) | (41,492) | (40,212) | |
| Deferred | 3,995 | (540) | 6,392 | 4,456 | |
| Effective tax rate | 25% | 25% | 18% | 24% |
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Balance Sheet Results
| Assets | 06/28/2024 | 09/30/2024 |
| Current assets | ||
| Cash and cash equivalents | 592,308 | 534,406 |
| Cash and bank deposits | 45,831 | 24,336 |
| Financial instruments at fair value through profit or loss | 120,084 | 112,011 |
| Financial instruments at amortized cost | 426,393 | 398,059 |
| Financial instruments at fair value through profit or loss | 1,307,884 | 1,367,066 |
| Trade receivables | 71,496 | 73,036 |
| Sub-leases receivable | 3,368 | 2,808 |
| Taxes recoverable | 3,775 | 5,207 |
| Other assets | 24,249 | 26,813 |
| Total current assets | 2,003,080 | 2,009,336 |
| Non-current assets | ||
| Financial instruments at fair value through profit or loss | 74,679 | 74,216 |
| Trade receivables | 14,108 | 13,853 |
| Sub-leases receivable | 456 | - |
| Taxes recoverable | 1,930 | 826 |
| Deferred taxes | 18,732 | 18,535 |
| Other receivables | 27,353 | 27,608 |
| 137,258 | 135,038 | |
| Property and equipment | 11,638 | 10,944 |
| Right of use - Leases | 53,515 | 51,178 |
| Intangible assets | 249,850 | 251,170 |
| Total non-current assets | 452,261 | 448,330 |
| Total Assets | 2,455,341 | 2,457,666 |
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| Liabilities and equity | 06/28/2024 | 09/30/2024 |
| Current liabilities | ||
| Trade payables | 1,495 | 1,265 |
| Deferred Revenue | – | 13,444 |
| Leases | 24,919 | 23,010 |
| Accounts payable | 6,276 | 7,818 |
| Labor and social security obligations | 55,721 | 75,124 |
| Loans and Financing | 76,346 | 14,852 |
| Taxes and contributions payable | 22,780 | 22,995 |
| Total current liabilities | 187,537 | 158,508 |
| Non-current liabilities | ||
| Leases | 38,738 | 35,778 |
| Labor and social security obligations | 6,457 | 6,646 |
| Loans and Financing | 652,493 | 634,809 |
| Deferred taxes | 3,926 | 4,269 |
| Retirement plans liabilities | 229,896 | 309,171 |
| 931,510 | 990,673 | |
| Total liabilities | 1,119,047 | 1,149,181 |
| Equity | ||
| Share capital | 15 | 15 |
| Additional paid-in capital | 1,405,559 | 1,405,559 |
| Treasury shares | (201,748) | (223,418) |
| Retained Earnings | 87,185 | 78,066 |
| Other reserves | 44,440 | 47,958 |
| 1,335,451 | 1,308,180 | |
| Non-controlling interests in the equity of subsidiaries | 843 | 305 |
| Total equity | 1,336,294 | 1,308,485 |
| Total liabilities and equity | 2,455,341 | 2,457,666 |
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Forward-Looking Statements
This earnings release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.
i “Net revenue from Fund Management and Advisory” is a measure that we use to assess our ability to generate profits from our fund management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Advisory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees.
ii “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations. FRE is calculated as operating profit, less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) share-based payments plus (d) compensation allocated in relation to performance fees plus (e) non-operational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization.
iii “FRE Margin” is calculated as FRE divided by the sum of net revenue from fund management and net revenue from advisory services.
iii “FRE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Year to date values are calculated as the sum of the last three quarters.
v “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective benchmarks. We calculate PRE as operating profit less (a) net revenue from fund management, less (b) net revenue from advisory services, plus (c) personnel and profit-sharing expenses, plus (d) other general and administrative expenses, less (e) compensation in relation to performance fees.
vi “PRE Margin” is calculated as PRE divided by net revenue from performance fees.
vii “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess performance across the company’s five segments (Private Markets, Public Equities, Investment Products and Solutions, Retirement Services and Corporate Advisory). Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income.
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viii “Other items” comprise the income/(loss) generated by financial income/(expenses) related to SPS acquisition, Ares Convertible Preferred Shares and other financial expenses.
ix “Non-operational expenses” are composed by expenses related to professional services to matters related to acquisitions.
x “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors to assess our performance and capabilities to distribute dividends to our shareholders. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from investment income, plus (e) income taxes on unrealized gain from investment income, plus (f) share-based payments, plus (g) income taxes on share-based payments, plus (h) depreciation and amortization, except for depreciation and amortization relating to each segment’s investments, less (i) contingent consideration (earn-out) gain (loss) (after tax).
xi “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services and realized gain from investment income.
xii “Adjusted Distributable Earnings”, or “Adjusted DE”, is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Adjusted Distributable Earnings is calculated as Distributable Earnings, less non-operational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization.
xiii “Adjusted DE Margin” is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from fund management, net revenue from performance fees, and net revenue from advisory services and realized gain from investment income.
xiv “Adjusted DE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Year to date values are calculated as the sum of the last three quarters.
xv “AUM” refers to assets under management. Our AUM equals the sum of: (1) the fair market value of all funds and management accounts managed by Vinci Partners, across Private Equity, Real Estate, Infrastructure, Vinci SPS, Credit, IP&S, Public Equities and Retirement Services; (2) the capital that we are entitled to call from investors in funds pursuant to the terms of their capital commitments to those funds; and (3) the fair market value of co-investments arranged by us that were made or could be made by limited partners of our corporate private equity funds and portfolio companies of such funds. AUM includes double counting related to funds from one segment that invest in funds from another segment. Those cases occur mainly due to (a) fund, of funds of investment products and solutions segment, and (b) investment funds in general that invest part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash. Such amounts are eliminated on consolidation. The bylaws of the relevant funds prohibit double-charging fees on AUM across segments. Therefore, while our AUM by segment may double-count funds from one segment that invest in funds from another segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on revenues in our results of operations.
xvi “Total compensation and benefits” are the result of the profit sharing paid to our employees as (a) bonus compensation related to management advisory and (b) performance-based compensation.
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xvii
“Segment personnel expenses” are composed of the salary-part compensation paid
to employees and partners of our funds’ management teams.
xviii “Corporate center expenses” are composed by the salary-compensation paid to employees and partners of our support teams and other expenses, such as research, risk, legal & compliance, investor relations, operations and ESG.
xix “Other general and administrative expenses” is made up of third-party expenses, depreciation and amortization, travel and representation, marketing expenses, administrative fees, non-operating taxes, third-party consultants’ fees, such as legal and accounting, and office consumables.
xx “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments.
xxi “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank deposits, certificate of deposits and proprietary investments in our Liquid Funds from our public equities and hedge funds’ segments.
xxii “Leasing expenses” include costs from the company’s sub-leasing activities.
xxiii “Share Based Plan” is the composition of two benefit programs: SOP (Stock Option Plan) and RSU (Restricted Stock Units). In Stock Option Plan the company concedes to an employee the option to buy stock in the company with stated fixed price. The Restricted Stock Units concedes company shares to an employee through a vesting plan in which RSUs are assigned a fair market value.
xxiv Income taxes is comprised of taxes on our corporate income tax and social contribution taxes. We are taxed on an actual taxable profit regime, while part of our subsidiaries is taxed based on deemed profit.
xxv NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund ex-dividends.
xxvi Atlas strategy includes the funds Atlas FIC FIM, Atlas Institucional FIC FIM and Vinci Potenza.
xxvii Total Return Strategy includes the funds Total Return FIC FIM and Total Return Institucional FIA.
xxviii Mosaico Strategy includes the funds Mosaico, Mosaico Institucional and Mosaico Advisory FIA.
xxix Valorem Strategy includes the funds Valorem FIM and Valorem Advisory.
xxx Equilibrio Strategy comprises IP&S Family of pension plans.
xxxi Track record information is presented throughout this release on a pro forma basis and in local currency, excluding PIPE investments, a strategy that will be discontinued in VCP III.
xxxii “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees.
xxxiii “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis.
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xxxxiv Total commitments for VCP III include R$1.3 billion in co-investments. Track record presented for the VCP strategy as of 2Q’24, due to fund’s administrator timeline to disclose the quarterly markup of the fund, which are presented as of 3Q’24.
xxxv Performance information for Nordeste Empreendedor (“NE I”) comprises only the four (out of seven) investments invested, managed and divested by a team led by Jose Pano (collectively, the ”Participating Investments”) while they were employed by NE I’s manager (the “NE I Manager”), an entity not affiliated with the manager or Vinci Partners. Information herein pertaining to any investments made by NE I manager has not been prepared by NE I manager and NE I manager assumes no responsibility for the accuracy or completeness of any such information.
xxxvi Track record for VIR strategy is presented as of 2Q’24, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
xxxvii Track record for Vinci SPS strategy is presented as of 3Q’24.
xxxviii Track record for FIP Infra is presented as of 2Q’24.
xxxix Track record for VIAS is presented as of 2Q’24.
xl Total Commitments for VICC are presented as of 3Q’24.
xli Track record for VFDL is presented as of 3Q’24.
xlii Track record for Vinci Credit Infra is presented as of 3Q’24.
xliii US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.7846 as of November 05, 2024, when dividends were approved by our Board of Directors.
xliv Per Share calculations are based on end of period Participating Common Shares.
xlv Actual dividends per common share are calculated considering the share count as of the applicable record date.
xlvi As of September 30, 2024, Public Float was comprised of 12,158,029 Class A common shares.
xlivii Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000.00 in the prior fiscal year may calculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries.
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RIO DE JANEIRO 55 21 2159 6000 Av. Bartolomeu Mitre, 336 Leblon - 22431-002
SÃO PAULO 55 11 3572 3700 Av. Brigadeiro Faria Lima, 2.277 – 14º andar Jardim Paulistano - 01452-000
55 16 2101 4641 | Ribeirão Preto Av. Presidente Vargas, 2.121 – Sala 106 Jardim América - 14020-260
RECIFE 55 81 3204 6811 Av. República do Líbano, 251 - Sala 301 - Torre A Pina - 51110-160
NEW YORK 1 646 559 8000 780 Third Avenue, 25th Floor 10017
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