Patria Investments, a leading private equity firm based in Brazil, raised $512 million by offering 30.1 million shares (55% primary) at $17, above the range of $14 to $16. The offering contained 3.4 million more shares than anticipated. At pricing, Patria commands a market value of $2.3 billion.
Patria is one of the leading private markets investment firms in Latin America in terms of capital raised, with over $8.7 billion raised since 2015, including co-investments. As of September 30, 2020, its AUM was $12.7 billion with 16 active funds, and its investment portfolio contained over 55 companies and assets. The company states that it intends to pay to holders its common shares dividends representing approximately 85% of its Distributable Earnings.
Patria Investments plans to list on the Nasdaq under the symbol PAX. J.P. Morgan, BofA Securities, Credit Suisse and Goldman Sachs acted as lead managers on the deal.
