Vinci Partners Investments Ltd
For the period ended Nov 7, 2024. Filed Nov 7, 2024.
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Nov 7, 2024 · Filed Nov 7, 2024
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Contents
EX-99.3 · Segment Highlights
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.
AUMof R$35.2 billion at the end of the third quarter, a 16% increase year-over-year, propelled by robust fundraising over the last twelve months across all Private Markets strategies, with highlights for VCP IV in Private Equity, VICC in Infrastructure, Vinci Credit Infra in Credit and VISC in Real Estate.
IR.VINCIPARTNERS.COM SHAREHOLDERRELATIONS@VINCIPARTNERS.COM
Investment Products and Solutions
| (R$ 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.
AUMof R$24.0 billion, down 7% year-over-year.
IR.VINCIPARTNERS.COM SHAREHOLDERRELATIONS@VINCIPARTNERS.COM
Public Equities
| (R$ 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$10.9 billion at the end of the third quarter, up 22% year-over-year.
IR.VINCIPARTNERS.COM SHAREHOLDERRELATIONS@VINCIPARTNERS.COM
Corporate Advisory
| (R$ 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$10.1 million, an increase of 25% year-over-year when compared to the nine months ended September 29, 2023.
IR.VINCIPARTNERS.COM SHAREHOLDERRELATIONS@VINCIPARTNERS.COM
Retirement Services
| (R$ 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.
IR.VINCIPARTNERS.COM SHAREHOLDERRELATIONS@VINCIPARTNERS.COM
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