Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Investor Presentation (November 2025)
72 slides from Vinci Compass Investments's investor presentation, Nov 24, 2025
Slide 1: Investor Presentation November 2025
1 November 2025 Investor Presentation
Slide 2: Vinci Compass is a leading full-service alternative asset manager in Latin America
2 Vinci Compass is a leading full - service alternative asset manager in Latin America Credit Private Equity Equities Global Investment Products & Solutions Real Assets Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with managemen
Slide 3: The premier partner for alternative investments and global solutions in Latin America
3 The premier partner for alternative investments and global solutions in Latin America Notes: ¹ Considers assets under management and advisory as of September 2025 for Vinci Compass; S ources : Argentina (ANSES, SSN), Brasil (ANBIMA), Chile (SP, CMF, “ Radiografía y perspectivas de los family offic
Slide 4: Gateway to Alternatives in Latin America: Local to Local
4 Gateway to Alternatives in Latin America The premier partner for alternative investments and global solutions in Latin America Local to Local Offering customized investment solutions through regulated entities in each country, tailored to local client needs and market dynamics A uniquely positione
Slide 5: Gateway to Alternatives in Latin America: Local to Global
5 Gateway to Alternatives in Latin America Local to Global Connecting local investors with global opportunities, leveraging long - standing partnerships with top - tier global managers The premier partner for alternative investments and global solutions in Latin America A uniquely positioned platfor
Slide 6: Gateway to Alternatives in Latin America: Global to Local
6 Gateway to Alternatives in Latin America Global to Local Serving international clients with deep local expertise, delivering access to alternative investments across Latin America The premier partner for alternative investments and global solutions in Latin America A uniquely positioned platform t
Slide 7: Gateway to Alternatives in Latin America: Global to Regional
7 Gateway to Alternatives in Latin America Global to Regional Providing global investors with liquid and alternative strategies rooted in regional knowledge and multi - country capabilities A uniquely positioned platform to connect investors and opportunities across Latin America and beyond The prem
Slide 8: Deep Access to Latin American & Global LPs
8 Deep Access to Latin American & Global LPs HNWI & Intermediaries 300+ relationships with family offices and UHNWI Over 520 intermediaries distributing Vinci Compass strategies Institutional Investors Deep access to Latin American pension funds, including 100% penetration in Chile, Peru, Colombia,
Slide 9: Local teams providing local, regional and global solutions to our clients
9 Notes: As of September 2025. Local teams providing local, regional and global solutions to our clients Operational & Client Service Backbone High involvement from our partners Client Relations Group 79 relationship managers across 9 countries 5 Argentina 23 Brazil 20 Chile 4 Colombia 10 Mexico 3 P
Slide 10: Pan-Regional presence with a diversified exposure to product offering, funding and currency
10 Pan - Regional presence with a diversified exposure to product offering, funding and currency Segments Breakdown Country Breakdown (Funding) Client Profile Breakdown Country Breakdown (Asset Allocation) Notes: ¹ Considers assets under management and advisory as of September 2025. Fee Related Reve
Slide 11: Business model built for resilience and long-term shareholder value creation
11 Business model built for resilience and long - term shareholder value creation Global IP&S Credit Real Assets Equities Private Equity VINP FRE PRE IRE Fee Related Earnings Investment Related Earnings Performance Related Earnings Corporate Advisory Stable dividend distribution with substantial ups
Slide 12: Earnings Power: Three Complementary Streams
12 Earnings Power: Three Complementary Streams A balanced model compounding through market cycles FRE + PRE + IRE : recurring cash flow today, with significant gains coming from performance and GP commitments, driving shareholder value creation through cycles Fee Related Earnings Earnings coming fro
Slide 13: FRE: The High-Quality Fee Engine
13 FRE: The High - Quality Fee Engine Diversified, recurring, and resilient through cycles FRE More balanced than AuM lower concentration risk Resilient through cycles: different drivers protect against earnings volatility as we navigate through different cycles Predictable cash flow to fund dividen
Slide 14: PRE: Two Value Drivers
14 PRE: Two Value Drivers Liquids delivered in a tough cycle, privates next Resilient through the cycle: liquid strategies sustained PRE in a high - rate backdrop Private vehicles early in harvest, building a second driver of PRE Performance - eligible AuM and gross accrued performance fees underpin
Slide 15: PRE: What's in the Pipeline
15 PRE: What’s in the Pipeline Performance - eligible base and accrued carry today Portfolio seasoning: core assets maturing to realization phase Embedded carry increasing across flagship vintages Diversified PEAUM across strategies Performance Eligible AuM as of 3Q’25 R$ 46 billion Larger eligible
Slide 16: IRE: A Perpetual Compounding Engine
16 IRE: A Perpetual Compounding Engine IRE is a compounding engine, as each realization creates the capital for the next vintage, perpetuating growth IRE Anchor fundraising LP Commitments Harvest returns Capital calls/ Deployment GP (Re)Commitments Each realization funds the next commitment, creatin
Slide 17: Scale of IRE Commitments
17 Scale of IRE Commitments We have committed R$1.4 billion of proprietary capital into our private market funds, diversified across all our segments Our commitments today are significant and well diversified, setting up a meaningful future earnings base IRE Commitments Highlights Target Gross IRR C
Slide 18: Expectation for future capital calls
18 Expectation for future capital calls Expected Capital Calls Until 2029 R$ 781.2 MM 55 % R$ 300 - 400 MM 20 - 30 % R$ 200 - 300 MM 15 - 20 % R$ 1.4 BN 100 % Capital Called 3Q’25 Capital Calls until YE’26 Capital Calls 2027E - 2029E Capital Called 2029E We expect to call 100 % of our current GP com
Slide 19: Our Flagship Commitments: Driving Future IRE
19 Our Flagship Commitments: Driving Future IRE These three flagship funds represent the bulk of Vinci Compass’ proprietary investments, diversifying exposure across strateg ies and anchoring future IRE Together these funds represent R$600 million in IRE commitments , already generating FRE uplift a
Slide 20: IRE: Embedded Earnings Potential
20 Notes: Vinci Compass’ estimates consider the lower range of the target net IRR from our proprietary capital commitments; ¹Con sid ers the share base as of September 2025. IRE: Embedded Earnings Potential R$ 1.4 billion Total commitments Our balance sheet holds significant capital gains from IRE t
Slide 21: 2025-2028 Targets at a Glance
21 2025 - 2028 Targets at a Glance ~22% CAGR ~26% CAGR 2Q’25 LTM Full Year 2028 Target R$ 795 mm R$ 264 mm 28% Fee Related Revenues Fee Related Earnings (FRE) FRE margin ~R$ 1.6 bn ~R$ 600 mm 38% R$ 100 billion Fundraising Target from 2H’25 through 2028 2Q’25 YTD ~10 p.p. Full Year 2028 Target
Slide 22: Acquisition of Verde Asset Management
22 Acquisition of Verde Asset Management
Slide 23: Strategic acquisition to scale performance, distribution and profitability
23 Strategic acquisition to scale performance, distribution and profitability Transaction adds immediate scale to our multi - strategy funds and Pension Plan strategies within Global IP&S, by bringing R$16 bn in AuM with attractive ROAs to our AUM mix, reinforcing earnings quality and deepening the
Slide 24: Building the Region's Leader in Global & Local Asset Allocation
24 Significant opportunity to leverage growth by combining Vinci Compass’ distribution network across LatAm countries ex - Brazil to distribute Global Multi - strategy funds Unlock Distribution Across LatAm 03 04 Opportunity to develop new products combining origination and presence in the alternati
Slide 25: Management alignment and transaction structure
25 Verde executives and senior management will continue in their current roles, preserving independent investment and risk - management governance over managed funds. Luis Stuhlberger will join Vinci Compass as a partner , alongside main executives from Verde. Shares received as part of the Transact
Slide 26: Verde Asset Management at a Glance
26 Verde's team has been working together for more than 25 years , tracing its origins to 1997, with the launch of the Verde fund, one of the largest and oldest multi - strategy funds in Brazil Verde has been known as a pioneer in the launch of several investment strategies in Brazil Received the “B
Slide 27: Business Units
VINCI COMPASS Business Units
Slide 28: Global Investment Products and Solutions (Global IP&S)
28 65% 20% 15% AUM Breakdown by Client Profile Institutional HNWI Intermediaries 70% 15% 9% 5% 1% Fee Related Revenues² Breakdown by Country (Asset Allocation) Global Brazil Mexico Chile Uruguay Global Investment Products and Solutions (Global IP&S) Providing access to a network of world - class GPs
Slide 29: Credit
29 45% 26% 10% 9% 7% 3% AUM Breakdown by Geography (Asset Allocation) Brazil LatAm Mexico Argentina Peru Chile Credit Diversified credit platform with local and hard currency strategies +65 Portfolio Managers and Analysts R $ 33 billion in AUM Notes: As of September 2025 Local currency Private Credi
Slide 30: Private Equity
30 66% 23% 11% AUM Breakdown by Client Profile Institutional HNWI Intermediaries R $ 16 billion in AUM¹ Private Equity 2.1x Gross MOIC² 61.4% Gross IRR² R$15.5 bn AUM &UHDWHGE\&KDQXWLV,QGXVWULHV IURPWKH1RXQ3URMHFW &UHDWHGE\'LQRVRIW/DEV IURPWKH1RXQ3URMHFW VIR VCP Impact guidelines Investm
Slide 31: Equities
31 87% 7% 6% AUM Breakdown by Client Profile Institutional Intermediaries HNWI Equities Brazil R$11.2 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.6 bn • Long Only • Small Caps Strategies Overview Mexico R$0.3 bn • Long Only LatAm R$0.2 bn • Long Only LatAm Equity Argenti
Slide 32: Real Assets
32 Real Assets • Investments in major real estate sectors • Seven Listed REITs in the Brazilian Stock Market • Opportunistic Developmen t Strategy with closed - end funds in Brazil, Uruguay and Peru • Focus on the key infrastructure themes in Brazil: Power, Water & Sanitation and Transport & Logisti
Slide 33: Corporate Advisory
33 Notes: As of September 2025. Corporate Advisory M&A • Total or Partial Purchases and Sales of Companies • Joint Ventures and Company Mergers • Board of Directors’ Advisory • Fairness Opinion and Valuation Report Elaboration +R$161 bn in M&A transactions Fund Raising • Issuing of New Shares (Capit
Slide 34: Financial Highlights
VINCI COMPASS Financial Highlights
Slide 35: Third Quarter 2025 Highlights
35 32.3 % FRE Margin 3Q’25 0.15 Quarterly Dividend US$ 19 bn Capital Formation & Appreciation 3Q’25 R$ Third Quarter 2025 Highlights Vinci Compass announced the acquisition of 50.1% stake in Verde Asset Management , building the region’s leader in global and local asset allocation R$19 billion in ca
Slide 36: Fee Related Earnings statement
36 ∆ YoY(%) 3Q'25 YTD 3Q'24 YTD ∆ YoY(%) 3Q'25 2Q'25 3Q'24 (R$ thousands, unless mentioned) 87% 592,637 317,339 89% 201,539 195,569 106,750 Net revenue from management fees 175% 76,457 27,806 325% 25,384 26,220 5,966 Net revenue from advisory fees N/A 33,610 – N/A 11,404 10,944 – Other revenues 104%
Slide 37: Total assets under management and advisory
37 87% 16% 2% (1)% (5)% Capital Formation & Appreciation 3Q'25 Global IP&S Credit Real Assets Private Equity Equities 25 230 241 8 30 33 16 16 16 9 16 15 11 12 12 69 304 316 3Q'24 2Q'25 3Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AuM 3Q’25
Slide 38: Additional Capital Detail
38 Vinci Compass recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when i s h ighly probable that the revenue will not be reversed in the Income Statement. The fund FIP Infra Transmissão in Infrastructure had R$1.3 million as of the end of the t
Slide 39: Fee Related Revenues
39 Fee Related Revenues Record fee related revenues of R$238.3 million in the quarter, up 111% year - over - year, pushed by inorganic and organic growth in management fees, advisory fees and the addition of other revenue streams Fee Related Revenues 3Q’25 vs. 3Q’24 (R$mm) Fee Related Revenues 3Q’25
Slide 40: 3Q'25 Financial Metrics overview
40 5 4 (11) 1 5 3Q'24 3Q'25 1 2 3Q'24 3Q'25 54 77 3Q'24 3Q'25 Financial Metrics 3Q’25 overview Fee Related Earnings (FRE) of R$77.1 million and R$1.22/share • 3Q’25 delivered record fee related revenues and the highest margin since the business combination with Compass, as efficiencies from the merg
Slide 41: 3Q'25 YTD Financial Metrics overview
41 5 8 3Q'24 YTD 3Q'25 YTD 169 208 3Q'24 YTD 3Q'25 YTD Financial Metrics 3Q’25 YTD overview Fee Related Earnings (FRE) of R$208.0 million and R$3.29/ share • Revenue growth from sustained fundraising momentum and inorganic transactions Performance Related Earnings (PRE) of R$8.1 million and R$0.13/
Slide 42: Adjusted Distributable Earnings (Adj. DE)
42 57 73 3Q'24 3Q'25 Adjusted Distributable Earnings (Adj. DE) Growth in Adj. DE both on a nominal and per share basis, driven by increases in FRE, PRE and IRE Adj. DE in the 3Q’25 YTD reflects the combined effect of inorganic growth, organic fundraising, realized performance fees and realized GP in
Slide 43: Balance Sheet Highlights & IRE Commitments
43 24% 21% 14% 14% 15% 5% 4% 3% Fair Value of Investments - IRE Commitments Balance Sheet Highlights & IRE Commitments 3Q'25 2Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 215.9 189.2 Cash and cash equivalents¹ 1,106.3 1,131.1 Net Investments 379.9 407.7 Liquid funds² 726.4 723.4 IRE Commitments³ (535.3)
Slide 44: IRE Proprietary Fund Commitments
44 723.4 10.3 (1.9) (5.3) (0.1) 726.4 2Q'25 Capital Called Principal Returned Gross Capital Gain Returned Depreciation 3Q'25 See notes and definitions at end of document IRE Proprietary Fund Commitments Fair Value of Investments (R$ mm) IRE Commitments Overview Per share R$11.44 R$11.01 Total Capita
Slide 45: Appendix I – Segment Summaries
45 Appendix – I Segment Summaries
Slide 46: Financials by Segment
46 27% 24% 20% 20% 7% 2% 24% 21% 20% 26% 7% 2% Private Equity Global IP&S Credit Real Assets Equities Corporate Advisory Financials by Segment Fee Related Earnings (FRE) 3Q ’25 YTD by Segment Segment Distributable Earnings (DE) 3Q’25 YTD by Segment Fee Related Earnings (FRE) were R$208.0 million in
Slide 47: Global Investment Products & Solutions
47 See notes and definitions at end of document TPD Liquid 49% TPD Alternative 30% Global Solutions 8% Separate Mandate 8% Advisory & Execution 3% Commingled Fund 1% Fund Services 1% Other ³ 1% Global IP&S AuM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$241 bn AuM Fe
Slide 48: Credit
48 Local Currency High Grade & High Yield 37% Hard Currency High Grade & High Yield 25% Opportunistic Capital Solutions 11% Real Estate & Infrastructure Credit 11% Structured Credit & Confirming 8% Diversified Private Credit 5% Agribusiness 3% Credit AuM Breakdown by Strategy Credit R$33 bn AuM Fee
Slide 49: Private Equity
49 VCP III 55% VCP IV 19% VCP II 16% VIR IV 6% Other 4% Private Equity AuM Breakdown by Flagship Private Equity R$16 bn AuM Total AuM of R$16 billion, down 2% year - over - year Fee Related Earnings (FRE) of R$19.0 million in the quarter, flat year - over - year. Excluding the non - recurring catch
Slide 50: Equities
50 Brazil 77% Chile 18% Mexico 2% Argentina 2% LatAm 1% Equities AuM Breakdown by Strategy Equities Total AuM of R$15 billion, up 34% year - over - year R$15 bn AuM Fee Related Revenues grew 19% year - over - year, however, due to higher segment expenses following the combination with Compass, Fee R
Slide 51: Real Assets
51 Real Estate 53% Infrastructure 32% Forestry 14% Real Assets AuM Breakdown by Strategy Real Assets Total AuM of R$12 billion, up 17% year - over - year R$12 bn AuM Fee Related Revenues grew 21% year - over - year, driven by organic and inorganic moves. Active fundraising pipeline for Lacan IV and
Slide 52: Corporate Advisory
52 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$1.8 million in the 3Q’25, representing a 34% growth year - over - year ∆ YoY (%) 3Q'25 YTD 3Q'24 YTD ∆ YoY (%) 3Q'25 2Q'25 3Q'24 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from managemen
Slide 53: Appendix II – Financial Statements
53 Appendix – II Financial Statements
Slide 54: Financials - Income Statement
54 Financials - Income Statement ∆ YoY (%) 3Q'25 YTD 3Q'24 YTD ∆ YoY (%) 3Q'25 2Q'25 3Q'24 (R$ thousands, unless mentioned) REVENUES 87% 592,637 317,339 89% 201,539 195,569 106,750 Net revenue from management fees 47% 14,405 9,776 58% 2,986 8,342 1,890 Net revenue from performance fees 74% 23,117 13
Slide 55: Financials - Non-GAAP Reconciliation
55 Financials - Non - GAAP Reconciliation 3Q'25 YTD 3Q'24 YTD 3Q'25 2Q'25 3Q'24 (R$ thousands, unless mentioned) 216,048 174,727 78,760 69,884 54,803 OPERATING PROFIT (23,117) (13,259) (2,986) (17,054) (1,890) ( - ) Net revenue from realized performance fees 8,711 3,483 – 8,711 – ( - ) Net revenue f
Slide 56: Balance Sheet
56 Balance Sheet 9/30/2025 6/30/2025 Assets Current assets 215,934 189,190 Cash and cash equivalents 103,176 100,449 Cash and bank deposits 96,994 58,148 Financial instruments at fair value through profit or loss 15,764 30,593 Financial instruments at amortized cost 1,449,485 1,449,809 Financial ins
Slide 57: Supplemental Details
VINCI COMPASS Supplemental Details
Slide 58: Unlocking Immediate Growth and Profitability with Verde Asset Management
58 11 % accretion in FRE per share for the combined company Ann. 1H’25 PF² Unit 320 304 16 R$ bn AuM 1,014 929 85 R$ mm Net Fee Related Revenues¹ 305 262 44 R$ mm FRE¹ 30% 28% 51% % FRE Margin¹ 4.60 4.14 - (R$/share) FRE per Share¹ 298 276 22 R$ mm Adj. Distributable Earnings¹ 4.48 4.36 - (R$/share)
Slide 59: AuM Rollforward
59 See notes and definitions at end of document AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 304,057 12,123 15,552 15,769 30,459 230,155 Beginning balance (235) (399) – (27) 191 – (+/ - ) Capital Subscription / (capital return) 394 49 – 1 344 – (+) Cap
Slide 60: Fee-Earning AuM Rollforward
60 See notes and definitions at end of document Fee - Earning AuM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 298,920 12,026 15,502 12,710 29,908 228,773 Beginning balance (244) (399) – (27) 181 – (+/ - ) Capital Subscription / (capital return) 384 49 – –
Slide 61: Investment records – Credit and Equities Funds
61 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 3Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 28.5% 16.9% 30.0% 6.1% 268.9 Equities Vinci Total Return² IBOV IBOV 22.7% 11.8% 27.4% 6.8% 906.5 Equities Mosaico
Slide 62: Investment records – Global IP&S and Real Assets Funds
62 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document 24 M 12 M YTD 3Q’25 Benchmark 25.8% 13.3% 10.4% 3.7% CDI 2 18.4% 9.2% 8.3% 2.1% IMA - B 3 9.8% 5.2% 3.6% 0.6% IPCA 4 11.5% 8.6% 15.2% 3.0% IFIX 5 Hurdle Rate Market Comparison 24 M 12 M YTD 3Q’25 N
Slide 63: Investment records – Closed End funds
63 See notes and definitions at end of document Investment records – Closed End funds Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Gross IRR Gross IRR Gross MOIC Gross MOIC Total Value Unrealized Realized or Partially Realized Invested Capital Committed Capital Vintage ye
Slide 64: Shareholder Dividends & Share Summary
64 See notes and definitions at end of document Shareholder Dividends & Share Summary 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 ($ in thousands) 73,092 75,760 62,306 73,946 57,104 58,401 49,605 63,641 Adjusted Distributable Earnings (R$) 13,645 13,964 11,027 12,804 9,872 10,331 9,801 12,829 Ad
Slide 65: Notes to page
65 Notes to page 19 (1) As of September 2025 ; Fund size for VCP IV does not consider potential co - investments . Notes to page 35 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter . (2) Adjusted Distributable Earnings is calculated as Di
Slide 66: Notes to page (cont'd)
66 Notes to page 43 (cont’d) ( 3 ) GP Fund Investments include Vinci Compass’ GP investments in private market funds and other closed - end funds across Equities and Global IP&S segments with long - term lockups and Public REITs, calculated at fair value as of September 30 , 2025 . For more detail,
Slide 67: Notes to page
67 Notes to page 55 (1) Contingent consideration adjustment (after - tax) related to acquisitions and combination with Compass reflects the change in the earn out’s fair value to be paid in the future . On September 30 , 2025 , Vinci Compass revaluated the fair value of the obligation based on the e
Slide 68: Notes to page
68 Notes to page 62 (1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . (2) CDI is an average of interbank overnight rates in Brazil (daily average for the period) . (3) IMAB is composed by government bonds indexed to IPCA . IMAB 5
Slide 69: Definitions: Fee related earnings
69 • “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, l
Slide 70: Definitions: AUM
70 • “AUM” refers to assets under management and advisory . Our AUM equals the sum of : ( 1 ) the fair market value of all funds and accounts under management and advisory by Vinci Compass, across Global IP&S, Credit, Private Equity, Equities, and Real Assets ; ( 2 ) the capital that we are entitled
Slide 71: Definitions: Capital subscription, MOIC, IRR
71 • “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets’ closed end and listed funds . • “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our Equities, Global IP&S and Credit segmen
Slide 72: Vinci Compass
VINCI COMPASS
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