Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Investor Presentation (September 2025)
50 slides from Vinci Compass Investments's investor presentation, Sep 15, 2025
Slide 1: Investor Presentation September 2025
1 September 2025 Investor Presentation
Slide 2: Leading full-service alternative asset manager in Latin America
2 Vinci Compass is a leading full - service alternative asset manager in Latin America R$304 bn AUM¹ Credit Private Equity Equities Global Investment Products & Solutions Real Assets Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration
Slide 3: The premier partner for alternative investments and global solutions in Latin America
3 As of June 2025 The premier partner for alternative investments and global solutions in Latin America Vinci Compass’ offices 630 Employees LPs Global to Local Local to Global Local to Local Global to Regional Years Providing Investment Solutions in LatAm 7 Countries in LatAm plus USA and UK Offeri
Slide 4: Pan-Regional presence with diversified exposure to product offering, funding and currency
4 Pan - Regional presence with a diversified exposure to product offering, funding and currency Segments Breakdown AUM¹ (%) Fee Related Revenues² (%) Country Breakdown (Funding) Client Profile Breakdown Country Breakdown (Asset Allocation) See notes and definitions at end of document 62% 20% 17% 2%
Slide 5: Local teams providing local, regional and global solutions
5 Local teams providing local, regional and global solutions to our clients Unique institutional reach : Proven ability to distribute proprietary products Expert distribution team: Deep expertise in alternative products and global investments . Active involvement from our local partners in client re
Slide 6: Global Investment Products and Solutions
6 70% 15% 9% 4% 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 and top - tier asset managers, we deliver bespoke global and local investment
Slide 7: Credit
7 45% 24% 10% 9% 8% 4% AUM Breakdown by Geography (Asset Allocation) Brazil LatAm Argentina Mexico Peru Chile Credit Diversified credit platform with local and hard currency strategies +65 Portfolio Managers and Analysts R $ 30 billion in AUM As of June 2025 Local currency Private Credit High Grade
Slide 8: Private Equity
8 R $ 16 billion in AUM¹ Private Equity 2.3x Gross MOIC² 64.6% Gross IRR² R$15.8 bn AUM &UHDWHGE\&KDQXWLV,QGXVWULHV IURPWKH1RXQ3URMHFW &UHDWHGE\'LQRVRIW/DEV IURPWKH1RXQ3URMHFW VIR VCP Impact guidelines Sector Company Size Governance Sustainability guidelines as risk mitigators drivers of
Slide 9: Equities
9 82% 11% 7% AUM Breakdown by Client Profile Institutional HNWI Intermediaries Equities Brazil R$10.8 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.4 bn • Long Only • Small Caps Strategies Overview Mexico R$1.1 bn • Long Only LatAm R$0.8 bn • Long Only LatAm Equity Argenti
Slide 10: Real Assets
10 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 11: Corporate Advisory
11 As of June 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$161 bn in M&A transactions Fund Raising • Issuing of New Shares (Capitalizations) •
Slide 12: Financial Highlights
Financial Highlights VINCI COMPASS
Slide 13: Second Quarter 2025 Highlights
13 76 mm Adj. DE¹ 2Q’25 17 mm Realized Performance Fees 2Q’25 0.15 Quarterly Dividend US$ 12 bn Appreciation & Capital Formation 2Q’25 R$ + 87 % YoY + 30 % YoY 1.20 Adj. DE per share² 2Q’25 R$ Second Quarter 2025 Highlights R$ R$ The final closing of VICC brought the total fund size to R$1.8 billion
Slide 14: Fee related earnings table
14 ∆ YoY(%) 2Q'25 YTD 2Q'24 YTD ∆ YoY(%) 2Q'25 1Q'25 2Q'24 (R$ thousands, unless mentioned) 86% 391,098 210,589 71% 195,569 195,529 114,134 Net revenue from management fees 134% 51,073 21,840 128% 26,220 24,853 11,481 Net revenue from advisory fees N/A 22,206 – N/A 10,944 11,262 – Other revenues 100
Slide 15: AUM 2Q'25 vs 1Q'25 vs 2Q'24
15 25 232 230 8 29 30 16 16 16 9 15 16 11 12 12 69 305 304 2Q'24 1Q'25 2Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AUM 2Q’25 vs 1Q’25 vs. 2Q’24 ( R$bn ) • Total assets under management and advisory (AUM¹) of R$304.1 billion, up 339% year -
Slide 16: Additional Capital Detail
16 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$1.7 million as of the end of the s
Slide 17: Fee Related Revenues
17 Fee Related Revenues Fee related revenues totaled R$232.7 million in the quarter, up 85% year - over - year, pushed by growth in management fees, advisory fees and the addition of other revenue streams. Fee Related Revenues 2Q’25 vs. 2Q’24 ( R$mm ) Fee Related Revenues 2Q’25 YTD vs. 2Q’24 YTD ( R
Slide 18: 2Q'25 overview financial metrics
18 58 76 2Q'24 2Q'25 3 5 2Q'24 2Q'25 62 65 2Q'24 2Q'25 Financial Metrics 2Q’25 overview Fee Related Earnings of R$65.2 million and R$1.03/share • Catch - up fees in the 2Q’24 were higher due to the fundraising cycle of VCP IV. Excluding catch - up fees in the 2Q’24 and 2Q’25, FRE grew by 25%. Perfor
Slide 19: 2Q'25 YTD overview financial metrics
19 116 131 2Q'24 YTD 2Q'25 YTD Financial Metrics 2Q’25 YTD overview 108 138 2Q'24 YTD 2Q'25 YTD Adjusted Distributable Earnings (DE) ( R$mm ) 26% 38% 2.03 2.18 +28% Fee Related Earnings of R$130.9 million and R$2.07/ share • Stronger management and advisory fees over the first half of 2025, driven b
Slide 20: Realized GP Investment and Financial Income
20 Realized GP Investment and Financial Income Realized GP Investment¹ and Financial Income² of R$35.4 million in the 2Q’25, up 49% year - over - year. This growth reflects the capital return from our GP commitment in FIP Transmissão , combined with solid results from the liquid portfolio. Realized
Slide 21: Balance Sheet Highlights & GP Commitments
21 25% 21% 15% 14% 14% 5% 3% 3% Fair Value of Investments - GP Commitment Balance Sheet Highlights & GP Commitments 2Q'25 1Q'25 (IN R$ MILLIONS, UNLESS MENTIONED) 189.2 163.8 Cash and cash equivalents¹ 1,131.1 1,200.4 Net Investments 407.7 503.0 Liquid funds² 723.4 697.4 GP Fund Investments³ (558.2)
Slide 22: GP Commitments are a long-term value creator
22 697.4 45.7 (2.4) (14.8) (2.6) 723.4 1Q'25 Capital Called Principal Returned Gross Capital Gain Returned Depreciation 2Q'25 See notes and definitions at end of document Our GP Commitments are a long - term strong value creator Fair Value of Investments (R$ mm) GP Commitments Overview Per share R$1
Slide 23: Appendix I – Segment Summaries
23 Appendix – I Segment Summaries
Slide 24: Financials by Segment
24 Financials by Segment Fee Related Earnings (FRE) 2Q ’25 YTD by Segment Segment Distributable Earnings (DE) 2Q’25 YTD by Segment Fee Related Earnings (FRE) were R$130.9 million in the 2Q’25 YTD, with 28% of FRE coming from Private Equity, Global IP&S accounting for 26%, Real Assets with 21%, follo
Slide 25: Global Investment Products & Solutions
25 See notes and definitions at end of document TPD Liquid 47% TPD Alternative 31% Global Solutions 8% Separate Mandate 8% Custody & Execution 3% Commingled Fund 1% Pension Plans 1% Other ³ 1% Global IP&S AUM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$230 bn AUM Fee
Slide 26: Credit
26 Local Currency High Grade & High Yield 37% Hard Currency High Grade & High Yield 24% Real Estate & Infrastructure Credit 11% Opportunistic Capital Solutions 11% Structured Credit & Confirming 9% Diversified Private Credit 5% Agribusiness 3% Credit AUM Breakdown by Strategy Credit R$30 bn AUM Fee
Slide 27: Private Equity
27 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$16 billion, up 2% year - over - year. Fee Related Earnings (FRE) totaled R$ 17.6 million in the quarter, representing a 40% year - over - year decrease. This dec
Slide 28: Equities
28 Brazil 70% Chile 17% Mexico 7% Argentina 2% LatAm 4% Equities AUM Breakdown by Strategy Equities Total AUM of R$16 billion, up 64% year - over - year. R$16 bn AUM Fee Related Revenues grew 36% year - over - year; however, due to higher expenses following the combination with Compass, Fee Related
Slide 29: Real Assets
29 Real Assets Total AUM of R$12 billion, up 14% year - over - year. R$12 bn AUM Fee Related Earnings grew 25% year - over - year, reflecting strong business momentum driven by catch - up fees from the final closing of VICC and inorganic growth. Segment DE posted a 25% year - over - year increase, d
Slide 30: Corporate Advisory
30 Corporate Advisory Fee Related Earnings (FRE) and Segment Distributable Earnings totaled R$3.9 million in the 2Q’25 and R$2.7 million in the 2Q’25 YTD. ∆ YoY (%) 2Q'25 YTD 2Q'24 YTD ∆ YoY (%) 2Q'25 1Q'25 2Q'24 (R$ THOUSANDS, UNLESS MENTIONED) N/A – – N/A – – – Net revenue from management fees (53
Slide 31: Appendix II Financial Statements
31 Appendix – II Financial Statements
Slide 32: Financials - Income Statement
32 Financials - Income Statement ∆ YoY (%) 2Q'25 YTD 2Q'24 YTD ∆ YoY (%) 2Q'25 1Q'25 2Q'24 (R$ thousands, unless mentioned) REVENUES 86% 391,098 210,589 71% 195,569 195,529 114,134 Net revenue from management fees 45% 11,419 7,886 49% 8,342 3,077 5,613 Net revenue from performance fees 77% 20,131 11
Slide 33: Financials - Non-GAAP Reconciliation
33 Financials - Non - GAAP Reconciliation 2Q'25 YTD 2Q'24 YTD 2Q'25 1Q'25 2Q'24 (R$ thousands, unless mentioned) 137,288 119,924 69,884 67,404 65,014 OPERATING PROFIT (20,131) (11,369) (17,054) (3,077) (9,096) ( - ) Net revenue from realized performance fees 8,711 3,483 8,711 – 3,483 ( - ) Net reven
Slide 34: Balance Sheet
34 Balance Sheet 6/30/2025 3/31/2025 Assets Current assets 189,190 163,782 Cash and cash equivalents 100,449 126,844 Cash and bank deposits 58,148 36,938 Financial instruments at fair value through profit or loss 30,593 - Financial instruments at amortized cost 1,449,809 1,488,809 Financial instrume
Slide 35: Supplemental Details
35 Supplemental Details
Slide 36: AUM Rollforward
36 See notes and definitions at end of document AUM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 304,552 11,965 14,793 16,481 29,389 231,924 Beginning balance (18) 23 – (161) 121 (2) (+/ - ) Capital Subscription / (capital return) 443 237 – – 206 0 (+) Cap
Slide 37: Fee-Earning AUM Rollforward
37 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 299,180 11,839 14,739 13,287 28,764 230,551 Beginning balance 29 52 – (142) 121 (2) (+/ - ) Capital Subscription / (capital return) 443 237 – – 2
Slide 38: Investment records – Credit and Equities Funds
38 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 2Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 19.0% 15.3% 22.6% 17.0% 246.0 Equities Vinci Total Return² IBOV IBOV 14.0% 10.3% 19.3% 11.1% 847.6 Equities Mosaic
Slide 39: Investment records – Global IP&S and Real Assets Funds
39 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document Hurdle Rate Market Comparison 24 M 12 M YTD 2Q’25 NAV¹ (R$ millions) Segment Fund or Strategy CDI CDI 20.4% 10.7% 5.7% 2.8% 99.2 Global IP&S Vinci Multiestratégia FIM CDI CDI 18.0% 12.1% 4.4% 2.7%
Slide 40: Investment records – Closed End funds
40 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 41: Shareholder Dividends & Share Summary
41 See notes and definitions at end of document Shareholder Dividends & Share Summary 2Q'25 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 ($ in thousands) 75,760 62,306 73,946 57,104 58,401 49,605 63,641 51,820 Adjusted Distributable Earnings (R$) 13,964 11,027 12,804 9,872 10,331 9,801 12,829 10,647 Ad
Slide 42: Notes to page
42 Notes to page 2 (1) AUM considers assets under management and advisory as of June 2025 . AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it’s eliminated on consolidation and excluding double counting from co - managed funds bet
Slide 43: Notes to page
43 Notes to page 20 (1) GP investment income comes from proprietary investments made by Vinci Compass in its own Private Markets’ funds and other closed - end funds across Equities and Global IP&S segments with long - term lockups . (2) Financial income is income generated through investments made w
Slide 44: Notes to page (cont'd)
44 Notes to page 32 (cont’d) ( 4 ) Income taxes are comprised of taxes calculated over our corporate income tax and social contribution taxes . We are taxed on an actual taxable profit regime, while part of our subsidiaries are taxed based on deemed profit . ( 5 ) Contingent consideration adjustment
Slide 45: Notes to page (cont'd)
45 Notes to page 38 (cont’d) ( 5 ) IMAB is composed by government bonds indexed to IPCA . IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration . ( 6 ) Brazil stock market most relevant index . ( 7 ) S&P/BMV IPC seeks to measure the performance of the largest and most
Slide 46: Notes to page (cont'd)
46 Notes to page 40 (cont’d) ( 11 ) Track record for VFDL is presented as of 2 Q’ 25 . ( 12 ) Track record for Vinci Credit Infra is presented as of 2 Q’ 25 . ( 13 ) Committed capital for VCP III and VCP IV also consider amounts of co - investments . Returns, however, consider only the amounts inves
Slide 47: Notes and Definitions
47 • “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 48: Notes and Definitions: AUM
48 • “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 49: Notes and Definitions: Capital Subscription, MOIC, IRR
49 • “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 50: Vinci Compass
VINCI COMPASS
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