Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Vinci Partners Investments — Q4 2024 Earnings Presentation
50 slides from Vinci Compass Investments's earnings presentation, Feb 28, 2025
Slide 1: Investor Presentation February 2025
1 February 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 Notes: ¹Considers Pro Forma assets under management and advisory as of December 2024. R$ 327 bn in AUM¹ Private Equity Credit Equities Global Investment Products and Solutions Real Assets Corporate Advisory Credit
Slide 3: The premier partner for alternative investments and global solutions in Latin America
3 Notes: As of December 2024. The premier partner for alternative investments and global solutions in Latin America Vinci Compass’ offices +600 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
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) 67% 23% 4% 2% 2% 1% 1% Global Brazil Chile LatAm Mexico Arge
Slide 5: Local teams providing local, regional and global solutions to our clients
5 Local teams providing local, regional and global solutions to our clients 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 gl
Slide 6: Leveraging Vinci Compass' unique ecosystem to provide better sourcing and execution
6 Leveraging Vinci Compass’ unique ecosystem to provide better sourcing and execution within our strtegies Vinci Compass’ ecosystem sets us apart from competition One - stop shop Networking With +40 partners and several senior employees ranging from different fields, Vinci’s 20+ years history operat
Slide 7: Global Investment Products and Solutions (Global IP&S)
7 Global Investment Products and Solutions (Global IP&S) Notes: ¹Assets under management and advisory as of December 2024; TPD stands for Third Party Distribution. Providing access to a network of world - class GPs and top - tier asset managers, we deliver bespoke global and local investment solutio
Slide 8: Credit
8 Credit Credit Notes: ¹AUM as of December 2024. 44% 24% 12% 8% 6% 5% AUM Breakdown By Geography Brazil LatAm Argentina Mexico Peru Chile Local Currency High Grade & High Yield Structured Credit & Confirming Infrastructure Credit Diversified Private Credit Agribusiness SPS Real Estate Credit Local c
Slide 9: Private Equity
9 R $ 17 billion in AUM Private Equity Notes: As of December 2024; ¹Gross IRR and Gross MOIC in Brazilian Reais. 2.5x Gross MOIC¹ 64.6% Gross IRR¹ 67% 23% 10% Client Profile Breakdown Institutional HNWI Intermediaries Turnaround VIR Strategy Minority Growth R$16.8 bn AUM &UHDWHGE\&KDQXWLV,QGXVWU
Slide 10: Equities
10 85% 10% 5% Client Profile Breakdown Institutional HNWI Intermediaries R$13.8 bn AUM Equities Notes: ¹AUM as of December 2024. Brazil R$9.5 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.0 bn • Long Only • Small Caps Strategies Overview Mexico R$1.2 bn • Long Only LatAm R
Slide 11: Real Assets
11 Real Assets 47% 42% 7% 4% Client Profile Breakdown Public Market Vehicles Institutional HNWI Intermediaries • Investments in major real estate segment • Seven Listed REITs in Brazilian Stock Market • Opportunistic Development Strategy with closed - end funds in Brazil, Uruguay and Peru • Focus on
Slide 12: Corporate Advisory
12 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$161 bn in M&A transactions Fund Raising • Issuing of New Shares (Capitalizations) • Issuing of Deb
Slide 13: Financial Highlights
Financial Highlights VINCI COMPASS
Slide 14: Fourth Quarter 2024 & Full Year 2024 Highlights
14 79 mm FRE 4Q’24 74 mm Adj. DE 4Q’24 0.15 Quarterly Dividend US$ 327 bn AUM¹ R$ + 16 % YoY + 38 % YoY + 377 % YoY 3.4 bn Capital subs. FY’24 R$ Fourth Quarter 2024 & Full Year 2024 Highlights R$ R$ Vinc i Compass secured R$1.4 billion in new commitments during the quarter , including the first clo
Slide 15: Strategic Fundraising - Cross-Border Initiatives 2025
15 We will continue to have contributions from our ongoing fundraisings with additional commitments coming from new and existing strategies. Strategic Fundraising - Cross - Border Initiatives 2025 VICC reached 70 % of its fundraising target and are experiencing strong traction with international inv
Slide 16: Strategic Fundraising – Local-to-Local Initiatives 2025
16 We see significant opportunities for expansion and market share growth, and we are actively scaling multiple initiatives across diverse strategies and geographies, ensuring robust capital deployment opportunities. Strategic Fundraising – Local - to - Local Initiatives 2025 Brazil : progressing wi
Slide 17: Fee Related Earnings and Distributable Earnings Summary
17 ∆ YoY(%) FY’24 FY’23 ∆ YoY(%) 4Q'24 3Q'24 4Q'23 (R$ thousands, unless mentioned) 24% 487,532 393,367 70% 170,193 106,750 99,976 Net revenue from management fees 71% 68,134 39,799 112% 40,328 5,966 18,998 Net revenue from advisory fees N/A 7,925 - N/A 7,925 - - Other revenues 30% 563,591 433,166 8
Slide 18: Total Assets Under Management and Advisory
18 Total Assets Under Management and Advisory AUM 4Q’24 vs 3Q’24 vs. 4Q’23 ( R$bn ) • Total assets under management and advisory (AUM) of R$326.9 billion, up 377% year - over - year, mostly driven by the acquisition of Lacan and combination with Compass in the fourth quarter. • AUM also benefitted f
Slide 19: Additional Capital Detail: Performance Fees
19 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$11.0 million as of the end of the
Slide 20: Fee Related Revenues
20 Fee Related Revenues Fee related revenues totaled R$218.4 million in the quarter, up 84% year - over - year, pushed by growth in management fees and higher advisory fees. Fee Related Revenues 4Q’24 vs. 4Q’23 ( R$mm ) Fee Related Revenues FY’24 vs. FY’23 ( R$mm ) Management fees totaled R$170 mill
Slide 21: Financial Metrics 4Q'24 overview
21 Financial Metrics 4Q’24 overview Fee Related Earnings of R$79.0 million and R$1.23 on a per share basis • Growth driven by organic and inorganic factors, leading to stronger management and advisory fees • Highlights to Global IP&S' advisory fees and catch - up fees from VCP IV's final closing Per
Slide 22: Financial Metrics Full year overview
22 208 248 FY'23 FY'24 11 22 FY'23 FY'24 246 239 FY'23 FY'24 Financial Metrics Full year overview Performance Related Earnings (PRE) ( R$mm ) 59% 50% 0.14 0.36 Adjusted Distributable Earnings (DE) ( R$mm ) 35 % 44% 4.54 4.26 +19% +106% (3)% Fee Related Earnings of R$248.4 million and R$4.42 on a per
Slide 23: Realized GP Investment and Financial Income
23 22 10 4 4 26 14 4Q'23 4Q'24 Realized Financial Income Realized GP Investment Income 84 49 19 25 104 75 FY'23 FY'24 Realized Financial Income Realized GP Investment Income Realized GP Investment and Financial Income Realized Financial Income¹ of R$10.3 million in the 4Q’24, down 53% year - over -
Slide 24: Our GP Commitments are a long-term strong value creator
24 See notes and definitions at end of document Our GP Commitments are a long - term strong value creator Fair Value of Investments (R$ mm) GP Commitments Overview Per share R$10.47 R$10.52 Total Capital Committed R$1,373.1 million Total Capital Called R$690.8 million Fair Value of Investments R$670
Slide 25: Balance Sheet Highlights & GP Commitments
25 As of December 31, 2024, Vinci Compass had called approximately 50% of the total GP capital commitments to proprietary funds. Balance Sheet Highlights & GP Commitments 4Q'24 3Q'24 (IN R$ MILLIONS, UNLESS MENTIONED) 223.3 534.4 Cash and cash equivalents¹ 1,297.0 1,132.1 Net Investments 626.3 570.0
Slide 26: Appendix – I Segment Summaries
26 Appendix – I Segment Summaries
Slide 27: Financials by Segment
27 Financials by Segment Fee Related Earnings (FRE) FY ’24 by Segment Segment Distributable Earnings (DE) FY ’24 by Segment Fee Related Earnings (FRE) were R$248.4 million in the FY’24, with 38% of FRE coming from Private Equity, Real Assets accounting for 21%, with 12% coming from Global IP&S, foll
Slide 28: Global Investment Products & Solutions (Global IP&S)
28 See notes and definitions at end of document TPD Liquid 48% TPD Alternative 32% Global Solutions 8% Separate Mandate 7% Brokerage 3% Commingled Fund 1% Other ³ 1% Global IP&S AUM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$255 bn AUM Fee related earnings (FRE) of
Slide 29: Credit
29 Credit R$29 bn AUM Fee related earnings (FRE) in the 4Q’24 posted a 30% increase year - over - year, fueled by organic and inorganic growth in management and advisory fees. Organically, the platform benefited from higher management fees in SPS III and Credit Infra, driven by strong deployment act
Slide 30: Private Equity
30 Private Equity R$17 bn AUM Total AUM of R$17 billion, up 15% year - over - year. VCP III 53% VCP IV 19% VCP II 18% VIR IV 6% Other 4% Private Equity AUM by Flagship Fee Related Earnings (FRE) reached R$ 29.2 million in the quarter, representing a 54% year - over - year growth. This result was dri
Slide 31: Equities
31 Equities Total AUM of R$14 billion, up 38% year - over - year. Brazil 69% Chile 14% Mexico 8% LatAm 4% Argentina 5% Equities' AUM Breakdown by Strategy R$14 bn AUM Fee Related Earnings (FRE) of R$4.0 million in the 4Q’24. While we saw an increase in Fee Related Revenues from inorganic growth, the
Slide 32: Real Assets
32 Real Assets Total AUM of R$12 billion, up 6% year - over - year. Real Estate 52% Infrastructure 33% Forestry 15% Real Assets' AUM Breakdown by Strategy R$12 bn AUM Fee Related Earnings (FRE) of R$12.9 million in the 4Q’24, reflecting a 16% increase year - over - year. Organic growth was driven by
Slide 33: Corporate Advisory
33 Corporate Advisory Net revenue from advisory fees of R$19.4 million in the quarter, an increase of 12% compared to 4Q’23, due to a pickup in deal activity in the fourth quarter 2024. FRE was R$11.9 million in the 4Q’24 and R$21.9 million in the FY’24, posting a double - digit growth both on a yea
Slide 34: Appendix – II Financial Statements
34 Appendix – II Financial Statements
Slide 35: Financials - Income Statement
35 Financials - Income Statement ∆ YoY (%) FY'24 FY'23 ∆ YoY (%) 4Q'24 3Q'24 4Q'23 (R$ thousands, unless mentioned) REVENUES 24% 487,532 393,367 70% 170,193 106,750 99,976 Net revenue from management fees 75% 37,188 21,254 324% 27,412 1,890 6,468 Net revenue from performance fees 125% 50,126 22,296
Slide 36: Financials - Non-GAAP Reconciliation
36 Financials - Non - GAAP Reconciliation FY'24 FY'23 4Q'24 3Q'24 4Q'23 (R$ thousands, unless mentioned) 270,237 219,047 95,510 54,803 60,151 OPERATING PROFIT (50,126) (22,296) (36,867) (1,890) (7,510) ( - ) Net revenue from realized performance fees 12,937 1,042 9,454 – 1,042 ( - ) Net revenue from
Slide 37: Balance Sheet
37 Balance Sheet 12/31/2024 9/30/2024 Assets Current assets 223,302 534,406 Cash and cash equivalents 99,156 24,336 Cash and bank deposits 120,492 112,011 Financial instruments at fair value through profit or loss 3,654 398,059 Financial instruments at amortized cost 1,531,036 1,367,066 Financial in
Slide 38: Supplemental Details
38 Supplemental Details
Slide 39: AUM and Fee-Earning AUM Rollforward
39 Fee - Earning Assets Under Management (FEAUM) R$ millions AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM) R$ millions For the Three Months Ended December 31, 2024 For the Three Months Ended December 31, 2024 For the Twelve Months Ended December 31, 2024 For the Twelve Months E
Slide 40: Investment records – Credit and Equities Funds
40 Investment records – Credit and Equities Funds Index Rate Market Comparison 24 M 12 M YTD 4Q'24 NAV¹ (R$ millions) Segment Fund IPCA 4 + Yield IMA - B 5 IPCA 4 + Yield IMA - B 5 12.2% (11.5)% (11.5)% (10.1)% 228.6 Equities Vinci Total Return 2 IBOV 6 IBOV 6 6.5% (14.2)% (14.2)% (12.2)% 797.3 Equi
Slide 41: Investment records – Global IP&S and Real Assets Funds
41 Investment records – Global IP&S and Real Assets Funds See notes and definitions at end of document Index Rate Market Comparison 24 M 12 M YTD 4Q'24 NAV¹ (R$ millions) Segment Fund CDI 4 CDI 4 22.3% 8.6% 8.6% 2.4% 143.0 Global IP&S Vinci Multiestratégia FIM CDI 4 CDI 4 19.1% 8.9% 8.9% 4.2% 229.4
Slide 42: Investment records – Closed End funds
42 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 43: Shareholder Dividends & Share Summary
43 See notes and definitions at end of document Shareholder Dividends & Share Summary 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 1Q'23 ($ in thousands) 73,946 57,104 58,401 49,605 63,641 51,820 70,369 60,006 Adjusted Distributable Earnings (R$) 12,804 9,872 10,331 9,801 12,829 10,647 14,290 11,994 Ad
Slide 44: Notes to pages
44 Notes to page 14 (1) 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 between our segments . Considers assets under management and advisory
Slide 45: Notes to pages
45 Notes to page 25 (1) Cash and cash equivalents include cash on hand, bank deposits held with financial institutions, other short - term, highly liquid investments with original maturities of three months or less, that are readily convertible to known amounts of third - party and which are subject
Slide 46: Notes to pages
46 Notes to page 36 (1) Contingent consideration adjustment (after - tax) related to Vinci SPS’ acquisition, reflects the change in the earn out’s fair value to be paid in 2027 . On December 31 , 2024 , Vinci Compass revaluated the fair value of the obligation based on the economic conditions at the
Slide 47: Notes to pages
47 Notes to page 42 (1) Track record information is presented throughout this presentation on a pro forma basis and in local currency, excluding PIPE investments, a strategy that will be discontinued in VCP III . (2) Total commitments for VCP III include R $ 1 . 3 billion in co - investments . Track
Slide 48: Definitions: Fee related earnings and Distributable earnings
48 • “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 49: Definitions: Net revenue and compensation measures
49 • “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 A
Slide 50: Vinci Compass
VINCI COMPASS
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