Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Vinci Partners Investments — Q4 2024 Earnings Presentation
38 slides from Vinci Compass Investments's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter & Full Year 2024 Earnings Presentation
1 February 26, 2025 Fourth Quarter & Full Year 2024 Earnings Presentation
Slide 2: Disclaimer
2 Disclaimer This presentation contains forward - looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others . By their nature, forward - looking statements are necessarily sub
Slide 3: Fourth Quarter 2024 & Full Year 2024 Highlights
3 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$1.4 billion in new commitments during the quarter , including the first clos
Slide 4: Financial Highlights
4 Financial Highlights
Slide 5: Financial Highlights
5 ∆ YoY(%) FY’24 FY’23 ∆ YoY(%) 4Q'24 3Q'24 4Q'23 (R$ 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 84
Slide 6: Total Assets Under Management and Advisory
6 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 fr
Slide 7: Additional Capital Detail
7 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 f
Slide 8: Fee Related Revenues
8 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 milli
Slide 9: Realized GP Investment and Financial Income
9 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 - y
Slide 10: Financial Metrics 4Q'24 overview
10 Financial Metrics 4Q’24 overview Fee Related Earnings of R$79.0 million and R$1.23 on a per share basis • Growth driven by organic and inorganic factors, leading to stronger management and advisory fees • Highlights to Global IP&S' advisory fees and catch - up fees from VCP IV's final closing Per
Slide 11: Financial Metrics Full year overview
11 208 248 FY'23 FY'24 11 22 FY'23 FY'24 246 239 FY'23 FY'24 Financial Metrics Full year overview Performance Related Earnings (PRE) ( R$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$4.42 on a per
Slide 12: Balance Sheet Highlights & GP Commitments
12 As of December 31, 2024, Vinci Compass had called approximately 50% of the total GP capital commitments to proprietary funds. Balance Sheet Highlights & GP Commitments 4Q'24 3Q'24 (IN R$ MILLIONS, UNLESS MENTIONED) 223.3 534.4 Cash and cash equivalents¹ 1,297.0 1,132.1 Net Investments 626.3 570.0
Slide 13: Our GP Commitments are a long-term strong value creator
13 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 14: Segment Highlights
Segment Highlights VINCI COMPASS
Slide 15: Financials by Segment
15 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 16: Global Investment Products & Solutions
16 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 17: Credit
17 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 18: Private Equity
18 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 19: Equities
19 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 20: Real Assets
20 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 21: Corporate Advisory
21 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$21.9 million in the FY’24, posting a double - digit growth both on a yea
Slide 22: Supplement Details
ti ba Supplement Details
Slide 23: AUM and Fee-Earning AUM Rollforward
23 Fee - Earning Assets Under Management (FEAUM) R$ 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 24: Investment records – Credit and Equities Funds
24 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 25: Investment records – Global IP&S and Real Assets Funds
25 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 26: Investment records – Closed End funds
26 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 27: Shareholder Dividends & Share Summary
27 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$) xxx 9,872 10,331 9,801 12,829 10,647 14,290 11,994 Adjus
Slide 28: Reconciliations and Disclosures
28 Reconciliations and Disclosures
Slide 29: Financials - Income Statement
29 Financials - Income Statement ∆ YoY (%) FY'24 FY'23 ∆ YoY (%) 4Q'24 3Q'24 4Q'23 (R$ 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 30: Financials - Non-GAAP Reconciliation
30 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 31: Balance Sheet
31 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 32: Notes to page
32 Notes to page 3 (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 33: Notes to page
33 Notes to page 12 (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 34: Notes to page
34 Notes to page 25 (1) NAV is the net asset value of each fund . For listed vehicles, the NAV represents the Market valuation of the fund . (2) Atlas strategy includes the funds Atlas FIC FIM, Atlas Institucional FIC FIM and Vinci Potenza . (3) Equilíbrio Strategy incudes the Global IP&S Family of
Slide 35: Notes to page
35 Notes to page 29 (1) Other items comprise the income/(loss) generated by contingent consideration adjustment and financial income/(expenses) related to SPS acquisition and Ares Convertible Preferred Shares . (2) Management contract amortization refers to the purchase price allocated to Fund’s Man
Slide 36: Definitions
36 • “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 37: Definitions
37 • “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 38: Office locations
38 NEW YORK 1 - 212 - 355 7630 590 Madison Avenue 33rd Floor , New York, NY 10022 PERU 51 1 611 5350 Av. Jorge Basadre Nro. 347 Piso 09, Of 902 San Isidro, Lima RIO DE JANEIRO 55 21 2159 6000 Av. Bartolomeu Mitre, 336 Leblon - 22431 - 002 RECIFE 55 81 3204 6811 Av. República do Líbano, 251 Sala 301
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