Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Vinci Partners Investments — Q1 2025 Earnings Presentation
40 slides from Vinci Compass Investments's earnings presentation, May 12, 2025
Slide 1: First Quarter 2025 Earnings Presentation
1 May 12, 2025 First Quarter 2025 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: First Quarter 2025 Highlights
3 66 mm FRE 1Q’25 62 mm Adj. DE¹ 1Q’25 0.15 Quarterly Dividend US$ 1.1 bn Capital Subs. 1Q’25 R$ + 26 % YoY + 22 % YoY 0.98 Adj. DE per share² 1Q’25 R$ First Quarter 2025 Highlights R$ R$ Vinc i Compass secured R$1.1 billion in new commitments during the quarter and R$3.8 billion over the last twelv
Slide 4: Financial Highlights
4 Financial Highlights
Slide 5: Fee Related Earnings income statement summary
5 ∆ YoY(%) 1Q'25 LTM 1Q'24 LTM ∆ YoY(%) 1Q'25 4Q'24 1Q'24 (R$ thousands, unless mentioned) 49% 586,606 393,945 103% 195,529 170,193 96,455 Net revenue from management fees 81% 82,628 45,690 140% 24,853 40,328 10,359 Net revenue from advisory fees N/A 19,187 – N/A 11,262 7,925 – Other revenues 57% 68
Slide 6: Assets Under Management and Advisory
6 26 255 232 8 29 29 14 17 16 10 14 15 11 12 12 69 327 305 1Q'24 4Q'24 1Q'25 Global IP&S Credit Private Equity Equities Real Assets Total Assets Under Management and Advisory AUM 1Q’25 vs 4Q’24 vs. 1Q’24 ( R$bn ) • Total assets under management and advisory (AUM¹) of R$304.6 billion, up 342% year -
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$231.6 million in the quarter, up 117% year - over - year, pushed by growth in both management fees and advisory fees. Fee Related Revenues 1Q’25 vs. 1Q’24 ( R$mm ) Fee Related Revenues 1Q’25 LTM vs. 1Q’24 LTM ( R$mm ) Management fees totaled R$19
Slide 9: Realized GP Investment and Financial Income
9 Realized GP Investment and Financial Income Realized GP Investment¹ and Financial Income² of R$18.7 million in the 1Q’25, up 12% year - over - year. Realized GP Investment and Financial income 1Q’25 vs. 1Q’24 ( R$mm ) Realized GP Investment and Financial income 1Q’25 LTM vs. 1Q’24 LTM ( R$mm ) (19
Slide 10: Financial Metrics 1Q'25 overview
10 50 62 1Q'24 1Q'25 Financial Metrics 1Q’25 overview Fee Related Earnings of R$65.7 million and R$1.04/share • Our first full quarter operating as Vinci Compass, leading to stronger management and advisory fees. Performance Related Earnings of R$1.7 million and R$0.03/share • Realized performance i
Slide 11: Financial Metrics 1Q'25 LTM overview
11 235 252 1Q'24 LTM 1Q'25 LTM Financial Metrics 1Q’25 LTM overview Adjusted Distributable Earnings (DE) ( R$mm ) 31 % 42% 4.38 4.31 7% Fee Related Earnings of R$260.4 million and R$4.45/ share • Stronger management and advisory fees over the past twelve months, driven by a combination of organic fu
Slide 12: Balance Sheet Highlights & GP Commitments
12 Balance Sheet Highlights & GP Commitments 1Q'25 4Q'24 (IN R$ MILLIONS, UNLESS MENTIONED) 163.8 223.3 Cash and cash equivalents¹ 1,200.4 1,297.0 Net Investments 502.9 626.2 Liquid funds² 697.4 670.8 GP Fund Investments³ (552.7) (643.7) Debt obligations 4 811.4 876.7 Net Cash and Investments 12.81
Slide 13: Our GP Commitments are a long-term strong value creator
13 670.8 36.5 0.0 (5.8) (4.0) 697.4 4Q'24 Capital Called Principal Returned Gross Capital Gain Returned Depreciation 1Q'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$10.8
Slide 14: Segment Highlights
Segment Highlights VINCI COMPASS
Slide 15: Financials by Segment
15 30% 26% 17% 13% 8% 5% Private Equity Real Assets Global IP&S Credit Equities Corporate Advisory 37% 20% 17% 11% 9% 6% Financials by Segment Fee Related Earnings (FRE) 1Q ’25 LTM by Segment Segment Distributable Earnings (DE) 1Q’25 LTM by Segment Fee Related Earnings (FRE) were R$260.4 million in
Slide 16: Global Investment Products & Solutions (Global IP&S)
16 See notes and definitions at end of document TPD Liquid 46% TPD Alternative 33% Global Solutions 8% Separate Mandate 8% Custody & Execution 3% Commingled Fund 1% Other² 1% Global IP&S AUM Breakdown by Strategy Global Investment Products & Solutions (Global IP&S) R$232 bn AUM FRE of R$21.0 million
Slide 17: Credit
17 Local Currency 37% Hard Currency 23% Opportunistic Capital Solutions 12% Real Estate & Infrastructure Credit 11% Confirming & Structured Credit 9% Diversified Direct Lending 5% Agribusiness 3% Credit AUM Breakdown by Strategy Credit R$29 bn AUM Fee related earnings (FRE) in the 1Q’25 posted a 67%
Slide 18: Private Equity
18 VCP III 53% VCP IV 17% VCP III 19% VIR IV 6% Other 5% Private Equity AUM by Flagship Private Equity R$16 bn AUM Total AUM of R$16 billion, up 14% year - over - year. Fee Related Earnings (FRE) totaled R$ 19.4 million in the quarter, representing a 23% year - over - year growth. This result was dr
Slide 19: Equities
19 Brazil 68% Chile 17% Mexico 7% Argentina 4% LatAm 4% Equities' AUM Breakdown by Strategy Equities Total AUM of R$15 billion, up 49% year - over - year. R$15 bn AUM Fee Related Revenues grew 35% year - over - year; however, due to higher expenses following the combination with Compass, Fee Related
Slide 20: Real Assets
20 Real Assets Total AUM of R$12 billion, up 9% year - over - year. R$12 bn AUM Fee Related Revenues grew 24% year - over - year, highlighting strong business momentum, though fee - related earnings declined in the period due to higher expenses following the combination with Compass. Looking ahead,
Slide 21: Corporate Advisory
21 Corporate Advisory Historically, the first quarter tends to be a quieter period for the industry, and this year it was further impacted by macroeconomic uncertainties. However, we expect deal activity to pick up over the upcoming quarters. FRE totaled R$15.8 million in the 1Q’25 LTM and negative
Slide 22: Supplement Details
22 Supplement Details
Slide 23: AUM Rollforward
23 See notes and definitions at end of document AUM¹ Rollforward Total Real Assets Equities Private Equity Credit Global IP&S In R$ millions 326,961 11,702 13,883 16,760 29,213 255,403 Beginning balance 761 (142) – 14 889 – (+/ - ) Capital Subscription / (capital return) 1,060 3 – 14 1,042 – (+) Cap
Slide 24: Fee-Earning AUM Rollforward
24 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 321,397 11,567 13,815 13,471 28,540 254,004 Beginning balance 761 (142) – 14 888 – (+/ - ) Capital Subscription / (capital return) 1,059 3 – 14 1
Slide 25: Investment records – Credit and Equities Funds
25 Investment records – Credit and Equities Funds Hurdle Rate Market Comparison 24 M 12 M YTD 1Q’25 NAV¹ (R$ millions) Segment Fund or Strategy IPCA + Yield IMA - B IPCA + Yield IMA - B 20.9% (4.3)% 4.8% 4.8% 207.0 Equities Vinci Total Return IBOV IBOV 22.4% (6.3)% 7.4% 7.4% 805.0 Equities Mosaico S
Slide 26: Investment records – Global IP&S and Real Assets Funds
26 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 1Q’25 NAV¹ (R$ millions) Segment Fund or Strategy CDI CDI 21.6% 9.4% 2.8% 2.8% 111.0 Global IP&S Vinci Multiestratégia FIM CDI CDI 19.6% 9.6% 1.6% 1.6% 2
Slide 27: Investment records – Closed End funds
27 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 28: Shareholder Dividends & Share Summary
28 See notes and definitions at end of document Shareholder Dividends & Share Summary 1Q'25 4Q'24 3Q'24 2Q'24 1Q'24 4Q'23 3Q'23 2Q'23 ($ in thousands) 62,306 73,946 57,104 58,401 49,605 63,641 51,820 70,369 Adjusted Distributable Earnings (R$) 11,027 12,804 9,872 10,331 9,801 12,829 10,647 14,290 Ad
Slide 29: Reconciliations and Disclosures
29 Reconciliations and Disclosures
Slide 30: Financials - Income Statement
30 Financials - Income Statement ∆ YoY (%) 1Q'25 LTM 1Q'24 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ thousands, unless mentioned) REVENUES 49% 586,606 393,945 103% 195,529 170,193 96,455 Net revenue from management fees 76% 37,992 21,564 35% 3,077 27,412 2,273 Net revenue from performance fees 125% 50,930
Slide 31: Financials - Non-GAAP Reconciliation
31 Financials - Non - GAAP Reconciliation 1Q'25 LTM 1Q'24 LTM 1Q'25 4Q'24 1Q'24 (R$ thousands, unless mentioned) 282,731 223,672 67,404 95,510 54,910 OPERATING PROFIT (50,930) (22,606) (3,077) (36,867) (2,273) ( - ) Net revenue from realized performance fees 12,937 1,042 – 9,454 – ( - ) Net revenue
Slide 32: Balance Sheet
32 Balance Sheet 3/31/2025 12/31/2024 Assets Current assets 163,782 223,302 Cash and cash equivalents 126,844 99,156 Cash and bank deposits 36,938 120,492 Financial instruments at fair value through profit or loss - 3,654 Financial instruments at amortized cost 1,488,809 1,531,036 Financial instrume
Slide 33: Notes to page
33 Notes to page 3 1) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - operational expenses . 2) Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter . Year to date values are calculated as the sum o
Slide 34: Notes to page (cont'd)
34 Notes to page 12 (cont’d) 2) Liquid funds’ value are calculated as investment at fair value as of March 31 , 2025 , in liquid funds from Vinci Compass’ Equities, Global IP&S, Credit and Real Estate . It also comprises the cash and certificate of deposits and federal bonds from Vinci Monalisa FIM
Slide 35: Notes to page (cont'd)
35 Notes to page 25 (cont’d) 8) CEMBI Broad Div tracks the performance of US dollar - denominated bonds issued by emerging market corporate entities . 9) The J . P . Morgan CEMBI Broad Diversified HY index tracks liquid, US Dollar emerging market fixed and floating - rate debt instruments issued by
Slide 36: Notes to page
36 Notes to page 30 1) Other items comprise the income/(loss) generated by contingent consideration adjustment and financial income/(expenses) related to acquisitions and Ares Convertible Preferred Shares . 2) Management contract amortization refers to the purchase price allocated to Fund’s Manageme
Slide 37: Definitions: Fee related earnings
37 • “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 38: Definitions: AUM
38 • “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 39: Definitions: Capital subscription, inflows, MOIC, IRR
39 • “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 40: Office locations
40 Bogota 601 748 6090 Carrera 11 # 79 – 52 Of 801, Edificio 80 - ONCE Barrio El Nogal COLOMBIA Mexico City 52 55 5010 2150 Paseo de los Tamarindos N Σ 90, Torre 1, Piso 21, 05120 MEXICO Lima 51 1 611 5350 Av. Jorge Basadre Nro. 347 Piso 09, Of 902 San Isidro PERU Miami 786 755 4860 1441 Brickell Av
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