Vinci Compass Investments Ltd. · NASDAQ:VINP
Vinci Compass Investments — Vinci Partners Investments — Q1 2025 Earnings Presentation
53 slides from Vinci Compass Investments's earnings presentation, May 15, 2025
Slide 1: Investor Presentation May 2025
1 May 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 R$305 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 March 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 Offe
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% 16% 2%
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 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 71% 15% 8% 5% 1% Fee Related Revenues 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 s
Slide 7: Credit
7 44% 24% 12% 8% 8% 4% AUM Breakdown by Geography (Asset Allocation) Brazil LatAm Argentina Mexico Peru Chile Credit Diversified credit platform with local and hard currency strategies +50 Portfolio Managers and Analysts R $ 29 billion in AUM As of March 2025 Local currency Private Credit High Grade
Slide 8: Private Equity
8 R $ 16 billion in AUM¹ Private Equity 2.4x Gross MOIC² 64.6% Gross IRR² R$16.5 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 80% 12% 8% AUM Breakdown by Client Profile Institutional HNWI Intermediaries Equities Brazil R$10.0 bn • Long Only • Dividends • Small Caps • Long Biased • Others Chile R$2.6 bn • Long Only • Small Caps Strategies Overview Mexico R$1.1 bn • Long Only LatAm R$0.5 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 March 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$161 bn in M&A transactions Fund Raising • Issuing of New Shares (Capitalizations)
Slide 12: Financial Highlights
Financial Highlights VINCI COMPASS
Slide 13: First Quarter 2025 Highlights
13 66 mm FRE 1Q’25 62 mm Adj. DE¹ 1Q’25 0.15 Quarterly Dividend US$ 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$3.8 billion over the last twel
Slide 14: Strategic Fundraising - Cross-Border Initiatives 2025
14 We will continue to have contributions from our ongoing fundraisings with additional commitments coming from new and existing strategies. Strategic Fundraising - Cross - Border Initiatives 2025 VICC reached 70 % of its fundraising target and are experiencing strong traction with international inv
Slide 15: Strategic Fundraising - Local-to-Local Initiatives 2025
15 We see significant opportunities for expansion and market share growth, and we are actively scaling multiple initiatives acro ss diverse strategies and geographies, ensuring robust capital deployment opportunities. Strategic Fundraising – Local - to - Local Initiatives 2025 Brazil : progressing w
Slide 16: Fee related earnings statement
16 ∆ YoY(%) 1Q'25 LTM 1Q'24 LTM ∆ YoY(%) 1Q'25 4Q'24 1Q'24 (R$ 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% 6
Slide 17: AUM 1Q'25 vs 4Q'24 vs 1Q'24
17 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 18: Additional Capital Detail / Performance fees
18 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 19: Fee Related Revenues
19 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$1
Slide 20: Financial Metrics 1Q'25 overview
20 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$0.03/share • Realized performance i
Slide 21: Financial Metrics 1Q'25 LTM overview
21 235 252 1Q'24 LTM 1Q'25 LTM Financial Metrics 1Q’25 LTM overview Adjusted Distributable Earnings (DE) ( R$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 22: Realized GP Investment and Financial Income
22 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$mm ) (1
Slide 23: Balance Sheet Highlights & GP Commitments
23 27% 21% 16% 13% 12% 5% 3% 3% Fair Value of Investments - GP Commitment Balance Sheet Highlights & GP Commitments 1Q'25 4Q'24 (IN R$ 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)
Slide 24: GP Commitments are a long-term value creator
24 670.8 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$11.0
Slide 25: Appendix – I Segment Summaries
25 Appendix – I Segment Summaries
Slide 26: Financials by Segment
26 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 27: Global Investment Products & Solutions
27 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 28: Credit
28 Local Currency High Grade & High Yield 37% Hard Currency High Grade & High Yield 23% Opportunistic Capital Solutions 12% Real Estate & Infrastructure Credit 11% Confirming & Structured Credit 9% Diversified Private Credit 5% Agribusiness 3% Credit AUM Breakdown by Strategy Credit R$29 bn AUM Fee
Slide 29: Private Equity
29 VCP III 53% VCP IV 17% VCP III 19% VIR IV 6% Other 5% Private Equity AUM Breakdown 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 res
Slide 30: Equities
30 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 31: Real Assets
31 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 32: Corporate Advisory
32 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$15.8 million in the 1Q’25 LTM and negative
Slide 33: Appendix – II Financial Statements
33 Appendix – II Financial Statements
Slide 34: Financials - Income Statement
34 Financials - Income Statement ∆ YoY (%) 1Q'25 LTM 1Q'24 LTM ∆ YoY (%) 1Q'25 4Q'24 1Q'24 (R$ 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 35: Financials - Non-GAAP Reconciliation
35 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 36: Balance Sheet
36 Balance Sheet 03/31/2025 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 instrum
Slide 37: Supplemental Details
37 Supplemental Details
Slide 38: AUM Rollforward
38 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 39: Fee-Earning AUM Rollforward
39 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 40: Investment records – Credit and Equities Funds
40 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 Return² IBOV IBOV 22.4% (6.3)% 7.4% 7.4% 805.0 Equities Mosaico
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 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 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 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 44: Notes to page
44 Notes to page 2 (1) AUM considers assets under management and advisory as of March 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 be
Slide 45: Notes to page (cont'd)
45 Notes to page 18 (cont’d) ( 3 ) Funds with preferred return must return 100 % of invested capital corrected by the preferred return rate to its limited partners in order to charge performance fees . ( 4 ) Accrued performance fees for the VCP offshore are as of 4 Q’ 24 . This occurs due to the 60
Slide 46: Notes to page (cont'd)
46 Notes to page 34 (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 47: Notes to page (cont'd)
47 Notes to page 40 (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 48: Notes to page (cont'd)
48 Notes to page 42 (cont’d) ( 11 ) Track record for VFDL is presented as of 1 Q’ 25 . ( 12 ) Track record for Vinci Credit Infra is presented as of 1 Q’ 25 . Notes to page 43 (1) US $ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5 . 6505 , as of May 09 , 20
Slide 49: Notes and Definitions: Fee related earnings
49 • “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 50: Notes and Definitions: AUM
50 • “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 51: Notes and Definitions: Capital subscription, MOIC, IRR
51 • “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 52: Leveraging Vinci Compass' unique ecosystem
52 Leveraging Vinci Compass’ unique ecosystem to provide better sourcing and execution within our strategies 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 oper
Slide 53: Vinci Compass
VINCI COMPASS
Vinci Partners Investments — Q1 2025 Earnings Presentation on 6ix