PAX - Patria $1.7B infrastructure fund crosses performance fee realization target

• Patria Investments ( NASDAQ: PAX ) said Tuesday its infrastructure fund reached its performance fee realization target through divestment activity in six portfolio companies and additional portfolio cash flows.
• Last month, Patria ( PAX ) said it would divest ODATA, a Brazilian data center service provider, and partially divest Entrevias, a toll road operator in Sao Paulo.
• The divestments followed the sale of four additional portfolio companies earlier.
• Combined with the incremental portfolio cash flows in December, total proceeds to Patria Infrastructure Fund III investors are expected to reach ~$2.1B, crossing its performance fee realization threshold.
• The divestments were earlier expected to generate $1.4B in proceeds for investors in the fund.
• Distributions from recent activity are expected to generate at least $15M in net realized performance fees to be recognized in Q4.
• The $1.7B infrastructure fund achieved a gross multiple of invested capital of 2.1x and 13% net IRR based on valuations as of September 30, resulting in $127M of net accrued performance fees.
• The fund's remaining portfolio of five active investments is performing well and set for divestment over the next few years.

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