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Form 6-K Vinci Partners Investmen For: Aug 17

August 17, 2022 8:58 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2022

 

Commission File Number: 001-39938

 

Vinci Partners Investments Ltd.

(Exact name of registrant as specified in its charter)

 

Av. Bartolomeu Mitre, 336
Leblon – Rio de Janeiro
Brazil 22431-002
+55 (21) 2159-6240

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

  Form 40-F  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes     No

X

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes     No

X

         

 

 

 

 

 

TABLE OF CONTENTS

 

EXHIBIT  
99.1 Vinci Partners Investments Ltd. Investor Presentation August 2022

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Vinci Partners Investments Ltd.
     
     
      By: /s/ Sergio Passos Ribeiro
        Name: Sergio Passos Ribeiro
        Title: Chief Financial Officer
           

Date: August 17, 2022

 

 

Exhibit 99.1

 

Investor Presentation August 2022

 

 

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 subject to a high degree o f uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the fu ture whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward - looki ng statements and there can be no assurance that such forward - looking statements will prove to be correct. Accordingly, you should not place undue reliance on forward - looking st atements. The forward - looking statements included herein speak only as at the date of this presentation and we do not undertake any obligation to update these forward - looking sta tements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U. S. Securities and Exchange Commission (the “SEC”) from time to time, including in the section titled “Risk Factors” in our latest fillings with the SEC. These documents are availa ble on the SEC Filings section of the investor relations section of our website at: https://ir.vincipartners.com/financials/sec - filings. We have prepared this presentation solely for informational purposes. The information in this presentation does not constitut e o r form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or a ffi liates, not should it or any part of it form the basis of, or be relied on, in connection with any contract to purchase or subscribe for any of our securities or securities of any of our sub sid iaries or affiliates, nor shall it or any part of it form the basis of, or be relied on, in connection w ith any contract or commitment whatsoever. This presentation also includes certain non - GAAP financial information. We believe that such information is meaningful and useful in understanding the activities and business metrics of our operations. We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our International Financial Reporting Standards (“ IFRS ”) results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and t ren ds affecting our business. Further, investors regularly rely on non - GAAP financial measures to assess operating performance and such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS . We also believe that certain non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of wh ich present these measures when reporting their results. The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements. The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS , but not as a substitute for, or superior to, IFRS results. As other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliation of su ch non - GAAP financial measures to the nearest GAAP measure is included in this presentation. 2

 

 

Business Overview

 

 

4 We are a leading, full - service alternative asset manager in Brazil R$ 62 bn Proforma AUM¹ See notes and definitions at end of document 10 Business Strategies 31 98 127 232 119 2018 2019 2020 2021 2Q'22 YTD Adjusted DE ( R$mm ) 6 .5% LTM Dividend Yield 4 US$0.17 2Q’22 Dividend Per Share Our business is profitable and growing, which translates into substantial amounts of free cash flow and an attractive dividend distribution to shareholders 83 % Of net revenues come from mgmt. fees² We have entered in the 2Q'22 a strong cycle for fundraising across Private Market funds for the next 12 - 18 months, that represent up to R$10 billion in total target fundraising Vinci Partners has a proven fundraising track record with a broad fund base and a high - visibility and integrated recurring revenues business model ~50% Capital committed 5+ years In the 2Q'22, Vinci started fundraising for two main flagship strategies across Private Equity and Credit We have an extensive pipeline for additional fundraisings over the next quarters, with a relevant anchorage coming from a local institutional investor , increasing AUM visibility VCP IV Private Equity Vinci Credit Infra Credit VICC Infrastructure VICA Real Estate/Credit Additional fundraisings across REITs, Infra and Credit + R$1 bn Approved Anchor Investment 5 from BNDES in Credit and Infrastructure

 

 

5 Vinci Partners announced the launch of its new Special Situations segment with the acquisition of SPS Capital ▪ SPS Capital is led by a highly - experienced and top performing team with extensive experience in Special Situations investments in Brazil ▪ Transaction will increase Vinci's product offering in Private Market strategies , by filling a strategic gap in our platform, on which we can build and grow into synergistic and complementary additional funds ▪ We are combining Vinci's proprietary distribution capabilities and complementary business strategies with SPS' extensive trac k r ecord in special situations to leverage fundraising efforts for SPS Vintage IV and new products ▪ Founded in 2017, SPS Capital is one of the top independent Special Situations asset managers in Brazil , with R$2.0 billion in AUM and an extensive track record in a sizable and unexplored segment of the market Vinci Partners & SPS Capital: a top - notch and complementary partnership Presence in Private Markets SPS strengthens Vinci's position as a leading asset manager for Private Market strategies in Brazil First M&A transaction since the IPO Transaction strengthens FRE growth with attractive near and medium - term DE/Share accretion

 

 

6 13.0 5.2 4.3 1.5 2.0 25.7 7.1 2.8 Private Equity Real Estate Credit Infrastructure Vinci SPS IP&S Public Equities Hedge Funds 13.0 5.2 4.3 1.5 25.7 7.1 2.8 Vinci & SPS | AUM Proforma as of June 30, 2022 R$60 bn AUM 2Q’22 R$62 bn AUM 2Q’22 ProForma Vinci Partners Vinci Partners & SPS Proforma 28 30 Long Term AUM 2Q22 2Q22 PF +8% DE Accretion ▪ Low - to - mid single - digit short - term DE/Share accretion ▪ High single - digit expected for medium - term DE/Share accretion Vinci announced the closing of the acquisition of SPS Capital on August 16, 2022.

 

 

7 Vinci Partners & SPS | Consolidating Private Markets Transaction with SPS fills a strategic gap within our Private Markets product offering Vinci SPS SPS Capital will join Vinci Partners’ Private Markets as a new business line, with three vintages in its flagship strategy Equity Investments Closed - end funds seeking exposure to equity investments to real assets across Private Equity, Real Estate and Infrastructure strategies Perpetual Capital Vehicles Yield - focused vehicles listed on the Brazilian stock exchange, with exposure to Real Estate and Infrastructure assets or Credit securities Private Market Strategies Vinci Capital Partners (VCP) Vinci Impact and Return (VIR) Vinci Water & Sewage (VIAS) Vinci Shopping Centers (VISC) Vinci Logística (VILG) Vinci Offices (VINO) Vinci Instrumentos Financeiros (VIFI) Vinci Imóveis Urbanos (VIUR) Vinci Energia (VIGT) Vinci Credit Securities (VCRI) High - Grade Private Credit Debentures to finance infrastructure projects, senior loans, mortgage - backed securities, securitization facilities and structured - credit transactions. Vinci Real Estate Credit (VCI) Vinci Multistrategies Credit (VCM) Vinci Infrastructure Credit (VES / Vinci Credit Infra) We believe SPS will leverage Vinci’s platform and distribution capabilities to launch new and different strategies, additional to fundraising for a fourth vintage in its current flagship. FIP Infra Transmissão Vinci Fullwood Logistic Dev. (VFDL)

 

 

8 We offer a complete portfolio of alternative investment products and solutions to both retail and institutional clients Research Risk Legal & Compliance Investor Relations Operations ESG Public Equities Long - term positions based on fundamental analysis of Brazilian publicly - traded companies Financial Advisory High value - added financial and strategic advisory services, focusing primarily on middle market and M&A transactions Credit Tailor - made credit solutions developed to meet needs of both mature and growing businesses Infrastructure Exposure to real assets through equity and debt instruments Private Equity Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with management teams and founders Investment Products & Solutions Financial products offering on open platform, providing portfolio and risk management services Real Estate Real estate investment funds that focus on returns from investments in various segments Hedge Funds Multi - strategy approach focused on Brazilian and international highly liquid financial instruments Vinci SPS Exposure to special situations assets with a f avorable risk - return strategy Proven ability to invest proprietary and third - party capital through different products yielding sustainable profitability acros s multiple verticals Retirement Services Capital Allocation services to investors’ retirement plans by developing sophisticated solutions

 

 

9 Our AUM is highly diversified across different strategies Our AUM base favors alpha - driven strategies, while our revenue profile is management fee - centric 24% 12% 5% 5% 21% 15% 6% 12% Private Equity Real Estate Credit Infrastructure IP&S Public Equities Hedge Funds Advisory 46 % of net revenues come from private market strategies ² 46 % of AUM is in long term products ¹ Net Revenues 2Q ' 22 LTM AUM 2Q ' 22 22% 9% 7% 2% 43% 12% 5% See notes and definitions at end of document

 

 

10 35% 22% 22% 13% 8% Local Institucional HNWI Institutional Offshore Allocators & Distributors Public market vehicles AUM 2Q ' 22 Our AUM funding base is mostly built upon our proprietary distribution channels Private . Markets . 38% 22% 21% 14% 5% ▪ Private Markets’ AUM base favors long - term to perpetual capital commitments Liquid . Strategies . 38% 48% 8% 6% ▪ 94% of Liquid Strategies’ AUM is distributed across proprietary relationships with institutional and HNWI clients IP&S . 41% 36% 24% ▪ 41% of IP&S’ AUM comes from local institutional investors

 

 

Financial Highlights

 

 

12 We started in the 2Q’22 a strong cycle for fundraising in Private Markets over the next 12 - 18 months R$10 bn Target Fundraising across Private Markets (2022 - 2023 Cycle) VICA Real Estate/Credit ▪ We announced a joint venture with Chrimata , for the development of a new listed agribusiness strategy focused on land acquisition and credit ▪ Fund expected to launch in the 3Q'22 with its first close and a future IPO in the B3 as soon as market conditions improve for primary listings Vinci Credit Infra Credit ▪ New strategy that aims to invest in incentivized infrastructure debentures, focusing on high - grade credit assets in accordance with superior ESG guidelines ▪ First close of R$900M in the 2Q22 anchored by a local institutional investor ▪ Second closing expected for the 2H’22with an anchor investment by BNDES VCRI Credit ▪ New listed REIT focused on investing in real estate MBS, while also being able to invest in listed REITs with similar investment strategies ▪ Fund is close to full deployment status and will be able to hold follow - on offerings in the market as soon as market conditions improve for primary offerings VCP IV Private Equity ▪ We plan to continue the strategy deployed in VCP III and primarily target control and control - oriented investments ▪ VCP IV was activated as of June 23 rd and all fees charged .. for subsequent following closings will retroact to this date VICC Infrastructure ▪ A pioneer strategy in Latin America dedicated to renewables . generation , water & sewage, and innovative green technologies ▪ First closing expected for 2 nd half of 2022 with an anchor investment by BNDES Vinci Transportation and Logistics II Infrastructure ▪ Sub - strategy that aims to invest in public concessions of transportation and logistics assets, focused on ports’ concession

 

 

13 We have a resilient business model with high management fee centricity 147 224 271 361 6 62 40 38 20 11 29 67 172 297 340 465 2018 2019 2020 2021 Management Performance Advisory Vinci’s revenue is primarily derived from management fees (R$ mm) 85% % Mgmt. fees 75% 78% ▪ Management fee revenues remained resilient over the year - to - date, with strong fundraising in 2022 offsetting impacts from capita l returns across Infrastructure and mark - to - market effect in Public Equities. Total net revenues over the 2Q'22 YTD were down 14% year - over - year due to higher contributions from performance and advisory fees in the 2Q’21 YTD. ▪ Management fees continue to be the main contributor to net revenues, accounting for 91% of total revenues over the 2Q’22 YTD. ▪ Total operating expenses of R$98.6 million during the 2Q’22 YTD, a decrease of 5% when compared to the 2Q’21 YTD. Disregardin g b onus compensation, Personnel, Corporate center and G&A expenses were up 8% when compared to the same period in the prior year, due to higher inflation in the period and the ret urn of travel expenses to the same levels experienced before COVID - 19 pandemic. - 17 % 79% 89% - 14% 78 % 91 % 80 % Total Expenses 2Q’22 YTD vs. 2Q ’ 21 YTD ( R$mm ) 47 37 39 40 11 13 8 9 104 99 2Q'21 YTD 2Q'22 YTD Bonus compensation Corporate center Segment Personnel expenses Other G&A - 5% 95 89 19 4 6 7 120 100 2Q'21 2Q'22 177 177 29 7 21 10 227 194 2Q'21 YTD 2Q'22 YTD

 

 

14 Vinci holds a strong position for future realization of performance fees in private market funds… ▪ Performance fee receivable increased to R$146.1 million in the 2Q’22, a 40% increase quarter - over - quarter, driven mostly by appr eciation in the VCP III strategy. ▪ The VCP strategy¹ in Private Equity accounted for R$126 million in accrued performance fees, or 86% of total performance fees . ▪ Vinci Partners had, as of 2Q’22, R$9 billion in performance eligible AUM coming from Private Markets’ funds still within inve stm ent period. ▪ The SPS transaction holds a substantial long - term upside to performance fees, as Vinci is entitled to a stake in Vintage III's a nd future vintages' performance revenues. R$146.1 mm Accrued Performance Fees (R$ mm) Accrued Performance Fees by Strategy (%) Vinci Partners recognizes the performance revenue according to IFRS 15 . Unrealized performance fees are recognized only when is highly probable that the revenue will not be reversed in the Income Statement . The fund FIP Infra Transmissão in Infrastructure had R $ 19 . 9 million as of the end of the second quarter of 2022 booked as unrealized performance fees in the company ´ s balance sheet . Accrued performance fees shown for Private Equity funds of R $ 126 . 1 million as of the end of the second quarter of 2022 have not been booked as unrealized performance fees in the company ´ s balance sheet . See notes and definitions at end of document 86% 14% Private Equity Infrastructure

 

 

15 14 20 0.3 5 15 25 2Q'21 2Q'22 Realized Financial Income Realized GP Investment Income …and additional gains from our GP Investments and financial income ▪ Realized GP Investment¹ and Financial income² of R$25.0 million in the 2Q ’ 22, up 71% year - over - year, driven by realized gains in our liquid funds' portfolio. ▪ Realized GP Investment income of R$4.9 million in the quarter, coming primarily from dividend distributions of the company’s pro prietary stake in listed REITs. ▪ Realized GP Investment¹ and Financial income² accounted for R$52.0 million over the 2Q’22 YTD , up 169% when compared to the 2Q’ 21 YTD. See notes and definitions at end of document Realized GP Investment¹ and Financial income² 2Q ’ 22 vs 2Q ’ 21 ( R$mm ) Realized GP Investment¹ and Financial income² 2Q’22 YTD vs 2Q’21 YTD ( R$mm ) 19 45 7 19 52 2Q'21 YTD 2Q'22 YTD Realized Financial Income Realized GP Investment Income + 71% + 169%

 

 

16 55 61 2Q'21 2Q'22 Which translates to a highly visible growth and profitability profile See notes and definitions at end of document 102 119 2Q'21 YTD 2Q'22 YTD 31 98 127 232 2018 2019 2020 2021 42% 50% 34% DE Margin 33% 18% ▪ Fee - Related Earnings (FRE) has been growing at a 60% CAGR in the past three years, and we expect to continue going forward as we expand AUM with new product launches in our private market strategies and inflows into our IP&S segment. ▪ Distributable Earnings (DE) has been growing at a 97% CAGR in the past three years as the business benefits from the platform ’s growth and profitability profile. 44% 49% +16% 43% 48% 52 % 38% 45 % Fee - Related Earnings (FRE) – R$mm Adjusted After - tax Distributable Earnings¹ (DE) – R$mm 55% 49 % 53 % 49% - 15 % - 14 % +11 % 54 98 151 222 2018 2019 2020 2021 105 91 2Q'21 YTD 2Q'22 YTD 55 47 2Q'21 2Q'22 FRE Margin

 

 

17 Key Takeaways See notes and definitions at end of document 76 % FRE as % DE 2Q ’ 22YTD We operate a highly predictable business model with recurring revenues coming primarily from management fees 1 We see a relevant upside coming from potential future realization of performance fees R$146.1 m illion in accrued performance fees in Private Markets’ funds 2 Current macroeconomic scenario presents attractive opportunities to grow AUM through M&A 5 3 We believe Vinci is one of the best positioned AAM’s in Brazil to capture the shift in asset allocation, due to its highly diversified and robust platform 10 business strategies 5 distribution channels 4 We are committed to generating strong growth combined with capital distributions to our shareholders 6.5% LTM dividend yield¹ ~50% AUM +5 years lockup Complementary and/or Synergistic business lines

 

 

Appendix – I Business Overview

 

 

19 2 6 11 15 17 18 20 19 21 24 35 47 54 56 50 58 60 39 61 76 88 76 95 142 121 145 137 196 221 221 238 - 50 100 150 200 250 0 10 20 30 40 50 60 70 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2Q22 AUM (R$bn) AUM DC¹ (R$bn) Brazil Interest Rates AUM/FTE We have scaled our platform significantly since our inception in 2009… See notes and definitions at end of document 2010 Association with “Gas” (Equities) 2012 Company becomes a signatory to PRI. 2012 - 2013 Real Estate, Credit, and Receivables strategy 2011 Inception of Vinci Infrastructure & International strategy PE: Fundraising VCP II (R$2.2bn) 2018 - 2019 Real Estate: IPO VILG and VINO. Follow ons VISC & VILG Public Equities: Acquisition of Mosaico Capital Credit: FIDC Energia Sustentavel funded by BNDES Fundraising of VCI II Infra: IPO VIGT 2009 Establishment of Vinci Partners 2014 - 2016 Vinci begins heavily investing in governance to set a growth platform for the exit of the recessionary market Credit: Fundraising of Vinci Credito Imobiliario I (VCI I) 2017 Launch of VIR strategy Public Equities: Acquisition of Mosaico Capital Real Estate: IPO VISC PE: Fundraising VCP III Infra: Fundraising Vinci Infra II 2021 Vinci ´ s IPO at Nasdaq Private Equity: Final Closing of VIR IV Real Estate and Infra: Fundraising of VFDL and VIAS Follow Ons for VILG, VIGT and VISC IPO of VIUR 2020 Private Equity: First closing of VIR IV Real Estate: IPO of VIFI Follow Ons realized for VILG, VISC and VINO Public Equities: Dissociation with “Gas Investimentos” 2.0% 4.5% 6.5% 7.0% 13.8% 14.3% 11.8% 10.0% 7.3% 11.0% 10.8% 8.8% 2022 Launch of VRS Acquisition of SPS Capital Private Equity: Start of fundraising for VCP IV Real Estate: Follow on for VINO IP&S: First Closing of VSP Credit: Launch of Vinci Credit Infra with an anchor institutional investment 9.3% See notes and definitions at end of document 13.3% Vinci Partners was founded in October 2009 by a group of seasoned and respected managers in the financial market

 

 

20 We are pioneers among Brazilian firms in our commitment to ESG See notes and definitions at end of document Our ESG approach is a fundamental value that permeates throughout our investment strategies Vinci Energia Sustentavel (VES) - Credit Fund focused on private debt related to green energy funded by BNDES VIR IV - launched with dual mandate of targeting measurable ESG impact and achieving market returns Impact monitoring KPIs Innovative ESG related products  Growth of Average Salary and Number of Employees  Gender Equality  Employees Covered by Healthcare Benefits  Policies Against Discrimination Based on Sexual Preference and Persons with Disabilities  Implementation of Governance Practices  Taxes Paid per Investment  Revenue Growth Vinci foundation: We believe in ethics as the best value in a relationship 2009 2011 New ESG Model and new Governance and Compliance models 2017 ESG Policy for Private Equity 2014 NE III ( GIIN metrics) VES Win public auction from BNDES 2018 Vinci PE granted PRI A Score ESG Policy for Public Equity and Credit Development of the Impact Framework (VIR IV) 2019 NE Empreendedor Raised and invested by Vinci’s team (at Banco Pactual) 2003 Vinci as a PRI signatory 2012 VCP II US$1.4 billion fund closed 2017 Vinci assumes NE II and NE III 1 management NE II 4 investments valued at zero NE III R$240mm Dry Powder 2019 VCP III US$1.0bn fund closed 2 VIR IV BNDES approved anchor commitment 2004 Fund I US$608 million of invested capital by Vinci’s team (at Banco Pactual) Vinci engaged with the IDB to apply the WEPs tool First ESG Annual Report for VCP III 2020 2020 VIR IV in the process of becoming a OPIM signatory 2021 VIR IV (largest impact fund in Brazil) final closing of R$ 1 billion VES was the first Brazilian fund to receive the “European Standard” label 2021 VIR IV won the Private Equity ESG Fund of the Year Award from Environmental Finance Vinci received the WOB – Women on B oard seal

 

 

21 Risk management committee composed and supervised by senior executives including the addition of Julya Wellish as a partner and head of Legal & Compliance (Previously Chief Prosecutor at CVM 1 ) We place a strong emphasis on risk management, taking the utmost care of our clients ’ capital ▪ Mandatory annual compliance training programs to all of Vinci Partners’ employees ▪ Mandatory annual information security policy awareness training to all employees ▪ Vinci Partners practices top - notch risk management strategies, including but not limited to restriction list systems, Chinese Wall, anti - bribery and corruption practices and restriction on securities trading ▪ Risk & compliance committee composed by CCO, CRO, CFO and CHRO ▪ Biannual and ad - hoc meetings ensuring proactive supervision ▪ Anti - money laundering & countering financing of terrorism committee composed by the CCO, CRO, CFO, CHRO and CEO ▪ Annual and ad - hoc meetings ensuring proactive supervision ▪ Cyber security systems and procedures to prevent, monitor and combat cyber threats and risks ▪ Contingency response plans that allow continuity of business in case of incidents Compliance Training Programs Risk & Compliance Committee AML & CFT Committee Cyber Security Program Risk Management Best Practices See notes and definitions at end of document

 

 

22 We are a leader in Brazilian alternative asset management with strong competitive advantages AUM CAGR 2018 – 2Q22 ~30% 46% of Net Revenues come from Private Market Strategies 6 ~50% of AUM committed for over 5 years Diversified business model 10 business units Partnership model: 38 partners Vinci Partners differentiators Vinci Partners Competitive Advantage Product offering Capabilities Company Private markets Liquid Strategies Investment Products & Solutions Retirement Services Distribution Platform Integration PE RE Infra Credit Vinci SPS Other Alternative Local Asset Managers² Other Independent Asset Managers 3 Hedge funds 4 Incumbent banks 5 In development Well developed Developed Independent asset manager 1 See notes and definitions at end of document

 

 

Appendix – II Segment summaries

 

 

24 53% 21% 22% 4% Financials by segment ▪ Fee Related Earnings (FRE), disregarding Vinci Retirement Services segment, were R$93.8 million over the 2Q’22 YTD, with 53% of FRE coming from Private Markets, followed by IP&S accounting for 22%, Liquid Strategies for 21% and Financial Advisory for 4%. ▪ Segment Distributable Earnings, disregarding Vinci Retirement Services segment, were R$104.9 million over the 2Q’22 YTD, with 55 % coming from Private Markets’ strategies, followed by Liquid Strategies accounting for 21%, IP&S accounting for 20% and Financial Advisory for 4%. Segment Distributable Earnings 2Q’22 YTD by Segment Fee Related Earnings (FRE) 2Q’22 YTD by Segment R$94 mm R$105 mm 55% 21% 20% 4% Private Markets Liquid Strategies IP&S Financial Advisory

 

 

25 We offer a complete and diversified platform for alternative investments The private equity strategy invests through two sub - strategies : Vinci Capital Partners : VCP focuses on control and co - control investments, executing across growth equity transactions, greenfield investments, buyouts and turnarounds . The VCP strategy is currently within investment period for its third vintage, Vinci Capital Partners III . Vinci Impact and Return : VIR focuses on minority investments in small - to - medium enterprises with a dual mandate of generating ESG impact as well as market returns . The VIR strategy is currently within investment period for its fourth vintage, Vinci Impact and Return IV, the largest impact oriented private equity fund in Latin America . Private Equity – R$13.0bn AUM (54%) Real Estate – R$5.2bn AUM (22%) PRIVATE MARKETS R$24 BILLION AUM The real estate strategy invests through two subs - strategies : Public listed REITs : The real estate strategy currently manages five public REITs, listed on the Brazilian stock exchange, with more than 350 , 000 retail investors . The REIT strategy consists of perpetual capital funds, focused on the acquisition of core, income generating real estate assets, and invests through five sub - strategies : shopping malls, industrial assets, offices, financial instruments and urban commercial properties . Opportunistic Development : The real estate team has extended experience in the development of real estate properties and currently manages a fund focused on the development of industrial properties in Brazil . The Infrastructure strategy invests across two core sub - strategies : Sector - focused funds: The Infrastructure team manages closed - end funds as its flagship strategy, seeking exposure to real assets related to physical infrastructure, through investments in the privatization of state - owned companies and concessions that provide water and sewage services, development of greenfield projects, and core transmission assets. The team also manages a public market vehicle, listed on the Brazilian stock exchange, VIGT, focused on the acquisition of yield - generating power transmission assets. Structured Credit : The team also has exposure to fixed assets through debt investments in infrastructure projects across different sectors . Infrastructure – R$1.5bn AUM (6%) Credit – R$4.3bn AUM (18%) The credit strategy invests across three core sub - strategies : Infrastructure Debt : The team manages a credit fund, Vinci Energia Sustentável, or VES, dedicated to investments in debentures to finance greenfield and brownfield projects with a focus on renewable energy following ESG guidelines . Real Estate Debt : Investment opportunities in senior secured loans/securities in the form of debentures or MBS, backed by underlying real estate loans and/or receivables . Structured Credit : Comprises a group funds, including open - ended funds and managed accounts, investing in senior secured loans and short - term receivables .

 

 

26 (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY (%) 2Q'21 YTD 2Q'22 YTD ∆ YTD (%) Net revenue from management fees 49,407 46,759 47,654 - 4% 95,988 94,413 - 2% Net revenue from advisory fees 2,641 467 275 - 90% 3,146 741 - 76% Total Fee Related Revenues 52,048 47,226 47,929 - 8% 99,134 95,154 - 4% Segment personnel expenses (2,722) (2,736) (2,923) 7% (5,160) (5,659) 10% Other G&A expenses (2,907) (2,755) (2,411) - 17% (5,232) (5,166) - 1% Corporate center expenses (9,792) (9,554) (10,827) 11% (20,376) (20,381) 0% Bonus compensation related to management and advisory (7,568) (7,307) (7,426) - 2% (15,299) (14,733) - 4% Total Fee Related Expenses (22,989) (22,352) (23,587) 3% (46,067) (45,939) 0% FEE RELATED EARNINGS (FRE) 29,059 24,874 24,342 - 16% 53,067 49,215 - 7% FRE Margin (%) 55.8% 52.7% 50.8% 53.5% 51.7% Net revenue from performance fees 1,792 640 1,719 - 4% 2,254 2,359 5% Realized performance fees 715 4 1,719 140% 755 1,723 128% Unrealized performance fees 1,077 636 – N/A 1,499 636 - 58% Performance based compensation (570) (226) (609) 7% (731) (835) 14% PERFORMANCE RELATED EARNINGS (PRE) 1,222 414 1,110 - 9% 1,523 1,524 0% PRE Margin (%) 68.2% 64.7% 64.6% 67.6% 64.6% ( - ) Unrealized performance fees (1,077) (636) – N/A (1,499) (636) - 58% (+) Unrealized performance compensation 382 225 – N/A 532 225 - 58% (+) Realized GP investment income 345 2,045 4,926 1328% 457 6,971 1425% SEGMENT DISTRIBUTABLE EARNINGS 29,931 26,922 30,377 1% 54,079 57,299 6% Segment DE Margin (%) 56.4% 54.6% 55.7% 53.9% 55.2% 2Q'21 ∆ (%) 2Q'22 2Q'21 YTD 2Q'22 YTD ASSETS UNDER MANAGEMENT (AUM R$millions) 20,762 21,041 23,998 16% 20,762 23,998 16% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 18,873 19,192 20,722 10% 18,873 20,722 10% AVERAGE MANAGEMENT FEE RATE (%) 0.99% 0.92% 0.90% 0.98% 0.91% FULL TIME EMPLOYEES 50 50 46 - 8% 50 46 - 8% Private Equity 54% Real Estate 22% Credit 18% Infrastructure 6% Private Markets' AUM Private Markets R$24 bn AUM ▪ Fee related earnings (FRE) of R$24.3 million in the quarter, down 16% year - over - year, driven by a combination of FIP Energia PCH's capital return in the first quarter of 2022 and a one - off advisory fee contribution in Real Estate during the 2Q'21. FRE was R$49.2 million over the 2Q’22 YTD, a decrease of 7% when c omp ared to the 2Q’21 YTD. ▪ Segment Distributable Earnings of R$30.4 million in the quarter, up 1% year - over - year. Segment DE was R$57.3 million over the 2Q ’22 YTD, an increase of 6% when compared to the 2Q’21 YTD boosted by a higher contribution from GP investment income due to listed REITs dividends payout. ▪ Total AUM of R$24.0 billion at the end of the quarter, an increase of 16% year - over - year, driven by strong fundraising across Pr ivate Equity and Credit strategies. These fundraisings occurred in the latter part of the quarter and will start to impact management fee revenues from the third quarter onwards.

 

 

27 We have an established and widely recognized liquid strategies platform LIQUID STRATEGIES R$10 BILLION AUM Vinci Partners has a long track record and deep experience investing in public equities in Brazil . We focus on holding positions in companies for three to five years following deep analysis and review by our various investment committees, taking into consideration our internal controls . Our public equities strategy invests according to two key sub - strategies : All Caps : The all - caps sub - strategy focuses on long term performance through a concentrated portfolio and deep fundamental analysis without any market capitalization constraints . Our all caps flagship strategy is Vinci Mosaico , that seeks to achieve long - term results above the Brazilian stock market . The team also manages a sovereign wealth exclusive mandate under the all caps strategy . Dividends : The dividends sub - strategy focuses on well - managed companies with a strong presence in their segments that are generating significant cash returns through dividends . Our flagship strategy is Vinci Gas Dividendos , that seeks to achieve long - term returns by investing in companies with a consistent history of dividends’ payment . Public Equities – R$7.1bn AUM (72%) Our hedge funds team operates under a multi - manager strategy with several portfolio managers each pursuing independent strategies . The portfolio managers have access to both our macro and equities research dedicated teams . It helps creating a very robust analysis of the markets and developed markets currencies, government bonds and derivatives . We have strong overarching risk monitoring practices in order to generate superior Sharpe ratio and alpha for our investors . Our hedge funds strategy invests through two key sub - strategies : Vinci Atlas : Our hedge funds flagship strategy invests across five principal sub - strategies : nominal interest, inflation, commodities, currencies and equities . Total Return : The total return strategy focuses on high absolute risk - adjusted returns through fundamental analysis, diversification and use of derivatives . Hedge Funds – R$2.8bn AUM (28%)

 

 

28 (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY (%) 2Q'21 YTD 2Q'22 YTD ∆ YTD (%) Net revenue from management fees 23,020 20,573 20,210 - 12% 43,003 40,783 - 5% Net revenue from advisory fees – – – N/A – – N/A Total Fee Related Revenues 23,020 20,573 20,210 - 12% 43,003 40,783 - 5% Segment personnel expenses (1,387) (1,384) (1,394) 1% (2,680) (2,778) 4% Other G&A expenses (681) (676) (780) 15% (1,305) (1,456) 12% Corporate center expenses (4,196) (4,203) (4,592) 9% (8,689) (8,795) 1% Bonus compensation related to management and advisory (3,893) (3,948) (3,922) 1% (7,312) (7,871) 8% Total Fee Related Expenses (10,157) (10,212) (10,688) 5% (19,986) (20,900) 5% FEE RELATED EARNINGS (FRE) 12,863 10,361 9,522 - 26% 23,017 19,883 - 14% FRE Margin (%) 55.9% 50.4% 47.1% 53.5% 48.8% Net revenue from performance fees 6,451 2,325 1,300 - 80% 8,460 3,625 - 57% Realized performance fees 6,451 2,325 1,300 - 80% 8,460 3,625 - 57% Unrealized performance fees – – – N/A – – N/A Performance based compensation (4,015) (722) (459) - 89% (4,718) (1,181) - 75% PERFORMANCE RELATED EARNINGS (PRE) 2,436 1,603 841 - 65% 3,742 2,444 - 35% PRE Margin (%) 37.8% 68.9% 64.7% 44.2% 67.4% ( - ) Unrealized performance fees – – – N/A – – N/A (+) Unrealized performance compensation – – – N/A – – N/A SEGMENT DISTRIBUTABLE EARNINGS 15,299 11,963 10,363 - 32% 26,759 22,327 - 17% Segment DE Margin (%) 51.9% 52.2% 48.2% 52.0% 50.3% ASSETS UNDER MANAGEMENT (AUM R$millions) 14,124 12,243 9,845 - 30% 14,124 9,845 - 30% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 13,965 12,104 9,708 - 30% 13,965 9,708 - 30% AVERAGE MANAGEMENT FEE RATE (%) 0.73% 0.74% 0.78% 0.70% 0.76% FULL TIME EMPLOYEES 24 21 22 - 8% 24 22 - 8% Public Equities 72% Hedge Funds 28% Liquid Strategies' AUM R$10 bn AUM Liquid Strategies ▪ Fee related earnings (FRE) of R$9.5 million in the quarter, down 26% year - over - year. FRE was R$19.9 million over the 2Q’22 YTD, a decrease of 14% compared to the 2Q’21 YTD, driven by the mark - to - market effect in liquid strategies' AUM during the second quarter, impacting management fee revenues. ▪ Performance related earnings (PRE) of R$0.8 million in the quarter, down 65% year - over - year. PRE was R$2.4 million over the 2Q’2 2 YTD, a decrease of 35% when compared to the 2Q’21 YTD. Liquid strategies' funds haven't been able to charge performance fees, mostly due to their high - watermark clause and the st rong correction in local markets during the period. ▪ Segment Distributable Earnings of R$10.4 million in the quarter, down 32% year - over - year. Segment Distributable Earnings was R$2 2.3 million over the 2Q’22 YTD, a decrease of 17% when compared to 2Q’21. ▪ AUM was R$9.8 billion at the end of the 2Q22. Liquid strategies' AUM has not suffered from significant outflows in the quarte r w hen compared to the outflows seen in the Brazilian asset manager industry during the quarter. Most of the decrease seen in liquid funds' AUM year - over - year comes from the mark - to - market effect following the depreciation in local markets.

 

 

29 We are market leaders in providing investment solutions to our clients In our separate exclusive mandates, we provide investment solutions to institutional investors, such as small to medium - sized foundations, pension funds and financial institutions in Brazil, and high net worth individuals . Our asset allocation team seeks tailored made and distinctive portfolio construction solutions, addressing the clients’ specific portfolio objectives and restraints regarding targeted return, risk tolerance, diversification, asset class and liquidity . Separate Exclusive Mandates – R$15.2bn AUM (59%) International – R$2.8bn AUM (11%) INVESTMENT PRODUCTS & SOLUTIONS R$26 BILLION AUM Commingled Funds – R$2.7bn AUM (11%) Pension Plans – R$4.9bn AUM (19%) Our focused commingled funds are owned by multiple clients, from retail to institutional investors, and deploy capital in specific asset classes within defined investment strategies . Our flagship strategies are Vinci Valorem, focusing on fixed income assets, foreign exchange currency and derivatives, and Vinci Selection Equities, which invests in other public equities funds seeking to beat the Ibovespa . Within our IP&S segment we have an offshore allocation service, or international exclusive mandates, managed by a team in our New York office . We provide tailored made investment solutions for local institutional investors and nigh net worth individuals that are seeking risk diversification by allocating part of their portfolios outside Brazil . Within our IP&S segment, we manage PGBL and VGBL pension plan funds, owned by retail clients, which provide tax and succession benefits . Our flagship strategy, “Vinci Equilíbrio”, seeks investments in specific asset classes, such as fixed income, foreign exchange currency, public equities, derivatives and other funds.

 

 

30 (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY (%) 2Q'21 YTD 2Q'22 YTD ∆ YTD (%) Net revenue from management fees 22,349 19,897 21,407 - 4% 37,629 41,304 10% Net revenue from advisory fees 20 7 7 - 65% 39 14 - 65% Total Fee Related Revenues 22,369 19,904 21,414 - 4% 37,668 41,317 10% Segment personnel expenses (1,008) (1,827) (1,078) 7% (1,979) (2,905) 47% Other G&A expenses (344) (600) (450) 31% (809) (1,050) 30% Corporate center expenses (4,343) (4,065) (4,864) 12% (7,782) (8,929) 15% Bonus compensation related to management and advisory (3,927) (4,156) (3,557) - 9% (7,595) (7,712) 2% Total Fee Related Expenses (9,622) (10,648) (9,948) 3% (18,166) (20,596) 13% FEE RELATED EARNINGS (FRE) 12,747 9,255 11,466 - 10% 19,502 20,721 6% FRE Margin (%) 57.0% 46.5% 53.5% 51.8% 50.2% Net revenue from performance fees 10,382 208 820 - 92% 17,863 1,028 - 94% Realized performance fees 2,394 208 820 - 66% 9,875 1,028 - 90% Unrealized performance fees 7,988 – – N/A 7,988 – N/A Performance based compensation (3,233) (84) (360) - 89% (5,660) (444) - 92% PERFORMANCE RELATED EARNINGS (PRE) 7,149 124 460 - 94% 12,203 584 - 95% PRE Margin (%) 68.9% 59.5% 56.1% 68.3% 56.8% ( - ) Unrealized performance fees (7,988) – – N/A (7,988) – N/A (+) Unrealized performance compensation 2,599 – – N/A 2,599 – N/A SEGMENT DISTRIBUTABLE EARNINGS 14,507 9,379 11,926 - 18% 26,316 21,305 - 19% Segment DE Margin (%) 58.6% 46.6% 53.6% 55.4% 50.3% ASSETS UNDER MANAGEMENT (AUM R$millions) 21,966 23,394 25,659 17% 21,966 25,659 17% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 21,812 23,258 25,545 17% 21,812 25,545 17% AVERAGE MANAGEMENT FEE RATE (%) 0.45% 0.37% 0.38% 0.40% 0.38% FULL TIME EMPLOYEES 14 14 16 14% 14 16 14% Investment Products & Solutions ▪ Fee related earnings (FRE) of R$11.5 million in the quarter, down 10% year - over - year due to a retroactive revenue recognition in the 2Q'21. FRE was up 24% on a quarter over quarter basis. FRE was R$20.7 million over the 2Q’22 YTD, an increase of 6% when compared to the 2Q’21 YTD, driven by the growth in manageme nt fees following notable fundraising over the last six months. ▪ Performance related earnings (PRE) of R$460 thousand, down 94% year - over - year. In the 2Q'21 the platform was positively impacted by an extraordinary performance coming from international exclusive mandates in IP&S, that although unrealized, impacted PRE results. PRE over the 2Q’22 YTD was R$584 th ous and, a decrease of 95% when compared to the 2Q’21 YTD. ▪ Segment Distributable Earnings of R$11.9 million in the quarter, down 18% year - over - year, mainly due to a higher contribution fr om PRE in the 2Q’21. Segment DE was R$21.3 million over the 2Q’22 YTD, a decrease of 19% when compared to the 2Q’21 YTD. ▪ Total AUM of R$25.7 billion, up 17% year - over - year, following the strong fundraising from our pension plan products in the secon d quarter. R$26 bn AUM Separate Mandates 59% Pension Plans 19% International 11% Commingled Funds 11% IP&S ' AUM

 

 

31 We have a leading financial advisory business About our Financial Advisory team Our financial advisory services team provides financial and strategic services to business owners, senior corporate management teams and boards of directors, focusing mostly on pre - IPO and M&A advisory services for Brazilian middle - market companies . We believe our financial advisory services team serves as trusted advisors to clients seeking local and/or product expertise in the Brazilian marketplace . As an independent boutique, Vinci Partners has the flexibility to engage in transactions that often require complex solutions, long - term relationships, and alignment of interests with clients . About the Services provided Outstanding position in the Brazilian market FINANCIAL ADVISORY The Financial Advisory platform provides conflict - free advice with senior focus for value creation and long - term support . The platform focuses on two main sub - strategies : Merges and Acquisitions (M&A) : advisory in acquisitions, sales, joint ventures and merges, private placements, fundraising, capital and corporate structure analysis and valuation reports . Capital Markets : conflict - free advisory for IPO and pre - IPO, block trades, debt restructuring and market/investor communication . Exclusive Financial Advisor for Bemobi in two acquisitions. 2021 Elaboration of fairness opinion on the merger of Rede Dor and Sulamerica 2022 Exclusive Financial Advisor of BPP in its sale to Dock 2021 IPO Jan - 2021 Capitalization of Espaçolaser by L Catterton Dec - 2016 Beauty & Aesthetic Financial Advisor to QI Tech’s partners in the capitalization by GIC. 2021 Vinci Financial Advisory is consolidated as the most relevant independent financial advisor in Brazil, having being recognized in several awards for M&A transactions, such as : The M&A Atlas Awards : - Best Independent Advisors for M&A - 2022 - Best Investment Bank (Brazil, “Middle Market”) – 2020 & 2019 - Transaction of the Year (Brazil) – 2020 & 2019 # 1 in Ranking of independent financial advisors in Brazil in number of deals closed – Bloomberg ( 2017 - 2019 / 2020 / 2021 ) Sale to Apex Group June - 2021 Financial Services

 

 

32 Financial Advisory ▪ Fee related earnings (FRE) of R$3.3 million in the quarter, up 525% year - over - year. ▪ FRE was R$4.0 million over the 2Q’22 YTD, a decrease of 60% when compared to the 2Q’21 YTD, due to a greater contribution fro m a dvisory fees in the 1Q’21, when the Advisory team closed the pre - IPO advisory for B3 listed company Espaço Laser. ▪ Segment Distributable Earnings over the 2Q’22 YTD were R$4.0 million, a decrease of 60% year - over - year when compared to the 2Q’2 1 YTD. (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY (%) 2Q'21 YTD 2Q'22 YTD ∆ YTD (%) Net revenue from management fees – – – N/A – – N/A Net revenue from advisory fees 3,718 3,201 6,378 72% 18,259 9,578 - 48% Total Fee Related Revenues 3,718 3,201 6,378 72% 18,259 9,578 - 48% Segment personnel expenses (411) (505) (530) 29% (806) (1,035) 28% Other G&A expenses (126) (209) (165) 31% (307) (374) 22% Corporate center expenses (965) (938) (1,067) 11% (1,939) (2,006) 3% Bonus compensation related to management and advisory (1,694) (908) (1,350) - 20% (5,401) (2,208) - 59% Total Fee Related Expenses (3,196) (2,560) (3,112) - 3% (8,454) (5,623) - 33% FEE RELATED EARNINGS (FRE) 522 640 3,265 525% 9,805 3,956 - 60% FRE Margin (%) 14.1% 2 - % 51.2% 53.7% 41.3% SEGMENT DISTRIBUTABLE EARNINGS 522 640 3,265 525% 9,805 3,956 - 60% Segment DE Margin (%) 14.1% 2 - % 51.2% 53.7% 41.3% FULL TIME EMPLOYEES 8 11 10 25% 8 10 25%

 

 

33 (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY (%) 2Q'21 YTD 2Q'22 YTD ∆ YTD (%) Net revenue from management fees – – – – – – – Net revenue from advisory fees – – – – – – – Total Fee Related Revenues – – – – – – – Segment personnel expenses – (97) (308) N/A – (405) – Other G&A expenses – (263) (372) N/A – (635) – Corporate center expenses – – – N/A – – – Bonus compensation related to management and advisory – (1,002) (1,012) N/A – (2,014) – Total Fee Related Expenses – (1,362) (1,692) N/A – (3,054) – FEE RELATED EARNINGS (FRE) – (1,362) (1,692) N/A – (3,054) – FRE Margin (%) – – – – – – – Net revenue from performance fees – – – – – – – Realized performance fees – – – – – – – Unrealized performance fees – – – – – – – Performance based compensation – – – – – – – PERFORMANCE RELATED EARNINGS (PRE) – – – – – – – PRE Margin (%) – – – – – – – ( - ) Unrealized performance fees – – – – – – – (+) Unrealized performance compensation – – – – – – – SEGMENT DISTRIBUTABLE EARNINGS – (1,362) (1,692) N/A – (3,054) – Segment DE Margin (%) – – – – – – – 1Q'22 2Q'22 – 2Q'21 YTD 2Q'22 YTD – ASSETS UNDER MANAGEMENT (AUM R$millions) – – – – – – – FULL TIME EMPLOYEES – 3 5 – – 5 – Retirement Services ▪ Fee Related Earnings (FRE) of negative R$1.7 million in the quarter. FRE was negative R$3.1 million in the 2Q’22 YTD. ▪ VRS is within investment period and products are expected to be launched in 2023. We are separating this segment from others bec ause we believe it could be a relevant tech enabled vertical in the future.

 

 

Appendix – III Financial statements

 

 

35 How to analyze Vinci Partners’ financial model Fee Related Earnings (FRE) (+) Management fees: our main source of revenues, derived from fees charged over our Fee - Earning AUM (+) Advisory fees: fees charged over advisory services provided by our financial advisory and management teams ( - ) Operating expenses: includes all G&A, personnel and profit - sharing expenses (related to mgmt. and adv. fees) Performance Related Earnings (PRE) (+) Performance fees: derived from fees charged over our Performance - Eligible AUM. In most of our LS and IP&S segments, performance fees are charged over a hurdle rate once the fund’s return exceeds its benchmark. In our Private Market strategies most of the funds charge performance over the fund’s absolute return once it surpasses its preferred rate. ( - ) Performance compensation: compensation allocated to the management teams linked to generated performance fees Distributable Earnings (DE) (+) FRE (+) Cash PRE: PRE less unrealized performance fees and unrealized performance compensation (+) Realized GP Investment Income: realized income derived from our GP Investments in our Private Market funds (+) Realized Financial Income: realized income derived from the company’s cash allocations (+) D&A: non - cash expense that is added back to our Distributable Earnings calculation ( - ) Cash Income taxes: income taxes calculated over realized revenues

 

 

36 Second Quarter 2022 Segment Earnings (Unaudited) See notes and definitions at end of document (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY(%) 2Q'21 YTD 2Q'22 YTD ∆ YoY(%) Net revenue from management fees 94,778 87,229 89,271 - 6% 176,621 176,500 0% Net revenue from advisory fees 6,378 3,674 6,659 4% 21,444 10,333 - 52% Total Fee Related Revenues 101,156 90,903 95,930 - 5% 198,065 186,833 - 6% Segment personnel expenses (5,528) (6,549) (6,233) 13% (10,625) (12,782) 20% Other G&A expenses (4,058) (4,503) (4,178) 3% (7,632) (8,681) 14% Corporate center expenses (19,296) (18,761) (21,350) 11% (38,808) (40,111) 3% Bonus compensation related to management and advisory¹ (17,082) (17,272) (17,267) 1% (35,608) (34,539) - 3% Total Fee Related Expenses (45,964) (47,085) (49,028) 7% (92,674) (96,113) 4% FEE RELATED EARNINGS (FRE) 55,192 43,818 46,902 - 15% 105,391 90,720 - 14% FRE Margin (%) 54.6% 48.2% 48.9% 53.2% 48.6% FRE per share² (R$/share) 0.97 0.78 0.84 1.85 1.63 Net revenue from performance fees 18,624 3,172 3,839 - 79% 28,575 7,011 - 75% Performance based compensation³ (7,817) (1,032) (1,427) - 82% (11,109) (2,459) - 78% PERFORMANCE RELATED EARNINGS (PRE) 10,807 2,140 2,412 - 78% 17,466 4,552 - 74% PRE Margin (%) 58.0% 67.5% 62.8% 61.1% 64.9% ( - ) Unrealized performance fees (9,065) (636) – N/A (9,487) (636) - 93% (+) Unrealized performance compensation 2,980 225 – N/A 3,130 225 - 93% (+) Realized GP investment income 345 2,045 4,926 1,328% 457 6,971 1,425% SEGMENT DISTRIBUTABLE EARNINGS 60,259 47,593 54,240 - 10% 116,958 101,833 - 13% Segment DE Margin (%) 54.3% 49.8% 51.8% 53.7% 50.9% (+) Depreciation and amortization 926 984 976 5% 1,865 1,960 5% (+) Realized financial income 14,239 24,996 20,001 40% 18,883 44,997 138% ( - ) Leasing expenses (3,106) (2,472) (2,400) - 23% (6,263) (4,872) - 22% ( - ) Other items (2,120) (1,136) 644 N/A (1,234) (492) - 60% ( - ) Extraordinary expenses – (5,109) (962) – (6,071) ( - ) Income taxes (excluding related to unrealized fees and income) (15,417) (11,601) (12,064) - 22% (28,232) (23,665) - 16% DISTRIBUTABLE EARNINGS (DE) 54,781 53,255 60,435 10% 101,976 113,690 11% DE Margin (%) 43.7% 44.2% 48.5% 43.1% 46.4% DE per share (R$/share) 4 0.97 0.95 1.09 1.79 2.04 (+) Nonrecurring expenses (including Income Tax effect) 5 – 4,437 635 N/A – 5,072 N/A ADJUSTED DISTRIBUTABLE EARNINGS 54,781 57,692 61,070 11% 101,976 118,762 16% Adjusted DE Margin (%) 43.7% 47.9% 49.0% 43.1% 48.4% Adjusted DE per share (R$/share) 0.97 1.03 1.10 1.79 2.13

 

 

37 (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 ∆ YoY(%) 2Q'21 YTD 2Q'22 YTD ∆ YTD (%) REVENUES Net revenue from management fees 94,778 87,229 89,271 - 6% 176,621 176,500 0% Net revenue from performance fees 18,624 3,172 3,839 - 79% 28,575 7,011 - 75% Realized performance fees 9,559 2,536 3,839 - 60% 19,088 6,375 - 67% Unrealized performance fees 9,065 636 - N/A 9,487 636 - 93% Net revenue from advisory 6,378 3,674 6,659 4% 21,444 10,333 - 52% Total net revenues from services rendered 119,780 94,075 99,769 - 17% 226,640 193,844 - 14% EXPENSES Bonus related to management and advisory¹ (17,082) (17,272) (17,267) 1% (35,608) (34,539) - 3% Performance based compensation² (7,817) (1,032) (1,427) - 82% (11,109) (2,459) - 78% Realized (4,837) (807) (1,427) - 71% (7,979) (2,234) - 72% Unrealized (2,980) (225) - N/A (3,130) (225) - 93% Total compensation and benefits (24,899) (18,303) (18,694) - 25% (46,717) (36,998) - 21% Segment personnel expenses (5,528) (6,549) (6,233) 13% (10,625) (12,782) 20% Other general and administrative expenses (4,058) (4,503) (4,178) 3% (7,632) (8,681) 14% Corporate center expenses (19,296) (18,761) (21,350) 11% (38,808) (40,111) 3% Total expenses (53,781) (48,116) (50,455) - 6% (103,783) (98,571) - 5% Operating profit 65,999 45,959 49,314 - 25% 122,857 95,273 - 22% OTHER ITEMS GP Investment income (5,206) (4,169) (7,211) 39% (4,045) (11,380) 181% Realized gain from GP investment income 345 2,045 4,926 1,328% 457 6,971 1,425% Unrealized gain from GP investment income (5,551) (6,214) (12,137) 119% (4,502) (18,351) 308% Financial income 14,152 24,708 21,193 50% 18,649 45,901 146% Realized gain from financial income 14,239 24,996 20,001 40% 18,883 44,997 138% Unrealized gain from financial income (87) (288) 1,192 N/A (234) 904 N/A Leasing expenses (3,106) (2,472) (2,400) - 23% (6,263) (4,872) - 22% Other items (2,120) (1,136) 644 N/A (1,234) (492) - 60% Share Based Plan (1,642) (736) (2,468) 50% (1,642) (3,204) 95% Non - recurring expenses³ – (5,109) (962) N/A - (6,071) N/A Total Other Items 2,078 11,086 8,796 323% 5,465 19,882 264% Profit before income taxes 4 68,077 57,045 58,109 - 15% 128,322 115,154 - 10% ( - ) Income taxes 5 (14,671) (11,739) (11,711) - 20% (27,903) (23,450) - 16% NET INCOME 53,406 45,306 46,398 - 13% 100,419 91,704 - 9% (+) Non - recurring expenses including income tax related to realized expense - 4,437 635 N/A - 5,072 N/A ADJUSTED NET INCOME 53,406 49,742 47,033 - 12% 100,419 96,776 - 4% Financials - Income Statement (Unaudited) See notes and definitions at end of document

 

 

38 (R$ thousands, unless mentioned) 2Q'21 1Q'22 2Q'22 2Q'21 YTD 2Q'22 YTD OPERATING PROFIT 65,999 45,959 49,314 122,857 95,273 ( - ) Net revenue from realized performance fees (9,559) (2,536) (3,839) (19,088) (6,375) ( - ) Net revenue from unrealized performance fees (9,065) (636) – (9,487) (636) (+) Compensation allocated in relation to performance fees¹ 7,817 1,032 1,427 11,109 2,459 FEE RELATED EARNINGS (FRE) 55,192 43,818 46,902 105,391 90,720 OPERATING PROFIT 65,999 45,959 49,314 122,857 95,273 ( - ) Net revenue from management fees (94,778) (87,229) (89,271) (176,621) (176,500) ( - ) Net revenue from advisory (6,378) (3,674) (6,659) (21,444) (10,333) (+) Bonus related to management and advisory² 17,082 17,272 17,267 35,608 34,539 (+) Personnel expenses 5,528 6,549 6,233 10,625 12,782 (+) Other general and administrative expenses 4,058 4,503 4,178 7,632 8,681 (+) Corporate center expenses 19,296 18,761 21,350 38,808 40,111 PERFORMANCE RELATED EARNINGS (PRE) 10,807 2,140 2,412 17,466 4,552 OPERATING PROFIT 65,999 45,959 49,314 122,857 95,273 ( - ) Net revenue from unrealized performance fees (9,065) (636) – (9,487) (636) (+) Compensation allocated in relation to unrealized performance fees 2,980 225 – 3,130 225 (+) Realized gain from GP investment income 345 2,045 4,926 457 6,971 SEGMENT DISTRIBUTABLE EARNINGS 60,259 47,593 54,240 116,958 101,833 NET INCOME 53,406 45,306 46,398 100,419 91,704 ( - ) Net revenue from unrealized performance fees (9,065) (636) – (9,487) (636) (+) Income tax from unrealized performance fees 124 73 – 173 73 (+) Compensation allocated in relation to unrealized performance fees 2,980 225 – 3,130 225 ( - ) Unrealized gain from GP investment income 5,551 6,214 12,137 4,502 18,351 (+) Income tax on unrealized gain from GP investment income (838) – (55) (422) (55) ( - ) Unrealized gain from financial income 87 288 (1,192) 234 (904) (+) Income tax on unrealized gain from financial income (32) 65 (65) (80) – (+) Depreciation and amortization 926 984 976 1,865 1,960 (+) Share Based Plan 1,642 736 2,468 1,642 3,204 ( - ) Income Taxes on Share Based Plan – – (233) – (233) (+) Non - recurring expenses including income tax related to realized expense – 4,437 635 – 5,072 ADJUSTED DISTRIBUTABLE EARNINGS 54,781 57,692 61,070 101,976 118,762 TOTAL NET REVENUE FROM SERVICES RENDERED 119,780 94,075 99,769 226,640 193,844 ( - ) Net revenue from realized performance fees (9,559) (2,536) (3,839) (19,088) (6,375) ( - ) Net revenue from unrealized performance fees (9,065) (636) – (9,487) (636) NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 101,156 90,903 95,930 198,065 186,833 Financials - Non - GAAP Reconciliation See notes and definitions at end of document

 

 

39 Effective tax rate reconciliation See notes and definitions at end of document (R$ thousands, unless mentioned) 2Q'21 2Q'22 2Q’21 YTD 2Q’22 YTD Profit (loss) before income taxes, not - including Dividends to partners 68,077 58,109 128,322 115,154 Combined statutory income taxes rate - % 34% 34% 34% 34% Income tax benefit (Expense) at statutory rates (23,146) (19,757) (43,629) (39,152) Reconciliation adjustments: Expenses not deductible (4) (9) (56) (27) Tax benefits 33 30 47 65 Share based payments (166) (70) (166) (156) Effect of presumed profit of subsidiaries¹ 8,739 7,951 15,831 15,665 Other additions (exclusions), net (127) 144 70 155 Income taxes expenses (14,671) (11,711) (27,903) (23,450) Current (16,704) (12,886) (30,900) (25,557) Deferred 2,033 1,175 2,997 2,107 Effective tax rate 22% 20% 22% 20%

 

 

40 13.7 17.1 7.8 8.9 0.9 2.4 3.0 General and Administrative Expenses 2Q 2021 (R$mm) 2Q 2022 (R$mm) Lease and condominium Other Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A R$53.8 mm Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A Lease and condominium Other R$50.5 mm - 6% 16.0 17.3 1.4 8.9 1.0 2.7 3.1

 

 

41 Balance Sheet Assets 3/31/2022 6/30/2022 Current assets Cash and cash equivalents 38,516 57,780 Cash and bank deposits 9,109 10,532 Financial instruments at fair value through profit or loss 29,407 47,248 Financial instruments at fair value through profit or loss 1,324,292 1,290,972 Trade receivables 41,453 45,324 Sub - leases receivable 1,500 1,500 Taxes recoverable 3,214 4,541 Other assets 7,136 10,689 Total current assets 1,416,111 1,410,806 Non - current assets Financial instruments at fair value through profit or loss 9,235 5,701 Trade receivables 20,042 20,042 Sub - leases receivable 2,256 1,960 Taxes recoverable 61 62 Deferred taxes 6,057 6,226 Other receivables 1,851 1,543 39,502 35,534 Property and equipment 13,591 13,087 Right of use - Leases 63,159 60,632 Intangible assets 1,156 1,600 Total non - current assets 117,408 110,853 Total Assets 1,533,519 1,521,659 Liabilities and equity 3/31/2022 6/30/2022 Current liabilities Trade payables 366 313 Deferred Revenue 17,504 – Leases 22,755 23,218 Accounts payable 6,909 6,941 Labor and social security obligations 25,023 44,038 Taxes and contributions payable 14,838 17,990 Total current liabilities 87,395 92,500 Non - current liabilities Accounts payable – – Leases 59,581 55,724 Labor and social security obligations – 274 Deferred taxes 5,209 4,203 64,790 60,201 Total liabilities 152,185 152,701 Equity Share capital 15 15 Additional paid - in capital 1,382,038 1,382,038 Treasury shares (73,815) (88,425) Retained Earnings 59,315 58,227 Other reserves 13,747 17,067 1,381,300 1,368,922 Non - controlling interests in the equity of subsidiaries 34 36 Total equity 1,381,334 1,368,958 Total liabilities and equity 1,533,519 1,521,659

 

 

Supplement Details

 

 

43 AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM) – R$ millions Fee - Earning Assets Under Management (FEAUM) – R$ millions For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2022 For the Twelve Months Ended June 30, 2022 For the Twelve Months Ended June 30, 2022 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677 (+/ - ) Capital Subscription / (capital return) 1,888 – – 11 (113) 958 – 2,744 (+) Capital Subscription 1,898 – – 11 – 994 – 2,904 ( - ) Capital Return (11) – – – (113) (36) – (160) (+/ - ) Net Inflow / (outflow) – (646) 2,448 – 16 29 (116) 1,731 (+/ - ) Appreciation / (depreciation) 100 (1,622) (182) (45) (12) 124 (14) (1,651) Ending Balance 13,013 7,064 25,659 1,460 5,208 4,318 2,781 59,502 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 10,851 10,861 21,966 2,363 5,087 2,461 3,263 56,852 (+/ - ) Capital Subscription / (capital return) 2,103 – 203 (900) 296 1,053 – 2,755 (+) Capital Subscription 2,116 – 203 288 619 1,160 – 4,386 ( - ) Capital Return (13) – – (1,188) (323) (107) – (1,631) (+/ - ) Net Inflow / (outflow) – (1,289) 3,658 – 123 499 (498) 2,492 (+/ - ) Appreciation / (depreciation) 58 (2,508) (168) (3) (298) 305 16 (2,597) Ending Balance 13,013 7,064 25,659 1,460 5,208 4,318 2,781 59,502 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553 (+/ - ) Capital Subscription / (capital return) 593 – – 11 (113) 958 – 1,449 (+) Capital Subscription 603 – – 11 – 994 – 1,609 ( - ) Capital Return (11) – – – (113) (36) – (160) (+/ - ) Net Inflow / (outflow) – (643) 2,468 – 16 29 (116) 1,755 (+/ - ) Appreciation / (depreciation) (31) (1,622) (181) (45) (12) 124 (16) (1,783) Ending Balance 9,797 7,002 25,545 1,399 5,208 4,318 2,706 55,975 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 9,066 10,765 21,812 2,259 5,087 2,461 3,200 54,650 (+/ - ) Capital Subscription / (capital return) 808 – 203 (850) 296 1,053 – 1,510 (+) Capital Subscription 821 – 203 288 619 1,160 – 3,091 ( - ) Capital Return (13) – – (1,138) (323) (107) – (1,581) (+/ - ) Net Inflow / (outflow) – (1,285) 3,686 – 123 499 (502) 2,520 (+/ - ) Appreciation / (depreciation) (77) (2,479) (155) (10) (298) 305 8 (2,706) Ending Balance 9,797 7,002 25,545 1,399 5,208 4,318 2,706 55,975

 

 

44 Investment records – IP&S , Liquid Strategies, Credit and Listed Funds Fund Segment NAV¹ (R$ millions) 2Q22 YTD 12 M 24 M Market Comparison Index Rate Vinci Multiestratégia FIM Hedge Funds 490.5 2.2% 5.4% 7.7% 9.2% CDI 4 CDI 4 Atlas Strategy² Hedge Funds 490.2 0.5% 4.8% 0.4% 0.9% CDI 4 CDI 4 Vinci Total Return Hedge Funds 241.0 - 12.5% - 4.5% - 10.5% 33.2% IPCA 5 + Yield IMA - B 7 IPCA 5 + Yield IMA - B 7 Mosaico Strategy Public Equities 951.1 - 18.5% - 8.9% - 24.6% - 3.0% IBOV 5 IBOV 5 Vinci Gas Dividendos FIA Public Equities 469.9 - 15.1% - 1.9% - 15.5% 7.5% IBOV 5 IBOV 5 Vinci Valorem FIM IP&S 3,066.5 2.9% 7.3% 9.7% 15.4% IMA - B 5 7 IMA - B 5 7 Equilibrio Strategy³ IP&S 2,070.7 2.7% 7.4% 8.9% 15.9% IPCA 6 - Vinci Selection Equities FIA IP&S 634.3 - 13.7% - 5.6% - 21.6% 0.3% IBOV 5 IBOV 5 Vinci Crédito Imobiliário I Credit 257.1 3,16% 7.79% 7,79% 16,39% IPCA 6 IPCA 6 +7.785% Vinci Crédito Imobiliário II Credit 636.9 1,55% 4.71% 4,52% 11,52% IPCA 6 IPCA 6 + 6% Vinci Crédito Estruturado Multiestrategia Plus FIC FIM Credit 125.0 3,36% 6.16% 11,00% 16,43% CDI 4 CDI 4 Vinci Energia Sustentável Credit 614.0 2,33% 1.30% 3,58% 13,55% IPCA 6 IPCA 6 + 6% Vinci Crédito Multiestratégia Credit 308.2 3,35% 6.80% 12,91% - CDI 4 IPCA 6 + 5% VISC11 Real Estate (listed REIT) 1,774.9 3.2% 1.8% 1.9% 9.3% IFIX 8 IPCA 6 + 6% VILG11 Real Estate (listed REIT) 1,421.8 - 2.1% - 5.7% - 5.3% - 9.4% IFIX 8 IPCA 6 + 6% VINO11 Real Estate (listed REIT) 725.4 - 9.9% - 18.7% - 17.5% - 8.8% IFIX 8 IPCA 6 + 6% VIFI11 Real Estate (listed REIT) 55.6 - 1.9% - 4.6% - 9.3% - 17.1% IFIX 8 IFIX 8 VIUR11 Real Estate (listed REIT) 191.3 0.5% - 2.7% - 12.6% - IFIX 8 IPCA 6 + 6% VIGT11 Infrastructure (listed) 595.5 - 4.7% - 6.4% - 4.0% - 22.7% - - VINCI FOF IMOBILIARIO FIM CP Real Estate (REIT) 11.0 2.0% 3.8% - - IFIX 8 IFIX 8 Benchmark 2Q22 YTD 12 M 24 M IBOV 5 - 18.1% - 6.0% - 22.3% 3.7% CDI 4 3.0% 5.4% 8.7% 11.1% IMA - B 5 7 2.7% 6.6% 10.1% 16.7% IPCA 6 + Yield IMA - B 7 4.2% 7.4% 16.0% 28.6% IPCA 6 2.3% 5.5% 11.9% 21.2% IFIX 8 0.6% - 0.3% 1.5% - 0.4% See notes and definitions at end of document

 

 

45 Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Investment records – Closed End Private Markets funds Fund Segment Vintage year Committed Capital Invested Capital Realized or Unrealized Total Value Gross MOIC Gross MOIC Gross IRR Gross IRR Partially Realized (R$mm) (R$mm) (R$mm) (R$mm) (R$mm) (BRL) (USD) (BRL) (USD) Fund 1 Private Equity 2004 1,415 1,206 5,058 229 5,287 4.4x 4.0x 71.5% 77.2% VCP II Private Equity 2011 2,200 1,805 1,844 2,390 4,234 2.3x 1.2x 12.6% 2.8% VCP III Private Equity 2018 4,000 1,825 34 2,910 2,944 1.6x 1.6x 48.6% 42.0% VCP Strategy² Private Equity 7,615 4,835 6,936 5,529 12,465 2.6x 2.3x 64.8% 70.3% NE Empreendedor Private Equity 2003 36 13 26 – 26 2.1x 2.6x 22.0% 30.5% Nordeste III Private Equity 2017 240 134 75 139 214 1.6x 1.4x 20.7% 13.5% VIR IV Private Equity 2020 1,000 189 4 202 205 1.1x 1.2x 14.1% 37.5% VIR Strategy³ Private Equity 1,276 336 105 340 446 1.3x 1.2x 22.1% 27.8% FIP Transmissão 4 Infrastructure 2017 211 104 241 161 401 3.9x 3.0x 69.4% 53.5% VIAS 5 Infrastructure 2021 386 350 – 350 350 1.0x 1.1x NM NM VFDL 6 Real Estate 2021 422 83 – 103 103 1.2x 1.8x 44.5% 46.5% See notes and definitions at end of document

 

 

46 Shareholder Dividends ($ in thousands) 1H21 3Q ' 21 4Q'21 1Q'22 2Q'22 Distributable Earnings (R$) 101,976 61,743 68,515 53,255 60,435 Distributable Earnings (US$)¹ 19,397 11,377 13,637 10,615 11,795 DE per Common Share (US$)² 0.34 0.20 0.24 0.19 0.21 Actual Dividend per Common Share³ 0.30 0.16 0.20 0.17 0.17 Record Date September 01,2021 December 01,2021 March 10, 2022 May 24, 2022 August 25, 2022 Payable Date September 16, 2021 December 16,2021 March 24, 2022 June 08, 2022 September 09,2022 ▪ Vinci Partners generated R$1.09 or US$0.21¹ of Distributable Earnings per common share for the second quarter of 2022. ▪ The company declared a quarterly dividend of US$0.17² per common share to record holders as of August 25, 2022; payable on September 09 , 2022. See notes and definitions at end of document

 

 

47 Share Summary ▪ Common Shares Outstanding as of quarter end of 55,578,956 shares. x Repurchased 250,306 common shares in the quarter, with an average share price of US$11.7. x Repurchased 1,334,632 common shares since the announcement of the first share repurchase plan, with an average share price of US $12.5. x The first share repurchase plan expired on May 31, 2022 and was replaced by a new share repurchase plan initiated on June 17 th , 2022, limited to R$60 million. x Available authorization remaining was R$56.4 million on June 30, 2022. VINP Shares 1Q ' 21 2Q ' 21 3Q ' 21 4Q'21 1Q'22 2Q'22 Class B 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 Class A – Partnership Units 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861 Class A - Public Float 15,271,488 15,094,833 14,921,318 14,513,477 14,187,216 13,936,856 Common Shares 56,913,588 56,736,933 56,563,418 56,155,577 55,829,316 55,578,956

 

 

48 GP Commitment in Private Market funds ▪ As of June 30, 2022, the company had R$928.9 million in capital commitments signed to proprietary Private Markets funds. ▪ During the second quarter of 2022, the company signed R$ 537.4 million in capital commitments to proprietary Private Markets fun ds. ▪ Total GP Investments marked at fair value of R$278.9 million as of June 30, 2022. (R$ millions, unless mentioned) Segment 2Q’22 Commitments Total Capital Committed 2Q’22 Capital Called Total Capital Called Capital Returned/ Dividends Payed (2Q'22) Accumulated Capital Returned/Dividends Payed Fair value of investments Nordeste III Private Equity - 5.0 - 3.1 - 1.3 2.8 VCP III Private Equity - 3.1 0.4 2.1 - - 2.9 VIR IV Private Equity - 11.1 0.2 3.1 - 0.1 2.8 VCP IV Private Equity 350.0 350.0 - - - - - FIP Infra Transmissão (co - investment)¹ Infrastructure - 29.5 - 8.9 - 19.7 12.6 FIP Infra Transmissão¹ Infrastructure - 10.5 - 3.4 - 6.2 3.6 VIAS Infrastructure - 50.0 - 27.8 - - 27.0 Vinci Transporte e Logística II Infrastructure 15.0 15.0 - - - - - Vinci Transporte e Logística I Infrastructure 11.4 11.4 6.3 6.3 - - 6.3 VFDL Real Estate - 70.0 3.5 17.5 - - 20.3 VIUR Real Estate - 67.3 - 67.3 1.5 6.1 48.3 VINO Real Estate - 50.0 - 50.0 0.9 1.6 40.0 Vinci FOF Imobiliário Real Estate - 10.0 - 10.0 - - 7.0 VCRI (VCS) Credit - 80.0 - 80.0 2.5 2.5 79.1 Vinci Crédito Agro Imobiliário Credit 16.0 16.0 16.0 16.0 - - 16.3 Vinci Credit Infra Credit 100.0 100.0 - - - - - VSP FIM IP&S 45.0 50.0 2.2 2.2 - - 10.0 Total 537.4 928.9 28.6 297.6 4.9 37.5 278.9 See notes and definitions at end of document

 

 

49 30% 25% 16% 9% 10% 8% 2% Private Equity IP&S Public Equities Real Estate Credit Hedge Funds Infrastructure Significant exposure to performance fee - eligible AUM ▪ Total Performance fee eligible AUM (PEAUM) of R$33.5 billion. ▪ Hurdle rate funds charge performance based on the fund’s return over its benchmark, generally with a high - watermark clause, except for the SWF mandate in Public Equities. ▪ Within our Private Market strategies, R$9 billion in AUM comes from “preferred return” funds with carried interest, that are still in investment period. PEAUM R$33 bn PERFORMANCE FEE ELIGIBLE AUM (PEAUM) Strategy/Fund AUM R$mm Index type Index Rate Status Offshore Vehicles 3,147 Preferred Return w/ Catch - Up² USD + 8% Within investment period Onshore Vehicles 2,909 Preferred Return w/ Catch - Up² IPCA 5 + 8% Within investment period Nordeste III 233 Preferred Return w/ Catch - Up² IPCA 5 + 8.5% Currently generating performance Teman Pier 96 Preferred Return w/ Catch - Up² IPCA 5 + 5% Within investment period Others 3,708 Not expected to pay performance Total Private Equity 10,092 Vinci Valorem 2,539 Hurdle³ IMAB 5 6 Currently generating performance Separate Mandates 1,711 Hurdle³ IBOV 7 + alpha Currently generating performance International¹ 1,626 Currently generating performance Commingled Funds 705 Hurdle³ IBOV 7 + alpha Currently generating performance VSP 205 Preferred Return w/ Catch - Up² IPCA 5 + 8% Currently generating performance Others 1,427 Currently generating performance Total IP&S 8,214 SWF 3,674 Hurdle³ FTSE 8 Currently generating performance Mosaico Strategy 1,001 Hurdle³ IBOV 7 Currently generating performance Vinci Gas Dividendos 470 Hurdle³ IBOV 7 Currently generating performance Others 307 Currently generating performance Total Public Equities 5,452 Listed REITs 2,357 Hurdle³ IPCA 5 + 6% Currently generating performance VFDL 435 Preferred Return 4 IPCA 5 + 6% Within investment period FOF Strategy 227 Hurdle³ IFIX 9 Currently generating performance Others 16 Currently generating performance Total Real Estate 3,035 VCI II 739 Preferred Return 4 IPCA 5 + 6% Within investment period VES 614 Preferred Return 4 IPCA 5 + 6% Within investment period VCM FIM 360 Preferred Return 4 IPCA 5 + 5% Within investment period Energia FIM 272 Hurdle³ CDI 10 Currently generating performance VCS 175 Hurdle³ IPCA 5 + 5% Within investment period VCI I 257 Not expected to pay performance Others 919 Currently generating performance Total Credit 3,336 Atlas Strategy 490 Hurdle³ CDI 10 Currently generating performance Vinci Multiestratégia 490 Hurdle³ CDI 10 Currently generating performance Vinci Total Return 343 Hurdle³ IPCA 5 + Yield IMAB 11 Currently generating performance Others 1,224 Currently generating performance Total Hedge Funds 2,548 VIAS 371 Preferred Return 4 IPCA 5 + 6% Within investment period Transportation and Logistics 151 Preferred Return 4 IPCA 5 + 6% Within investment period FIP Infra Transmissão 72 Preferred Return 4 IPCA 5 + 8% Currently generating performance Others 199 Not expected to pay performance Total Infrastructure 793 PEAUM TOTAL 33,469 See notes and definitions at end of document

 

 

50 ▪ Notes to page 4 (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. Proforma AUM considers R$2.0 billion in AUM coming from the acquisition of SPS Capital, c losed on August 16, 2022. (2) As of 2Q’22 LTM. (3) CAGR is calculated considering Adjusted Distributable Earnings from 2018 to 2021. (4) LTM Dividend Yield is calculated considering 0.70 dividend/share distributed over the last twelve months and a price clos e o f US$10.80/share as of August 16, 2022. (5) Subject to due diligence process by BNDES. ▪ Notes to page 9 (1) Long term products include funds with former lockups superior to five years. (2) Private markets strategies include Private Equity, Real Estate, Credit and Infrastructure. ▪ Notes to page 15 (1) GP investment income comes from proprietary investments made by Vinci Partners in its own Private Markets’ funds. (2) Financial income is income generated through investments made with our cash and cash equivalents in cash and bank deposit s, certificate of deposits and proprietary investments in Vinci Partners’ Liquid Funds, including funds from Public Equities, Hedge Funds, Real Estate and Credit. ▪ Notes to page 16 (1) Adjusted after tax Distributable Earnings is calculated as Distributable Earnings excluding non - recurring expenses. ▪ Notes to page 17 (1) LTM Dividend Yield is calculated considering 0.70 dividend/share distributed over the last twelve months and a price close of US $10.80/share as of August 16, 2022. ▪ Notes to page 19 (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. Notes and Definitions

 

 

51 Notes and Definitions (cont’d) ▪ Notes to page 20 (1) Previously managed by Rio Bravo. (2) Fund commitment and related co - investments. ▪ Notes to page 21 (1) CVM ( Comissão de Valores Mobiliários ) is the Brazilian equivalent to the SEC. ▪ Notes to page 22 (1) Independent asset manager classification excludes any managers that are either affiliated with a bank franchise, global a sse t manager franchise, or a FoFs . (2) Other alternative local asset managers include Patria and Kinea . (3) Other independent asset managers include Gavea , SPX and Jive Investments. (4) Hedge funds include JPG, Bahia, Verde and others. (5) Incumbent banks include Banco do Brasil, ITAU Unibanco , Bradesco, Santander, and Caixa. (6) As of 2Q’22 LTM. Notes to page 36 (1) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (2) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve m ont hs values are calculated as the sum of the last four quarters. (3) Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021. (4) DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Las twelve mon ths are calculated as the sum of the last four quarters. (5) Non - recurring expenses for the second quarter of 2022 are composed by expenses related to professional services to matters r elated to M&A. For the six months ended June 30, 2022, non - recurring expenses include expenses related to professional services to matters related to our international corporate organi zat ion.

 

 

52 Notes and Definitions (cont’d) ▪ Notes to page 37 (1) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (2) Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021. (3) Non - recurring expenses for the second quarter of 2022 are composed by expenses related to professional services to matters r elated to M&A. For the six months ended June 30, 2022, non - recurring expenses include expenses related to professional services to matters related to our international corporate organi zat ion. (3) Profit before income taxes includes Dividends to partners related to management, advisory and performance fees, distribut ed by the company to its original partners before the company turned public in 2021. (4) Income taxes are comprised of taxes calculated over our corporate income tax and social contribution taxes. We are taxed on an actual taxable profit regime, while our subsidiaries are taxed based on deemed profit. Dividends to partners distributed by the company to its original partners before turned public in 202 1 a re not included in actual taxable regime. ▪ Notes to page 38 (1) Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021. (2) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. ▪ Notes to page 39 (1) Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000 in the prior fiscal year may ca lculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of su bsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. ▪ Notes to page 44 (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 and Atlas Institucional FIC FIM. (3) Equilibrio Strategy incudes the IP&S Family of pension plans. (4) CDI is an average of interbank overnight rates in Brazil(daily average for the period). (5) Brazil stock market most relevant index.

 

 

53 Notes and Definitions (cont’d) (6) IPCA is a broad consumer price index measured by the IBGE. (7) IMAB is composed by government bonds indexed to IPCA. IMAB 5 also includes government bonds indexed to IPCA with up to 5 Yea rs in duration. (8) IFIX is an index composed by listed REITs in the brazilian stock Market. ▪ Notes to page 45 (1) Track record information is presented throughout this presentation on a pro forma basis and in local currency, excluding PIP E investments, a strategy that will be discontinued in VCP III. (2) Total commitments for VCP III include R$1.3 billion in co - investments. Track record presented for the VCP strategy as of 1Q’ 22, due to fund’s administrator timeline to disclose the quarterly markup of the fund. (3) Track record for VIR strategy is presented as of 1Q’22, due to fund’s administrator timeline to disclose the quarterly ma rku p of the fund. (4) Track record for FIP Infra is presented as of 2Q’22. (5) Track record for VIAS is presented as of 2Q’22. (6) Track record for VFDL is presented as of 2Q’22. ▪ Notes to page 46 (1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.1239, as of August 9, 2022, whe n dividends were approved by our Board of Directors. (2) Per Share calculations are based on end of period Participating Common Shares. (3) Actual dividends per common share are calculated considering the share count as of the applicable record date. ▪ Notes to page 48 (1) The remaining capital committed in FIP Infra Transmissão and FIP Infra Transmissão co - investment will not be called by the fund, which is already in divestment period. ▪ Notes to page 49 (1) International mandates have several different benchmarks across its vehicles. (2) The preferred return w/ catch - up rule applies to funds for which the vehicle must pay back its limited partners 100% of the invested capital corrected by the preferred return rate so it can charge performance fees. Once the preferred return rate is achieved, due to the catch - up clause, performance fees are charged ov er the absolute return of the fund instead of the excess return over the preferred rate.

 

 

54 Notes and Definitions (cont’d) (3) Hurdle Rate is the minimum return the fund must achieve before it can charge performance fees. In most cases, funds with hur dle rate also are under a high - water mark clause. (4) Funds with preferred return must return 100% of invested capital corrected by the preferred return rate to its limited pa rtn ers in order to charge performance fees. (5) IPCA is a broad consumer price index measured by the IBGE. (6) IMAB 5 is composed by government bonds indexed to IPCA with up to 5 years in duration. (7) IBOV is the Brazilian stock market's most relevant index; (8) FTSE is London's stock market most relevant index. (9) IFIX is an index composed by listed REITs in the brazilian stock exchange. (10) The CDI rate is a result of the average interbank overnight rates in Brazil (daily average for the period). (11) IMAB is composed by government bonds indexed to IPCA (inflation rate) plus a fixed interest rate.

 

 

55 Notes and Definitions (cont’d.) ▪ “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manne r t hat does not include performance fees or investment income. We calculate FRE as operating profit less (a) net revenue from realized performance fees, less (b) net revenue from unrealized p erf ormance fees, plus (c) compensation allocated in relation to performance fees. ▪ “FRE Margin” is calculated as FRE over total net management and advisory fees. ▪ “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors for determining the amount of earni ngs available to distribute to shareholders as dividends. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) inc ome taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from GP investment income, less (e) unrealized ga in from financial income, plus (f) income taxes on unrealized gain from GP investment income, plus (g) income taxes on unrealized gain from financial income. ▪ “DE Margin” is calculated as DE over the sum of management and advisory fee related revenues, realized performance revenue, r eal ized GP investment income and realized financial income, net of revenue tax. ▪ “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from re venue that relies on outcome from funds above their respective benchmarks. We calculate PRE as operating profit, less (a) net revenue from fund management and advisory, less (b) operating exp enses, such as segment personnel, G&A, corporate center and bonus related to management and advisory. ▪ “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess pe rformance across the company’s four segments (Private Markets, Liquid Strategies, Investment Products and Solutions and Financial Advisory). Segment Distributable Earnings is calc ula ted as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP inv estment income. ▪ “AUM” refers to assets under management. Our assets under management equal the sum of: (1) the fair market value of the inves tme nts held by funds plus the capital that we are entitled to call from investors in those funds pursuant to the terms of their capital commitments to those funds (plus the fair market va lue of co - investments arranged by us that were made or could be made by limited partners of our corporate private equity funds and portfolio companies of such funds); (2) the net asset valu e o f our public equity funds, hedge funds and closed - end mutual funds; and (3) the amount of capital raised for our credit funds. AUM includes double counting related to funds from one segm ent that invest in funds from another segment. Those cases occur mainly due to (a) fund of funds of investment products and solutions segment, and (b) investment funds in general that inv est part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash. Such amounts are eliminated on consolidation. T he bylaws of the relevant funds prohibit double - charging fees on AUM across segments. Therefore, while our AUM by segment may double - count funds from one segment that invest in funds from anoth er segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on re ven ues in our results of operations. ▪ Net Cash and Investments include cash and cash equivalents and the fair value of investments in liquid funds and GP Fund Inve stm ents. Cash and cash equivalents include cash, certificate of deposits, which are issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates from 99.5% to 10 1% of CDI.

 

 

56 Notes and Definitions (cont’d.) ▪ “Net revenue from Fund Management and Advisory” is a performance measure that we use to assess our ability to generate profit s f rom 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 Ad vis ory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees. ▪ “Total compensation and benefits” is the result of the profit sharing paid to our employees as (a) bonus compensation related to management advisory and (b) performance - based compensation. Total compensation and benefits include Dividends to Partners, distributed by the company to its original partn ers before the public turned public in 2021. In accordance with the by - laws of Vinci Brazil, dividends have historically been distributed based on the resolution of the partners. Therefore, di vidends could be distributed on a non - proportional basis among quota holders, which are comprised by the partners of Vinci Brazil. After the company’s IPO, Vinci Partners changed its compe nsa tion structure, from a dividend distribution policy to a profit - sharing scheme our partners. ▪ “Segment personnel expenses” are composed of the salary - part compensation paid to employees and partners of our funds’ managemen t teams. ▪ “Corporate center expenses” are composed by the salary - compensation paid to employees and other general and administrative expen ses related to our support teams, such as research, risk, legal & compliance, investor relations, operations and ESG. ▪ “Other general and administrative expenses” is made up of third - party expenses, depreciation and amortization, travel and repres entation, marketing expenses, administrative fees, non - operating taxes, third - party consultants’ fees, such as legal and accounting, and office consumables. ▪ “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commit men ts. ▪ “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank depos its , certificate of deposits and proprietary investments in our Liquid Funds from our public equities and hedge funds’ segments and listed REITs from our real estate segment. ▪ “Leasing expenses” include costs from the company’s sub - leasing activities. ▪ “Income taxes” is comprised of taxes on our corporate income tax and social contribution taxes. We are taxed on an actual tax abl e profit regime, while our subsidiaries are taxed based on deemed profit. Dividends to partners distributed by the company to its original partners before turned public in 2021 are not in cluded in actual taxable regime. ▪ “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets ’ c losed end and listed funds. ▪ “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our liquid strategies, IP&S and cre dit segments. ▪ “Appreciation / (depreciation)” represents the net capital appreciation/depreciation from our funds, which refers to the incr eas e or decrease of the funds’ investment’s value. ▪ “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is ca lcu lated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees. ▪ “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to ze ro in a discounted cash flow analysis.

 

 

57 Funds/strategies’ descriptions ▪ Vinci Multiestratégia : The fund seeks to achieve long - term returns by investing in fixed income assets, through strategies that imply interest rates and currency risks. ▪ Vinci Atlas: The fund seeks to achieve long - term returns by investing across all strategies within fixed income, equities, curre ncy, derivatives, commodities and other investment funds with no obligation of any class concentration. ▪ Vinci Mosaico FIA: Public Equities’ long only flagship strategy. The strategy seeks to achieve long - term returns above Brazilian equities mar ket ( Ibovespa ) based on a fundamental analysis. ▪ Vinci Gas Dividendos : Public Equities’ dividends flagship strategy. The strategy seeks to achieve long - term returns by investing in companies with a consistent history of paying dividends in the Brazilian stock market. ▪ Vinci Total Return: The fund seeks to achieve medium and long - term returns by investing most of its capital in the Brazilian sto ck market, through bottom up and top - down strategies. ▪ Vinci Valorem: IP&S flagship commingled fund with exposure to fixed income assets, foreign exchange currency and derivatives. ▪ Equilibrio Strategy: IP&S family of pension plan funds. The strategy seeks to achieve long - term returns by investing across all strategies within fixed income, equities, currency, derivatives, commodities and other investment funds, respecting limitations in regulation. ▪ Vinci Selection Equities: The fund seeks to beat the Brazilian stock market index by investing in other funds that invest in Bra zilian public equities. ▪ Vinci Crédito Imobiliário I: The fund seeks to achieve long - term returns by investing in real estate mortgage - backed credit security bonds. ▪ Vinci Crédito Estruturado Multiestratégia PLUS FIC FIM: The fund seeks to achieve consistent returns by investing in private structured credit bonds. ▪ VISC11: Shopping malls listed REIT, focused on acquiring income - generating shopping malls in Brazil. ▪ VILG11: Industrial listed REIT focused on acquiring mature income - generating industrial properties in Brazil. ▪ VINO11: Listed REIT focused on acquiring mature income - generating boutique office real estate assets in Brazil. ▪ VIF11: Listed REIT that invests in other listed REITs and real estate mortgage - backed credit security bonds. ▪ VIUR11: perpetual capital listed REIT, focused on income generation to its quota holders through the acquisition of urban com mer cial properties in Brazil, such as street retail, grocery, healthcare, and educational focused real estate properties. ▪ VCRI: Listed REIT that aims to invest in MBS, while also being able to invest in listed REITs with similar investment strateg ies .

 

 

Rio de Janeiro 55 21 2159 6000 Av. Bartolomeu Mitre, 336 Leblon - 22431 - 002 São Paulo 55 11 3572 3700 Av. Brigadeiro Faria Lima, 2.277 14 o andar Jardim Paulistano - 01452 - 000 Recife 55 81 3204 6811 Av. República do Líbano, 251 - Sala 301 Torre A - Pina - 51110 - 160 Nova York 1 646 559 8000 780 Third Avenue, 25 th Floor - 10017

 



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