Exhibit 99.1
Third Quarter 2022 Earnings Presentation November 09, 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 with any contract or commitment whatsoever. This presentation also includes certain non - GAAP financial information. We believe that such information is meaningful and usefu l 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 o f our business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Board, prov ide a more complete understanding of factors and trends affecting our business. Further, investors regularly rely on non - GAAP financial measures to assess operating performance and suc h 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 cer tai n 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 st atements. 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 . A s other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliatio n o f such non - GAAP financial measures to the nearest GAAP measure is included in this presentation. 2
3 Presenters Alessandro Horta Chief Executive Officer Sergio Passos Chief Operating Officer & Chief Financial Officer Bruno Zaremba Private Equity Chairman & Head of Investor Relations
Opening Remarks
5 25 50 63 2018 2020 3Q'22 Vinci Partners reports notable results in the third quarter with attractive dividend distribution After - tax Adjusted DE 4 3Q22 R$73.2mm R$ 63 bn AUM¹ See notes and definitions at end of document Vinci Partners ended the third quarter of 2022 with R$63.4 bn in AUM¹ , pushed by the secular trend for growth in allocation to alternatives in Brazil Vinci Partners continues to deliver solid results, which translates into substantial amounts of free cash flow and attractive dividend distribution to shareholders Quarterly Dividend US$0.20 Per share Dividends since IPO US$1.20 Per share Vinci achieved several important milestones across Private Market strategies in the quarter: 6.7 % LTM Dividend Yield 5 VICA Real Estate/Credit The new Agribusiness Strategy raised R$360 million through a public offer closed in August FDIRS Infrastructure Vinci was selected to manage the Sustainable Regional Development Fund, with AUM starting at R$750 million that should be activated in the next few quarters DEPS 3Q22 R$1.32 19 % YoY Vinci SPS Special Situations Vinci completed the acquisition of SPS Capital on August 16 th , a leading independent asset manager focused on Special Situations
Financial Highlights
7 Third Quarter 2022 Segment Earnings (Unaudited) See notes and definitions at end of document (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY(%) 3Q'21 YTD 3Q'22 YTD ∆ YoY(%) Net revenue from management fees 92,855 89,271 95,361 3% 269,476 271,861 1% Net revenue from advisory fees 25,163 6,659 7,267 - 71% 46,607 17,600 - 62% Total Fee Related Revenues 118,018 95,930 102,628 - 13% 316,083 289,461 - 8% Segment personnel expenses (5,600) (6,233) (6,509) 16% (16,225) (19,291) 19% Other G&A expenses (5,163) (4,178) (4,725) - 8% (12,795) (13,406) 5% Corporate center expenses (18,149) (21,350) (22,067) 22% (56,957) (62,178) 9% Bonus compensation related to management and advisory (25,994) (17,267) (19,798) - 24% (61,602) (54,337) - 12% Total Fee Related Expenses (54,906) (49,028) (53,099) - 3% (147,580) (149,211) 1% FEE RELATED EARNINGS (FRE) 63,112 46,902 49,529 - 22% 168,503 140,250 - 17% FRE Margin (%) 53.5% 48.9% 48.3% 53.3% 48.5% FRE per share¹ (R$/share) 1.12 0.84 0.89 2.97 2.52 Net revenue from performance fees 5,610 3,839 31 - 99% 34,185 7,042 - 79% Performance based compensation (1,798) (1,427) (537) - 70% (12,907) (2,996) - 77% PERFORMANCE RELATED EARNINGS (PRE) 3,812 2,412 (506) N/A 21,278 4,046 - 81% PRE Margin (%) 68.0% 62.8% N/A 62.2% 57.5% ( - ) Unrealized performance fees 7,036 – 2,571 - 63% (2,451) 1,935 N/A (+) Unrealized performance compensation (2,258) – (910) - 60% 872 (685) N/A (+) Realized GP investment income 1,421 4,926 5,738 304% 1,878 12,709 577% SEGMENT DISTRIBUTABLE EARNINGS 73,123 54,240 56,422 - 23% 190,081 158,255 - 17% Segment DE Margin (%) 55.4% 51.8% 50.8% 54.4% 50.9% (+) Depreciation and amortization 925 976 1,223 32% 2,790 3,183 14% (+) Realized financial income 315 20,001 31,726 9,972% 19,198 76,723 300% ( - ) Leasing expenses (3,065) (2,400) (2,297) - 25% (9,328) (7,169) - 23% ( - ) Other items 775 644 (1,689) N/A (459) (2,181) 375% ( - ) Extraordinary expenses – (962) (523) N/A – (6,595) N/A ( - ) Income taxes (excluding related to unrealized fees and income) (10,330) (12,064) (12,020) 16% (38,562) (35,685) - 7% DISTRIBUTABLE EARNINGS (DE) 61,743 60,435 72,842 18% 163,719 186,532 14% DE Margin (%) 46.6% 48.5% 51.0% 44.4% 48.1% DE per share (R$/share) ² 1.09 1.09 1.32 2.89 3.36 (+) Nonrecurring expenses (including Income Tax effect) ³ – 635 353 N/A – 5,425 N/A ADJUSTED DISTRIBUTABLE EARNINGS 61,743 61,070 73,195 19% 163,719 191,957 17% Adjusted DE Margin (%) 46.6% 49.0% 51.3% 44.4% 49.5% Adjusted DE per share (R$/share) 1.09 1.10 1.32 2.89 3.45
8 ▪ Total assets under management (“AUM”) of R$63.4 billion, up 9% year - over - year. ▪ Fee - Earning AUM (“FEAUM”) of R$59.7 billion, up 7% year - over - year. ▪ New capital subscriptions of R$508 million in the quarter and R$4.2 billion over the 3Q ’22 LTM . ▪ Capital Return of R$161 million in the quarter and R$1.8 billion over the 3Q’22 LTM. ▪ Acquisitions of R$2.1 billion in AUM in the quarter. ▪ Performance fee - eligible AUM (“PEAUM”) of R$36.9 billion at the end of the quarter. ▪ Net cash and investments of R$1.4 billion (R$25.38/share) at the end of the quarter. Third Quarter 2022 Highlights ▪ Fee - related revenues of R$102.6 million in the third quarter, up 7% quarter - over - quarter and down 13% year - over - year. ▪ FRE was R$49.5 million in the 3Q’22 , up 6% quarter - over - quarter and down 22% year - over - year, due to reduction in year - over - year advisory revenues. ▪ Adjusted Distributable Earnings (“DE”) of R$73.2 million (R$1.32/share) in the quarter, up 19% year - over - year. x Adjusted DE was R$ 192.0 million (R$ 3.45 /share) over the YTD 3Q’22 , up 17 % year - over - year. Financial Measures Capital Metrics Capital Returned to Shareholders ▪ Quarterly dividend of US$0.20 per common share payable on December 8, 2022. ▪ Total capital used for share repurchases of R$11.9 million in the 3Q’22.
9 18 21 2 3 7 8 27 32 3Q'21 3Q'22 5-10 Years 10+ Years Perpetual or quasi-perpetual 20 24 12 11 24 25 56 60 3Q'21 3Q'22 Private Markets Liquid Strategies IP&S 22 28 13 11 24 25 58 63 3Q'21 3Q'22 Private Markets Liquid Strategies IP&S We continue to see AUM expansion across the platform, with highlight to long - term products ▪ Total assets under management (AUM) of R$63.4 billion, up 9% year - over - year, driven primarily by strong fundraising coming from Private Markets funds and the closing of the acquisition of SPS Capital. ▪ Total Fee - Earning AUM (FEAUM) of R$59.7 billion, up 7% year - over - year. ▪ Total Long - Term AUM of R$31.6 billion in the 3Q’22, up 18% year - over - year. Long - Term AUM currently represents 50% of Vinci Partn ers’ total AUM, which translates into more predictable and recurring revenues. AUM 3Q ’ 22 vs 3Q ’ 21 ( R$bn ) Fee - Earning AUM 3Q ’ 22 vs 3Q ’ 21 ( R$bn ) Long - Term AUM¹ 3Q ’ 22 vs 3Q ’ 21 ( R$bn ) + 9% + 7% +18% See notes and definitions at end of document
10 33% 25% 22% 11% 9% Local Institutional HNWI Institutional Offshore Allocators & Distributors Public market vehicles 25% 12% 6% 1% 4% 22% 15% 6% 9% Private Equity Real Estate Credit Vinci SPS Infrastructure IP&S Public Equities Hedge Funds Advisory 22% 9% 7% 3% 2% 40% 12% 5% Our AUM base favors alpha - driven strategies, while our revenue profile is management fee - centric Our platform is highly diversified across different strategies and clients 49 % of net revenues come from private market strategies ² 50 % of AUM is in long term products ¹ AUM diversified across five different distribution channels AUM 3Q ' 22 Net Revenues 3Q ' 22 LTM See notes and definitions at end of document AUM 3Q ' 22
11 89% 11% Private Equity Infrastructure Vinci holds a strong long - term upside from realization of performance fees in private market funds Gross Accrued Performance Fees – Private Market Funds ▪ Performance fee receivable increased to R$154.8 million in the 3Q’22, a 6% increase quarter - over - quarter. ▪ The VCP strategy¹ in Private Equity accounted for R$137.3 million in accrued performance fees, or 89% of total performance fe es. ▪ Vinci Partners had, as of 3Q’22, R$10 billion in performance eligible AUM coming from Private Markets’ funds still within inv est ment period. ▪ Accrued performance fees coming from the Infrastructure strategy are the only fees booked as unrealized in the company's bala nce sheet as of the third quarter of 2022, following IFRS 15 rules. Private Equity accrued performance fees reflect the funds' most recent mark and are not booked in the company's balance sheet ye t. R$154.8 mm Accrued Performance Fees (R$ 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 $ 17 . 3 million as of the end of the third quarter of 2022 booked as unrealized performance fees in the company ´ s balance sheet . Accrued performance fees shown for Private Equity funds of R $ 137 . 3 million as of the end of the third 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
12 29% 22% 17% 10% 10% 7% 3% 2% Private Equity IP&S Public Equities Real Estate Credit Hedge Funds Vinci SPS Infrastructure PERFORMANCE FEE ELIGIBLE AUM (PEAUM) Strategy/Fund AUM R$mm Index type Index Rate Status Offshore Vehicles 3,469 Preferred Return w/ Catch - Up² USD + 8% Within investment period Onshore Vehicles 2,852 Preferred Return w/ Catch - Up² IPCA 5 + 8% Within investment period Nordeste III 217 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 3,787 Not expected to pay performance Total Private Equity 10,421 Vinci Valorem 2,115 Hurdle³ IMAB 5 6 Currently generating performance Separate Mandates 1,843 Hurdle³ IBOV 7 + alpha Currently generating performance International¹ 1,636 Currently generating performance Commingled Funds 740 Hurdle³ IBOV 7 + alpha Currently generating performance VSP 205 Preferred Return w/ Catch - Up² IPCA 5 + 8% Currently generating performance Others 1,322 Currently generating performance Total IP&S 7,861 SWF 4,169 Hurdle³ FTSE 8 Currently generating performance Mosaico Strategy 1,048 Hurdle³ IBOV 7 Currently generating performance Vinci Gas Dividendos 534 Hurdle³ IBOV 7 Currently generating performance Others 350 Currently generating performance Total Public Equities 6,102 Listed REITs 2,704 Hurdle³ IPCA 5 + 6% Currently generating performance VFDL 435 Preferred Return 4 IPCA 5 + 6% Within investment period FOF Strategy 145 Hurdle³ IFIX 9 Currently generating performance Others 235 Currently generating performance Total Real Estate 3,518 VCI II 751 Preferred Return 4 IPCA 5 + 6% Within investment period VES 589 Preferred Return 4 IPCA 5 + 6% Within investment period VCM FIM 347 Preferred Return 4 IPCA 5 + 5% Within investment period Energia FIM 284 Hurdle³ CDI 10 Currently generating performance VCS 112 Hurdle³ IPCA 5 + 5% Within investment period VCI I 240 Not expected to pay performance FOF Strategy 31 Hurdle³ IFIX 9 Currently generating performance Others 1,121 Currently generating performance Total Credit 3,474 Atlas Strategy 465 Hurdle³ CDI 10 Currently generating performance Vinci Multiestratégia 530 Hurdle³ CDI 10 Currently generating performance Vinci Total Return 371 Hurdle³ IPCA 5 + Yield IMAB 11 Currently generating performance Others 1,267 Currently generating performance Total Hedge Funds 2,633 VIAS 370 Preferred Return 4 IPCA 5 + 6% Within investment period Transportation and Logistics strategy 151 Preferred Return 4 IPCA 5 + 6% Within investment period FIP Infra Transmissão 69 Preferred Return 4 IPCA 5 + 8% Currently generating performance Others 198 Not expected to pay performance Total Infrastructure 788 Special Situations 1,088 Preferred Return 4 CDI 10 Within investment period Total Vinci SPS 1,088 PEAUM TOTAL 35,885 Significant exposure to performance fee - eligible AUM ▪ Total Performance fee eligible AUM (PEAUM) of R$35.9 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$10 billion in AUM comes from “preferred return” funds with carried interest, that are still in investment period. PEAUM R$36 bn See notes and definitions at end of document
13 93 95 25 7 118 103 3Q'21 3Q'22 Management fees Advisory fees 269 272 47 18 316 289 3Q'21 YTD 3Q'22 YTD Management fees Advisory fees 89 95 7 7 96 103 2Q'22 3Q'22 Management fees Advisory fees Fee Related Revenues 3Q ’ 22 vs. 3Q ’ 21 ( R$mm ) Fee Related Revenues Management fees remain the main contributor to revenues, accounting for 93% of total revenues over the 3Q’22 YTD ▪ Fee related revenues totaled R$102.6 million in the quarter, up 7% quarter - over - quarter, a combination of the strong fundraising occurred in the latter part of the 2Q'22, starting to positively impact revenues in the third quarter, and the partial impact coming from the SPS acquisition, closed in mid - August. ▪ Fee related revenues were down 13% year - over - year due to a higher contribution from advisory fees in the 3Q'21. Management fees were up 3% year - over - year. ▪ Fee related revenues accounted for R$289.5 million over the 3Q’22 YTD, down 8% when compared to the 3Q’21 YTD, driven by stro nge r deal activity in 2021 resulting in higher advisory fees in the period. Management fees were up 1% year - over - year. Fee Related Revenues 3Q ’ 22 vs. 2Q ’ 22 ( R$mm ) Fee Related Revenues 3Q’22 YTD vs. 3Q’21 YTD ( R$mm ) + 9% QoQ + 7% QoQ - 71% YoY + 3% YoY - 62% YoY + 1% YoY
14 75 57 57 62 16 19 13 13 160 152 3Q'21 YTD 3Q'22 YTD Bonus compensation Corporate center Segment Personnel expenses Other G&A 28 20 18 22 6 7 5 5 57 54 3Q'21 3Q'22 Bonus compensation Corporate center Segment Personnel expenses Other G&A Operating Expenses ▪ Total operating expenses of R$53.6 million in the quarter, down 5% year - over - year. ▪ Disregarding bonus compensation, Personnel, Corporate center and G&A expenses were up 15% year - over - year due to higher inflation in the period and return of travel expenses to the same levels experienced before COVID - 19 pandemic. ▪ Total operating expenses of R$152.2 during the 3Q’22 YTD , a decrease of 5% when compared to the 3Q’21 YTD. Total Expenses 3Q ’ 22 vs. 3Q ’ 21 ( R$mm ) Total Expenses 3Q’22 YTD vs. 3Q ’ 21 YTD ( R$mm ) - 5% - 5%
15 47 50 2Q'22 3Q'22 Fee Related Earnings (FRE) ▪ Fee Related Earnings (FRE)¹ of R$49.5 million (R$0.89/share) in the quarter, up 6% quarter - over - quarter, driven by the strong fu ndraising across Private Markets, combined with the partial impact from the SPS acquisition², closed in mid - August. ▪ FRE in the 3Q'22 was down 22% year - over - year. This decrease comes primarily from the Financial Advisory segment, following recor d revenues posted in the 3Q'21. Additionally, in 2022 FRE has been negatively impacted by investments made in our new segment, still in development, VRS. ▪ Considering only the asset management segments³, FRE would be down 1% year - over - year, impacted partially by higher fixed costs f ollowing the rise in inflation rates and the return of travel costs to pre - pandemic levels, combined with a mark - to - market effect in Liquid Strategies' funds in 2022. ▪ FRE Margin was 48% for the 3Q’22, a decrease of 5.2 percentage point when compared to the 3Q’21. On a comparable basis, FRE m arg in disregarding our VRS segment, would be 50%. See notes and definitions at end of document % FRE margin Fee Related Earnings 3Q’22 vs. 2Q’22 ( R$mm ) 48% 49% + 6% QoQ Fee Related Earnings Per Segment 3Q’22 vs. 3Q’21 ( R$mm ) Segment 3Q'21 3Q'22 ∆ YoY(%) Private Markets 26 27 3% Liquid Strategies 12 10 - 22% IP&S 10 11 14% Financial Advisory 15 4 - 76% Retirement Services – - 1 N/A FRE 63 50 - 22% (+) Retirement Services – 1 N/A FRE w/o VRS 63 51 - 19% 53% 48% 53% 50% FRE per share ¹ R$0.84 R$0.89 R$0.89 R$1.09
16 9 1 (5) (2) 4 (1) 3Q'21 3Q'22 Realized Unrealized 20 5 2 (1) 21 4 3Q'21 YTD 3Q'22 YTD Realized Unrealized Performance Related Earnings (PRE) ▪ Performance related earnings (PRE)¹ of negative R$0.5 million in the quarter. ▪ PRE¹ was R$4.0 million (R$0.07/share) over the 3Q’22 YTD , down 81% when compared to the 3Q’21 YTD. ▪ In the 3Q'21 the platform was positively impacted by higher contributions coming from international exclusive mandates in IP& S. ▪ PRE is negative in the quarter as a result of the mark - to - market correction in unrealized performance fees booked in the company ’s balance sheet. Performance Related Earnings 3Q ’ 22 vs. 3Q ’ 21 ( R$mm ) Performance Related Earnings 3Q’22 YTD vs. 3Q’21 YTD ( R$mm ) % PRE margin - 81% 57 % 62 % PRE per share¹ R$0.07 - R$0.01 R$0.37 R$0.07 See notes and definitions at end of document N/A 68 %
17 19 77 2 13 21 89 3Q'21 YTD 3Q'22 YTD Realized Financial Income Realized GP Investment Income 32 1 6 2 37 3Q'21 3Q'22 Realized Financial Income Realized GP Investment Income Realized GP Investment and Financial income ▪ Realized GP Investment¹ and Financial income² of R$37.5 million in the 3Q ’ 22, up 2,058% year - over - year, driven by realized gains in our liquid funds' portfolio. ▪ Realized GP Investment income of R$5.7 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$89.4 million over the 3Q’22 YTD , up 324% when compared to the 3Q’ 21 YTD. See notes and definitions at end of document Realized GP Investment¹ and Financial income² 3Q ’ 22 vs 3Q ’ 21 ( R$mm ) Realized GP Investment¹ and Financial income² 3Q’22 YTD vs 3Q’21 YTD ( R$mm ) + 2,058% + 324%
18 62 73 3Q'21 3Q'22 164 192 3Q'21 YTD 3Q'22 YTD Adjusted Distributable Earnings (DE) ▪ Adjusted Distributable Earnings (DE)¹ of R$73.2 million (R$1.32/share) in the quarter, up 19% year - over - year, driven by the incr ease in management fees and financial income in the quarter. ▪ Adjusted DE margin for the quarter was 51%, up 4.7 percentage points when compared to the 3Q’21. Adjusted DE margin was 49% i n t he 3Q’22 YTD , an increase of 5.1 percentage points compared to the 3Q’21 YTD. ▪ Adjusted DE was R$192.0 million (R$3.45/share) in the 3Q’22 YTD, up 17% when compared to the 3Q’21 YTD . Adjusted Distributable Earnings (DE) 3Q ' 22 vs. 3Q ' 21 ( R$mm ) Adjusted Distributable Earnings (DE) 3Q’22 YTD vs. 3Q’21 YTD ( R$mm ) Adjusted DE per share² + 19% % Adjusted DE margin R$1.09 R$1.32 + 17% 49 % 44% R$2.89 R$3.45 See notes and definitions at end of document 51% 47%
19 24.37 25.38 2Q'22 3Q'22 Cash and Net Investments per share 4 (R$/share) Share Repurchase Activity (in R$ million, unless mentioned) 2Q'22 3Q'22 Total Shares Repurchased (number of shares) 250,360 220,098 Total Capital Used for Share Repurchases 14.6 11.9 Remaining Share Repurchase Plan Authorization 5 56.4 44.5 Average Price Paid Per Share (US$) 11.7 10.3 (in R$ millions, unless mentioned) 2Q'22 3Q'22 Cash and cash equivalents¹ 57.8 97.4 Net Investments 1,296.7 1,307.8 Liquid funds² 1,017.8 984.5 GP Fund Investments³ 278.9 323.3 Cash and Net Investments 1,354.5 1,405.2 Cash and Net Investments per share 4 (R$/share) 24.37 25.38 Balance Sheet Highlights ▪ As of September 30, 2022, Vinci Partners had R$1.4 billion (R$25.38/share) in total cash and net investments, that comprise c ash , cash equivalents and net investments (liquid funds and GP fund investments at fair value). ▪ Vinci Partners repurchased 220,098 shares in the quarter with an average share price of US$10.3. As of September 30, 2022, th e c ompany had R$44.5 million remaining in its current authorized share repurchase plan. See notes and definitions at end of document
Segment Highlights
21 55% 20% 20% 5% Private Markets Liquid Strategies IP&S Financial Advisory 53% 20% 22% 5% Financials by segment ▪ Fee Related Earnings (FRE), disregarding Vinci Retirement Services segment, were R$144.7 million over the 3Q’22 YTD, with 53% of FRE coming from Private Markets, followed by IP&S accounting for 22%, Liquid Strategies for 20% and Financial Advisory for 5%. ▪ Segment Distributable Earnings, disregarding Vinci Retirement Services segment, were R$162.7 million over the 3Q’22 YTD, with 55 % coming from Private Markets’ strategies, followed by IP&S and Liquid Strategies both accounting for 20% and Financial Advisory for 5%. Segment Distributable Earnings 3Q’22 YTD by Segment Fee Related Earnings (FRE) 3Q’22 YTD by Segment R$145 mm R$163 mm
22 Private Equity 49% Real Estate 21% Credit 16% Vinci SPS 8% Infrastructure 6% Private Markets' AUM (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY (%) 3Q'21 YTD 3Q'22 YTD ∆ (%) Net revenue from management fees 49,057 47,654 52,949 8% 145,045 147,362 2% Net revenue from advisory fees 823 275 560 - 32% 3,969 1,301 - 67% Total Fee Related Revenues 49,880 47,929 53,509 7% 149,014 148,663 0% Segment personnel expenses (2,739) (2,923) (3,148) 15% (7,899) (8,807) 11% Other G&A expenses (3,671) (2,411) (2,549) - 31% (8,903) (7,715) - 13% Corporate center expenses (7,441) (10,827) (11,287) 52% (27,817) (31,668) 14% Bonus compensation related to management and advisory (10,053) (7,426) (9,662) - 4% (25,351) (24,395) - 4% Total Fee Related Expenses (23,904) (23,587) (26,646) 11% (69,971) (72,585) 4% FEE RELATED EARNINGS (FRE) 25,976 24,342 26,863 3% 79,043 76,078 - 4% FRE Margin (%) 52.1% 50.8% 50.2% 53.0% 51.2% Net revenue from performance fees 962 1,719 (2,559) N/A 3,216 (201) N/A Realized performance fees 10 1,719 11 14% 765 1,734 127% Unrealized performance fees 952 – (2,571) N/A 2,451 (1,935) N/A Performance based compensation (340) (609) 905 N/A (1,071) 70 N/A PERFORMANCE RELATED EARNINGS (PRE) 622 1,110 (1,654) N/A 2,145 (131) N/A PRE Margin (%) 64.7% 64.6% 64.6% 66.7% 65.1% ( - ) Unrealized performance fees (952) – 2,571 N/A (2,451) 1,935 N/A (+) Unrealized performance compensation 337 – (910) N/A 869 (685) N/A (+) Realized GP investment income 1,421 4,926 5,738 304% 1,878 12,709 577% SEGMENT DISTRIBUTABLE EARNINGS 27,405 30,377 32,607 19% 81,484 89,906 10% Segment DE Margin (%) 53.4% 55.7% 55.0% 53.7% 55.1% ASSETS UNDER MANAGEMENT (AUM R$millions) 21,657 23,998 27,603 27% 21,657 27,603 27% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 19,680 20,722 24,183 23% 19,680 24,183 23% AVERAGE MANAGEMENT FEE RATE (%) 0.98% 0.90% 0.87% 0.98% 0.89% FULL TIME EMPLOYEES 50 46 62 24% 50 62 24% Private Markets R$28 bn AUM ▪ Fee related earnings (FRE) of R$26.9 million in the quarter, up 3% year - over - year, driven by a combination of the strong fundrai sing over the 3Q’22 LTM and partial effect from the incorporation of Vinci SPS. The acquisition, closed in mid - August, will start to fully impact management fee revenues from the f ourth quarter onwards. The decrease in average management fee rate is a combination of the current lower average management fee rate for R$1.7 billion in AUM coming from re cen tly raised and/or incorporated funds, which will have a positive upside to average management fee rates as these products deploy capital throughout the next quarters (highlights t o V inci SPS’ third vintage and Vinci Credit Infra). ▪ FRE was R$76.1 million over the 3Q’22 YTD, a decrease of 4% when compared to the 3Q’21 YTD, due to an increase in operating c ost s, a consequence of higher inflation in the period and return of travel expenses to pre - pandemic levels. ▪ Segment Distributable Earnings of R$32.6 million in the quarter, up 19% year - over - year. Segment DE was R$89.9 million over the 3 Q’22 YTD, an increase of 10% when compared to the 3Q’21 YTD boosted by a higher contribution from GP investment income coming from dividend distributions from the company's se ed investments in proprietary listed REITs. ▪ Total AUM of R$27.6 billion at the end of the quarter, an increase of 27% year - over - year, driven by strong fundraising across Pr ivate Equity and Credit strategies and the acquisition of SPS.
23 (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY (%) 3Q'21 YTD 3Q'22 YTD ∆ (%) Net revenue from management fees 23,273 20,210 20,720 - 11% 66,276 61,502 - 7% Net revenue from advisory fees – – – N/A – – N/A Total Fee Related Revenues 23,273 20,210 20,720 - 11% 66,276 61,502 - 7% Segment personnel expenses (1,431) (1,394) (1,398) - 2% (4,111) (4,176) 2% Other G&A expenses (598) (780) (1,009) 69% (1,903) (2,465) 30% Corporate center expenses (3,085) (4,592) (4,643) 50% (11,774) (13,438) 14% Bonus compensation related to management and advisory (5,864) (3,922) (4,134) - 29% (13,176) (12,005) - 9% Total Fee Related Expenses (10,978) (10,688) (11,185) 2% (30,964) (32,084) 4% FEE RELATED EARNINGS (FRE) 12,295 9,522 9,535 - 22% 35,312 29,418 - 17% FRE Margin (%) 52.8% 47.1% 46.0% 53.3% 47.8% Net revenue from performance fees 1,689 1,300 1,424 - 16% 10,149 5,049 - 50% Realized performance fees 1,689 1,300 1,424 - 16% 10,149 5,049 - 50% Unrealized performance fees – – – N/A – – N/A Performance based compensation (569) (459) (743) 31% (5,287) (1,924) - 64% PERFORMANCE RELATED EARNINGS (PRE) 1,120 841 681 - 39% 4,862 3,125 - 36% PRE Margin (%) 66.3% 64.7% 47.8% 47.9% 61.9% ( - ) Unrealized performance fees – – – N/A – – N/A (+) Unrealized performance compensation – – – N/A – – N/A SEGMENT DISTRIBUTABLE EARNINGS 13,415 10,363 10,216 - 24% 40,174 32,543 - 19% Segment DE Margin (%) 53.7% 48.2% 46.1% 52.6% 48.9% ASSETS UNDER MANAGEMENT (AUM R$millions) 12,600 9,845 10,760 - 15% 12,600 10,760 - 15% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 12,466 9,708 10,606 - 15% 12,466 10,606 - 15% AVERAGE MANAGEMENT FEE RATE (%) 0.76% 0.78% 0.86% 0.72% 0.79% FULL TIME EMPLOYEES 24 22 23 - 4% 24 23 - 4% R$11 bn AUM Liquid Strategies ▪ Fee related earnings (FRE) of R$9.5 million in the quarter, down 22% year - over - year. FRE was R$29.4 million over the 3Q’22 YTD, a decrease of 17% compared to the 3Q’21 YTD, driven by the mark - to - market effect in liquid strategies' AUM that negatively impacted management fee revenues in 2022. ▪ Performance related earnings (PRE) of R$0.7 million in the quarter, down 39% year - over - year. PRE was R$3.1 million over the 3Q’2 2 YTD, a decrease of 36% when compared to the 3Q’21 YTD. ▪ Segment Distributable Earnings of R$10.2 million in the quarter, down 24% year - over - year. Segment Distributable Earnings was R$3 2.5 million over the 3Q’22 YTD, a decrease of 19% when compared to 3Q’21. ▪ AUM was R$10.8 billion at the end of the 3Q22. Liquid strategies' AUM has not suffered from significant outflows in the quart er and has followed the recovery trend in local markets, accumulating R$1.0 billion in net appreciation during the period. Public Equities 73% Hedge Funds 27% Liquid Strategies' AUM
24 Separate Mandates 63% Pension Plans 16% International 11% Commingled Funds 10% IP&S AUM (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY (%) 3Q'21 YTD 3Q'22 YTD ∆ (%) Net revenue from management fees 20,525 21,407 21,692 6% 58,154 62,995 8% Net revenue from advisory fees 8 7 7 - 11% 47 21 - 55% Total Fee Related Revenues 20,533 21,414 21,699 6% 58,201 63,016 8% Segment personnel expenses (1,032) (1,078) (1,075) 4% (3,011) (3,980) 32% Other G&A expenses (491) (450) (622) 27% (1,300) (1,672) 29% Corporate center expenses (3,993) (4,864) (4,923) 23% (11,775) (13,852) 18% Bonus compensation related to management and advisory (5,377) (3,557) (4,125) - 23% (12,972) (11,837) - 9% Total Fee Related Expenses (10,893) (9,948) (10,745) - 1% (29,059) (31,341) 8% FEE RELATED EARNINGS (FRE) 9,640 11,466 10,954 14% 29,142 31,675 9% FRE Margin (%) 47.0% 53.5% 50.5% 50.1% 50.3% Net revenue from performance fees 2,959 820 1,167 - 61% 20,822 2,194 - 89% Realized performance fees 10,947 820 1,167 - 89% 20,822 2,194 - 89% Unrealized performance fees (7,988) – – N/A – – N/A Performance based compensation (889) (360) (698) - 22% (6,549) (1,142) - 83% PERFORMANCE RELATED EARNINGS (PRE) 2,070 460 469 - 77% 14,273 1,052 - 93% PRE Margin (%) 69.9% 56.1% 40.2% 68.5% 48.0% ( - ) Unrealized performance fees 7,988 – – N/A – – N/A (+) Unrealized performance compensation (2,596) – – N/A 3 – N/A SEGMENT DISTRIBUTABLE EARNINGS 17,102 11,926 11,422 - 33% 43,418 32,727 - 25% Segment DE Margin (%) 54.3% 53.6% 50.0% 54.9% 50.2% ASSETS UNDER MANAGEMENT (AUM R$millions) 23,695 25,659 25,029 6% 23,695 25,029 6% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions ) 23,540 25,545 24,911 6% 23,540 24,911 6% AVERAGE MANAGEMENT FEE RATE (%) 0.39% 0.38% 0.38% 0.39% 0.38% FULL TIME EMPLOYEES 16 16 16 0% 16 16 0% Investment Products & Solutions ▪ Fee related earnings (FRE) of R$11.0 million in the quarter, up 14% year - over - year driven by the growth in management fees follo wing strong fundraising over the last twelve months. FRE was R$31.7 million over the 3Q’22 YTD, an increase of 9% when compared to the 3Q’21 YTD. ▪ Performance related earnings (PRE) of R$0.5 million, down 77% year - over - year, primarily due to the realization of performance fe es coming from international exclusive mandates in the 3Q’21 which did not take place in the 3Q'22. PRE over the 3Q’22 YTD was R$1.1 million, a decrease of 93% when compared to the 3Q ’21 YTD. ▪ Segment Distributable Earnings of R$11.4 million in the quarter, down 33% year - over - year, due to a higher contribution from PRE in the 3Q’21. Segment DE was R$32.7 million over the 3Q’22 YTD, a decrease of 25% when compared to the 3Q’21 YTD. ▪ Total AUM of R$25.0 billion, up 6% year - over - year, following the strong fundraising across our pension plan products. R$25 bn AUM
25 Financial Advisory ▪ Fee related earnings (FRE) of R$3.6 million in the quarter, down 76% year - over - year. ▪ FRE was R$7.6 million over the 3Q’22 YTD, a decrease of 70% when compared to the 3Q’21 YTD, due to a stronger deal environmen t i n 2021. ▪ Segment Distributable Earnings over the 3Q’22 YTD were R$7.6 million, a decrease of 70% year - over - year when compared to the 3Q’2 1 YTD. (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY (%) 3Q'21 YTD 3Q'22 YTD ∆ (%) Net revenue from management fees – – – N/A – – N/A Net revenue from advisory fees 24,332 6,378 6,700 - 72% 42,591 16,279 - 62% Total Fee Related Revenues 24,332 6,378 6,700 - 72% 42,591 16,279 - 62% Segment personnel expenses (398) (530) (502) 26% (1,204) (1,537) 28% Other G&A expenses (403) (165) (82) - 80% (710) (456) - 36% Corporate center expenses (3,630) (1,067) (1,121) - 69% (5,569) (3,127) - 44% Bonus compensation related to management and advisory (4,701) (1,350) (1,379) - 71% (10,102) (3,587) - 64% Total Fee Related Expenses (9,132) (3,112) (3,084) - 66% (17,585) (8,707) - 50% FEE RELATED EARNINGS (FRE) 15,200 3,265 3,616 - 76% 25,006 7,572 - 70% FRE Margin (%) 62.5% 51.2% 54.0% 58.7% 46.5% SEGMENT DISTRIBUTABLE EARNINGS 15,200 3,265 3,616 - 76% 25,006 7,572 - 70% Segment DE Margin (%) 62.5% 51.2% 54.0% 58.7% 46.5% FULL TIME EMPLOYEES 8 10 10 25% 8 10 25%
26 (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY (%) 3Q'21 YTD 3Q'22 YTD ∆ (%) Net revenue from management fees – – – – – – – Net revenue from advisory fees – – – – – – – Total Fee Related Revenues – – – – – – – Segment personnel expenses – (308) (386) N/A – (791) – Other G&A expenses – (372) (463) N/A – (1,098) – Corporate center expenses – – (92) N/A – (92) – Bonus compensation related to management and advisory – (1,012) (500) N/A – (2,514) – Total Fee Related Expenses – (1,692) (1,441) N/A – (4,495) – FEE RELATED EARNINGS (FRE) – (1,692) (1,441) N/A – (4,495) – 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 – (1,692) (1,441) N/A – (4,495) – Segment DE Margin (%) – – – – – – – 2Q'22 3Q'22 – 3Q'21 YTD 3Q'22 YTD – ASSETS UNDER MANAGEMENT (AUM R$millions) – – – – – – – FULL TIME EMPLOYEES – 5 6 N/A – 6 N/A Retirement Services ▪ Fee Related Earnings (FRE) of negative R$1.4 million in the quarter. FRE was negative R$4.5 million in the 3Q’22 YTD. ▪ VRS segment is in the final stages of product structuring and is expected to launch in early 2023.
Supplement Details
28 AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM) – R$ millions Fee - Earning Assets Under Management (FEAUM) – R$ millions For the Three Months Ended September 30, 2022 For the Three Months Ended September 30, 2022 For the Twelve Months Ended September 30, 2022 For the Twelve Months Ended September 30, 2022 Private Public IP&S Infrastructure Real Estate Credit Hedge Vinci SPS Total Equity Equities Funds Beginning balance 13,013 7,064 25,659 1,460 5,208 4,318 2,781 – 59,502 (+/ - ) Capital Subscription / (capital return) 113 – – – 78 157 – – 348 (+) Capital Subscription 129 – 0 0 180 199 – – 508 ( - ) Capital Return (16) – (0) (0) (102) (43) – – (161) (+) Acquisitions – – – – – – – 2,055 2,055 (+/ - ) Net Inflow / (outflow) – (35) (1,505) – (46) (8) (43) – (1,637) (+/ - ) Appreciation / (depreciation) 525 838 875 46 648 (2) 154 40 3,124 Ending Balance 13,650 7,868 25,029 1,505 5,888 4,465 2,892 2,096 63,392 Private Public IP&S Infrastructure Real Estate Credit Hedge Vinci SPS Total Equity Equities Funds Beginning balance 10,962 9,514 23,695 2,466 5,411 2,818 3,086 – 57,952 (+/ - ) Capital Subscription / (capital return) 2,218 – 142 (1,026) 19 1,112 – – 2,464 (+) Capital Subscription 2,245 – 142 162 435 1,253 – – 4,238 ( - ) Capital Return (27) – (0) (1,188) (416) (142) – – (1,774) (+) Acquisitions – – – – – – – 2,055 2,055 (+/ - ) Net Inflow / (outflow) – (1,337) 300 – (30) 268 (375) – (1,174) (+/ - ) Appreciation / (depreciation) 471 (309) 892 65 488 267 181 40 2,095 Ending Balance 13,650 7,868 25,029 1,505 5,888 4,465 2,892 2,096 63,392 Private Public IP&S Infrastructure Real Estate Credit Hedge Vinci SPS Total Equity Equities Funds Beginning balance 9,797 7,002 25,545 1,399 5,208 4,318 2,706 – 55,975 (+/ - ) Capital Subscription / (capital return) 113 – – – 78 157 – – 348 (+) Capital Subscription 129 – 0 0 180 199 – – 508 ( - ) Capital Return (16) – (0) (0) (102) (43) – – (161) (+) Acquisitions – – – – – – – 2,055 2,055 (+/ - ) Net Inflow / (outflow) – (35) (1,505) – (46) (8) (56) – (1,650) (+/ - ) Appreciation / (depreciation) 378 838 871 48 648 (2) 152 40 2,972 Ending Balance 10,288 7,805 24,911 1,447 5,888 4,465 2,801 2,096 59,700 Private Public IP&S Infrastructure Real Estate Credit Hedge Vinci SPS Total Equity Equities Funds Beginning balance 9,089 9,443 23,540 2,363 5,411 2,818 3,023 – 55,686 (+/ - ) Capital Subscription / (capital return) 923 – 142 (976) 19 1,112 – – 1,220 (+) Capital Subscription 950 – 142 162 435 1,253 – – 2,943 ( - ) Capital Return (27) – (0) (1,138) (416) (142) – – (1,723) (+) Acquisitions – – – – – – – 2,055 2,055 (+/ - ) Net Inflow / (outflow) – (1,333) 327 – (30) 268 (391) – (1,160) (+/ - ) Appreciation / (depreciation) 276 (305) 902 60 488 267 170 40 1,899 Ending Balance 10,288 7,805 24,911 1,447 5,888 4,465 2,801 2,096 59,700
29 Fund Segment NAV¹ (R$ millions) 3Q22 YTD 12 M 24 M Market Comparison Index Rate Vinci Multiestratégia FIM Hedge Funds 530.1 5.9% 9.1% 5.8% 10.6% CDI 4 CDI 4 Atlas Strategy² Hedge Funds 465.2 5.4% 9.9% 5.5% 9.8% CDI 4 CDI 4 Vinci Total Return Hedge Funds 250.9 14.2% 9.1% 0.2% 10.2% IPCA 5 + Yield IMA - B 7 IPCA 5 + Yield IMA - B 7 Mosaico Strategy Public Equities 1,047.7 - 9.1% 1.6% - 8.5% - 3.6% IBOV 5 IBOV 5 Vinci Gas Dividendos FIA Public Equities 534.2 - 5.3% 9.3% - 5.2% 6.2% IBOV 5 IBOV 5 Vinci Valorem FIM IP&S 3,066.5 3.6% 8.1% 3.7% 8.5% IMA - B 5 7 IMA - B 5 7 Equilibrio Strategy³ IP&S 2,070.7 3.6% 8.3% 3.6% 8.4% IPCA 6 - Vinci Selection Equities FIA IP&S 634.3 - 3.6% 5.5% - 3.4% - 1.2% IBOV 5 IBOV 5 Vinci Crédito Imobiliário I Credit 240.5 0.1% 7.9% 8.7% 12.7% IPCA 6 IPCA 6 +7.785% Vinci Crédito Imobiliário II Credit 698.5 0.8% 5.5% 6.0% 11.3% IPCA 6 IPCA 6 + 6% Vinci Crédito Estruturado Multiestrategia Plus FIC FIM Credit 125.0 3.6% 10.0% 12.8% 19.4% CDI 4 CDI 4 Vinci Energia Sustentável Credit 589.0 - 4.1% - 2.8% - 0.3% 8.2% IPCA 6 IPCA 6 + 6% Vinci Crédito Multiestratégia Credit 324.0 1.7% 8.6% 13.5% – CDI 4 IPCA 6 + 5% VISC11 Real Estate (listed REIT) 1,959.9 12.7% 14.7% 17.8% 15.5% IFIX 8 IPCA 6 + 6% VILG11 Real Estate (listed REIT) 1,645.4 18.2% 11.5% 13.6% - 2.1% IFIX 8 IPCA 6 + 6% VINO11 Real Estate (listed REIT) 822.6 15.8% - 5.9% - 8.7% 1.7% IFIX 8 IPCA 6 + 6% VIFI11 Real Estate (listed REIT) 61.6 13.5% 8.3% 12.7% - 4.4% IFIX 8 IFIX 8 VIUR11 Real Estate (listed REIT) 217.7 17.0% 13.9% 8.2% – IFIX 8 IPCA 6 + 6% VCRI11 Real Estate (listed REIT) 157.8 - 0.7% - 3.9% – – IFIX 8 IPCA 6 + X 9 % VICA11 Real Estate (REIT) 373.3 1.0% – – – IFIX 8 CDI 4 + 1% VINCI FOF IMOBILIARIO FIM CP Real Estate (REIT) 11.6 5.3% 9.2% 15.7% – IFIX 8 IFIX 8 VIGT11 Infrastructure (listed) 648.4 12.2% 4.9% 8.7% - 11.3% - - Investment records – IP&S, Liquid Strategies, Credit and Listed Funds Benchmark 3Q22 YTD 12 M 24 M IBOV 5 11.7% 5.0% - 0.8% 16.3% CDI 4 3.3% 8.9% 10.9% 14.2% IMA - B 5 7 0.4% 7.1% 9.2% 15.7% IPCA 6 + Yield IMA - B 7 1.0% 8.4% 12.9% 27.8% IPCA 6 - 1.3% 4.1% 7.2% 18.2% IFIX 8 7.0% 6.6% 10.1% 7.0% See notes and definitions at end of document
30 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$mm) (BRL) (USD) (BRL) (USD) Fund 1 Private Equity 2004 1,415 1,206 5,065 211 5,276 4.4x 4.0x 71.5% 77.2% VCP II Private Equity 2011 2,200 1,805 1,874 2,322 4,196 2.3x 1.2x 12.2% 2.4% VCP III Private Equity 2018 4,000 2,113 34 3,400 3,434 1.6x 1.6x 45.3% 38.1% VCP Strategy² Private Equity 7,615 5,124 6,973 5,933 12,906 2.5x 2.2x 64.8% 70.2% NE Empreendedor Private Equity 2003 36 13 26 – 26 2.1x 2.6x 22.0% 30.5% Nordeste III Private Equity 2017 240 134 91 124 215 1.6x 1.3x 19.6% 10.5% VIR IV Private Equity 2020 1,000 239 7 283 291 1.2x 1.2x 30.5% 33.9% VIR Strategy³ Private Equity 1,276 386 124 408 532 1.4x 1.2x 22.1% 28.1% SPS I Vinci SPS 2018 128 170 112 147 259 1.5x 1.5x 27.4% 17.4% SPS II Vinci SPS 2020 671 952 345 887 1,232 1.3x 1.4x 28.4% 26.3% SPS III Vinci SPS 2021 1,070 252 – 293 293 1.2x 1.2x NM NM Vinci SPS Strategy 4 Vinci SPS 1,869 1,375 458 1,327 1,785 1.3x 1.4x 29.0% 24.0% FIP Transmissão 5 Infrastructure 2017 211 104 241 142 382 3.7x 2.7x 65.5% 48.7% VIAS 6 Infrastructure 2021 386 350 – 350 350 1.0x 1.1x NM NM VFDL 7 Real Estate 2021 422 88 – 107 107 1.2x 1.8x 31.7% 28.8% Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Investment records – Closed End Private Markets funds See notes and definitions at end of document
31 Shareholder Dividends ($ in thousands) 1H21 3Q ' 21 4Q'21 1Q'22 2Q'22 3Q’22 Distributable Earnings (R$) 101,976 61,743 68,515 53,255 60,435 72,842 Distributable Earnings (US$)¹ 19,397 11,377 13,637 10,615 11,795 14,281 DE per Common Share (US$)² 0.34 0.20 0.24 0.19 0.21 0.26 Actual Dividend per Common Share³ 0.30 0.16 0.20 0.17 0.17 0.20 Record Date September 01,2021 December 01,2021 March 10, 2022 May 24, 2022 August 25, 2022 November 23, 2022 Payable Date September 16, 2021 December 16,2021 March 24, 2022 June 08, 2022 September 09,2022 December 08,2022 ▪ Vinci Partners generated R$1.32 or US$0.26¹ of Distributable Earnings per common share for the third quarter of 2022. ▪ The company declared a quarterly dividend of US$0.20² per common share to record holders as of November 23, 2022; payable on Dec ember 08 , 2022. See notes and definitions at end of document
32 Share Summary ▪ Common Shares Outstanding as of quarter end of 55,358,858 shares. x Repurchased 220,098 common shares in the quarter, with an average share price of US$10.3. x Repurchased 1,554,730 common shares since the announcement of the first share repurchase plan, with an average share price of US $12.2. 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$44.5 million on September 30, 2022. VINP Shares 1Q ' 21 2Q ' 21 3Q ' 21 4Q'21 1Q'22 2Q'22 3Q'22 Class B 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 14,466,239 Class A – Partnership Units 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861 27,175,861 Class A - Public Float 15,271,488 15,094,833 14,921,318 14,513,477 14,187,216 13,936,856 13,716,758 Common Shares 56,913,588 56,736,933 56,563,418 56,155,577 55,829,316 55,578,956 55,358,858
33 (R$ millions, unless mentioned) Segment 3Q’22 Commitments Total Capital Committed 3Q’22 Capital Called Total Capital Called Capital Returned/ Dividends Payed (3Q'22) Accumulated Capital Returned/Dividends Payed Fair value of investments Nordeste III Private Equity – 5.0 – 3.1 0.3 1.6 3.2 VCP III Private Equity – 3.1 0.3 2.4 – – 2.4 VIR IV Private Equity – 11.1 0.5 3.6 0.1 0.2 3.4 VCP IV Private Equity – 350.0 – – – – – FIP Infra Transmissão ( co - investment)¹ Infrastructure – 29.5 – 8.9 – 19.7 12.1 FIP Infra Transmissão¹ Infrastructure – 10.5 – 3.4 – 6.2 3.4 VIAS Infrastructure – 50.0 – 27.8 – – 26.9 Vinci Transporte e Logística II Infrastructure – 15.0 – – – – – Vinci Transporte e Logística I Infrastructure – 11.4 – 6.3 – – 5.6 VFDL Real Estate – 70.0 5.3 22.8 – – 25.4 VIUR Real Estate – 67.3 – 67.3 1.5 7.5 54.9 VINO Real Estate – 50.0 – 50.0 0.9 2.5 45.3 Vinci FOF Imobiliário Real Estate 6.9 16.9 6.9 16.9 – 0.5 19.0 VCS (VCRI) Real Estate/Credit – 80.0 – 80.0 3.3 5.8 75.1 Vinci Crédito Agro Fiagro - Imobiliário Real Estate/Credit 7.0 23.0 7.0 23.0 – – 22.7 Vinci Crédito Infra Institucional Credit – 100.0 – – – – – VSP FIM IP&S – 50.0 2.2 4.4 – – 4.3 Vinci PIPE FIA Public Equities 20.0 20.0 20.0 20.0 – – 19.5 Total 33.9 962.8 42.2 339.8 6.1 44.0 323.3 GP Commitment in Vinci Partners funds ▪ As of September 30, 2022, the company had R$962.8 million in capital commitments signed to proprietary funds. ▪ During the third quarter of 2022, the company signed R$33.9 million in capital commitments to proprietary funds. ▪ Total GP Investments marked at fair value of R$323.3 million as of September 30, 2022. See notes and definitions at end of document
Reconciliations and Disclosures
35 (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 ∆ YoY(%) 3Q'21 YTD 3Q'22 YTD ∆ YTD (%) REVENUES Net revenue from management fees 92,855 89,271 95,361 3% 269,476 271,861 1% Net revenue from performance fees 5,610 3,839 31 - 99% 34,185 7,042 - 79% Realized performance fees 12,646 3,839 2,602 - 79% 31,734 8,977 - 72% Unrealized performance fees (7,036) – (2,571) - 63% 2,451 (1,935) N/A Net revenue from advisory 25,163 6,659 7,267 - 71% 46,607 17,600 - 62% Total net revenues from services rendered 123,628 99,769 102,659 - 17% 350,268 296,503 - 15% EXPENSES Bonus related to management and advisory (25,994) (17,267) (19,798) - 24% (61,602) (54,337) - 12% Performance based compensation (1,798) (1,427) (537) - 70% (12,907) (2,996) - 77% Realized (4,056) (1,427) (1,448) - 64% (12,035) (3,682) - 69% Unrealized 2,258 – 910 - 60% (872) 685 N/A Total compensation and benefits (27,792) (18,694) (20,335) - 27% (74,509) (57,333) - 23% Segment personnel expenses (5,600) (6,233) (6,509) 16% (16,225) (19,291) 19% Other general and administrative expenses (5,163) (4,178) (4,725) - 8% (12,795) (13,406) 5% Corporate center expenses (18,149) (21,350) (22,067) 22% (56,957) (62,178) 9% Total expenses (56,704) (50,455) (53,636) - 5% (160,487) (152,207) - 5% Operating profit 66,924 49,314 49,023 - 27% 189,781 144,296 - 24% OTHER ITEMS GP Investment income (290) (7,211) 9,673 N/A (4,335) (1,707) - 61% Realized gain from GP investment income 1,421 4,926 5,738 304% 1,878 12,709 577% Unrealized gain from GP investment income (1,711) (12,137) 3,935 N/A (6,213) (14,416) 132% Financial income (326) 21,193 31,701 N/A 18,323 77,602 324% Realized gain from financial income 315 20,001 31,726 9,972% 19,198 76,723 300% Unrealized gain from financial income (641) 1,192 (25) - 96% (875) 879 N/A Leasing expenses (3,065) (2,400) (2,297) - 25% (9,328) (7,169) - 23% Other items 775 644 (1,689) N/A (459) (2,181) 375% Share Based Plan (1,014) (2,468) (5,609) 453% (2,656) (8,813) 232% Non - recurring expenses¹ – (962) (523) N/A – (6,595) N/A Total Other Items (3,920) 8,796 31,256 N/A 1,545 51,137 3210% Profit before income taxes 63,004 58,110 80,279 27% 191,326 195,433 2% ( - ) Income taxes ² (11,401) (11,711) (11,072) - 3% (39,304) (34,522) - 12% NET INCOME 51,603 46,399 69,207 34% 152,022 160,911 6% (+) Non - recurring expenses including income tax related to realized expense – 635 353 N/A – 5,425 N/A ADJUSTED NET INCOME 51,603 47,034 69,560 35% 152,022 166,335 9% Financials - Income Statement (Unaudited) See notes and definitions at end of document
36 (R$ thousands, unless mentioned) 3Q'21 2Q'22 3Q'22 3Q'21 YTD 3Q'22 YTD OPERATING PROFIT 66,924 49,314 49,023 189,781 144,296 ( - ) Net revenue from realized performance fees (12,646) (3,839) (2,602) (31,734) (8,977) ( - ) Net revenue from unrealized performance fees 7,036 – 2,571 (2,451) 1,935 (+) Compensation allocated in relation to performance fees 1,798 1,427 537 12,907 2,996 FEE RELATED EARNINGS (FRE) 63,112 46,902 49,529 168,503 140,250 OPERATING PROFIT 66,924 49,314 49,023 189,781 144,296 ( - ) Net revenue from management fees (92,855) (89,271) (95,361) (269,476) (271,861) ( - ) Net revenue from advisory (25,163) (6,659) (7,267) (46,607) (17,600) (+) Bonus related to management and advisory 25,994 17,267 19,798 61,602 54,337 (+) Personnel expenses 5,600 6,233 6,509 16,225 19,291 (+) Other general and administrative expenses 5,163 4,178 4,725 12,795 13,406 (+) Corporate center expenses 18,149 21,350 22,067 56,957 62,178 PERFORMANCE RELATED EARNINGS (PRE) 3,812 2,412 (506) 21,278 4,046 OPERATING PROFIT 66,924 49,314 49,023 189,781 144,296 ( - ) Net revenue from unrealized performance fees 7,036 – 2,571 (2,451) 1,935 (+) Compensation allocated in relation to unrealized performance fees (2,258) – (910) 872 (685) (+) Realized gain from GP investment income 1,421 4,926 5,738 1,878 12,709 SEGMENT DISTRIBUTABLE EARNINGS 73,123 54,240 56,422 190,081 158,255 NET INCOME 51,603 46,399 69,207 152,022 160,911 ( - ) Net revenue from unrealized performance fees 7,036 – 2,571 (2,451) 1,935 (+) Income tax from unrealized performance fees 110 – (296) 283 (223) (+) Compensation allocated in relation to unrealized performance fees (2,258) – (910) 872 (685) ( - ) Unrealized gain from GP investment income 1,711 12,137 (3,935) 6,213 14,416 (+) Income tax on unrealized gain from GP investment income 1,179 (55) 7 757 (48) ( - ) Unrealized gain from financial income 641 (1,192) 25 875 (879) (+) Income tax on unrealized gain from financial income (218) (65) – (298) – (+) Depreciation and amortization 925 976 1,223 2,790 3,183 (+) Share Based Plan 1,014 2,468 5,609 2,656 8,813 ( - ) Income Taxes on Share Based Plan – (233) (659) – (892) (+) Non - recurring expenses including income tax related to realized expense – 635 353 – 5,425 ADJUSTED DISTRIBUTABLE EARNINGS 61,743 61,070 73,195 163,719 191,957 TOTAL NET REVENUE FROM SERVICES RENDERED 123,628 99,769 102,659 350,268 296,503 ( - ) Net revenue from realized performance fees (12,646) (3,839) (2,602) (31,734) (8,977) ( - ) Net revenue from unrealized performance fees 7,036 – 2,571 (2,451) 1,935 NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 118,018 95,930 102,628 316,083 289,461 Financials - Non - GAAP Reconciliation
37 Effective tax rate reconciliation See notes and definitions at end of document (R$ thousands, unless mentioned) 3Q'21 3Q'22 3Q’21 YTD 3Q’22 YTD Profit (loss) before income taxes 63,004 80,279 191,326 195,433 Combined statutory income taxes rate - % 34% 34% 34% 34% Income tax benefit (Expense) at statutory rates (21,422) (27,295) (65,051) (66,447) Reconciliation adjustments: Expenses not deductible (6) (28) (62) (55) Tax benefits 333 32 380 97 Share based payments (103) (71) (269) (227) Effect of presumed profit of subsidiaries¹ and offshore subsidiaries 9,859 16,458 25,690 32,123 Other additions (exclusions), net (62) (168) 8 (13) Income taxes expenses (11,401) (11,072) (39,304) (34,522) Current (13,619) (12,501) (44,519) (38,058) Deferred 2,218 1,429 5,215 3,536 Effective tax rate 18% 14% 21% 18%
38 13.8 26.0 1.8 9.0 0.9 2.5 2.6 General and Administrative Expenses 3 Q 2021 ( R$mm ) 3Q 2022 ( R$mm ) Lease and condominium Other Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A R$56.7 mm Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A Lease and condominium Other R$53.6 mm - 5% 16.4 19.8 0.5 8.3 1.2 2.8 4.6
39 Liabilities and equity 6/30/2022 9/30/2022 Current liabilities Trade payables 313 768 Deferred Revenue – 16,713 Leases 23,218 22,293 Accounts payable 6,941 6,761 Labor and social security obligations 44,038 66,208 Loans and Financing – 10,171 Taxes and contributions payable 17,990 19,474 Total current liabilities 92,500 142,388 Non - current liabilities Accounts payable – – Leases 55,724 52,965 Labor and social security obligations 274 2,048 Loans and Financing – 175,238 Deferred taxes 4,203 3,770 60,201 234,021 Total liabilities 152,701 376,409 Equity Share capital 15 15 Additional paid - in capital 1,382,038 1,382,038 Treasury shares (88,425) (100,323) Retained Earnings 58,227 79,135 Other reserves 17,067 21,705 1,368,922 1,382,570 Non - controlling interests in the equity of subsidiaries 36 1,575 Total equity 1,368,958 1,384,145 Total liabilities and equity 1,521,659 1,760,554 Balance Sheet Assets 6/30/2022 9/30/2022 Current assets Cash and cash equivalents 57,780 97,383 Cash and bank deposits 10,532 13,981 Financial instruments at fair value through profit or loss 47,248 83,402 Financial instruments at fair value through profit or loss 1,290,972 1,302,167 Trade receivables 45,324 50,467 Sub - leases receivable 1,500 1,500 Taxes recoverable 4,541 654 Other assets 10,689 13,852 Total current assets 1,410,806 1,466,023 Non - current assets Financial instruments at fair value through profit or loss 5,701 5,646 Trade receivables 20,042 17,317 Sub - leases receivable 1,960 1,656 Taxes recoverable 62 4,316 Deferred taxes 6,226 7,376 Other receivables 1,543 1,041 35,534 37,352 Property and equipment 13,087 12,578 Right of use - Leases 60,632 57,943 Intangible assets 1,600 186,658 Total non - current assets 110,853 294,531 Total Assets 1,521,659 1,760,554
40 Notes and Definitions ▪ Notes to page 5 (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. (2) CAGR is calculated considering AUM without double counting. (3) Source Anbima . (4) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding non - recurring expenses. (5) LTM Dividend Yield is calculated considering 0.74 dividend/share for LTM and US$11.04/share as of November 08 th ,2022. ▪ Notes to page 7 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year - to - date val ues are calculated as the sum of the last three quarters. (2) DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year - to - date valu es are calculated as the sum of the last three quarters. (3) Non - recurring expenses for the third quarter of 2022 are composed by expenses related to professional services to matters re lated to acquisitions. For the nine months ended September 30, 2022, non - recurring expenses include expenses related to professional services to matters related to our international corporate organ ization. ▪ Notes to page 9 (1) Long - term AUM includes funds with lockups for at least five years to quasi - perpetual capital commitments. ▪ Notes to page 10 (1) Long term products include funds with former lockups superior to five years. (2) Private markets strategies include Private Equity, Real Estate, Credit, Infrastructure and Vinci SPS. ▪ Notes to page 11 (1) Accrued performance fees for the VCP offshore are as of 2Q’22. This occurs due to the 60 days timeline of the quarterly m ark up to be disclosed by the fund’s administrator. ▪ Notes to page 12 (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 over the absolute return of the fund instead of the excess return over the preferred rate.
41 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. ▪ Notes to page 15 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year - to - date val ues are calculated as the sum of the last three quarters. (2) FRE results present an upside from the fourth quarter onwards, a result of the impact from management fees from Vinci SPS in a full quarter - basis, combined with the increase in average mgmt. fee rate recently raised and/or incorporated funds deploy capital. Certain funds present a positive upside to average managem ent fee rates as these products charge higher fees as they deploy capital (highlights to Vinci SPS' third vintage and Vinci Credit Infra). (3) Asset management segments are: Private Equity, Real Estate, Credit, Infrastructure, Vinci SPS, Public Equities, Hedge Fun ds and IP&S. ▪ Notes to page 16 (1) PRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year - to - date val ues are calculated as the sum of the last three quarters. ▪ Notes to page 17 (1) GP investment income comes from proprietary investments made by Vinci Partners in its own Private Markets’ funds and othe r c losed - end funds across Liquid Strategies and IP&S segments with long - term lockups. (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 18 (1) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding extraordinary expenses. (2) DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year - to - date valu es are calculated as the sum of the last three quarters.
42 Notes and Definitions (cont’d.) ▪ Notes to page 19 (1) Cash and cash equivalents include certificate of deposits and federal bonds. Certificate of deposits are issued by Banco Bra desco (credit rating AAA evaluated by Fitch Ratings) with interest rates variable from 99.5% to 101% of CDI (interbank deposit rate). The certificates are readily convertible to known amounts of cas h a nd which are subject to an insignificant risk of changes in value. (2) Liquid funds’ value are calculated as investment at fair value as of September 30, 2022, in liquid funds from Vinci Partn ers ’ public equities, hedge funds, credit segments and listed REITs. It also comprises the cash and certificate of deposits and federal bonds from Vinci Monalisa FIM. For more detail, see 3Q’22 Financia l S tatements filed within the SEC on November 09, 2022. (3) GP Fund Investments include Vinci Partners’ GP investments in private market funds and other closed - end funds across Liquid Strategies and IP&S segments with long - term lockups, calculated at fair value as of September 30, 2022. For more detail, please see slide 33 and the Financial Statements filed within the SE C o n November 09, 2022. (4) Cash and Net Investments per share were calculated considering the number of outstanding shares at the end of each quarte r. ▪ Notes to page 29 (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. (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. (9) If IMAB 5 Average is: i . less or equal to 2%, X=3% per year; ii. between 2% - 4%, X= Average IMAB 5+1% per year; iii. Between 4% - 5%, X=5% per year; IV. g reater or equal to 5%, X= IMAB 5 Average ▪ Notes to page 30 (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$1.3 billion in co - investments. Track record presented for the VCP strategy as of 2Q’ 22, due to fund’s administrator timeline to disclose the quarterly markup of the fund. (3) Track record for VIR strategy is presented as of 2Q’22, due to fund’s administrator timeline to disclose the quarterly ma rku p of the fund. (4) Track record for Vinci SPS strategy is presented as of 3Q’22.
43 Notes and Definitions (cont’d.) (5) Track record for FIP Infra is presented as of 2Q’22. (6) Track record for VIAS is presented as of 3Q’22. (7) Track record for VFDL is presented as of 3Q’22. ▪ Notes to page 31 (1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.1006, as of November 7, 2022 , w hen 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 33 (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 35 (1) Non - recurring expenses for the third quarter of 2022 are composed by expenses related to professional services to matters re lated to M&A. For the nine months ended September 30, 2022, non - recurring expenses include expenses related to professional services to matters related to our international corporate organi zat ion. (2) 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 part of our subsidiaries are taxed based on deemed profit. ▪ Notes to page 37 (1) Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000.00 in the prior fiscal year may calculate 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.
44 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.
45 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. ▪ “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. ▪ “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.
46 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. ▪ VIFI11: 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. ▪ VCRI11: Listed REIT that aims to invest in MBS, while also being able to invest in listed REITs with similar investment strat egi es. ▪ VICA11: VICA is a perpetual capital fund that shall invest in a diversified credit portfolio within the Agri sector in Brazil . ▪ Vinci FOF Imobiliário : Fund of Funds that invests in other listed REITs, combining income with capital gain.
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