VINP · Change Agents Corp.

The May 2026 Investor Presentation provides a comprehensive overview of Vinci Compass' operations as a leading alternative asset manager in Latin America, highlighting R$347 billion in AuM as of March 2026 across Credit, Private Equity, Equities, Global Investment Products & Solutions, Real Assets, and Corporate Advisory. Fee Related Earnings reached R$319 million for the 1Q’26 last twelve months, demonstrating resilience with diversification: Private Equity at 28%, Global IP&S at 23%, Credit at 22%, Real Assets at 18%, Equities at 6%, and Corporate Advisory at 3%. This balanced revenue stream, driven by contracted and recurring fees, supports visibility and low concentration risk, with Private Equity's long-term AuM extending fee duration. Performance Related Earnings since IPO have been predominantly from liquid funds (83%), with private funds poised for the next cycle, underpinned by R$47 billion in Performance Eligible AuM and R$135 million in gross accrued performance fees. Investment Related Earnings feature R$1.5 billion in proprietary commitments diversified across segments, with flagship funds like VCP IV (R$350 million committed, 25-30% target IRR), VICC (R$100 million, 17-22% IRR), and SPS IV (R$150 million, 25-30% IRR) already generating FRE uplift and positioned for future capital gains. Management outlines ambitious targets: FY2025 FRE of R$950 million at 30% margin, scaling to FY2028 FRE of R$1.6 billion at 38% margin with ~19-25% CAGR and R$100 billion fundraising from 2H’25 through 2028. Post-IPO capital allocation includes R$1.1 billion in dividends, R$413.2 million in buybacks, reinforcing commitment to shareholder returns amid a stable cash flow profile enhanced by FRE, PRE, and IRE.