Exhibit 99.2
Fourth Quarter and Full year 2020 Earnings Presentation March 17, 2021
Disclaimer 2 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 of 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 future 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 - looking 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 statements. 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 statements. 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 most recent form F - 1 and 424(b) prospectus. These documents are available 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 constitute or 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 affiliates, 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 subsidiaries 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 trends 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 which 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 such non - GAAP financial measures to the nearest GAAP measure is included in this presentation.
Presenters 3 Alessandro Horta Chief Executive Officer Bruno Zaremba Head of Private Equity & Investor Relations Sergio Passos Chief Operating Officer & Chief Financial Officer
Busi n ess Overview
Vinci Partners has ~215 full time employees in 4 offices and a global LP footprint 6 New York Recife Rio de Janeiro São Paulo Vinci Partners is a pioneer in ESG signatory since 2012 We have a proven fundraising track record with a broad fund base Our business is growing and profitable with integrated recurring revenues R$50 bn AUM 1 8 Business S egme n ts Adjusted FRE Margin 4 50.5% YTD 2020 33.5% AUM² CAGR 2009 – 2020 Our success has been built on long - term relationships with our clients 77% Of new inflows comes from existing clients 5 ~50% Capital committed for 5+ years 6 We are a leading, full - service alternative asset manager in Brazil Sources: Company information, Anbima Note: 1 Data as of December 2020 and considers double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; ² AUM without double counting from 2009 to 2020; ³ Considers net revenues YTD 2020; 4 Considers FRE YTD 2020; 5 Considers new inflows YTD 2020; 6 As of December 2020 5 Net proceeds from our recent IPO are being used primarily as GP Commitments in our private market funds R$1.4 bn IPO net proceeds Revenues from management fees³ 80% YTD2020 R$120 mm Signed GP c o mmitment s
We have scaled our platform significantly since our inception in 2009… Vinci Partners was founded in October 2009 by a group of seasoned and respected managers in the financial market Source: Company information, BCB ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities 6 2010 A ss o c i ati o n with “Gas” (Equities) 2012 Company become a signatory to PRI. 2012 - 2013 Real Estate, Credit, and Receivables strategy 2011 Inception of Vinci Infrastructure & International strategy PE: Fundraising VCP II (R$2.2bn) 2018 Launch of Vinci Logística & Vinci Energia Sustentável Real Estate: IPO VILG Public Equities: Acquisition of Mosaico Capital Credit: FIDC Energia Sustentavel funded by BNDES 2009 Establishm e nt of Vinci Partners 2014 - 2016 Vinci begins heavily investing in governance to set a growth platform for the exit of the recessionary market 2017 Launch of VIR strategy Public Equities: Acquisition of Mosaico Capital Real Estate: IPO VISC PE: Fundraising VCP III Infra: Fundraising Vinci Infra II 2020 Private Equity: First closing of VIR IV Real Estate: IPO of VIFI Follow Ons realized for VILG, VISC and VINO Public Equities: Dissociation with “Gas Investimentos” 2019 INFRA: IPO VIGT Real Estate: IPO of VINO Follow Ons realized for VILG, VISC Credit: Fundraising of VCI II 15 17 18 20 19 21 24 35 48 50 39 61 76 88 76 95 142 121 145 137 196 208 20 0 9 20 1 0 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 AUM (R$bn) AUM DC¹ (R$bn) Brazil interest rates EoP AU M / F TE 2.0% 4 . 5 % 6 . 5 % 7 . 0 % 13 . 8 % 14 . 3 % 11 . 8 % 10 . 0 % 7 . 3 % 11 11 . 0 % 20 1 1 10 . 8 % 6 8 . 8 % 2 221
We offer a complete portfolio of alternative investment products and solutions to both retail and institutional clients Proven ability to invest proprietary and third - party capital through different products yielding sustainable profitability across multiple verticals 7 Investor Relations, Support, Operations, and ESG Research Risk Legal & Compli an c e Investor Relations Operations ESG Public Equities Long - term positions based on fundamental analysis of Brazilian publicly - traded companies Financial Advisory High value - added financial and strategic advisory services, focusing primarily on middle market and M&A transactions Cr ed i t Tailor - made credit solutions developed to meet needs of both mature and growing businesses Infrastructure Exposure to real assets through equity and debt instruments Private Equity Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with management teams and founders Investment Products & Solutions Financial products offering on open platform, providing portfolio and risk management services Real Estate Real estate investment funds that focus on returns from investments in various segments Hedge Funds Multi - strategy approach focused on Brazilian and international highly liquid financial instruments
Fina n cial Highlights
Fourth Quarter and Full Year 2020 Highlights FINANCIAL MEASURES CAPITAL MET R ICS FINANCIAL PROFILE ▪ Adjusted Fee - Related Earnings (“FRE”)¹ of R$ 38 million in 4Q’20, up 76% year - over - year; and R$ 151 million in FY’20, up 54% year - over - year. ▪ Adjusted Distributable Earnings (“DE”)² of R$ 37 million in 4Q’20, down 12% year - over - year and R$ 127 million in FY’20, up 30% year - over - year. ▪ Net Performance revenues of R$ 23 million in 4Q’20 and R$ 40 million in FY’20. ▪ Adjusted FRE Margin ³ of 50% in the year, up eight percentage points year - over year. ▪ Adjusted DE Margin 4 of 38% in the year, up four percentage points year - over year. ▪ Total assets under management (“AUM 5 ”) of R$ 50 billion in 2020, up 36% year - over - year. ▪ Fee - Earning AUM 5 (“FEAUM”) of R$ 48 billion in 2020, up 37% year - over - year. ▪ Performance - Eligible AUM 5 of R$ 32 billion in 2020, up 52% year - over - year. ▪ Net inflows of R$ 7.1 billion in FY’20. ▪ Net Capital subscriptions of R$ 861 millions in 4Q’20 and R$ 2.1 billion in FY’20. ▪ 50% of AUM 5 has formal lockups of at least 5 years to quasi - perpetual. ▪ 80% of total net revenues come from management fees. ▪ 53% of total revenues come from private market funds. ¹ Adjusted FRE is calculated as FRE, less dividends to partners related to management and advisory; ² Adjusted DE (Post – Tax) is calculated as DE less total dividends to partners, excluding dividends related to unrealized performance; ³ Adjusted FRE Margin is calculated as Adjusted FRE over total net management and advisory fees. 4 Adjusted DE margin is calculated as Adjusted DE over the sum of management and advisory fee related revenues, realized performance revenue and realized investment income, net of revenue tax; 5 AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities 9 Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
15 17 10 14 10 16 35 48 2019 Private Markets 2020 Liquid Strategies I P &S AUM is growing across all strategies… 10 Fee - Earning AUM¹ EoP (R$ bn) Long - Term AUM¹ EoP (R$ bn) AUM¹ EoP (R$ bn) 16 19 10 14 10 16 37 50 4 Q 19 4 Q 20 Private Markets Liquid Strategies I P &S 2019 2020 +36% Increasing lock up periods for new AUM especially around private market strategies ▪ Total assets under management (AUM¹) of R$ 50 billion, an increase of 36% year - over - year, driven by strong fundraising across private market funds, liquid strategies and especially investment products and solutions. ▪ Total Fee - Earning AUM¹ of R$ 48 billion, up 37% year - over - year. ▪ Long - term AUM¹ (with lockups for at least five years to quasi - perpetual capital) of R$ 25 billion, up 48% year - over - year, representing 50% of total AUM¹. +37% 12 19 1 2 4 5 17 25 2019 Perpetual or quasi - perpetual 2020 +10 years 5 - 10 years +48% ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
31% 28% 22% 10% 9% 21% 3% 9% 5% 33% 24% 5% 30% 8% 9% 5% 18% 17% 5% 8% … and is highly diversified across revenues, strategies and clients Our AUM base favors alpha - driven strategies, while our revenue profile is management fee - centric 11 AUM¹ 2020 Net Re v enues 2020 Private Equity Infrastructure Real Estate C r ed i t IP&S Public Equities Hedge Funds Advisory 53% of net revenues come from private market strategies 3 50% of AUM¹ is in long term products 2 AUM¹ diversified across five different distribution channels AUM¹ 2020 Local Institutional Institutional Offshore H N WI Allocators & Distributors Public market vehicles ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; 2 Long term products include funds with former lockups superior to five years; 3 Private markets strategies include Private Equity, Real Estate, Credit and Infrastructure. Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
App r e c i at i on/ Depreciation AUM received strong boost from net flows and appreciation in 2020 ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; ² AUM redeemed from the dissociation with GAS Investimentos had nominal management fees, almost equivalent to zero. 12 AUM Rollforward – From 4Q’19 to 4Q’20 (R$ bn) ▪ In the 4Q’20 Vinci concluded the dissociation with GAS Investimentos, which resulted in the redemption of approximately R$ 2.8 billion in nominal management fee² AUM from the public equities strategy by former partners of GAS. ▪ AUM¹ reached R$ 49.8 billion at the end of the quarter driven by strong appreciation and R$ 0.9 billion in net capital subscriptions/returns from private market strategies. AUM Rollforward – From 3Q’20 to 4Q’20 (R$ bn) ▪ AUM¹ FY’20 was up 36% year - over - year primarily driven by strong net flows of R$ 7.1 billion in the year in the IP&S and public equities segments and R$ 2.1 billion of net capital subscription from our REITs and private equity funds. ▪ Appreciation was R$ 4.0 billion in the year, especially from IP&S, public equities and private equity funds. Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising AUM¹ 4Q’19 Net Capital Su b sc r i p t i o n/ Returns Net Flo w s App r e c i at i on/ Depreciation AUM¹ 4Q’20 36.6 2.1 7.1 4.0 49.8 Net Capital Su b sc r i p t i o n/ Returns AUM¹ 3Q’20 Net Flo w s AUM¹ 4Q’20 48.7 0.9 - 2.7 3.0 49.8
480 480 480 480 313 313 733 733 70 199 199 199 150 606 1 Q ' 2 0 2 Q ' 2 0 3 Q ' 2 0 4 Q ' 2 0 VI SC VI LG VI F I VI N O VIR IV Robust fundraising across private market funds and liquid strategies… ¹ Considers the accumulated capital subscriptions in each quarter of 2020 for the real estate and private equity segments; ² Considers the accumulated net flows in each quarter of 2020 for Public Equities, Hedge Funds and IP&S segments; ³As stated in Vinci Partner’s prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) in January 19, 2021. 13 Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising Acc. Capital Subscriptions 2020¹ – Real Estate & Private Equity (R$ mm) ▪ The listed real estate funds (REITs) raised over R$ 1.5 billion in 2020, through 6 different capital raises in the Brazilian stock market. Follow - ons done in 2020 had, in average, 66% of the base offering value subscribed by original shareholders though preemptive rights. ▪ The impact fund VIR IV (private equity) raised R$ 606 million in 2020 and reached R$ 761.8 million in capital subscriptions as of January 19, 2021³. Acc. Net Flows 2020³ - Liquid Strategies & IP&S (R$ mm) ▪ Investment Products & Solutions raised over R$ 4.9 billion in 2020, focusing on new exclusive mandates from institutional clients. ▪ Public Equities had an outflow of R$ 3.5 billion in the 4Q’20, which included the R$ 2.8 billion outflow from the dissociation with GAS. For the FY’20, accumulated net flows were R$ 1.5 billion. ▪ Hedge funds had accumulated net flows of R$ 763 million in 2020, growing their AUM in 53% year - over - year. 2 . 13 5 4 . 93 1 4 . 97 0 1 . 47 1 943 1 . 38 9 4 . 16 0 4 . 95 3 93 113 723 763 3 . 17 1 6 . 43 3 9 . 85 3 7 . 18 7 1 Q ' 2 0 2 Q ' 2 0 3 Q ' 2 0 4 Q ' 2 0 Public Equities IP&S Hedge Funds 992 3 , 17 1 2 , 13 5 4 , 93 1 4, 9 70 4 , 16 0 1 , 38 9 4 , 95 3 1 , 47 1 6 , 43 3 9 , 85 3 7 , 18 7 863 1 , 41 2 2 , 16 7
16 19 14 12 19 20 F Y ȼ 20 Feb ȼ 21 I P&S Liquid Strategies Private Markets … and we continue to see that trend in 2021 Strong fundraising in private market funds and investment products and solutions ¹AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; 14 R$ 51.9 bn in AUM¹ - EoP February 2021 49.8 0.9 2.8 - 1.4 51.9 51.9 49.8 Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising AUM¹ Rollforward 4Q’20 – Feb’21 (R$ bn) AUM¹ 4Q’20 Net Capital Su b sc r i p t i o n/ Returns Outflows App r e c i at i on/ Depreciation AUM¹ Feb’21 ▪ R$ 0.9 billion in capital subscriptions from private market funds, with long - term to quasi - perpetual formal lock ups. ▪ R$ 2.8 billion inflows in IP&S and Liquid Strategies, including R$ 1.4 billion net proceeds from IPO, which are allocated in a liquid funds’ vehicle. ▪ R$ 1.4 billion outflow, of which R$ 660 million are from a sovereign wealth fund in Public Equities, which pays nominal management fees. Inf l o w s - 0.3
224 271 62 40 11 29 297 340 FY'19 Management Performance³ FY'20 Advisory Our revenues are primarily derived from management fees ¹ Average management fee rate per strategy is calculated considering gross revenues from management fees and average yearly AUM. ² Vinci Capital Partners’ private equity fund catch up, which is a one time fee relating to multiple closings of the fund happening after the initial 2017 closing, in which investors that entered the fund in the later rounds paid a one time management fee equivalent to the amount that each limited partner would have paid if such limited partner has been invested in the fund since the initial round of funding. ³ Performance fees include realized and unrealized performance as per the income statement; 4 Management fees in FY’20 over total net revenues in FY’20. 15 Management fee - centric revenue model, with 80% of total net revenues coming from management fees 4 ▪ Total net revenues of R$ 105 million in 4Q’20, up 1% year - over - year, with a substantial increase in management and advisory fees and a decrease in performance fees. ▪ In the FY’20 total net revenues were R$ 340 million, up 15% year - over - year, driven primarily by the 21% increase in management fees, that followed the growth in fee - earning AUM¹ in 2020. +15% 75% 80% 56 76 47 23 6 104 105 4Q'19 Management Performance³ 4Q'20 Ad v is o ry 54% 73% +1% Total Net Revenues 4Q’19 vs. 4Q’20 (R$ mmm) Total Net Revenues FY’19 vs. FY’20 (R$ mm) Total revenues from management fees (%) Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
157 164 42 61 25 46 224 271 F Y '19 F Y '20 Private Markets Liquid Strategies IP&S Management fees continue to show growth across all strategies ¹ Average management fee rate per strategy is calculated considering gross revenues from management fees and average yearly AUM; ² Vinci Capital Partners’ private equity fund catch up, which is a one time fee relating to multiple closings of the fund happening after the initial 2017 closing, in which investors that entered the fund in the later rounds paid a one time management fee equivalent to the amount that each limited partner would have paid 16 if such limited partner has been invested in the fund since the initial round of funding. ³ Performance fees Include realized and unrealized performance as per the income statement; 4 A relevant part of the liquid strategies AUM in FY’19 and FY’20 was allocated in a sovereign wealth fund that pays nominal management fees. Avg. mgmt. fee rate for the liquid strategies not considering this AUM is 62 bps in FY’19 and 77 bps FY’20. Net Management Fees 4Q’19 vs. 4Q’20 (R$ mm) Management fees have been the main contributor to revenues and are following the strong growth seen in our AUM ▪ Net Management fees of R$ 76 million in 4Q’20, up 35% year - over - year. ▪ Net Management fees of R$ 271 million in the FY’20, up 21% year - over - year. ▪ Growth in management fees revenues were powered by the growth in fee - paying AUM¹ across all strategies, with continued net inflows into liquid strategies, IP&S and fundraisings from private equity and real estate funds. +21% 36 46 13 15 7 15 56 76 4Q'19 Private Markets Liquid Strategies 4Q'20 IP&S +35% Avg. Mgmt. Fee Rate per strategy¹ (%) VCP III Catch up adjustment² (%) Net Management Fees FY’19 vs. FY’20 (R$ mm) 95 bp 57 bp 4 30 bp 36 bp 53 bp 4 98 bp Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
Significant exposure to performance eligible AUM ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities Performance revenues by segment (R$ mm) ▪ 4Q’20 performance revenues were R$ 23 million, down 53% year - over - year, and FY’20 performance revenues were R$ 40 million, down 36% year - over - year. ▪ Performance revenues in 2020 had lower contribution from liquid strategies’ funds, due to higher market volatility following the COVID - 19 outbreak. ▪ Performance fee eligible AUM¹ in 2020 was R$ 32 billion, of which 65% is in funds that charge incentive fees over a hurdle rate, typically the case for funds in our Liquid Strategies and IP&S. The balance comes from “preferred return” funds with 35% of performance eligible AUM¹, that have carried interest, which puts Vinci in a strong position for continued growth and realization of performance fees. 17 65% 35% Incentive Fees Carried Interest R$ 32 bn 46 30 16 10 62 40 FY ' 1 9 FY ' 2 0 Realized Unrealized 38 18 9 5 Performance revenues by type (R$ mm) Performance Eligible AUM¹ (R$ bn) 47 23 4 Q '19 4 Q '20 33 11 15 15 14 14 62 40 FY ' 1 9 FY ' 2 0 Liquid Strategies P riva t e M a rk e t s I P & S 29 6 8 6 11 11 47 23 4 Q ' 1 9 4 Q ' 2 0 Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
98 151 F Y '19 F Y '20 Adjusted fee - related earnings¹ ¹Adjusted FRE is calculated as FRE, less dividends to partners related to management and advisory; ² Adjusted FRE Margin is calculated as Adjusted FRE over total net management and advisory fees. 18 Adjusted FRE 1 (R$ mm) Adjusted FRE 1 (R$ mm) 42% 50% % Adjusted FRE margin² ▪ Adjusted FRE¹ of R$ 38 million in 4Q’20, up 76% year - over - year. ▪ Adjusted FRE¹ of R$ 151 million in the FY’20, up 54% year - over - year. ▪ 4Q’20 Adjusted FRE Margin² was 46%, an increase of 8 percentage points year - over - year, and reached 50% in the FY’20, up 8 percentage points year - over - year. +76% 38% 46% % Adjusted FRE margin² 21 38 4Q ' 19 4Q ' 20 Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising +54%
34 15 4Q ' 19 4Q ' 20 Adjusted performance - related earnings¹ ¹Adjusted PRE is calculated as PRE, less dividends to partners related to performance revenues; ² Adjusted PRE Margin is calculated as Adjusted PRE over performance related revenues, including realized and unrealized performance as per the income statement. 19 Adjusted PRE¹ (R$ mm) Adjusted PRE¹ (R$ mm) 43 27 F Y '19 F Y '20 70% 67% % PRE margin² - 55% 71% 67% % PRE margin² - 39% ▪ Adjusted PRE¹ of R$ 15 million n 4Q’20, down 55% year - over - year. ▪ Adjusted PRE¹ of R$ 27 million in the FY’20, down 39% year - over - year. ▪ Adjusted PRE¹ followed the decrease in performance revenues in the full year 2020, which underwent impacts from this year’s market volatility. Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising
42 37 4Q ' 19 4Q ' 20 98 127 F Y '19 F Y '20 Adjusted Distributable Earnings¹ continue to grow as the business scales ¹Adjusted DE (Post – Tax) is calculated as DE less total dividends to partners, excluding dividends related to unrealized performance; ² Adjusted DE margin is calculated as Adjusted DE over the sum of management and advisory revenues, realized performance revenues and realized investment income, net of revenue tax. 20 % DE margin² 34% 38% +30% % DE margin² 41% 37% ▪ Adjusted DE¹ of R$ 37 million in 4Q’20, down 12% year - over - year, due to lower contribution from adjusted performance related revenues in the quarter. ▪ Adjusted DE¹ of R$ 127 million in the FY’20, up 30% year - over - year, driven by growth in Adjusted FRE in 2020. ▪ FY’20 Adjusted DE Margin ² was 38%, a four - percentage point increase year - over - year. Adjusted DE Margins² are expanding due to the platform’s operating leverage resulting in higher profitability. Adjusted DE¹ (Post - Tax) (R$ mm) Adjusted DE¹ (Post - Tax) (R$ mm) Total Net R e venu e s Assets Under M a n a ge m e nt 4Q’20 & FY’2020 Highlights M a n a ge m e nt fees P e rfo r m a nce fees Growth and P ro f it a bility Fundraising - 12%
�� |
Recent Up d ates
GP Commitments and Dividend Policy 22 GP Commitment ▪ We are using the IPO proceeds primarily to seed new private market funds to be launched in the next 2 years. We target a 4 - 5% GP commitment per fund. ▪ Deployment will take place in accordance with each private market fund’s capital subscription schedule. ▪ We have already signed commitments for R$ 120 million in private market funds ▪ R$ 70 mm for VFDL (Vinci Fulwood Industrial Development – Real Estate) and; ▪ R$ 50 mm for VIAS (Vinci Water & Sewage - Infrastructure) ▪ We expect to be fully committed until the end of 2022. Liquid funds vehicle - Fee Structure and Return Profile which will al s o ▪ Net proceeds of R$ 1.36 billion. ▪ Proceeds are allocated in liquid funds from Vinci’s platform, leverage fundraising in the liquid strategies. ▪ Avg. Mgmt. fee rate 1.5%; no performance fee. ▪ Expected investment return from liquid funds allocation: ▪ CDI +2.5% with 3.0% annual volatility ▪ Allocation presented 1 negative quarter of (1.6%) once in ever 11 quarters. ¹ We do not have a legal obligation to pay a semi - annual dividend or dividends at any specified rate or at all. Any declaration of dividends will be at the discretion of our board of directors and will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries and the ability of our subsidiaries to pay dividends to us) and any other factors that our board of directors deems relevant in making such a determination. Therefore, there can be no assurance that we will pay any dividends to holders of our common shares, or as to the amount of any such dividends. VFDL R$ 70 mm Vinci Fulwood Real Estate VIAS R$ 50 mm Vinci Water & Sewage Infrastructure Dividend Policy¹ ▪ We intend to pay semi - annual cash dividends on our common shares initially at an amount equal to at least 75 % of our Distributable Earnings, or 100 % of Net Earnings the lower of the two . ▪ We can buy back shares to reach the 75 % of Distributable Earnings distribution if 100 % of Net Earnings are not enough to support a full cash distribution .
Segment Highlights
Private Market Strategies Liquid Strategies Investment Product & Solutions Financial Advisory Fi n a n ci a l Su mm ary (R$ million s, un l e ss m e n tio n e d ) 4 Q '19 Total gross revenue from services rendered 46 Total net revenue from services rendered 45 Net revenue from management fees Net revenue from performance fees Realized performance fees Unrealized performance fees Net revenue from advisory 36 8 0 7 1 Personnel expenses Other genereal and administrative expenses (2) (2) Operating profit before bonus 40 4 Q '20 FY' 1 9 FY' 2 0 55 181 189 52 174 179 46 157 164 6 15 15 1 1 3 5 14 12 0 2 1 (2) (6) (7) (4) (3) (8) 46 158 164 Key Metrics (R$ billions, unless mentioned) FY'19 FY'20 Assets Under Management (AUM) 16 19 Private Equity 9 11 Real Estate 3 4 Infrastructure 2 2 Credit 2 2 Fee - Earning Assets Under Management (FEAUM) 15 17 Private Equity 8 9 Real Estate 3 4 Infrastructure 1 1 Credit 2 2 Average Management Fee Rate²³ (bps) 95 98 FTE (# at end of period) 37 47 Private Market Strategies ▪ Private Equity: Total AUM¹ of R$ 11 billion in 2020, up 18% year - over - year, driven by successful 4Q’20 first close for impact fund VIR IV. VCP III, the third vintage of Vinci’s flagship Private Equity fund, closed in the 4Q’20 the acquisition of a minority stake in Agibank, a digital financial services company. With this, VCP III reached 47% of total capital committed across 4 different investments as of December 2020. ▪ Real Estate : Total AUM¹ of R$ 4.5 billion in 2020, up 34% year - over - year, through 6 different successful capital raises in the listed REITs in 2020. The team closed a follow - on for the industrial listed REIT VILG of R$ 480 million in February 2021. In addition, a new vertical was successfully launched with VFDL, our Private Equity Real Estate fund having closed on R$ 381 million in March 2021. We expect to raise up to R$800mm of capital to be invested in the first vintage of VFDL. ▪ Infrastructure : Total AUM¹ of R $ 2 billion in 2020 , up 2 % year - over - year . In the 4 Q’ 20 the listed vehicle VIGT started a follow - on capital raise for R $ 404 million, which closed in early January 2021 . The team also completed the first capital raise for a new Private Equity style strategy in the water & sewage segment (VIAS) totaling R $ 256 million in the first quarter 2021 . For this new vertical we expect to raise up to R $ 1 billion of total commitments . ▪ Credit: Total AUM¹ of R$ 2 billion, up 8% year - over - year, driven by the first close of our fifth long - term fund (10 years) in our Credit segment Vinci Crédito Multiestratégia (“VCM”), during the 4Q’20. ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; ² Average management fee rate per strategy is calculated considering gross revenues from management fees and average yearly AUM. ³ The average mgmt. fee rate in FY’19 is adjusted by Vinci Capital Partners’ 24 private equity fund catch up, which is a one time fee relating to multiple closings of the fund happening after the initial 2017 closing, in which investors that entered the fund in the later rounds paid a one time management fee equivalent to the amount that each limited partner would have paid if such limited partner has been invested in the fund since the initial round of funding
25 Private Market Strategies Liquid Strategies Investment Product & Solutions Financial Advisory Liquid Strategies ▪ Public Equities: Total AUM¹ of R$ 12 billion in 2020, up 36% year - over - year , even with outflows from the dissociation with GAS Investimentos in the 4Q’20. The termination of the revenue - sharing agreement with GAS, which had been signed in 2010, will generate a positive impact on revenues from services rendered starting January 2021. In December 2020 former partners of GAS Investimentos redeemed approximately R$ 2.8 billion of AUM from the strategy, which generated nominal management and performance fees in comparison to the remaining balance of public equities AUM, opening capacity for higher average fees within our liquid strategies in 2021. ▪ Hedge Funds: Total AUM¹ of R$ 3 billion in 2020, up 53% year - over - year, driven by strong inflows of R$ 763 million in FY’20. The hedge funds’ flagship total return strategy, Atlas, has been consistently beating its benchmark, with a total 135% of CDI total return since inception until the end of the year. The Atlas strategy currently is managed by eight different portfolio managers, that follow each a specified and different strategy within the hedge fund space. Financial Summary (R$ millions, unless mentioned) 4 Q '19 Total gross revenue from services rendered 44 Total net revenue from services rendered 42 Net revenue from management fees Net revenue from performance fees Realized performance fees Unrealized performance fees Net revenue from advisory 13 29 27 2 0 Personnel expenses Other genereal and administrative expenses (1) (1) Operating profit before bonus 40 ¹AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; ; ² Average management fee rate per strategy is calculated considering gross revenues from management fees and average yearly AUM; ³ A relevant part of the liquid strategies AUM in FY’19 and FY’20 was allocated in a sovereign wealth fund that pays nominal fees close to zero. Avg. mgmt. fee rate for the liquid strategies not considering thi s AUM is 62 bps in FY’19 and 77 bps FY’20. 4 Q '20 FY' 1 9 FY' 2 0 23 79 77 21 75 73 15 42 61 6 33 11 6 31 13 0 2 (2) 0 0 0 (1) (3) (3) (1) (4) (4) 19 68 66 Key Metrics (R$ billions, unless mentioned) FY'19 Assets Under Management¹ (AUM) 10 Public Equities Hedge Funds 9 2 Fee - Earning Assets Under Management (FEAUM) 10 Public Equities Hedge Funds 9 2 Average Management Fee Rate²³ (bps) 57 FTE (# at end of period) 18 FY'20 14 12 3 14 12 2 53 19
Investment Products & Solutions 26 Private Market Strategies Liquid Strategies Investment Product & Solutions Financial Advisory ▪ Total AUM¹ of R$ 16 billion in 2020, up 61% year - over - year. ▪ Net inflows of R$ 793 million in 4Q’20 and of R$ 4.9 billion in FY’20. ▪ IP&S significant AUM increase was driven by the growth in interest for new exclusive mandates by local institutional clients, such as local endowments and pension funds, that trust upon Vinci’s allocation services the entirety or portion of their portfolio, in the search for yield opportunities. As an example, we won 6 separate account mandates in 2020 for a total of R$ 1.9 billion of additional AUM for Vinci. ▪ Another pocket of growth seen in the year was the increasing demand by local clients with exclusive mandates for offshore allocation services, seeking diversification of risk by looking for worldwide opportunities, which are managed by our New York office. Our international IP&S business grew to R$ 1.9 billion AUM¹ at YE2020, representing 149% growth against 2019. Financial Summary (R$ millions, unless mentioned) 4 Q '19 Total gross revenue from services rendered 19 Total net revenue from services rendered 18 Net revenue from management fees Net revenue from performance fees Realized performance fees Unrealized performance fees Net revenue from advisory 7 11 1 1 0 0 Personnel expenses Other genereal and administrative expenses (1) (1) Operating profit before bonus 16 ¹ AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation, and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; ² Average management fee rate per strategy is calculated considering gross revenues from management fees and average yearly AUM 4 Q '20 FY' 1 9 FY' 2 0 27 43 63 25 41 60 15 25 46 11 14 14 1 1 14 14 0 0 (0) 0 2 0 (1) (3) (3) (0) (3) (1) 24 36 55 Key Metrics (R$ billions, unless mentioned) FY'19 Assets Under Management¹ (AUM) 10 Fee - Earning Assets Under Management (FEAUM) 10 Average Management Fee Rate² (bps) 30 FTE (# at end of period) 8 FY'20 16 16 36 12
Financial Advisory Services Source: Company information 27 Private Market Strategies Liquid Strategies Investment Product & Solutions Financial Advisory Financial Summary (R$ millions, unless mentioned) 4 Q '19 Total gross revenue from services rendered (0) Total net revenue from services rendered (0) Net revenue from management fees Net revenue from performance fees Realized performance fees Unrealized performance fees Net revenue from advisory 0 0 0 0 (0) Personnel expenses Other genereal and administrative expenses (1) (0) Operating profit before bonus (1) 4 Q '20 FY' 1 9 FY' 2 0 7 8 30 6 7 28 0 0 0 0 0 0 0 0 0 0 0 0 6 7 28 (0) (1) (1) (1) (0) (1) 5 6 26 ▪ Total net revenues from services rendered of R$ 6 million in the 4Q’20, and of R$ 28 million in FY’20, representing an increase of 285% in relation to the annual net revenue of the previous year. ▪ In February 2021, the team acted as exclusive financial advisor to Espaçolaser and its shareholders in the initial public offering (IPO) in B3. The Company was the first beauty services company to public list its shares in the Brazilian stock exchange. Vinci has been acting as financial advisor to the Company and its shareholders since 2015, including in the Company’s previous private placement and also in strategic acquisitions (whose amount involved totaled R$ 942 mm). 1 st Place Bloomberg Ranking 2020 Independent Financial Advisor (number of announced transactions) 1 st Place M&A Atlas Awards Independent investment banking of the year 2020 (Middle market, Brazil) 1 st Place Leaders League Ranking (ranking of 2021) 1 st Place M&A Atlas Awards Deal of the year (Capitalization of Matera)
Appe n dix
Financials - IFRS Income Statement Source: Company information Note: (1) Adjusted Profit for the year and Adjusted Profit Margin are non - GAAP financial measures that we present for the convenience of investors. See “ — Non - GAAP Financial Measures” for a reconciliation of these measures to their nearest GAAP measure; (2) Considers the 56,913,588 outstanding shares post - IPO 29 (R$ millions, unless mentioned) 4 Q '19 4 Q '20 Total gross revenue from services rendered 109 111 Total net revenue from services rendered 104 105 Net revenue from management fees 56 76 Net revenue from performance fees 47 23 Realized performance fees 38 18 Unrealized performance fees 9 5 Net revenue from advisory 0 6 Personnel expenses and profit sharing (20) (24) Other genereal and administrative expenses (14) (16) Operating profit 70 65 Investment income 4 4 Realized gain from investment income 7 1 Unrealized gain from investment income (3) 3 Other financial income 0 0 Financial expenses (3) (3) Profit before income taxes 71 65 Income taxes (11) (13) Profit for the year 60 52 Net profit margin (%) 57.5% 50.0% Adjusted Profit for the year (1) 45 40 Adjusted Profit Margin (%) 43.1% 38.5% Adjusted Profit for the year Per Share of Class A Common Stock - R$/share (2) 0.79 0.71 F Y '19 F Y '20 311 359 297 340 224 271 62 40 46 30 16 10 11 29 (63) (74) (51) (50) 183 216 20 9 9 3 11 6 1 1 (12) (13) 192 213 (36) (43) 156 169 52.5% 49.8% 114 132 38.3% 38.7% 2.00 2.31
(R$ millions, unless mentioned) 4 Q' 1 9 4 Q' 2 0 FY ’19 FY ’20 Net revenue from management and advisory fees 57 82 235 300 Personnel expenses and profit sharing ( 18 ) ( 20 ) ( 59 ) ( 68 ) Other general and administrative expenses ( 14 ) ( 16 ) ( 51 ) ( 50 ) Fee - Related Earnings (FRE) 25 46 125 182 Adjusted Fee - Related Earnings (FRE) (1) 21 38 98 151 Margin (%) 37 . 7 % 45 . 9 % 41 . 8 % 50 . 5 % Realized performance fees 38 18 46 30 Unrealized performance fees 9 5 16 10 Unrealized performance compensation ( 1 ) ( 1 ) ( 1 ) ( 1 ) Realized performance compensation ( 2 ) ( 3 ) ( 2 ) ( 5 ) Performance - Related Earnings (PRE) 45 19 59 34 Adjusted Performance - Related Earnings (PRE) (2) 34 15 43 27 Margin (%) 70 . 7 % 66 . 5 % 69 . 9 % 66 . 8 % FRE 25 46 125 182 (+) Depreciation and Amortization (3) - 1 - 5 Cash PRE (4) 37 14 44 25 Cash Taxes (5) ( 11 ) ( 11 ) ( 28 ) ( 39 ) Financial Results 3 ( 3 ) ( 6 ) ( 10 ) Realized investment income 7 1 9 3 Taxes and relatables payable (6) ( 0 ) ( 0 ) ( 3 ) ( 1 ) Finance costs ( 3 ) ( 3 ) ( 12 ) ( 12 ) Distributable Earnings (DE) 54 48 135 162 Adjusted Distributable Earnings (DE) (7) 42 37 98 127 Margin (%) 41 . 1 % 36 . 8 % 33 . 7 % 38 . 2 % Adjusted FRE Per Share of Class A Common Stock (8) - R$/share 0 . 3 7 0 . 6 6 1 . 7 2 2 . 6 6 Adjusted PRE Per Share of Class A Common Stock (8) - R$/share 0 . 5 9 0 . 2 6 0 . 7 6 0 . 4 7 Adjusted DE Per Share of Class A Common Stock (8) - R$/share 0 . 7 4 0 . 6 5 1 . 7 2 2 . 2 3 Financials – Segment Earnings Source: Company information Note: (1) Adjusted FRE is calculated as FRE, less dividends to partners related to management and advisory; (2) Adjusted PRE is calculated as PRE, less dividends to partners related to performance; (3) Depreciation and amortization is a non - cash expense that is being added back for our calculation of Distributable Earnings for the year ended December 31, 2020 and future periods. Our Distributable Earnings for the fourth quarter 2020 and year ended December 31, 2020 would have been R$ 46 million and R$ 157 million, respectively, if we did not add back depreciation and amortization for our calculation of Distributable Earnings. (4) Cash PRE is calculates as PRE less income taxes from unrealized performance fees; (5) Cash Taxes is calculated as taxes paid less taxes on investment income and related to unrealized performance fees; (6) Taxes and relatables payable include taxes paid on investment income plus taxes paid on unrealized income; (7) Adjusted DE is calculated as DE less total dividends to partners, excluding dividends related to unrealized performance. Adjusted DE margins calculated as Adjusted DE / (Fee Related Revenues + Realized Performance Revenue + Realized Investment Income), net of revenue tax; (8) Considers the 56,913,588 outstanding shares post - IPO 30
Financials - Non - GAAP Reconciliation 31 Source: Company information; (1) Depreciation and amortization is a non - cash expense that is being added back for our calculation of Distributable Earnings for the year ended December 31, 2020 and future periods. Our Distributable Earnings for the fourth quarter 2020 and year ended December 31, 2020 would have been R$ 46 million and R$ 157 million, respectively, if we did not add back depreciation and amortization for our calculation of Distributable Earnings. (R$ millions, unless mentioned) 4 Q '19 4 Q '20 FY' 1 9 FY' 2 0 Operating profit 70 6 5 183 216 ( - ) Net revenue from realized performance fees ( 38 ) ( 18 ) ( 46 ) ( 30 ) ( - ) Net revenue from unrealized performance fees ( 9 ) ( 5 ) ( 16 ) ( 10 ) (+) Compensation allocated in relation to performance fees 2 4 3 6 FRE 25 4 6 12 4 182 ( - ) Dividends to Partners, excluding performance fee - related dividends ( 3 ) ( 8 ) ( 26 ) ( 30 ) Adjusted FRE 21 3 8 9 8 151 Operating profit 70 6 5 18 3 216 ( - ) Net revenue from management fees ( 56 ) ( 76 ) ( 224 ) ( 271 ) ( - ) Net revenue from advisory ( 0 ) ( 6 ) ( 11 ) ( 29 ) (+) Personnel expenses and proft sharing 20 2 4 6 3 74 (+) Other general and administrative expenses 14 16 5 1 50 ( - ) Compensation allocated in relation to performance fees ( 2 ) ( 4 ) ( 3 ) ( 6 ) PRE 45 1 9 5 9 34 ( - ) Dividends to Partners related to performance fees ( 12 ) ( 4 ) (16) (7) Adjusted PRE 34 1 5 4 3 27 Profit for the year 60 5 2 15 6 169 ( - ) Net revenue from unrealized performance fees ( 9 ) ( 5 ) ( 16 ) ( 10 ) (+) Income tax from unrealized performance fees 1 1 2 1 (+) Compensation allocated in relation to unrealized performance fees 1 1 1 1 ( - ) Unrealized gain from investment income 3 ( 3 ) ( 11 ) ( 6 ) (+) Depreciation and amortization (1) - 1 - 5 (+) Income taxes on unrealized gain from investment income ( 1 ) 1 4 2 Distributable Earnings 54 4 8 13 5 162 ( - ) Dividends to Partners, excluding unrealized performance fee - related dividends ( 13 ) ( 11 ) ( 38 ) ( 35 ) Adjusted Distributable Earnings 42 3 7 98 127 Profit for the year 60 5 2 15 6 169 ( - ) Dividends to Partners ( 15 ) ( 12 ) ( 42 ) ( 38 ) Adjusted Profit for the year 45 4 0 11 4 132 Total net revenue from services rendered 104 10 5 29 7 340 ( - ) Net revenue from realized performance fees ( 38 ) ( 18 ) ( 46 ) ( 30 ) ( - ) Net revenue from unrealized performance fees ( 9 ) ( 5 ) ( 16 ) ( 10 ) Net Revenue from Management Fees and Advisory 57 8 2 23 5 300
Balance Sheet Results Source: Company Information 32 Assets 12/31/2020 12/31/2019 Liabilities and equity 12/31/2020 12/31/2019 Current assets Current liabilities Cash and cash equivalents 83 . 44 9 3 . 89 6 Trade payables 1 . 03 9 326 Cash and bank deposits 13 . 09 6 3 . 56 4 Leases 19 . 82 8 17 . 73 8 Financial instruments at fair value through profit or loss 70 . 35 3 332 Accounts payable 125 . 79 5 37 . 66 9 Financial instruments at fair value through profit or loss 8 . 25 3 85 . 94 4 Labor and social security obligations 40 . 72 4 30 . 94 8 Trade receivables 47 . 97 8 58 . 80 8 Taxes and contributions payable 22 . 87 8 16 . 29 7 Sub - leases receivable 2 . 96 3 2 . 88 3 Total current liabilities 210 . 26 4 102 . 97 8 Taxes recoverable 1 . 15 3 789 Other assets 12 . 38 3 5 . 04 4 Non - current liabilities Total current assets 156 . 17 9 157 . 36 4 Accounts payable 33 33 Leases 86 . 37 1 85 . 15 3 Non - current assets Deferred taxes 12 . 62 0 8 . 88 3 Financial instruments at fair value through profit or loss 31 . 59 6 24 . 16 4 99 . 02 4 94 . 06 9 Trade receivables 27 . 54 5 15 . 96 1 Sub - leases receivable - 2 . 71 7 Equity Taxes recoverable 134 513 Quota capital 8 . 73 0 8 . 59 5 Deferred taxes 4 . 56 8 2 . 20 7 Retained earnings - 91 . 43 0 Other assets 1 . 54 0 1 . 33 0 Other reserves 10 . 49 1 8 . 11 9 65 . 38 3 46 . 89 2 19 . 22 1 108 . 14 4 Property and equipment 15 . 04 3 16 . 41 2 Non - controlling interests in the equity of subsidiaries 15 6 . 58 1 Right of use - Leases 90 . 47 8 88 . 38 4 Intangible assets 1 . 44 1 2 . 72 0 Total equity 19 . 23 6 114 . 72 5 172 . 34 5 154 . 40 8 TOTAL 328 . 52 4 311 . 77 2 Total liabilities and equity 328 . 52 4 311 . 77 2
AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM¹) – R$ million P r ivate E quity Public E quiti e s IP&S Infrastructure Real E s ta te C r ed i t Hedge F unds T o tal Beggining balance 10.591 12.759 14.892 1.579 4.274 2 . 20 5 2.379 48 . 67 9 (+/ - ) Capital Subscription / (capital return) 608 – – (10) 120 14 3 – 861 (+/ - ) Net Inflow / (outflow) – (3,499) 793 – - (63) 40 ( 2 , 729 ) (+/ - ) Appreciation / (depreciation) (450) 2,520 745 (37) 76 78 100 3 , 03 2 Ending Balance 10,749 11,779 16,430 1,533 4,470 2 , 36 3 2,519 49 , 84 3 Fee - Earning Assets Under Management (AUM¹) – R$ million For the Three Months Ended December 31, 2020 P r ivate E quity Public E quiti e s IP&S Infrastructure Real E s ta te Cr edit Hedge F unds Total Beggining balance 9.099 8.630 10.215 1.503 3.347 2 . 19 3 1.641 36.627 (+/ - ) Capital Subscription / (capital return) 571 - 6 (53) 1,502 99 - 2,125 (+/ - ) Net Inflow / (outflow) - 1,471 4,918 - - ( 102 ) 763 7,050 (+/ - ) Appreciation / (depreciation) 1,078 1,679 1,218 83 (379) 173 115 4,040 Ending Balance 10,749 11,779 16,430 1,533 4,470 2 , 36 3 2,519 49,843 For the Twelve Months Ended December 31, 2020 P r ivate E quity Public E quiti e s IP&S Infrastructure Real E s ta te Credit Hedge F unds Total Beggining balance 8 . 56 8 12.686 14.426 1.495 4.274 2.205 2.318 45.972 (+/ - ) Capital Subscription / (capital return) 60 8 – – (10) 120 143 – 861 (+/ - ) Net Inflow / (outflow) – (3,498) 1,104² – - (63) 40 (2,418) (+/ - ) Appreciation / (depreciation) ( 255 ) 2,512 738 (36) 76 78 100 3,213 Ending Balance 8 , 92 1 11,700 16,267 1,449 4,470 2,363 2,458 47,628 For the Three Months Ended December 31, 2020 P r ivate E quity Public E quiti e s IP&S Infrastructure Real E s ta te Cr edit Hedge F unds Total Beggining balance 7.527 8.531 10.072 1.446 3.347 2 . 19 3 1.584 34.699 (+/ - ) Capital Subscription / (capital return) 571 - 6 (53) 1,502 99 - 2,125 (+/ - ) Net Inflow / (outflow) - 1,508 4,916 - - (102) 760 7,082 (+/ - ) Appreciation / (depreciation) 823 1,661 1,274 56 (379) 173 114 3,722 Ending Balance 8,921 11,700 16,267 1,449 4,470 2 , 36 3 2,458 47,628 For the Twelve Months Ended December 31, 2020 ¹AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ȼ s eliminated on consolidation and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities; ² Considers a fund in IP&S that was not considered as Fee - Earning AUM in September 2020 and was included in Fee - Earning AUM starting in the 4Q’20. 33
We have strong investment performance track record Sources: Company information, Anbima ¹Gross IRRs from Private Equity funds are since inception and reported on a one - quarter lag (through September 30, 2020). 34 Fund return since inception Selected benchmark return in the same period Fund return since IPO Investment Products & Solutions C r edit Infrastructure Private Equity¹ Real Estate Our strategies have consistently outperformed their corresponding benchmarks Liquid strategies Private Market Strategies 62% 33% 8% 28% VCP I BOV VIR Nordeste I BOV Strategies have been outperforming their corresponding benchmarks consistently Public Equities Hedge Funds 1162% 523% 296% 89% Gas Dividend o s I BOV Vinci MosaicoI BO V Gas Di v idend o s I BOV Vinci M o s a ico I BOV 140% 46% 132% 34% Mul t ies t rate g ia C D I Atl a s C D I Multi estratégia C D I A t l a s C D I 205% 129% 75% 104% 102% 43% S e l ect io n Equities I BOV V a l o r em C DI Equilíbrio C DI 82% 128% 70% 81% VCE Multiestratégia CDI VCI I C D I 48% 47% 29% 15% V I S C I F IX V I L G I F IX Gross IRR since inception 89% 17% FIP Transmissão I BOV