Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39911 |
Entity Registrant Name | Patria Investments Limited |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 18 Forum Lane, 3rd floor |
Entity Address, Address Line Two | Camana Bay, PO Box 757 |
Entity Address, Postal Zip Code | KY1-9006 |
Entity Address, City or Town | Grand Cayman |
Entity Address, Country | KY |
Title of 12(b) Security | Class A common shares, par value US$0.0001 per share |
Trading Symbol | PAX |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001825570 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Class A Common Share | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 54,247,500 |
Class B Common Share | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 92,945,430 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 18 Forum Lane, 3rd floor |
Entity Address, Address Line Two | Camana Bay, PO Box 757 |
Entity Address, Postal Zip Code | KY1-9006 |
Entity Address, City or Town | Grand Cayman |
Entity Address, Country | KY |
City Area Code | 1 345 |
Local Phone Number | 640 4900 |
Contact Personnel Name | Ana Cristina Russo |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE TOUCHE TOHMATSU |
Auditor Location | São Paulo, Brazil |
Auditor Firm ID | 1045 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 26,519,000 | $ 15,264,000 |
Short term investments | 285,855,000 | 151,866,000 |
Client funds on deposit | 23,639,000 | 78,163,000 |
Accounts receivable | 125,405,000 | 97,119,000 |
Project advances | 5,693,000 | 3,199,000 |
Recoverable taxes | 5,672,000 | 3,152,000 |
Other current assets | 6,853,000 | 3,559,000 |
Current assets | 479,636,000 | 352,322,000 |
Non-current assets | ||
Accounts receivable | 6,254,000 | 10,996,000 |
Deferred tax assets | 1,749,000 | 3,446,000 |
Project advances | 947,000 | 736,000 |
Other non-current assets | 1,948,000 | 3,227,000 |
Long-term investments | 35,257,000 | 18,278,000 |
Derivative financial instruments - Assets | 6,322,000 | 0 |
Investments in associates | 7,977,000 | 0 |
Property and equipment | 24,627,000 | 13,408,000 |
Intangible assets | 411,521,000 | 358,908,000 |
Non-current assets | 496,602,000 | 408,999,000 |
Total assets | 976,238,000 | 761,321,000 |
Current liabilities | ||
Client funds payable | 23,639,000 | 78,163,000 |
Consideration payable on acquisition | 33,187,000 | 16,437,000 |
Personnel and related taxes payable | 27,076,000 | 37,764,000 |
Taxes payable | 878,000 | 3,889,000 |
Derivative financial instruments | 1,053,000 | 0 |
Commitment subject to possible redemption | 234,145,000 | 0 |
Carried interest allocation | 10,370,000 | 11,582,000 |
Other current liabilities | 7,652,000 | 8,391,000 |
Current liabilities | 338,000,000 | 156,226,000 |
Non-current liabilities | ||
Consideration payable on acquisition | 33,414,000 | 27,812,000 |
Personnel liabilities | 1,724,000 | 5,252,000 |
Carried interest allocation | 2,080,000 | 0 |
Gross obligation under put option | 73,428,000 | 0 |
Other non-current liabilities | 14,134,000 | 7,746,000 |
Non-current liabilities | 124,780,000 | 40,810,000 |
Total liabilities | 462,780,000 | 197,036,000 |
Equity | ||
Capital | 15,000 | 15,000 |
Additional paid-in capital | 485,180,000 | 485,180,000 |
Other reserves | 1,495,000 | 764,000 |
Retained earnings | 77,576,000 | 87,948,000 |
Cumulative translation adjustment | (11,478,000) | (9,622,000) |
Equity attributable to the owners of the Company | 552,788,000 | 564,285,000 |
Non-controlling interests | (39,330,000) | 0 |
Equity | 513,458,000 | 564,285,000 |
Total liabilities and equity | $ 976,238,000 | $ 761,321,000 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [abstract] | |||
Net revenue from services | $ 258,877 | $ 235,515 | $ 115,017 |
Expenses by nature [abstract] | |||
Personnel expenses | (69,779) | (47,604) | (27,229) |
Carried interest allocation | (10,171) | (30,204) | 0 |
Deferred consideration | (24,444) | (2,037) | 0 |
Amortization of intangible assets | (17,379) | (6,973) | (6,007) |
General and administrative expenses | (31,150) | (14,332) | (14,573) |
Share of equity-accounted earnings | (2,351) | 0 | 0 |
Other income/(expenses) | (9,265) | (12,506) | (2,040) |
Net financial income/(expense) | 8,115 | (287) | (192) |
Net income before income tax | 102,453 | 121,572 | 64,976 |
Income tax | (8,349) | (381) | (3,136) |
Net income for the year | 94,104 | 121,191 | 61,840 |
Attributable to: | |||
Owners of the Company | 92,957 | 122,476 | 62,209 |
Non-controlling interests | $ 1,147 | $ (1,285) | $ (369) |
Basic earnings per thousand shares (USD per share) | $ 0.63141 | $ 0.90066 | $ 0.53170 |
Diluted earnings per thousand shares (USD per share) | $ 0.63139 | $ 0.90066 | $ 0.53170 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net income for the period | $ 94,104 | $ 121,191 | $ 61,840 |
Items that will be reclassified to the income statement: | |||
Currency translation adjustment | (1,856) | (3,378) | (1,863) |
Currency translation adjustment – non-controlling interests | 1,284 | (88) | (1,911) |
Total comprehensive income | 93,532 | 117,725 | 58,066 |
Attributable to: | |||
Owners of the Company | 91,101 | 119,098 | 60,346 |
Non-controlling interests | $ 2,431 | $ (1,373) | $ (2,280) |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) $ in Thousands | Total | Capital | Additional paid-in capital | Other reserves | Retained earnings | Cumulative translation adjustment | Equity attributable to owners of the Parent | Non- controlling interests |
Beginning balance at Dec. 31, 2019 | $ 88,747 | $ 1 | $ 1,557 | $ 0 | $ 85,483 | $ (5,884) | $ 81,157 | $ 7,590 |
Cumulative translation adjustment | (3,774) | (1,503) | (360) | (1,863) | (1,911) | |||
Net income for the year | 61,840 | 62,209 | 62,209 | (369) | ||||
Dividends declared | (23,259) | (23,259) | (23,259) | |||||
Dividends paid | (64,481) | (60,929) | (60,929) | (3,552) | ||||
Ending balance at Dec. 31, 2020 | 59,073 | 1 | 1,557 | 0 | 62,001 | (6,244) | 57,315 | 1,758 |
Cumulative translation adjustment | (3,466) | (3,378) | (3,378) | (88) | ||||
Net income for the year | 121,191 | 122,476 | 122,476 | (1,285) | ||||
Dividends declared | (96,529) | (96,529) | (96,529) | |||||
Share Split | 11 | (11) | ||||||
Capital issuance | 510,299 | 3 | 510,296 | 510,299 | ||||
Transaction costs | (27,047) | (27,047) | (27,047) | |||||
Grant of share based incentive plan | 764 | 764 | 764 | |||||
Changes in interest of subsidiaries | 385 | 385 | (385) | |||||
Ending balance at Dec. 31, 2021 | 564,285 | 15 | 485,180 | 764 | 87,948 | (9,622) | 564,285 | 0 |
Cumulative translation adjustment | (572) | (1,856) | (1,856) | 1,284 | ||||
Net income for the year | 94,104 | 92,957 | 92,957 | 1,147 | ||||
Dividends declared | (103,329) | (103,329) | (103,329) | |||||
Grant of share based incentive plan | 731 | 731 | 731 | |||||
Non-controlling interests on acquisition of subsidiaries | 13,729 | 13,729 | ||||||
Gross obligation under put option | (55,490) | (55,490) | ||||||
Ending balance at Dec. 31, 2022 | $ 513,458 | $ 15 | $ 485,180 | $ 1,495 | $ 77,576 | $ (11,478) | $ 552,788 | $ (39,330) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income for the period | $ 94,104 | $ 121,191 | $ 61,840 |
Adjustments to net income for the year | |||
Depreciation expense | 3,825 | 1,783 | 1,680 |
Amortization expense | 17,379 | 6,973 | 6,007 |
Net financial investment income | (2,345) | (355) | (366) |
Unrealized (gains)/losses on long-term investments | (5,322) | (226) | 91 |
Unrealized (gains)/losses on derivative financial instruments | (2,990) | 0 | 0 |
Contingent consideration adjustments | (12,322) | 0 | 0 |
Gross obligation under put - unwinding | 3,533 | 0 | 0 |
Deferred consideration adjustments | 729 | 0 | 0 |
Interest expense on lease liabilities | 1,807 | 1,022 | 869 |
Transaction costs allocated – SPAC | 315 | 0 | 0 |
IPO expenses accrual | 0 | 270 | 0 |
Deferred income taxes expense | 1,565 | (1,311) | 2,245 |
Current income taxes expense | 6,784 | 1,692 | 891 |
Share of equity accounted earnings | 2,351 | 0 | 0 |
Share based incentive plan | 731 | 764 | 0 |
Other non-cash effects | 124 | 365 | (243) |
Changes in operating assets and liabilities | |||
Accounts receivable | (23,067) | (62,745) | (22,560) |
Projects advances | (2,896) | (2,173) | 4,537 |
Recoverable taxes | (2,423) | (2,570) | (326) |
Personnel and related taxes payable | (12,877) | 27,596 | 1,144 |
Carried interest allocation | 868 | 11,582 | 0 |
Deferred consideration payable on acquisition | 24,444 | 2,037 | 0 |
Taxes payable and deferred taxes | (8,620) | 1,182 | 185 |
Payment of income taxes | (621) | (221) | (1,833) |
Other assets and liabilities | 1,238 | 1,905 | (716) |
Payment of placement agent fees | (5,263) | (1,200) | (750) |
Net cash provided by operating activities | 81,051 | 107,561 | 52,695 |
Cash flows from investing activities | |||
Decrease (increase) in short term investments | 108,855 | (141,745) | 9,511 |
Decrease (increase) in short-term investment – loan | 0 | 0 | 13,031 |
Decrease (increase) in long-term investments | (12,069) | (17,873) | 1,629 |
Investment into SPAC trust account | (236,900) | 0 | 0 |
Payment of business acquisition payable | (16,437) | 0 | 0 |
Acquisition of property and equipment | (5,439) | (1,551) | (163) |
Acquisition of software and computer programs | (1,273) | (292) | (497) |
Acquisition of investments in associates | (7,789) | 0 | 0 |
Acquisition of subsidiaries, net of cash acquired | (18,295) | (122,767) | 0 |
Net cash provided by/used in investing activities | (189,347) | (284,228) | 23,511 |
Cash flows from financing activities | |||
IPO proceeds | 0 | 302,722 | 0 |
IPO transaction costs | 0 | (3,204) | 0 |
IPO proceeds – SPAC * | 230,000 | 0 | 0 |
IPO transaction costs – SPAC | (4,665) | 0 | 0 |
Dividends paid | (103,329) | (119,788) | (64,481) |
Lease payments | (1,652) | (832) | (893) |
Interest paid on lease liabilities | (1,807) | (1,007) | (865) |
Net cash provided by/used in financing activities | 118,547 | 177,891 | (66,239) |
Foreign exchange variation on cash and cash equivalents in foreign currencies | 1,004 | (12) | (35) |
Increase in cash and cash equivalents | 11,255 | 1,212 | 9,932 |
Cash and cash equivalents at the beginning of the year | 15,264 | 14,052 | 4,120 |
Cash and cash equivalents at the end of the year | 26,519 | 15,264 | 14,052 |
Non-cash operating and investing activity | |||
Non cash transfer of long term investment with a corresponding decrease in lease liability | 0 | 300 | 0 |
Addition of right of use assets | 5,009 | 8,783 | 137 |
Accrued placement agent liabilities with a corresponding increase in intangible | 0 | 0 | 1,250 |
Dividends declared | 0 | 0 | 23,259 |
IPO transaction costs decrease in assets with corresponding decrease in equity | 0 | 624 | 0 |
IPO transaction costs accrual increase in liability with corresponding decrease in equity | 0 | 427 | 0 |
Changes in interest of subsidiaries | 0 | 385 | 0 |
Acquisition of subsidiaries through share issuance | 0 | 184,789 | 0 |
Contingent consideration payable on acquisition | 9,072 | 25,775 | 0 |
Consideration payable on acquisition | 18,156 | 16,437 | 0 |
Gross obligation under put option | 73,428 | 0 | |
VBI | |||
Non-cash operating and investing activity | |||
Gross obligation under put option | 65,544 | 0 | 0 |
Igah | |||
Non-cash operating and investing activity | |||
Gross obligation under put option | $ 7,666 | $ 0 | $ 0 |
General information
General information | 12 Months Ended |
Dec. 31, 2022 | |
General Information [Abstract] | |
General information | General information Patria Investments Limited (the "Company") was established on July 6, 2007 in Bermuda and transferred its registration and domicile by way of registration by continuation to the Cayman Islands on October 12, 2020. The Company also transferred its headquarters from Bermuda to the Cayman Islands on October 12, 2020. Since then, the Company's obligations, whether legal, regulatory, or financial, are in accordance with the applicable laws and regulations of the Cayman Islands. On January 21, 2021, the Company completed its initial public offering ("IPO") registration. The shares offered and sold in the IPO were registered under the Securities Act of 1933, as amended, according to the Company's Registration Statement on Form F-1 (Registration N° 333-251823). The common shares began trading on the Nasdaq Global Select Market ("NASDAQ-GS") on January 22, 2021, under the symbol "PAX". The Company is a public holding company controlled by Patria Holdings Limited. (the “Parent”), which held 55.95% of the Company's common shares as of December 31, 2022 (December 31, 2021: 55.6%). The Parent is ultimately controlled by a group of individuals. The Company and its subsidiaries (collectively, the "Group") are a private markets investment firm focused on investing in Latin America. Since 1994 the Group has expanded from its initial flagship private equity funds to other investment products, such as its flagship infrastructure development funds (its private equity approach applied to infrastructure assets), co-investment funds (focused on companies from its flagship funds), constructivist equity funds (applying its private equity approach to listed companies), credit funds (through business combination in 2021 with Moneda Asset Management SpA (“MAM I”) and Moneda II SpA (“MAM II”) (collectively “Moneda”)), real estate funds (increased in 2022 with the acquisition of VBI Real Estate Gestão de Carteiras S.A.(“VBI”) acquisition – note 29) and venture capital funds (through business combination in 2022 with Igah Partners LLC (“Igah Ventures”) and PEVC I General Partner IV, Ltd. (“Igah IV”) and Igah Carry Holding Ltd (collectively “Igah”) – note 29). The Group’s operations include investment offices in Montevideo (Uruguay), São Paulo (Brazil), Bogota (Colombia), and Santiago (Chile), as well as client-coverage offices in New York (United States), London (United Kingdom), Dubai (UAE), and Hong Kong to cover the investor base of its underlying investment products, in addition to its corporate business and management office in Grand Cayman (Cayman Islands). The Group's main executive office is located at 18 Forum Lane, Grand Cayman, Cayman Islands. Management has considered the consequences of inflationary pressures, the ongoing war between Russia and Ukraine and other events and conditions. It has determined that they do not create a material uncertainty that casts significant doubt upon the Company’s and Group’s ability to continue as a going concern. As such the use of going concern basis of accounting is considered appropriate. |
Presentation of financial state
Presentation of financial statements | 12 Months Ended |
Dec. 31, 2022 | |
Presentation Of Financial Statements [Abstract] | |
Presentation of financial statements | Presentation of financial statements a. Statement of compliance and basis of preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (“IASB”), which include the standards issued by IASB and interpretations issued by the International Financial Reporting Interpretation Committee (“IFRIC”). The board of directors approved the consolidated financial statements on April 26, 2023. b. Functional and presentation currency The consolidated financial statements are presented in United States dollars (USD). The effects of the translation from the functional currency into the presentation currency are recognized in equity under the caption “Cumulative Translation Adjustment.” For details regarding the remeasurement of the balances and transactions in foreign currencies to the functional currency of the Company and its subsidiaries, refer to note 4 and note 5 for the functional currency determined for each entity. c. Change in Consolidated Income Statement presentation The Group has revised the presentation of its Consolidated Income Statement in accordance with IAS 1. Previously, the Consolidated Income Statement provided a classification of expenses based on its function within the Company. Management has concluded that a classification of expenses based on its nature provides a more meaningful representation of the financial performance of the Group. This change in presentation has no impact on the Group’s prior years reported net income, earnings per share, consolidated statement of cash flows and consolidated statement of changes in equity. d. Use of estimates and judgments The preparation of the consolidated financial statements in accordance with IFRS requires Management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized to prepare the consolidated financial statements are prudent and reasonable. Actual results could differ from those estimates and such differences could be material. The most significant accounting estimates and corresponding assumptions are the following: (i) employee profit-sharing, long-term benefits, and bonus accruals, where management considered the expected results and targets to estimate the accruals; (ii) the useful lives of tangible and intangible assets and impairment analysis of such assets; (iii) recoverability of deferred tax assets, using projections of future cash flows and anticipated income and expenses growth rates, as well as considering the timing of utilization of net operating losses, temporary differences and applicable caps for compensation; (iv) the assessment and measurement of risk regarding provisions and contingencies, where management, supported by the opinion of its legal counsel, determined the likelihood of losses and the probable cash outcome expected for each claim; (v) revenue recognition, where management determined the multiple elements in the contracts and the criteria and timing for revenue recognition; (vi) the fair value of financial instruments, and the share based incentive plan, using inputs that are primarily unobservable; (vii) fair values of identifiable assets and contingent consideration from business combination transac tions and consideration transferred as part of the purchase price all ocation; (viii) recoverable amounts of cash-generating units, including goodwill. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information [Abstract] | |
Segment information | Segment information The Group operates through a single reportable operating segment, in accordance with IFRS 8, reflecting how the Group’s executive directors collectively act as the chief operating decision maker to allocate resources and assess performance under the Group’s global strategy, which includes integrated product lines. Within its one operating segment, the Company has multiple product lines including private equity, credit, infrastructure, public equities, real estate and advisory and distribution. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies The significant accounting policies described below have been consistently applied to the consolidated financial statements: a. Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company. See note 5 for the list of the subsidiaries included in the consolidated financial statements. Control is achieved when the Company not only has power to direct the financial and operating policies of the investee or rights to variable returns from its involvement with the investee, but also has the ability to use its power to affect the investor’s returns from its involvement with the investee. Thus, an investor or an entity with decision-making rights shall determine whether it is a principal or an agent. An investor or an entity that is an agent does not control an investee when it exercises decision-making rights delegated to it. In these situations, the Company may invest in certain investment funds that it manages holding investment fund units with the same rights as the other investment fund investors. The investment funds and their investees are not consolidated by the Company, given that they operate as agents. These investments did not give the Company control nor significant influence over the respective investment funds. Additionally, although the Group may exercise some level of significant influence over investments held in other investment funds in which it invests, it does not have control over the underlying portfolio companies held by those funds. Therefore, these investments are classified and accounted for as Fair Value Through Profit or Loss (“FVTPL”) in accordance with IFRS 9 – Financial Instruments. Details of these investment funds are included in note 12. For the purpose of these consolidated financial statements, the intercompany balances are eliminated, as well as any unrealized income and expenses arising from transactions between the subsidiaries and the Company, if any. Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. b. Investments in associates Associates are companies in which the Group holds an interest and over which the Group has a significant influence but does not have control. In assessing significant influence, the Group considers the investment held and its power to participate in the financial and operating policy decisions of the investee through its voting or other rights. Investments in these companies are initially recognized at cost of acquisition and subsequently accounted for using the equity method unless elected to be measured at fair value through profit or loss in accordance with IFRS 9. Under the equity method, an investment in an associate is recognized initially in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment, net of any cumulative impairment loss. The Group applies the approach to include both payments and contingent variable payments in the carrying amount of the investment at the acquisition date. c. Business combinations Business combinations are accounted for using the acquisition method of accounting. The acquisition date is the date on which the Group effectively obtains control of the acquiree. The purchase consideration of the acquisition of a subsidiary as of its relevant acquisition date, comprises of: • fair values of the assets transferred • liabilities incurred to the former owners of the acquired business • equity interests issued by the Group, and • fair value of any assets or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Contingent consideration obligations that are elements of purchase consideration are recognized as of the acquisition date either as equity or a financial liability. Expected cash outflows relating to the business combination are estimated and discounted to fair value based on the terms of the purchase agreement and the Group’s knowledge of the acquired business and how the current economic environment is likely to impact it. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (shall not exceed one year from the acquisition date) about facts and circumstances which existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments is dependent on how the contingent consideration was classified. Contingent consideration that was classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates, with changes in fair value recognized in profit or loss. Acquisition-related costs incurred in connection with a business combination, other than those associated with the issue of debt or equity securities are expensed as incurred. d. Cash and cash equivalents Cash and cash equivalents represent cash on hand, cash held in banks and short‑term, highly liquid investments (maturity equal to or less than 90 days from the date of acquisition) that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash is measured at amortized cost that approximates fair value. Cash equivalents are recorded at fair value based on the share price as of the reporting date. e. Client funds on deposit and client funds payable Client funds on deposit include amounts representing cash held with Chilean financial institutions for clients of Moneda Corredores de Bolsa Limitada (“MCB”). It consists of accounts in which clients maintain a cash balance or transactions where the settlement date for the purchase of securities has not yet occurred. Amounts are due from clients on the settlement date of the transaction for cash accounts. Settlement of transactions take place within a period not exceeding 3 days. These activities are in accordance with the Comision para el Mercado Financiero (“CMF”) in Chile and other regulatory authorities and are subject to MCB’s monitoring procedures. The corresponding liabilities related to the above accounts and transactions are included in client funds payable. Client funds on deposit and client funds payable are financial instruments in accordance with IFRS 9 and are initially recognized at fair value and subsequently measured at amortized cost that approximates fair value. f. Financial instruments A financial instrument is recognized when the Group becomes a party of a contract that gives rise to a financial asset or a financial liability or equity instrument. Financial assets are no longer recognized when the Group’s contractual rights to receive cash flows from the assets have expired or if the Group has transferred the control over substantially all risks and rewards of ownership. Financial liabilities are no longer recognized when these obligations are discharged or cancelled. Non-derivative financial instruments comprise of cash, short and long-term investment, client funds, accounts receivable and other liabilities. Lease obligations, while not considered financial instruments under accounting standards, are also included in our analysis of financial instruments for liquidity risk purposes. Derivative financial instruments are financial contracts, the value of which is derived from the value of the underlying assets, interest rates, indexes or currency exchange rates. Derivative financial instruments are also classified as securities unless they are designated as effective hedging instruments. Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Derivative financial instruments are classified in the Group’s Consolidated Statement of Financial Position as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. (i) Financial assets At initial recognition, a financial asset is measured at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed within the consolidated income statement. Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: • amortized cost • fair value through profit or loss (FVTPL) • fair value through other comprehensive income (FVOCI). In the years presented, the Group does not have any financial assets designated as FVOCI or financial assets designated as hedging instruments. The classification is determined by both: • the entity’s business model for managing the financial asset • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within financial income and expenses, except for impairment of trade receivables which would be presented within administrative expenses. The Group has assessed all financial instruments to have low credit risk in accordance with IFRS 9 – Financial Instruments. Amortized cost A financial asset is measured at amortized cost, if both of the following conditions are met: (a) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are initially recognized at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest rate method, less any impairment losses. Receivables with a short duration are measured at their transaction price. Fair value through profit or loss Any financial assets that are not held within a business model whose objective is to hold assets in order to collect contractual cash flows are measured at fair value through profit or loss. (ii) Financial liabilities All financial liabilities are measured at amortized cost, except for financial liabilities at fair value through profit or loss. After initial recognition, an entity cannot reclassify any financial liability. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. It is treated as the derecognition of the original liability and the recognition of a new liability when an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in profit or loss g. Impairment losses Financial assets The Group considers the allowance for losses on financial assets at amortized cost for forward looking Expected Credit Losses (“ECL”) in line of IFRS 9 requirements, if applicable. The Group holds receivables with no financing component that have maturities of less than 1 year at amortized cost and as such has chosen to apply an approach similar to the simplified approach for ECL under IFRS 9 to all its receivables. Therefore, the Group does not track changes in credit risk for the purpose of the loss allowance, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date using both quantitative and qualitative analysis and based on the historical experience of the Group and updated understanding of the credit assessment of receivables from customers. An impairment loss in a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows, and it is recognized immediately in the consolidated income statement. This impairment loss is reversed if justified by any event that occurs after its recognition . Non-financial assets The carrying amounts of the Group’s non-financial assets are tested for impairment if there is any indication of loss in its recoverable amount. An impairment loss is recognized if an asset’s carrying amount exceeds its recoverable amount recorded in the consolidated financial statements. The recoverable amount of an asset is the higher amount between its value in use and its fair value less costs to sell. To measure the value in use, the present value of future cash flows is discounted using a discount rate that reflects current market valuations and the asset’s risks. Goodwill is tested annually or more frequently if a change in circumstance indicates that it might be impaired. h. Gross obligation under put option The Group has granted put options to non-controlling interest shareholders of certain consolidated subsidiaries. Liabilities from put options granted represent contracts that impose (or may potentially impose) an obligation on the Group to purchase its own equity instruments (including the shares of a subsidiary) for cash or another financial asset. Pending specific guidance from IFRSs regarding this issue, the Group recognizes these commitments as follows: Put option liabilities (net of any proceeds received) are initially raised in equity at the present value of the expected redemption amount payable and recorded as a liability in the statement of financial position. The present value is based on a discounted cash flow model, market multiples or a recent transaction during the current year in which the equity value was determined. This applies regardless of whether the Group has the discretion to settle in its own equity instruments or cash. Management’s judgements and estimates relate to the inputs used in determining the present value of the expected redemption amount payable. In accordance with IAS 32, the Group has decided to apply as an accounting policy choice, the classification of the gross obligation arising from business combination in equity as part of non-controlling interest where the non-controlling interest shareholders still have an economic interest in the underlying business results. In the event the non-controlling interest shareholders do not have an economic interest in the underlying business results, the Group, recognizes the gross obligation under the put option as disclosed above and the corresponding non-controlling interests are eliminated. Subsequent revisions to the expected redemption amount payable as well as the unwinding of the discount related to the measurement of the present value of the granted put option liability, are recognized in equity through profit and loss. Where a granted put option expires unexercised or is cancelled, the carrying value of the financial liability is reclassified to the non-controlling reserve in equity. The difference between the carrying amount of the discharged liability and reserve recognized on acquisition of control from business combination is recorded in equity through profit or loss. i. Property and equipment Property and equipment items are stated at purchase cost, less accumulated depreciation and impairment losses. Cost includes, where applicable, expenses directly attributable to the purchase of the assets. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Any costs related to maintenance and repairs are recorded as part of operating expenses when incurred. Depreciation, recognized in the consolidated income statement, is calculated on a straight-line basis over the estimated useful lives of the assets. The useful life is periodically reviewed and updated prospectively if any amendment is required. The estimated useful lives per category are as follows: Facilities 10 years Machinery and equipment 10 years Furniture and fixtures 10 years Building improvements 10 years Office equipment - Electronic equipment 5 years Office equipment - IT equipment 5 years Office equipment - Telephone equipment 5 years The carrying value of an item of property and equipment shall be de-recognized on disposal or when no future economic benefits are expected from its use. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and is recognized in profit or loss. Although subject to depreciation, these assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. j. Intangible assets Intangible assets are non-monetary assets without physical substance. These items are initially measured at cost and subsequently carried at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Although subject to amortization, these assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Group has the following intangible assets with finite useful lives: (i) placement agent fees, which are amortized over the terms of the respective investment funds, with average estimated term of 10 years; (ii) software, with estimated useful life of 5 years; (iii) contractual rights to earn future fee income relating to the acquisition of P2 Brasil Private Infrastructure General Partner II Ltd. and P2 Brasil Holding Ltd. (collectively the “P2 Group”), which are amortized over the respective contractual periods of the underlying investment funds of 8 years and 12 years respectively; and (iv) intangible assets acquired through business combination are recognized at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses. Amortization details are included under note 14 of the Financial Statements. Intangible assets are derecognized on disposal or when no future economic benefits are expected from their use. The gain or loss from derecognition is recognized in profit or loss. Goodwill Goodwill in a business combination is recognized at the acquisition date when the purchase consideration, and the recognized amount of non-controlling interests exceeds the fair value of the identifiable net assets of the entity acquired. If the purchase consideration is lower than the fair value of the identifiable net assets of the acquiree (a gain from bargain purchase), the difference is recognized in the income statement. The gain or loss on the disposal of an entity is calculated after consideration of attributable goodwill. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortized but is reviewed at least annually for impairment. Goodwill is allocated to cash-generating units or groups of cash-generating units, expected to benefit from the business combination in which the goodwill arose. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, an impairment loss is recognized. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). An impairment loss recognized for goodwill is not reversed in a subsequent period. k. Employees’ benefits (i) Short- term employee benefits Current benefits are paid within twelve months and include salaries, social security contributions, bonuses and profit sharing, including carried interest allocations (excluding allocations payable after 12 months from reporting date). These benefits are recognized on an accrual basis. The Group annually recognizes a provision for profit sharing, according to conditions approved by Management. These amounts are recorded as ‘Personnel expenses’ in the income statement. (ii) Long-term employee benefits - long term incentive program The long-term incentive plan (“LTIP”) is designed to retain key employees as well as provide alignment between them and the Company’s shareholders. The LTIP governs the issuances of equity incentive awards with respect to Class A common shares. The maximum number of Class A common shares initially available for issuance pursuant to equity incentive awards granted under the LTIP launched will not exceed 5% of the Class A common shares outstanding at any given time. The board of directors may at its discretion adjust the number of Class A common shares available for issuance under the LTIP. Equity incentive awards may be granted to the Group’s employees, non-employee directors, officers, consultants, or other individual service providers as well as holders of equity compensation awards granted by an entity that may be acquired in the future. Equity incentive awards may be granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards or other stock-based awards. Stock options and stock appreciation rights will have an exercise price determined by the administrator but that is no less than the fair market value of the underlying Class A common shares on the date of grant. The vesting conditions for grants under the LTIP are determined by the administrator of the LTIP (the “Administrator”) and, in the case of restricted stock or restricted stock units, are set forth in the applicable award documentation. For stock options, the Administrator determines the exercise price of the option, the term of the option and the time or times at which the option may be exercised. Performance awards are subject to performance conditions as specified by the Administrator and are settled in cash, Class A common shares, other awards, other property, net settlement or any combination thereof, as determined by the Administrator in its discretion, following the end of the relevant performance period. The LTIP is administered by two board members appointed by the board of directors for the administration and implementation of the LTIP. Share based incentive plan – equity incentive program Under the LTIP, the Company has share based incentive plans of which Performance Restricted Units (“PSUs”) are granted to eligible participants and subject to achieving vesting conditions, are convertible into Class A common shares. The vesting conditions can be divided into two groups, time vesting conditions and market performance conditions. The vesting period (time vesting conditions) is divided in three tranches as follows: • third anniversary of the grant date, upon which one third (1/3) of the PSUs will become time vested. • fourth anniversary of the grant date, upon which one third (1/3) of the PSUs will become time vested. • fifth anniversary of the grant date, upon which one third (1/3) of the PSUs will become time vested. As a market performance condition, the final number of Class A common shares delivered to the participants is also dependent on the Total Shareholder Return (“TSR”), including share price growth and dividends in comparison to a peer group. If TSR in comparison to the share price at the beginning of the grant is equal to or exceeds at least 8% per year at the end of the 3rd, 4th and 5th year grant anniversary, the PSUs are delivered to the participant. In addition to that, if the TSR is equal or above the TSR of a determined peer group at the end of the last vesting period, each participant shall be entitled to receive an additional number of PSUs (“boost grant”) equal to twenty per cent (20%) of the total number of PSUs originally granted to the participant. If an eligible participant ceases to be employed by the Company, within the vesting period, the rights will be forfeited, except in limited circumstances that are approved on a case-by case basis by the Committee. The cost of the share based incentive plan is measured using the fair value at the grant date. The cost is expensed together with a corresponding increase in equity over the service period. The total amount to be expensed is determined by reference to the fair value of the shares granted at the grant date, which is also based on: • TSR; and • The impact of any time vesting conditions (i.e. remaining an employee of the entity over a specified time). The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of shares that are expected to vest based on the time vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. When the PSUs are vested, the Committee will, at its discretion, direct the Company to deliver Class A common shares from either treasury shares or newly issued shares to satisfy the delivery of incentives pursuant to this share based incentive plan. The Committee may also decide to settle the delivery of incentives pursuant to this share based incentive plan in cash. Equity reserves for the share based incentive plan do not include any tax benefits on total share based incentive plan expense. The tax benefits will be considered when the PSUs shares are converted into Class A common shares. The Monte Carlo simulation model best reflects the market condition regarding the TSR of the Company in comparison to a minimum TSR of 8% per year, and also in comparison with a peer group. To estimate future share prices of the Company and its peer group, the model considers the share price on the grant date, the expected volatility, an estimated correlation between share prices and United States Treasury Bonds as the risk free interest rate. (iii) Other long-term employee benefits – Officers’ Fund The Officers’ Fund Plan has been established to provide employees with an opportunity to receive a cash benefit based on the performance of the Group. The Officers’ Fund Plan is administered by the Company through a limited liability entity (the "Officers' Fund") registered as an administered investment fund under the laws of the Cayman Islands. The Officers’ Fund Plan is, in substance, a long-term benefit within the scope of IAS 19 – Employee Benefits, as it is not based on the changes in fair value of the Group’s equity (note 31(b)). l. Provisions, contingent assets and contingent liabilities The recognition, measurement and disclosure of contingent assets and contingent liabilities and legal obligations are performed based on the criteria set forth in IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. • Contingent Assets: are not recognized, except if the realization of the asset is virtually certain. • Provisions: are recognized in the financial statements when, based on Management’s assessment supported by the opinion of the legal counsel, the risk of an unfavorable outcome in a judicial or administrative proceeding is considered probable, and whenever the amounts involved can be reliably measured. • Contingent Liabilities: are disclosed in the notes to the financial statements when, based on Management’s assessment supported by the opinion of the legal counsel, the risk of an unfavorable outcome in a judicial or administrative proceeding is considered possible. The contingent liabilities for which the risk of an unfavorable outcome in a judicial or administrative proceeding is considered remote are neither accounted for nor disclosed. m. Leases According to IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group determines the lease term as the non-cancellable period of a lease, together with both: (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. The Group does not hold lease contracts as a lessor. For the contracts in which the Group is the lessee, the Group recognizes a right-of-use asset and a lease liability at the commencement date. A right-of-use asset is measured at cost at the commencement date, which comprises: (a) the amount of the initial measurement of the lease liability; (b) any lease payments made at or before the commencement date, less any lease incentives received; (c) any initial direct costs incurred by the Group; and (d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. After the commencement date, the Group measures the right‑of‑use asset at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusts it for any remeasurement of the lease liability. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses the Group’s incremental borrowing rate. After the commencement date, the Group measures the lease liability by: (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications. The Group did not have contracts eligible as short-term leases and leases for which the underlying asset is of low value exemptions. The Group has rental agreements for its offices in the Cayman Islands, United Kingdom, Uruguay, Brazil and Chile within the scope of IFRS 16. n. Revenues The Group’s revenues from services consist of (i) management fees, (ii) performance fees, (iii) incentive fees, (iv) advisory fees and (v) other ancillary services fees, reported net of applicable taxes. The Group follow a five step guidance to recognize revenue in ac |
Consolidation and subsidiaries
Consolidation and subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Consolidation And Subsidiaries [Abstract] | |
Consolidation and subsidiaries | Consolidation and subsidiaries The consolidated financial statements include the entities listed below, which are the Company’s direct or indirect subsidiaries: Functional Equity interest December 31, December 31, Subsidiaries Patria Finance Ltd. (a) USD 100.00 % 100.00 % Patria Brazilian Private Equity III, Ltd. (b) USD 100.00 % 100.00 % PBPE General Partner IV, Ltd. (b) USD 100.00 % 100.00 % PBPE General Partner V, Ltd. (b) USD 100.00 % 100.00 % Patria Brazilian Private Equity General Partner VI, Ltd. (b) USD 100.00 % 100.00 % Patria Brazil Real Estate Fund General Partner II, Ltd. (b) USD 100.00 % 100.00 % Patria Brazil Real Estate Fund General Partner III Ltd. (b) USD 100.00 % 100.00 % Patria Brazil Retail Property Fund General Partner, Ltd. (b) USD 100.00 % 100.00 % Patria Investments UK Ltd. (c) GBP 100.00 % 100.00 % Patria Investments US LLC (d) USD 100.00 % 100.00 % Patria Investments Colombia S.A.S. (e) COP 100.00 % 100.00 % Infrastructure II GP, Ltd. (b) USD 100.00 % 100.00 % Infrastructure III SLP Ltd. (f) USD 100.00 % 100.00 % Patria Infrastructure General Partner IV Ltd. (b) USD 100.00 % 100.00 % Pátria Investimentos Ltda. (g) BRL 100.00 % 100.00 % Patria Investments Latam S.A. (h) USD 100.00 % 100.00 % Patria Investments Uruguay S.A. (i) USD 100.00 % 100.00 % Patria Investments Cayman Ltd. (j) USD 100.00 % 100.00 % Patria Investments Chile SpA (k) CLP 100.00 % 100.00 % Patria Investments Hong Kong, Ltd. (l) HKD 100.00 % 100.00 % Patria Farmland General Partner, Ltd. (w) USD — % 100.00 % Platam Investments Brazil Ltda. (m) BRL 100.00 % 100.00 % Patria Constructivist Equity Fund General Partner, Ltd. (w) USD — % 100.00 % Patria Constructivist Equity Fund General Partner II, Ltd. (b) USD 100.00 % 100.00 % PI General Partner V Ltd. (b) USD 100.00 % 100.00 % PPE General Partner VII, Ltd. (b) USD 100.00 % 100.00 % PI Renewables General Partner, Ltd. (b) USD 100.00 % 100.00 % Patria Latam Growth Management Ltd. (b) USD 100.00 % 100.00 % Patria SPAC LLC (n) USD 100.00 % 100.00 % Patria Latin American Opportunity Acquisition Corp. (o) USD 100.00 % 100.00 % Moneda Asset Management SpA (p) CLP 100.00 % 100.00 % Moneda Corredores de Bolsa Limitada (q) CLP 100.00 % 100.00 % Moneda S.A. Administradora General De Fondos (b) CLP 100.00 % 100.00 % Moneda II SpA (r) USD 100.00 % 100.00 % Moneda International Inc. (b) USD 100.00 % 100.00 % Moneda USA Inc. (s) USD 100.00 % 100.00 % Patria KMP Cayman I (t) USD 100.00 % — % VBI Real Estate Gestão de Carteiras S.A. (u) BRL 50.00 % — % VBI Administração Fiduciaria e Gestão Ltda (v) BRL 50.00 % — % BREOF Partners Ltda (v) BRL 50.00 % — % VBI ND Emp Imob Ltda (v) BRL 50.00 % — % VBI ND II Emp Imob Ltda (v) BRL 50.00 % — % VBI DATA CENTER Emp Imob Ltda (v) BRL 50.00 % — % Igah Partners LLC (x) USD 100.00 % — % e.Bricks Ventures III GP, LLC (x) USD 100.00 % — % Igah Carry Holding Ltd (y) USD 100.00 % — % PEVC General Partner IV, Ltd. (z) USD 100.00 % — % Patria Real Estate Latam S.A.S (aa) USD 100.00 % — % “USD” United States dollars, “BRL” Brazilian Real, “GBP” Pound Sterling, “CLP” Chilean peso, “COP” Colombian peso, “HKD” Hong Kong Dollar "KY" Cayman Islands, "BR" Brazil, "CO" Colombia, "CH" Chile, "UK" United Kingdom, "US" United States, “BV” British Virgin Islands (a) Patria Finance Ltd.: responsible for managing investment funds and providing financial advisory services to clients around the world. It also provides accounting and finance support to the Group (b) These entities serve as managers of investment funds. (c) Patria Investments UK Ltd. : engages in the development of investor relations. (d) Patria Investments US LLC: engages in the development of investor relations and marketing services and certain back-office services. (e) Patria Investments Colombia S.A.S. : engages in advisory services related to asset management of investment funds and investments in private equity and infrastructure areas and investor relations and marketing services. (f) Infrastructure III SLP Ltd. : serves as manager of investment funds and provides financial advisory services. (g) Pátria Investimentos Ltda. ("PILTDA"): engages in asset management, fund administration, consulting, and planning services related to asset management and the organization and performance of transactions in the commercial and corporate sectors. (h) Patria Investments Latam S.A.: serves as a holding company for the Group investing activities. (i) Patria Investments Uruguay Agente de Valores S.A. (formerly Patria Investments Uruguay S.A.) : provides advisory services related to asset management of investment funds and investor relations and marketing services (j) Patria Investments Cayman Ltd.: serves as a holding company for the Group investing activities. (k) Patria Investments Chile SpA: engages in advisory services related to asset management of investment funds, investments in infrastructure, and investor relations and marketing services. (l) Patria Investments Hong Kong, Ltd.: engages in developing investor relations and marketing services. (m) Platam Investments Brazil Ltda.: provides advisory services to the Group. (n) Patria SPAC LLC: serves as a holding company and sponsor of SPAC Patria Latin American Opportunity Acquisition Corp. (o) Patria Latin American Opportunity Acquisition Corp. (the “SPAC” or “PLAO”): a special purpose acquisition company incorporated in the Cayman Island and sponsored by Patria SPAC LLC for the purpose of effecting a business combination with one or more businesses with a focus in Latin America. On March 14, 2022, PLAO, announced the closing of its IPO. The registration statement on Form S-1 relating to the securities referred to therein and subsequently amended has been filed with the Securities and Exchange Commission (“SEC”) and declared effective on March 9, 2022. The IPO included issuance of 23,000,000 units (“the Units”), including the exercise in full by the underwriters to purchase an additional 3,000,000 Units to cover over-allotments, at a price of US$10.00 per unit. Each Unit consists of one Class A ordinary share of PLAO, par value $0.0001 per share (the “SPAC Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one SPAC Class A Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds from the issuance of US$ 230,000,000. SPAC Class A Ordinary Shares are classified as a liability in accordance with IAS32 per IFRS and based on the terms of the issuance that permits redemption by holders of SPAC Class A Ordinary Shares. Holders of the SPAC Class A Ordinary Shares and holders of the SPAC Class B Ordinary Shares will vote together as a single class on all matters submitted to a vote of PLAO’s shareholders, except when not permitted by law or stock exchange rule; provided that only holders of the SPAC Class B Ordinary Shares shall have the right to vote on the appointment and removal of PLAO’s directors prior to the initial business combination or continuing PLAO in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents of PLAO or to adopt new constitutional documents of PLAO, in each case, as a result of PLAO approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Restrictions on the Group’s ability to access or use assets and settle liabilities are included in notes 12(a) and 20(c). As of December 31, 2022, the Group has not selected any business combination target for PLAO. The expectation is to consummate a business combination as soon as the Group identifies a target company. Should PLAO not complete the initial business combination within 15 months from the closing of PLAO’s IPO (or up to 21 months if the period of time to consummate the initial business combination is extended in accordance with the terms described in the PLAO’s final prospectus), the SPAC Class A Ordinary Shares will be redeemed from the proceeds held in the trust account, as disclosed in note 12(a) (p) Moneda Asset Management SpA (“MAM I”): serves as a holding company of Moneda S.A. Administradora General de Fondos and Moneda Corredores de Bolsa Limitada. (q) Moneda Corredores de Bolsa Limitada (“MCB”): a stockbroker that manages private client mandates. (r) Moneda II SpA (“MAM II”): serves as a holding company of Moneda International Inc. and Moneda USA Inc. (s) Moneda USA Inc.: serves as an investment adviser. (t) Patria KMP Cayman I: incorporated on June 20, 2022 and serves as a holding company for the Group’s investing activities. (u) VBI Real Estate Gestão de Carteiras S.A. (“VBI”): a subsidiary of the Group acquired through a business combination (note 29) and serves as manager of real estate investment trusts of the Group. (v) Fully owned direct subsidiaries of VBI, to complement real estate investment activities of VBI. (w) Entities with limited or no activity were dissolved during 2022 and had no significant accounting impact. (x) Igah Partners LLC (“Igah Ventures”): a subsidiary of the Group acquired through a business combination and serves as manager of venture capital related funds. Additionally as disclosed in note 29 PEVC I General Partner IV, Ltd (“Igah IV”) was also acquired. Igah Ventures and Igah IV. are collectively referred to as “Igah”. (y) Fully owned entities acquired as part of the business combination with Igah to complement the Group’s venture capital offering and Igah transaction structure. (z) PEVC General Partner IV, Ltd.: incorporated on November 18, 2022 and serves as a holding company for the Group’s investing activities. (aa) Patria Real Estate Latam S.A.S : acquired on December 15, 2022 and serves as a holding company for the Group’s investing activities. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | Cash and cash equivalents 2022 2021 Cash at bank and on hand 21,372 13,383 Short-term deposits (a) 3,379 — Shares of mutual funds (a) 1,768 1,881 Cash and cash equivalents 26,519 15,264 (a) Short-term deposits and shares of mutual funds are cash equivalents held for the purposes of meeting short-term cash commitments with maturities of three months or less from the date of acquisition and subject to insignificant risk of changes in value. |
Client funds on deposit and cli
Client funds on deposit and client funds payable | 12 Months Ended |
Dec. 31, 2022 | |
Client Funds On Deposit And Client Funds Payable [Abstract] | |
Client funds on deposit and client funds payable | Client funds on deposit and client funds payable 2022 2021 Client funds on deposit 22,490 67,687 Other receivables from clients (a) 1,149 10,476 Client funds on deposit and other receivables 23,639 78,163 2022 2021 Client funds payable (a) 23,639 78,163 Client funds payable 23,639 78,163 (a) Other receivables from clients and client funds payable |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Accounts receivable | Accounts receivable Amounts receivable from customers relate to management, incentive, performance fees, reimbursement of expenses from investment funds, and financial advisory services. The Group has not recorded write-offs or allowances for uncollectible accounts receivable for the years presented in these consolidated financial statements. The Group may renegotiate some trade receivables as needed based on estimated realization dates of investments funds. While this renegotiation does not have a material impact on the provision for loss, the Group continue to assess each individual receivable in accordance with the requirements of IFRS 9 to ensure that its credit risk assessment remains appropriate and up-to-date. 2022 2021 Current (a) 125,405 97,119 Non-current (b) 6,254 10,996 Accounts receivable 131,659 108,115 (a) An amount of US$ 23.8 million reflected under current balances is related to performance fees receivable determined in accordance with the investment funds offering documents, based on the expected value for which it is highly probable that a significant reversal will not subsequently occur. In addition, there were renegotiations of management fees of US$ 18.1 million from current year and US$ 35 million from prior years are related to management fees from PBPE Fund IV (Ontario), L.P. (“PBPE Fund IV”) and for for US $5.7 million from Patria Real Estate III. All renegotiated balances are due by December 31, 2023 noting that the receipt date was renegotiated based on the estimated date of realization of the investment funds investments. (b) The non-current balances are performance fees receivable from Patria Infrastructure Fund III in a single installment in 2024. No interest is charged and the impact of the present value adjustment using the effective interest rate method at the date of initial recognition is not material. |
Project advances
Project advances | 12 Months Ended |
Dec. 31, 2022 | |
Project Advances [Abstract] | |
Project advances | Project advances 2022 2021 Current 5,693 3,199 Non-current 947 736 Project advances 6,640 3,935 |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2022 | |
Miscellaneous assets [abstract] | |
Other assets | Other assets 2022 2021 Advances to employees (a) 2,585 427 Prepaid expenses (b) 3,806 2,794 Other current assets 462 338 Other current assets 6,853 3,559 Prepaid expenses (b) 95 184 Deposit/guarantee on lease agreements (e) 1,782 3,043 Other non-current assets 71 — Other non-current assets 1,948 3,227 (a) Advances to employees increased during 2022 due to the increase in travel and business activity since the lifting of travel restrictions globally. The Group provides cash advances to employees to cover such business-related expenses. (b) Prepaid expenses are composed mainly of IT services paid in advance, such as renewal of licenses and technical support services. These items will be recorded as general and administrative expenses in the period they are related to. |
Recoverable Taxes
Recoverable Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Recoverable Taxes [Abstract] | |
Recoverable Taxes | Recoverable Taxes 2022 2021 Income tax recoverable 5,259 2,643 Other recoverable taxes 413 509 Recoverable Taxes 5,672 3,152 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Investments | Investments a. Short-term investments 2022 2021 Securities (a) 45,544 151,866 Investments held in trust account (b) 240,311 — Short-term investments 285,855 151,866 (a) Securities are liquid investment funds, with portfolios made of term deposits, equities, government bonds, and other short-term liquid securities. (b) Investments held in trust account are investments received through the IPO transaction of PLAO. These funds are restricted and may only be used for purposes of completing an initial business combination or redemption of public shares. These securities are classified and accounted for as Fair Value Through Profit or Loss (“FVTPL”). The investments held in the trust account are comprised of U.S. government securities. b. Long-term investments 2022 2021 Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia (a) 14,777 9,076 KMP Growth Fund II (Cayman), LP (“KMP Growth Fund II”) (b) 9,463 — Lavoro Agro Fi Nas Cadeias Produtivas Agroindustriais Fiagro Direitos Creditorios (c) 4,427 — Patria Infra Energia Core FIP EM Infraestrutura 4,184 5,085 Patria Crédito Estruturado Fundo de Investimento em Direitos Creditorios — 1,765 Patria Brazil Real Estate Fund II, L.P. (d) 247 768 PBPE Fund III (Ontario), L.P. (d) 15 28 Other investments 2,144 1,556 Long-term investments 35,257 18,278 Investments in securities are expected to be maintained until the investment funds' respective termination dates and are measured at FVTPL. As of December 31, 2022, the Group's ownership interest in each of these investments (excluding interest owned indirectly through investment funds in note (a) and (b) below) range from 0.00006% to 13.2%. (December 31, 2021: 0.00006% to 4.45%) (a) Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia is a fully owned investment fund that solely includes a late-stage venture capital investment as part of the Group’s growth equity strategy. As of December 31, 2022, an investment interest of 22.1% (December 31, 2021: 22.1%) is owned in Startse Informações e Sistemas S/A (“Startse”), an entity in Brazil providing an education platform and a crowdfunding platform for startups. The Group elected to measure the investment at fair value through profit or loss in accordance with IFRS 9. (b) As part of the new investment fund launched in partnership with the Group’s associate, Kamaroopin, the Group committed capital of 64% of KMP Growth Fund II. As of December 31, 2022, KMP Growth Fund II held a 10% interest in one portfolio company, Dr. Consulta Clinica Medica Ltda., a Brazil-based healthcare technology company. (c) An investment is held in Lavoro Agro Fi Nas Cadeias Produtivas Agroindustriais Fiagro Direitos Creditorios (13.2% of the net asset value as of December 31, 2022), a trust invested in securities related to agribusiness production chains in Brazil, such as agribusiness receivables, real estate receivables backed by credits from agribusiness production chains and liquidity assets within the agribusiness. (d) These investments are subject to a participating share held by a related party in Patria Brazilian Private Equity III, Ltd., and Patria Brazil Real Estate Fund General Partner II, Ltd. that gives it the right to all returns in the related asset. Consequently, the Group has recorded a liability in the same amount (see note 17c). (e) Following is the breakdown of long-term investments by region: 2022 2021 Brazil 33,490 16,550 Other 1,767 1,728 Balance 35,257 18,278 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property and equipment | Property and equipment Changes in cost 2022 Opening balance Additions Disposals Acquisitions of subsidiaries CTA (*) Closing balance Furniture and fixtures 1,434 224 — 53 23 1,734 Building improvements 7,460 3,661 — 238 (100) 11,259 Office equipment 3,561 1,554 — 150 89 5,354 Right-of-use assets (a) 12,624 9,739 (4,730) 521 (32) 18,122 Total - Cost of fixed assets 25,079 15,178 (4,730) 962 (20) 36,469 Changes in accumulated depreciation 2022 Opening balance Additions Disposals Acquisitions of subsidiaries CTA (*) Closing balance (-) Furniture and fixtures (919) (162) — (53) (27) (1,161) (-) Building improvements (3,559) (828) — (71) (58) (4,516) (-) Office equipment (2,724) (430) — (99) (79) (3,332) (-) Right-of-use assets (a) (4,469) (2,405) 4,442 (200) (201) (2,833) Total - Accumulated depreciation (11,671) (3,825) 4,442 (423) (365) (11,842) Property and equipment, net 13,408 11,353 (288) 539 (385) 24,627 (*) CTA – Cumulative translation adjustment Changes in cost 2021 Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Furniture and fixtures 726 96 (6) — 677 (59) 1,434 Building improvements 2,997 1,055 (21) 88 3,625 (284) 7,460 Office equipment 2,249 400 (4) 10 1,105 (199) 3,561 Right-of-use assets (a) 4,183 3,309 (97) — 5,571 (342) 12,624 Total - Cost of fixed assets 10,155 4,860 (128) 98 10,978 (884) 25,079 Changes in accumulated depreciation 2021 Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance (-) Furniture and fixtures (422) (77) 1 — (460) 39 (919) (-) Building improvements (2,070) (302) 14 — (1,386) 185 (3,559) (-) Office equipment (1,856) (203) 2 — (844) 177 (2,724) (-) Right-of-use assets (a) (1,988) (1,201) 58 — (1,519) 181 (4,469) Total - Accumulated depreciation (6,336) (1,783) 75 — (4,209) 582 (11,671) Property and equipment, net 3,819 3,077 (53) 98 6,769 (302) 13,408 Changes in cost 2020 Opening balance Additions Disposals Transfer CTA (*) Closing balance Furniture and fixtures 883 15 — — (172) 726 Building improvements 3,617 34 — — (654) 2,997 Office equipment 2,617 114 — — (482) 2,249 Right-of-use assets (a) 5,168 137 — — (1,122) 4,183 Total - Cost of fixed assets 12,285 300 — — (2,430) 10,155 Changes in accumulated depreciation 2020 Opening balance Additions Disposals Transfer CTA (*) Closing balance (-) Furniture and fixtures (451) (71) — — 100 (422) (-) Building improvements (2,045) (391) — — 366 (2,070) (-) Office equipment (2,069) (192) — — 405 (1,856) (-) Right-of-use assets (a) (1,256) (1,026) — — 294 (1,988) Total - Accumulated depreciation (5,821) (1,680) — — 1,165 (6,336) Property and equipment, net 6,464 (1,380) — — (1,265) 3,819 As of December 31, 2022, 2021 and 2020 there was no indication that any of these assets were impaired. (a) The Group is a lessee in lease agreements for which the underlying assets are the office spaces located in Grand Cayman, London, Montevideo, New York, Santiago and São Paulo. Depreciation expense relating to these assets was recognized in 2022 for the amount of US$ 2,405 (US$ 1,201 and US$ 1,026 for 2021 and 2020), see note 20(a). (b) Following is the breakdown of the total Property and equipment assets by region: 2022 2021 Brazil 8,580 1,961 Cayman Islands 1,350 2,044 Chile 7,933 7,334 United Kingdom 2,071 2,027 United States of America 3,995 22 Other 698 20 Balance 24,627 13,408 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets and goodwill 2022 Changes in costs Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Placement agents (a) 36,804 5,263 (50) — — 131 42,148 Contractual rights (b) 44,156 — — — — — 44,156 Non-contractual customer relationships (c) 84,705 — — 335 25,366 185 110,591 Software 1,848 1,273 — — 264 130 3,515 Brands 15,428 — — — 3,617 30 19,075 Goodwill (d) 242,891 — — (335) 34,025 238 276,819 Total - Cost of intangible assets 425,832 6,536 (50) — 63,272 714 496,304 2022 Changes in accumulated amortization Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing Balance (-) Placement agents (a) (30,996) (1,442) — — — (65) (32,503) (-) Contractual rights (b) (34,051) (2,526) — — — — (36,577) (-) Non-contractual customer relationships (c) (785) (9,773) — — — (95) (10,653) (-) Software (839) (410) — — (264) (26) (1,539) (-) Brands (253) (3,228) — — — (30) (3,511) Total - Accumulated amortization (66,924) (17,379) — — (264) (216) (84,783) Intangible assets, net 358,908 (10,843) (50) — 63,008 498 411,521 2021 Changes in costs Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Placement agents (a) 36,896 — — — — (92) 36,804 Contractual rights (b) 44,156 — — — — — 44,156 Non-contractual customer relationships (c) — — — — 85,619 (914) 84,705 Software 1,313 292 (407) 324 397 (71) 1,848 Brands — — — — 15,598 (170) 15,428 Goodwill (d) — — — — 244,367 (1,476) 242,891 Total - Cost of intangible assets 82,365 292 (407) 324 345,981 (2,723) 425,832 2021 Changes in accumulated amortization Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing Balance (-) Placement agents (a) (28,915) (2,148) — — — 67 (30,996) (-) Contractual rights (b) (30,428) (3,623) — — — — (34,051) (-) Non-contractual customer relationships (c) — (785) — — — — (785) (-) Software (665) (164) 407 (422) (39) 44 (839) (-) Brands — (253) — — — — (253) Total - Accumulated amortization (60,008) (6,973) 407 (422) (39) 111 (66,924) Intangible assets, net 22,357 (6,681) — (98) 345,942 (2,612) 358,908 2020 Changes in costs Opening balance Additions Disposals Transfer CTA (*) Closing Balance Placement agents (a) 35,284 2,000 — — (388) 36,896 Contractual rights (b) 44,156 — — — — 44,156 Software 887 497 — — (71) 1,313 Total - Cost of intangible assets 80,327 2,497 — — (459) 82,365 2020 Changes in accumulated amortization Opening Balance Additions Disposals Transfer CTA (*) Closing Balance (-) Placement agents (a) (27,387) (2,300) — — 772 (28,915) (-) Contractual rights (b) (26,805) (3,623) — — — (30,428) (-) Software (678) (84) — — 97 (665) Total - Accumulated amortization (54,870) (6,007) — — 869 (60,008) Intangible assets, net 25,457 (3,510) — — 410 22,357 As of December 31, 2022, 2021 and 2020, there was no impairment indication for any of these assets. (a) Placement agents refer to amounts capitalized relating to agreements with investment placement agents relating to fundraising. These assets are amortized based on the estimated duration of the respective investment funds. In case of an early liquidation of an investment fund, the amortization period is also adjusted. The remaining balance, as of December 31, 2022, is expected to be amortized as shown below: 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Placement agent fees 1,740 1,636 1,518 725 725 707 702 702 702 488 9,645 The remaining balance, as of December 31, 2021, was expected to be amortized as shown below: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Placement agent fees 1,403 1,208 1,108 990 197 197 180 175 175 175 5,808 (b) Contractual rights refer to the management of the Infrastructure GP II, Ltd.and Infrastructure III SLP, Ltd. investment funds. These rights were recorded as a result of the acquisition of control of the P2 Group on December 25, 2015 from Promon International Inc. The purchase agreement includes contingent consideration that will be paid to Promon International Inc. based on the performance of P2 Brasil Private Infrastructure General Partner II Ltd., expected to be settled only if the performance criteria is achieved. As of the date of these financial statements, no amounts were due relating to these agreements. These intangible assets were recorded based on their respective fair values using estimates of expected future earnings on the acquisition date. (c) Non-contractual customer relationships refer to client relationships of Moneda, VBI and Igah, acquired for the benefit of the Group through rendering of ordinary business activities by the acquired entities. VBI customer relationships have a longer expected amortization period based on the nature of the capital structure of the underlying investment funds consisting of permanent capital. Brands refer to Moneda and VBI brands acquired through business combination. The table below includes the amortization period: Intangible asset Amortization period Moneda VBI Igah Non-contractual customer relationships 9 years 29 years 5 years Brands 5 years 8 years — (d) The goodwill recognized on the acquisition of Moneda, VBI and Igah are not deductible for tax purposes and until (i) there is a merger with the acquired company and remains unrecognized unless (ii) the acquired companies are able to generate sufficient taxable income after merger to utilize any tax benefit and (iii) considering the impact from local tax laws and regulations in the countries that the acquired companies operate in after merger. All goodwill recognized during 2022 relates to business combination transactions of which the recoverable amount of acquired entities based on value in use. Key assumptions to determine the value in use includes discounted cash flow calculations based on current and past performance forecasts and considering current market indicators listed below for the respective countries in which the entities operate. There were no changes to assumptions between acquisition dates for VBI (July 1, 2022) and Igah (November 30, 2022) and December 31, 2022. The Group performs an impairment test annually and when circumstances indicate the carrying value may be impaired. No impairment losses on goodwill have been recognized in the current and prior year based on determining recoverable amount based on value in use. In addition, goodwill was recorded from the acquisition of Kamaroopin. The details of that goodwill intangible assets and the inputs used to value it is discussed in note 12(c). This goodwill is component of the carrying value of Kamaroopin and disclosed as Investments in associates on the Consolidated Statement of Financial Position. 2022 - Inputs to Moneda impairment test Forecast period January 1, 2023 - December 31, 2028 Annual inflation rate – Chile 3 % Annual inflation rate – United States of America 2 % USD/CLP average exchange rate 815 – 830 Discount rate 12.1% - 13.7% Tax rate 27% to 35% 2021 - Inputs to determine fair value of Moneda goodwill on acquisition Forecast period January 1, 2022 - December 31, 2026 GDP Growth rate - Chile 2% - 3% GDP Growth rate - United States of America 2% - 3% Annual inflation rate – Chile 3% - 4.4% Annual inflation rate – United States of America 2.3% to 3.5% USD/CLP average exchange rate 736 – 751 Discount rate 13.9% - 16.77% 2022 - Inputs to determine fair value goodwill on acquisition VBI Igah Forecast period July 1, 2022 – December 31, 2029 January 1, 2023 – December 31, 2030 Annual inflation rate – Brazil 3.3% - 8.1% 1.9% - 8.1% Discount rate 11.8 % 15.31 % Tax rate 34 % 34 % (e) The following reflects the composition of goodwill included in intangible assets allocated per acquisition: 2022 2021 Moneda 242,508 242,891 VBI 15,760 — Igah 18,551 — Balance 276,819 242,891 (f) The following is the breakdown of intangible assets by region: 2022 2021 Brazil* 43,762 696 Cayman Islands 224,486 219,019 Chile ** 132,520 139,184 United States of America 10,747 — Other 6 9 Balance 411,521 358,908 Intangible assets are allocated based on where the assets are located and include acquired intangible assets. For acquired intangible assets, we consider that the location of the intangibles is best reflected by the location of the manager of those assets. * Goodwill and fair value adjustments to assets and liabilities allocated to Brazil includes the impact from business combination with VBI. ** Goodwill and fair value adjustments to assets and liabilities allocated to Chile includes the impact from Moneda for acquisition of MAM I. 2022 2021 2020 Amortization of non-contractual customer relationships (note 14) (9,773) (785) — Amortization of contractual rights (note 14) (2,526) (3,623) (3,623) Amortization of placement agents’ fees (note 14) (1,442) (2,148) (2,300) Amortization of brands (note 14) (3,228) (253) — Amortization of software (note 14) (410) (164) (84) Amortization of intangible assets (17,379) (6,973) (6,007) |
Personnel and related taxes pay
Personnel and related taxes payable | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Personnel and related taxes [Abstract] | |
Personnel and related taxes | Personnel and related taxes payable 2022 2021 Personnel and related taxes 3,280 1,866 Accrued vacation and related charges 2,563 2,003 Employee profit sharing (a) 20,321 32,043 Officers’ fund (note 31 (b)) 912 1,852 Personnel and related taxes payable - current liabilities 27,076 37,764 Officers’ fund (note 31 (b)) 350 3,029 Strategic Bonus (b) 1,374 2,223 Personnel - non-current liabilities 1,724 5,252 (a) The Group recognizes a provision for payment of profit sharing to employees, according to conditions approved by management, which is recorded as personnel expenses in the consolidated income statement. An amount of US$ 32,043 was paid in February 2022. The balance on December 31, 2022 of US$ 20,321 was fully settled by February 28, 2023. |
Taxes payable
Taxes payable | 12 Months Ended |
Dec. 31, 2022 | |
Taxes Payable [Abstract] | |
Taxes payable | Taxes payable 2022 2021 Taxes on revenues 275 1,425 Income taxes 445 2,112 Other taxes payable 158 352 Taxes payable 878 3,889 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Other liabilities | Other liabilities 2022 2021 Suppliers 3,256 7,223 Lease liabilities (a) 2,243 951 Dividends payable (b) 2,085 — Other current liabilities 68 217 Other current liabilities 7,652 8,391 Investment fund participating share in Patria Brazilian Private Equity III, Ltd., and Patria Brazil Real Estate Fund General Partner II, Ltd. (c) 262 796 Lease liabilities (a) 13,851 6,913 Other non-current liabilities 21 37 Other non-current liabilities 14,134 7,746 (a) The Group is the lessee in lease agreements for which the underlying assets are the office spaces located in Grand Cayman, London, New York, Montevideo, Santiago and São Paulo as disclosed in note 20. (b) Dividends payable to the previous owners of VBI prior to acquisition by the Group that remain payable on December 31, 2022. |
Deferred taxes
Deferred taxes | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Taxes [Abstract] | |
Deferred taxes | Deferred taxes Deferred tax assets December 31, 2019 (Charged)/credited December 31, 2020 (Charged)/credited December 31, 2021 (Charged)/credited December 31, 2022 to profit or loss directly to equity / CTA to profit or loss directly to equity / CTA to profit or loss directly to equity / CTA Employee profit sharing provision and other personnel accruals (a) 3,220 (560) (715) 1,945 1,623 430 3,998 603 168 4,769 Deferred tax on intangible assets from business combination — — — — — — — 770 6 776 Management fee provision 1,442 (724) (327) 391 (359) (32) — — — — Taxable Goodwill 1,260 (984) (276) — — — — — — — Business combination – earnout — — — — — — — 191 — 191 Tax losses — — — — — — — 78 (3) 75 Tax on Accrual for expenses — — — — 107 1 108 (92) 25 41 Tax depreciation of fixed assets — — (52) (223) (275) (248) (35) (558) Deferred tax on performance fees - IFRS 15 — — — — (40) (83) (123) (3,164) (294) (3,581) Gain from bargain purchase — — — — 6 (164) (158) 15 1 (142) Impact of IFRS 16 (317) 61 71 (185) 58 34 (93) 274 (5) 176 Other (3) (38) 43 2 (32) 19 (11) 8 5 2 Net deferred tax assets 5,602 (2,245) (1,204) 2,153 1,311 (18) 3,446 (1,565) (132) 1,749 |
Provisions and contingent liabi
Provisions and contingent liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Provisions And Contingent Liabilities [Abstract] | |
Provisions and contingent liabilities | Provisions and contingent liabilities For the years covered by these financial statements, the Group was not directly involved in lawsuits for which the possibility of loss was probable. Therefore, no provision was recorded pursuant to IAS 37 (Provisions, Contingent Liabilities, and Contingent Assets) relating to any of the below matters . Taxes In 2017 and 2018, the Company's subsidiaries Patria Investimentos Ltda. ("PILTDA") and Patria Infraestrutura Gestão de Recursos Ltda. ("PINFRA"), became involved in administrative proceedings to defend the exemption of municipal tax over services ("ISS"). In 2019 Municipality of São Paulo obtained a favorable judgment; however, these administrative proceedings gave rise to judicial lawsuits, for which decisions are still pending. PINFRA was subsequently merged into PILTDA on September 30, 2020. As of December 31, 2022, management assisted by external legal counsel assessed the risk of loss relating to these lawsuits as possible and estimated the potential loss for PILTDA as US$ 2,602 (US$ 2,135 as of December 31, 2021) and for PINFRA as US$ 2,842 (US$ 2,329 as of December 31, 2021). As of March 22, 2022, PILTDA was notified of additional administrative proceedings related to the exemption of ISS between 2017 and 2019. Management, assisted by external legal counsel, assessed the risk of loss relating to these additional lawsuits as possible and evaluated the additional potential loss for PILTDA as US$3,623 as of December 31, 2022. During January 2020, PILTDA received infraction notices for an amount as of December 31, 2022of approximately US$ 5,578 (US$ 4,763 as of December 31, 2021) related to taxes on gross revenue and an amount of approximately US$ 2,148 (US$ 1,845 as of December 31, 2021) related to labor taxes, for which external legal counsel assessed the risk of loss relating to these lawsuits as possible. Labor In 2019, PILTDA became involved in an employment lawsuit with the risk of loss considered possible by management assisted by legal counsel. As of December 31, 2021, the potential loss was US$ 37, for which a liability was not recognized. The employment lawsuit was settled in 2022 for a value of US$16. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
Commitments | Commitments The Group is subject to commitments which occur in the normal course of business. The Group plans to fund these commitments out of existing facilities and internally generated funds. a. Lease commitments The lease commitments in which the Group is a lessee refer to the leasing of its office spaces located in Grand Cayman, London, Montevideo, New York, Santiago and São Paulo. The Consolidated Statement of Financial Position and the Consolidated Income Statement discloses the following amounts relating to leases: Amounts recognized in the Consolidated Statement of Financial Position 2022 2021 Right-of-use assets 18,122 12,624 (-) Depreciation of right-of-use assets (2,833) (4,469) Right-of-use assets 15,289 8,155 Lease liabilities (current) (a) 2,243 951 Lease liabilities (non-current) (a) 13,851 6,913 Lease liabilities 16,094 7,864 Amounts recognized in the Consolidated Income Statement 2022 2021 2020 Depreciation of right-of-use assets (b) (2,405) (1,201) (1,026) Interest on lease liabilities (b) (1,807) (1,022) (869) Principal paid (1,652) (832) (893) Refer to note 30 liquidity risk disclosures for maturity analysis on lease contracts. Refer to note 31 for disclosures on leases with a related party. b. Consideration payable on acquisition The following table reflects consideration payable from acquisition transactions 2022 2021 Deferred consideration payable (a) 15,889 — Consideration payable on acquisition – Igah (d) 4,771 — Consideration payable on acquisition – VBI (c) 11,792 — Consideration payable on acquisition - Kamaroopin (b) 735 — Consideration payable on acquisition - Moneda — 16,437 Current liabilities – consideration payable on acquisition 33,187 16,437 Contingent consideration payable on acquisition – Moneda (note 30(b)) 12,891 25,775 Deferred consideration payable (a) 10,592 2,037 Contingent consideration payable on acquisition – VBI (note 30(b)) 9,072 — Consideration payable on acquisition - Kamaroopin (b) 859 — Non-current liabilities – consideration payable on acquisition 33,414 27,812 (a) The Moneda business combination transaction included US$ 58.7 million expected to be paid to Moneda’s former partners who are currently employees of the Group. The amount to be paid in exchange for their services is subject to a time vesting period, with two equal installments due on December 1, 2023 and December 1, 2024 respectively. This expense is recognized as a compensation expense as the employees render services. For the year ended December 31, 2022, US$ 24.4 million (US$ 2 million for the year ended December 31, 2021) was recognized as an expense in the Group’s Consolidated Income Statement. (b) Consideration payable for the acquisition of Kamaroopin will be paid in two installments, 12 months and 24 months after closing date respectively. (c) The consideration payable to VBI is indexed to interbank interest rates (CDI) in Brazil as per the terms of the acquisition agreement. The liability includes the second installment payable to selling shareholder of VBI and a preferred dividend payable to the preferred shareholders of VBI, determined in accordance with the terms of the acquisition agreement – (note 29). (d) Consideration payable for the acquisition of Igah per terms of the purchase agreement consisting of equity consideration in common shares and preferred dividends payable – (note 29) c. SPAC commitments The SPAC commitments are related to the IPO of PLAO that occurred on March 14, 2022. The capital issued by PLAO for the IPO proceeds of US$230 million includes conditionally redeemable SPAC Class A Ordinary Shares with redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events that are not solely within the Company’s control. The holders of SPAC Class A Ordinary Shares of PLAO have the right to redeem their shares in cash at the earliest of (i) upon the completion of PLAO’s initial business combination or (ii) 15 months or up to 21 months (if extended) from the closing of the IPO transaction. The Group accounts for the SPAC Class A Ordinary Shares subject to redemption as a financial liability measured at amortized cost which as of December 31, 2022 was US$ 234.1 million. The instrument was initially recognized at fair value, net of the corresponding eligible transaction costs. The warrant component issued to the shareholders of PLAO is separately accounted for as derivatives and measured at fair value with the change in fair value recorded in the statement of income. Offering costs consist of legal, accounting, underwriting and other costs incurred through the balance sheet date that are directly related to the SPAC’s IPO. Upon the completion of the IPO, the offering costs were allocated using the relative fair values of the SPAC’s Class A Ordinary Shares and its Warrants. The costs allocated to Warrants were recognized in other expenses and those related to the SPAC’s Class A Ordinary Shares were charged against the carrying value of SPAC’s Class A Ordinary Shares. Transaction costs include US$ 4.6 million in upfront underwriting commissions deducted from the SPAC’s IPO proceeds and US$10.6 million in other offering costs which were expensed. The SPAC is subject to laws and regulations enacted by national, regional and local governments. In particular, it is required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on the business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on the business, including the ability to negotiate and complete an initial business combination, and results of operations. Movements during the year on the Group’s commitment subject to possible redemption are detailed below: Commitment subject to possible redemption Balance at December 31, 2021 — Commitment subject to possible redemption raised 220,458 IPO expenses - SPAC 10,325 Interest earned on trust account 3,362 Balance at December 31, 2022 234,145 d. Gross obligation under put option i. VBI –Option arrangements The business combination with VBI (as disclosed in notes 12(d) and 29), includes VBI Option arrangements with the non-controlling shareholders, exercisable at specified future dates. The measurement of the put option liability is based on the expected gross redemption amount payable from exercising the VBI Option arrangements and discounting to the present value on acquisition date. The fair value of the underlying business is calculated using a discounted cash flow analysis based on the relevant Group’s subsidiary budgeted cash flows and forecasts. The estimate takes into consideration the projected AUM of VBI during periods when the VBI Option arrangements can be exercised. Accordingly, the measurement of the put option liability is subject to significant estimation uncertainty. Other assumptions contained in the discounted cash flow analysis as of December 31, 2022 used by the Group when determining the gross obligation under a put option liability is closely linked to the broader market expectations in the real estate industry and the budgeted cash flows and forecasts of the entities acquired. The financial liability is recorded at amortized cost after recognition. ii. Igah IV –Option arrangements The business combination with Igah IV (as disclosed in notes 12(d) and 29), includes Igah Option arrangements with the selling shareholders of Igah IV, exercisable at specified future dates. The measurement of the put option liability is based on the expected gross redemption amount payable from exercising the Igah Option arrangements and discounting to the present value on acquisition date. The fair value of the underlying business is calculated using a discounted cash flow analysis based on the relevant Group’s subsidiary budgeted cash flows and forecasts. The estimate takes into consideration the projected AUM of Igah IV during periods when the Igah Option arrangements can be exercised. Accordingly, the measurement of the put option liability is subject to significant estimation uncertainty. In addition, the selling shareholders of Igah IV are entitled to any dividends from the acquisition date because of equity consideration using Class A common shares to settle the Igah Option arrangement. Other assumptions contained in the discounted cash flow analysis as of December 31, 2022 used by the Group when determining the gross obligation under a put option liability are closely linked to the broader market expectations in the private equity and venture capital industry and the budgeted cash flows and forecasts of the entities acquired. The financial liability is recorded at amortized cost after recognition. Movements during the year on the Group’s gross obligation under the VBI put option and the Igah put option are detailed below. Purchase commitments for minority interests shares VBI Igah IV Total Balance at December 31, 2021 — — — Obligations raised 60,866 7,884 68,750 Cumulative translation adjustment 1,126 — 1,126 Gross obligation adjustments 3,552 — 3,552 Balance at December 31, 2022 65,544 7,884 73,428 |
Revenue from services
Revenue from services | 12 Months Ended |
Dec. 31, 2022 | |
Revenue From Services [Abstract] | |
Revenue from services | Revenue from services 2022 2021 2020 Revenue from management fees 223,485 144,654 112,870 Revenue from incentive fees 6,070 4,915 3,450 Revenue from performance fees (a) 30,350 89,295 — Fund fees 259,905 238,864 116,320 Revenue from advisory and other ancillary fees 4,156 731 2,491 Total gross revenue from services 264,061 239,595 118,811 Taxes on revenue - management fees and other (3,957) (3,910) (3,794) Taxes on revenue - performance fees (1,227) (170) — Taxes on revenue (5,184) (4,080) (3,794) Revenue from services 258,877 235,515 115,017 The following is the breakdown of revenue by region (b): Brazil 40,165 25,725 28,452 British Virgin Islands 3,122 2,311 — Cayman Islands 160,226 200,695 86,565 Chile 52,074 5,215 — United States of America 3,290 1,569 — Net revenue from services 258,877 235,515 115,017 (a) Performance fees are primarily generated when the return of the investment funds surpass the performance hurdle set out in the related charters. An amount of US$30.4 million is included under performance fees from Patria Infrastructure Fund III determined in accordance with above (2021: US$ 89.3 million from Private Equity Fund III). |
Cost of services rendered
Cost of services rendered | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Services Rendered [Abstract] | |
Cost of services rendered | Personnel expenses and carried interest allocation 2022 2021 2020 Salaries and wages (33,991) (14,377) (10,478) Rewards and bonuses (20,940) (21,828) (11,800) Social security contributions and payroll taxes (4,746) (3,898) (2,356) Officers’ Fund (1,657) (2,196) (431) Strategic Bonus (1,107) (15) — Carried interest bonuses — (890) — Restructuring costs – personnel (a) (530) — — Share based incentive plan (note 28(d)) (731) (764) — Other short-term benefits (6,077) (3,636) (2,164) Personnel expenses (69,779) (47,604) (27,229) Carried interest allocation (b) (10,171) (30,204) — (a) Restructuring costs of personnel refers to the implementation of streamlining initiatives and cost reduction plan in the operating activities of the Group. (b) This expense refers to the Group’s employees’ right to up to 35% of the performance fees recognized from investments funds. As of December 31, 2022, US$ 12.4 million (US$ 2.1 million non-current) remains payable. primarily related to performance fees recognized from Patria Infrastructure Fund III (2021: US$11.6 million from PBPE Fund III (Ontario), L.P.). |
General and Administrative expe
General and Administrative expenses | 12 Months Ended |
Dec. 31, 2022 | |
Administrative Expenses [Abstract] | |
Administrative expenses | Administrative expenses 2022 2021 2020 Professional services (8,330) (6,439) (7,351) IT and telecom services (6,061) (1,762) (1,085) Rebate fees (3,852) (364) (30) Depreciation of right-of-use assets (2,405) (1,201) (1,026) Travel expenses (2,190) (1,137) (1,586) Marketing and events (1,708) (338) (495) Depreciation of property and equipment (1,420) (582) (654) Occupancy expenses (1,434) (578) (977) Professional services - SPAC (807) — — Taxes and contributions (685) (340) (189) Insurance (734) — — Materials and supplies (314) (191) (153) Other administrative expenses (1,210) (1,400) (1,027) General and Administrative expenses (31,150) (14,332) (14,573) |
Other income_(expenses)
Other income/(expenses) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income (Expense) [Abstract] | |
Other income/(expenses) | Other income/(expenses) 2022 2021 2020 IPO expenses and IPO related bonuses — (2,862) (2,169) Share issuance expenses – SPAC (notes 5(a) and 20(c)) (10,325) — — Transaction costs (a) (4,536) (8,550) 129 Transaction costs – SPAC (315) — — Contingent consideration adjustments(b) 12,322 (264) — Gross obligation adjustments (b) (3,533) — — Deferred consideration adjustments (b) (729) — — Restructuring costs (c) (1,293) — — Net loss on disposal of property and equipment (51) — — Other (805) (830) — Other income/(expenses) (9,265) (12,506) (2,040) (a) Transaction costs relate to expenses incurred on acquisition of subsidiaries for business combination. (b) Measurement of the present value of considerations payable (note 20 (b)) and gross obligations under put option (note 20(d)) for acquired businesses, included under other income/(expenses) based on its correlation with the Groups’ expansion strategy through acquisition activity. The movement for contingent consideration for the year ended December 31, 2022 relates to the estimated financial performance of Moneda, one of the acquired businesses, being lower than the earn-out performance criteria. |
Net financial income_(expense)
Net financial income/(expense) | 12 Months Ended |
Dec. 31, 2022 | |
Net Financial Income (Expense) [Abstract] | |
Net financial income/(expense) | Net financial income/(expense) 2022 2021 2020 Financial income Net financial investment income 2,345 355 366 Unrealized gains on long-term investments 5,322 226 — Realized gains from long-term investments 1,922 — — Unrealized gains on warrant liability 3,114 — — Unrealized gains on other derivative financial instruments 105 — — Net exchange variation — 601 501 Other financial income 59 6 60 Total finance income 12,867 1,188 927 Financial expenses Unrealized losses on long-term investments — — (91) Unrealized losses on forward (230) — — Commission and brokerage expenses (518) (68) — Interest on lease liabilities (1,807) (1,022) (869) Net exchange variation (1,350) — — Other financial expenses (847) (385) (159) Total finance expenses (4,752) (1,475) (1,119) Net financial income/(expense) 8,115 (287) (192) |
Income taxes expenses
Income taxes expenses | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes Expenses [Abstract] | |
Income taxes expenses | Income taxes expenses As an entity headquartered in the Cayman Islands, the Company is subject to a tax neutral regime. However, the Group’s subsidiaries headquartered in Brazil, Colombia, Chile, the United Kingdom, the United States of America, and Hong Kong are subject to income taxes as set out by local tax laws. Reconciliation of income tax 2022 2021 2020 Income before income taxes 102,453 121,572 64,976 Impact of difference in tax rates of foreign subsidiaries (8,349) 642 (2,749) Nondeductible expenses — (1,023) (386) Total income taxes (8,349) (381) (3,136) Current (6,784) (1,692) (891) Deferred (1,565) 1,311 (2,245) Effective tax rate 8.1 % 0.3 % 4.8 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Equity | Equity (a) Capital On January 13, 2021, the Company carried out a share split of 117:1 (one hundred and seventeen for one). As a result, the share capital previously represented by 1,000,000 common shares, with a par value of US$ 0.001 each, totaling US$ 1 (one thousand dollars) was increased to 117,000,000 common shares. The share split has been applied retrospectively to all figures in the consolidated financial statements and notes regarding the number of shares and per share data as if the share split had been in effect for all years presented. The Company’s Memorandum and Articles of Association (“Articles of Association”) authorizes the issuance of up to US$100,000, consisting of 1,000,000,000 shares of par value US$0.0001. Of those authorized shares, (i) 500,000,000 are designated as Class A common shares, (ii) 250,000,000 are designated as Class B common shares, and (iii) 250,000,000 are as yet undesignated and may be issued as common shares or shares with preferred rights. Class B common shares are entitled to 10 votes per share and Class A common shares are entitled to one vote per share. The Company currently has a total of 147,192,930 common shares issued and outstanding, of which 54,247,500 Class A common shares compose the free float and 92,945,430 Class B common shares. Conversion The outstanding Class B common shares are convertible at any time as follows: (1) at the option of the holder, a Class B common share may be converted at any time into one Class A common share or (2) upon the election of the holders of a majority of the then-outstanding Class B common shares, all outstanding Class B common shares may be converted into a like number of Class A common shares. In addition, each Class B common share will convert automatically into one Class A common share upon any transfer, whether or not for value, except for certain transfers described in the Articles of Association, including transfers to affiliates, transfers to and between trusts solely for the benefit of the shareholder or its affiliates, and partnerships, corporations and other entities exclusively owned by the shareholder or its affiliates. Furthermore, each Class B common share will convert automatically into one Class A common share and no Class B common shares will be issued thereafter if, at any time, the total number of the issued and outstanding Class B common shares is less than 10% of the total number of shares outstanding. Restrictions on transfer Each of Patria Holdings Limited shareholders (which include entities beneficially owned by the founders of the Company and certain of the Company’s directors and executive officers) have agreed to lock-up restrictions that restricts the sale of shares in Patria Holdings Limited for a period of five years from the consummation of the IPO, except for lock-up restrictions applicable to shares beneficially owned by certain key management, which terminates in 2024. Any exception to these restrictions would require an amendment or waiver of such limitations among the shareholders of Patria Holdings Limited. As part of the Moneda business combination, Moneda’s former partners have entered into a Moneda Lock-Up Agreement restricting them from selling any shares held by them, disclosing their intention to sell any shares held by them, converting Class B common shares into Class A common shares, entering into any derivative transactions or making any demand for the registration of any shares held by them. These restrictions are in place from the fifth anniversary of the Moneda acquisition's closing date until the earlier of (a) the Moneda former partner's termination of employment with the Group or its affiliates, and (b) the 60th day after the expiration of the relevant tax statute of limitations for 50% of the relevant collateral shares. As of December 31, 2022 and December 31, 2021, the issued share capital was distributed as follows: 2022 2021 Shares Capital Shares Capital Total 147,192,930 14,720 147,192,930 14,720 Class A 54,247,500 5,425 54,247,500 5,425 Class B 92,945,430 9,295 92,945,430 9,295 19,147,500 Class A common shares were issued as part of the IPO (refer to note 1) and 11,045,430 Class B common shares were issued to Moneda’s former partners as part of the business combination transaction. (b) Additional paid-in capital The Additional Paid-in Capital amounts recorded as of December 31, 2022 and December 31, 2021 are presented below: 2022 2021 Class A 299,078 299,078 Class B 186,102 186,102 Total 485,180 485,180 In relation to the 2021 financial year net proceeds from issuance of Class A common shares through the IPO amounted to US$ 302.7 million after deducting IPO transaction costs incurred in the direct issuance of equities of US$ 27 million. Further IPO cash transactional costs of US$4.3 million were incurred (including non-cash expenses of US$ 1.1 million). Additional Class B common shares issued as consideration for the Moneda business combination amounted to US$ 184.8 million. (c) Dividends Dividends are declared and paid to the Company’s shareholders on a pro-rata basis. Dividends declared and paid by the Group to the Company’s shareholders for the year ended December 31, 2022, 2021 and 2020 were: Shareholder 2022 2021 2020 US$* US$* US$* Class A 38,082 0.7020 38,462 0.7090 — — Class B 65,247 0.7020 58,067 0.6247 84,188 0.7196 Total 103,329 0.7020 96,529 0.6558 84,188 0.7196 (*) Per thousand shares after share split, see note 28(a). Prior to the IPO, dividends were paid on a disproportional basis using a predetermined formula that considered adjusted net income and other adjustments agreed by the shareholders in the Group’s previous shareholders agreement valid at that time. For the year ended December 31, 2022, and December 31, 2021 (post the IPO) dividends were declared and paid to shareholders on a pro-rata basis. (d) Share based incentive plan The equity incentive programs under the long-term incentive plan (“LTIP”) is a restricted share plan in which eligible participants includes members of the Group’s management and its employees. Beneficiaries under the share based incentive plans, are granted rights to shares based on certain criteria (time and performance vesting conditions). The final eligibility of any beneficiary to participate in the LTIP is determined by the Committee, created and appointed by the Company’s board of directors to administer the equity incentive program. Grant A Grant A (vesting criteria for eligible participants commences from January 2022 in accordance with the terms of the LTIP) was approved and launched on November 28, 2022. Additional grants can be provided under Grant A. The defined maximum number of shares under the new grant should not exceed 600,000. On December 1, 2022, 84,506 Performance Restricted Units (“PSUs”) were granted to eligible participants under Grant A and 16,902 PSUs to be further issued subject to the boost grant requirements being met. No PSUs were forfeited under Grant A for the year ended December 31, 2022. IPO Grant The IPO Grant was subject to the completion of the IPO registration and approved by the board of director’s meeting on May 19, 2021 and is closed to new participants. The IPO grant mirrors the vesting conditions of Grant A, excluding the commencement date and share price on grant date used for measuring achievement of time and vesting conditions. The defined maximum number of shares under the IPO grant should not exceed 410,115 (289,183 PSUs on grant date and 120,932 PSUs to be further issued subject to the boost grant requirements being met) of the issued and outstanding shares of the Company. As of December 31, 2022, the outstanding number of PSUs, convertible into Class A common shares, granted under the share based incentive plan was 184,024 PSUs (105,159 PSUs forfeited following the resignation of certain participants of the IPO grant) to be settled at the vesting date (December 31, 2021: 210,314 PSUs outstanding after 78,869 PSUs were forfeited). Set out below is summary of PSU activity for the year ended December 31, 2022. IPO Grant Grant A Number of PSUs (in thousands) Outstanding December 31, 2020 — — Granted 289 — Forfeited (79) — Outstanding December 31, 2021 210 — Granted — 85 Forfeited (26) — Outstanding, December 31, 2022 184 85 The table above reflects the PSU activity for the year, ending December 31, 2022 and 2021. No shares were exercised, expired or vested during the period. For the year ended December 31 2022, total PSU cumulative expenses were US$ 706 and US$ 25 for the IPO Grant and Grant A respectively (for the year ended December 31, 2021: US$ 764 and US$ nil). Total reserves held for future for equity-settled transaction was US$ 1,495. The intention of the Committee as of December 31, 2022 was to settle any future vesting through delivery of Class A common shares to participants. LTIP Grant date Weighted-average fair value in US$ IPO grant January 22, 2021 $15.95 Grant A December 1, 2022 $9.15 The original weighted-average fair value of PSU shares was determined on the grant date and calculated based on the Monte Carlo simulation model, which incorporates the effects of the performance conditions on the fair value. Dividends were not considered separately in the model since the participants are compensated with more shares when dividends are distributed during the vesting period and because the Total Shareholder Return (“TSR”) performance condition already considers dividends distributed as part of the calculation. (e) Earnings per share (basic and diluted) Basic earnings per share have been calculated based on the Group's consolidated net income for the year attributable to the holders of the Company’s common shares. Share based incentive plan Diluted earnings per share are impacted by the share incentive plan as disclosed under note 28 (d). The dilutive effect is dependent on whether vesting conditions are deemed to be met as of the reporting date. As of December 31, 2022 and 2021, the TSR performance condition was not met. Moneda The Group has assessed the potential dilution on earnings per thousand shares based on issuing Class A common shares rather than cash to potentially settle any contingent consideration payable to Moneda at the end of the contingency period. Events to satisfy the net revenue growth and net income margin conditions related to the contingent consideration have not yet occurred. VBI The Group further assessed the potential dilution on earnings per share based on issuing Class A common shares to acquire the non-controlling interest of VBI per the VBI call option (note 12(d) to be settled in a combination of cash consideration and Class A common shares (the equity portion of consideration will be a maximum of 50% of the total value). Call options on the shares held by non-controlling shareholders have been excluded from the calculation of diluted earnings per share as their inclusion would be anti-dilutive for the year ended December 31, 2022. The VBI call option could potentially dilute basic earnings per share in the future. Igah The Group included within basic weighted average impact from the number of Class A common shares to be issued over the next 12 months to the selling shareholders of Igah as equity consideration for the acquisition of Igah. The impact from Igah Option arrangements to be settled in Class A common shares were included in the diluted earnings per share There are no further outstanding financial instruments or agreements convertible into potentially dilutive common shares in the reporting years. 2022 2021 2020 Net income for the year attributable to the Owners of the Company 92,957 122,476 62,209 Basic weighted average number of shares 147,221,698 135,983,968 117,000,000 Basic earnings per thousand shares 0.63141 0.90066 0.53170 Diluted weighted average number of shares 147,226,334 135,983,968 117,000,000 Diluted earnings per thousand shares 0.63139 0.90066 0.53170 (f) Cumulative Translation Adjustments The Company translates the financial information of its subsidiaries from their functional currency to U.S. dollars, which is the Company’s and the Group’s presentation currency. The effects of the translation are accounted for and presented on Equity under the caption “Cumulative Translation Adjustments.” (g) Non-controlling interests As of December 31, 2022, the Group had one subsidiary with non-controlling interests from the acquisition of 50% of VBI Real Estate Gestão de Carteiras S.A. on July 1, 2022 (note 29). As of December 31, 2021, the Group had no non-controlling interests in subsidiaries. Equity(*) Income (Loss) (*) Interest 2022 2021 2020 2022 2021 2020 Non-controlling interest in Patria Investimentos Ltda 49 % — — 1,758 — (1,285) (369) Non-controlling interest in VBI Real Estate Gestão de Carteiras S.A. 50 % (39,330) — — 1,147 — — * From June 1, 2021 Patria Investments Limited holds 100% of Patria Investimentos Ltda. Set below is summarized financial information for the VBI subsidiary that has non-controlling interests. The amounts disclosed are before inter-company eliminations. Summarized Condensed Statement of Financial Position VBI December 31, 2022 Current assets 6,647 Current liabilities (3,703) Current net assets 2,944 Non-current assets 27,425 Non-current liabilities (605) Non-current net assets 26,820 Net assets 29,764 Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income VBI Allocated to NCI 6 month period between July 1, 2022 and December 31, 2022 6 month period between July 1, 2022 and December 31, 2022 2022 Net revenue from services 5,406 2,703 Revenue from management fees 5,858 2,929 Taxes on revenue (452) (226) Personnel expenses (1,008) (504) Amortization of intangible assets (630) (315) General and administrative expenses (766) (383) Share of profits of associates (125) (63) Net financial income/(expenses) 125 63 Income before income tax 3,002 1,501 Income taxes (708) (354) Current (608) (304) Deferred (100) (50) Net income for the period 2,294 1,147 Other comprehensive income — 1,284 Total comprehensive income 2,294 2,431 VBI – Non-controlling interest VBI December 31, 2022 Net assets and proportion of share of identifiable assets on acquisition 13,729 Net income since acquisition 1,147 Gross obligation under put option (55,490) Cumulative translation adjustment 1,284 Accumulated NCI (39,330) Gross obligation – non-controlling interest The VBI business combination includes a VBI put option arrangement related to the non-controlling interest of VBI as disclosed in notes 12 (d) and 29. The amounts payable under the option arrangement are recognized as a financial instrument reflecting the present value of the expected gross obligation payable under the VBI put option and included under non-controlling interest in the Consolidated Statement of Changes in Equity. As of December 31, 2022, the gross obligation had a present value of US$60.9 million. The value of the premium received from non-controlling interest shareholders for the VBI put option amounted to US$5.4 million resulting in US$55.5 million recorded within non-controlling interest. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business combinations | Business combinations a. VBI The following relates to the Group’s significant transactions related to business combinations for the year ended December 31, 2022. On July 1, 2022, the Group acquired control of VBI’s operations through acquiring 50% of the issued share capital of VBI, an alternative real estate asset manager in Brazil with operations across development and core real estate vehicles, to anchor its Brazil real estate platform. This transaction aligns Patria with highly specialized investment talent building valuable permanent capital. The transaction to acquire VBI is structured in two stages. The first stage includes the acquisition of control through a 50% interest in VBI by the Group, in addition to majority voting rights through a shareholder’s agreement. The second stage will result in 100% ownership of VBI. Consideration to complete the first stage includes cash consideration to be paid in two equal installments, upon acquisition and after 12 months, plus the transfer of the Group’s two existing Brazilian Real Estate Investment Trust vehicles. The first stage closed on July 1, 2022. There may be an additional payment between 2024 and 2027 of up to US$ 8.4 million contingent on the growth of VBI’s fee earning AUM. Consideration to exercise the call option to acquire non-controlling interests in the future is based on a pre-determined formula based on the value of AUM of VBI and exercisable by the Group between the second and third anniversary of the closing date. The payments are to be divided into two or three annual installments (subject to terms and conditions) and will be a combination of cash consideration and Class A common shares (the equity portion of consideration will be a maximum of 50% of the total value) at the Group’s discretion. In the event the Group does not exercise the call option by the third anniversary of the closing date, VBI would have the option to sell the remaining non-controlling interest to the Group between the third and fourth anniversary of the closing date (note 12 (d)), to be settled in cash. The goodwill from the combination will enhance the Group’s product offering by growing the Group’s real estate investment platform in the Latin American region. The Group accounted for this investment as a subsidiary. No deferred taxes were recognized in connection with this acquisition since the Group expects to complete its tax strategy. The acquired businesses contributed revenues of US$ 5.4 million and net profit of US$ 2.9 million to the Group for the period from July 1, 2022 to December 31, 2022. The impact of revenue and net profit from the above transactions, had the acquisition taken place on January 1, 2022, was US$ 14.7 million and US$ 8.4 million respectively. Acquisition-related costs, of US$ 0.2 million, are included in other expenses in the Group’s Consolidated Income Statement and in operating cash flows in the Consolidated Statement of Cash Flows for the year ended December 31, 2022. Details of the purchase consideration, the net assets acquired and goodwill are listed below and are provisional and pending receipt of the final valuation of those assets. b. Igah On November 30, 2022, the Company acquired 100% interest in a new subsidiary, Igah Partners LLC (“Igah Ventures”), a Brazilian based venture capital firm,13.2% of PEVC I General Partner IV, Ltd. (“Igah IV”), and 100% of Igah Carry Holding Ltd, an entity for carried interest allocations (collectively referred to as “Igah”). The acquisition of these entities are accounted for as a linked transaction. Igah’s business complements the Group’s existing private equity and growth equity strategies, which are focused on relatively mature companies, by adding investment expertise in startups and early-stage companies. The consideration structure consists of an upfront cash payment (US$ 8.1 million), and equity to be paid in the form of Class A common shares (US$ 4.8 million) over the course of the next 12 months. Consideration for the acquisition of Igah to be settled in Class A common shares are subject to a 5 year lock-up for executive partners and a 6 month lock-up for non-executive partners. The purchase agreement for Igah IV includes issued call and put option arrangements to acquire the remaining interest of Igah IV as disclosed in note 12(d), the payments divided into multiple installments. The exercise of the Igah Option arrangements is conditioned upon the verification of certain pre-determined targets to the result of Igah IV (subject to terms and conditions). Although the selling shareholders have retained the larger ownership interest in Igah IV, the created fund will be managed by the Group. In substance, the Group acquired control of Igah IV because it will act as a principal in the management of the investment fund, hold decision making rights that provide the Group with the current ability to direct the relevant activities of Igah IV and exposure to the majority of variable compensation arising from Igah IV’s activities. The Group expects the Igah Option arrangements to be exercised resulting in the Group acquiring 100% interest. Given the above, under IFRS, the Group has recognized its purchase commitment for non-controlling interests shares as if it had acquired 100% of the share capital of Igah IV on the transaction date. In the event the Group does not exercise the call option closing date of the exercise period, the selling shareholders of Igah IV would have the option to sell the remaining non-controlling interest to the Group up to two months after expiry of the call option (note 12 (d)), to be settled in cash and Class A common shares. The purchase price allocation is yet to be finalized for VBI and Igah, therefore the table below summarizes the preliminary acquisition date fair values of each major class of identifiable assets and liabilities recognized for the above acquisitions. The preliminary purchase price was mostly allocated to goodwill, representing the value of expected synergies arising from the acquisition. No deferred taxes were recognized in connection with this acquisition since the Group expects to complete its tax strategy. The acquired businesses contributed revenues and net profit of US$ nil to the Group for the period from December 1, 2022 to December 31, 2022. The impact of revenue and net profit from the above transactions, had the acquisition taken place on January 1, 2022, would be US$ nil. Acquisition-related costs, of US$ 0.1 million, are included in other expenses in the Group’s Consolidated Income Statement and in operating cash flows in the Consolidated Statement of Cash Flows for the year ended December 31, 2022. Acquisition date fair value of each major class of identifiable assets and liabilities recognized 100% VBI 100% Igah November 30, 2022 Total purchase consideration Cash consideration paid (a) 10,815 8,116 Consideration payable (b) 10,859 4,771 Contingent consideration payable 8,355 — Option arrangements (827) 7,884 Total purchase consideration 29,202 20,771 The assets and liabilities recognized as a result of the acquisition are as follows: Cash and cash equivalents 600 36 Accounts receivable 2,462 — Net working capital (2,587) 64 Intangible assets: non-contractual customer relationships 23,246 2,120 Intangible assets: brands 3,617 — Property and equipment 539 — Lease liability (420) — Net identifiable assets acquired 27,457 2,220 Less non-controlling interest (c) (13,729) — Add: Goodwill 15,474 18,551 Net assets acquired 29,202 20,771 a. Purchase consideration – cash outflow for the year ending December 31, 2022 to acquire the subsidiary, net of cash acquired VBI IGAH Total Cash consideration 10,815 8,116 18,931 Less: Cash acquired (600) (36) (636) Net outflow of cash -investing activities 10,215 8,080 18,295 b. Consideration payable to VBI and Igah includes preferred dividends payable to preferred shareholder of VBI and is subject to change pending the finalization of the fair value within the measurement period in accordance with IFRS 3. c. The Group recognizes non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. The decision is made on an acquisition-by-acquisition basis. For the non-controlling interests in VBI, the Group elected to recognize the non-controlling interests at its proportionate share of the acquired net identifiable assets. As disclosed in note 12(d) and note 29(b) the Group is applying the anticipated method of acquisition to recognize Igah IV in accordance with IFRS 10 considering the contractual arrangements that in substance gives the Group control of Igah IV. Financial year ended December 31, 2021 The following relates to the Group’s business combinations for the year ended December 31, 2021: On December 1, 2021, the Group acquired control of Moneda’s operations through acquiring 100% of the issued share capital of MAM I and MAM II, Chilean simplified corporations. The acquisition increased the Group’s market share in Latin America. Moneda is a leading asset manager in PIPE and credit investments in the Latin American region and is headquartered in Santiago, Chile. The goodwill from the combination will enhance the Group’s product offering by adding a credit and PIPE investment platform in the Latin American region. The combination of the two operations will add geographical exposure within Latin America through client base and product offering and will open the opportunity for cross selling and leveraging a complementary investor base. The Group accounted for this investment as a subsidiary where operations of Moneda are held through entities MAM I and MAM II as described under note 5. None of the goodwill recognized is deductible for tax purposes. Under the purchase agreement, Moneda’s former partners received an upfront consideration of US$ 333.6 million, in a combination of US$ 148.8 million in cash (US$ 16.4 million payable subject to purchase agreement conditions) and US$ 184.8 million (11,045,430 shares) in the Company’s Class B common shares. The table below summarizes the consideration paid for Moneda. Acquisition-related costs, not directly attributable to the issue of shares of US$ 8.6 million, are included in other expenses in the Group’s consolidated income statement and in operating cash flows in the consolidated statement of cash flows for the year ended December 31, 2021. Details of the purchase consideration, the net assets acquired and goodwill listed below are final with adjustments in the measurement period to reclassify US$0.3 million from goodwill to non-contractual customer relationships as disclosed in note 14: Acquisition date fair value of each major class of identifiable assets and liabilities recognized Moneda Total purchase consideration Cash consideration paid 132,331 Consideration payable 16,437 Share issued 184,789 Contingent consideration payable 25,491 Total purchase consideration 359,048 The assets and liabilities recognized as a result of the acquisition are as follows: Cash and cash equivalents 9,564 Accounts receivable 14,852 Working Capital (27,137) Intangible assets: non-contractual customer relationships 85,954 Intangible assets: brands 15,598 Fixed assets 6,769 Tax assets and liabilities 1,698 Other assets and other liabilities 7,718 Net identifiable assets acquired 115,016 Goodwill 244,032 Net assets acquired 359,048 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments a. Financial instruments by categories The Group classifies its financial instruments into the categories below: Financial instruments Fair value level 2022 2021 Financial assets Financial assets at amortized cost Accounts receivable 131,659 108,115 Client funds on deposit 23,639 78,163 Project advances 6,640 3,935 Deposit/guarantee on lease agreement 1,782 3,043 Financial assets at fair value through profit or loss Cash and cash equivalents 1 26,519 15,264 Short term investments 1 285,855 151,866 Long-term investments 2 11,017 18,278 Long-term investments - Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia 3 14,777 — Long-term investments – KMP Growth Fund II 3 9,463 — Derivative financial instruments – VBI call option 3 6,322 — Financial liabilities Financial liabilities at amortized cost Commitment subject to possible redemption 234,145 — Gross obligation under put option 73,428 — Client funds payable 23,639 78,163 Consideration payable on acquisition 18,157 16,437 Carried interest allocation 12,450 11,582 Suppliers 3,256 7,223 Financial liabilities at fair value through profit or loss Derivative financial instruments - Warrants 1 1,011 — Investment fund participating shares in Patria Brazil Real Estate Fund II, L.P., and PBPE Fund III (Ontario), L.P 2 262 796 Derivative financial instruments – forward exchange contracts 2 42 — Contingent consideration payable on acquisition 3 21,963 25,775 b. Financial instruments measured at fair value The fair value measurement methodologies are classified according to the following hierarchical levels: • Level 1 : measurement based on quotations of identical financial instruments, traded in an active market, without any adjustments; • Level 2 : valuation techniques based on observable inputs. This category covers financial instruments that are valued using: (i) quotations of similar financial instruments, traded in an active market; (ii) quotations of identical or similar financial instruments, traded in a fairly inactive market; and (iii) other valuation techniques in which all significant inputs are directly or indirectly observable in market input; • Level 3 : valuation techniques based on unobservable inputs. This category covers all financial instruments whose valuation techniques are based on inputs not observable in market inputs when such inputs have a significant impact on the measurement of their fair values. This category includes financial instruments that are valued based on quotations of similar financial instruments that, however, require adjustments and assumptions to ensure that their fair values reflect the differences among them. Refer to table above for fair value measurement methodologies (“Fair value level”) applied to financial assets and financial liabilities measured at fair value. Transfers Transfers into and out of fair value hierarchy levels are analyzed at the end of each consolidated financial statement reporting period. A transfer into Level 3 would be deemed to occur where there is a change in liquidity or other inputs used in the valuation of the financial instrument There were no transfers between Levels 1 and 2 for fair value measurements as of and for the year ended December 31, 2022. As of and for the year ended December 31, 2021, the Group had no transfers between Levels 1, 2 and 3. Transfer to Level 3 fair value measurement As of June 30, 2022, the investment in Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia was transferred to Level 3 after considering the change in valuation methodology from previously using the transaction cost price to applying a discounted cash flow model at the reporting date. Transfer from Level 3 fair value measurement As of June 30, 2022, the Warrants were transferred out of Level 3 into Level 1. The fair value of the Warrants issued in connection with the IPO of PLAO was measured at fair value using a Monte Carlo simulation model as of March 31, 2022. As of June 30, 2022, the fair value of the Warrants issued have been measured based on the listed market price of such warrants, a Level 1 measurement. The Group recognized a gain to net financial income/(expenses) resulting from a decrease in the fair value of liabilities of US$ 2.7 million presented on the accompanying Consolidated Income Statement in net financial income/(expenses) as a change in fair value of derivative warrant liabilities. Unobservable inputs The following analysis illustrates specific valuation techniques, unobservable inputs used to value Level 3 financial instruments and the sensitivity to reasonable changes in the most significant underlying variables used in measurement: Description Note Valuation technique Unobservable inputs Range of unobservable inputs Sensitivity Financial impact* Consideration payable on acquisition Contingent consideration payable on acquisition - Moneda 20 (b) Discounted cash flow Discount rate 13.9% - 16.8% 50 basis points US$0.1 million Consideration payable on acquisition Contingent consideration payable on acquisition – VBI 20 (b) Discounted cash flow Discount rate 1.0% to 26.0% AUM growth 10% less growth US$0.1 million Long-term investments Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia - Startse 12 (b) Discounted cash flow Discount rate 16.7% - 18.0% 70 basis points US$0.7 million Long-term investments KMP Growth II – Dr Consulta 12 (b) Transaction price/Market comparable approach N/A N/A 100 basis points US$0.1 million Derivative financial instruments VBI call option 12 (d) Monte Carlo simulation Projected AUM at option exercise date 50.0%- 100.0% greater than AUM at acquisition date 10.46% volatility US$0.3 million * Increase (decrease in discount rate) or decrease (increase in discount rate) the discounted fair value Contingent consideration The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. The liability is re-measured each reporting period and the change in fair value of contingent consideration is presented on the accompanying Consolidated Income Statement in other income or expenses as fair value gains/(losses) on contingent consideration. Between acquisition date and December 31, 2022, there has been a decrease in contingent consideration payable due to actual lower net income margins achieved in addition to impacts being from discounting between acquisition date and reporting date. i. Moneda business combination The Group is required to make contingent payments, subject to the acquired entities achieving certain revenue and profitability targets. The contingent consideration payment has a maximum earnout of US$ 71 million for the business combination with Moneda. The fair value of the contingent consideration liability recognized upon acquisition was US$ 25.5 million and was estimated by discounting to present value the probability weighted contingent payments expected to be made. A probabilistic scenario approach using the pre-determined net income and net revenue metrics within the purchase agreement was used to estimate expected undiscounted contingent consideration payable and a discount rate range was applied to determine the fair value of contingent consideration up to the measurement period ending December 31, 2023 (payable in 2024). ii. VBI business combination The Group is required to make contingent payments, subject to the acquired entity achieving certain AUM targets. The contingent consideration payment (payable in BRL) as of reporting date has an earnout of US$ 9.1 million for the business combination with VBI. The fair value of the contingent consideration liability upon acquisition was US$ 8.4 million and was estimated by projecting future AUM between the 2nd and 5th anniversary from the acquisition closing date, to estimate the undiscounted contingent consideration payable and applying a discount rate range to determine the fair value of contingent consideration to be settled in cash on the later of the 2nd anniversary from the acquisition closing date or ten business days after achieving the fundraising targets. Long-term investments The fair values were calculated based on the underlying investment’s cash flows discounted using an unobservable input discount rate range. The change in fair value of the Level 3 investment is presented on the accompanying Consolidated Income Statement in net financial income or expenses as unrealized gains/(losses) on long-term investments. Derivative financial instruments The VBI call option was valued using a Monte Carlo simulation, which is considered to be a Level 3 fair value measurement. The Group estimates volatility based on a group of comparable market participants. The risk-free interest rate is based on the risk-free rate as disclosed by B3 (Brasil, Bolsa, Balcão). The expected life of the VBI Option arrangements are assumed to be equivalent to the remaining contractual term. The derivative was recorded as a financial asset in the Group’s Consolidated Statement of Financial Position. The impact from this transaction is presented in note 12(d) and 28(e). The following table presents a reconciliation of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2022 and 2021. No financial instruments were measured using unobservable inputs as of December 31, 2020. Contingent consideration payable Long term investments at fair value through profit or loss Derivative warrant liability VBI call option Fair value of Level 3 financial instruments at December 31, 2021 25,775 — — — Additions 8,355 9,463 4,125 6,104 Transfer to Level 3 — 10,689 — — Transfers from Level 3 — — (1,471) — Cumulative translation adjustment 155 — — 113 Change in fair value (12,322) 4,088 (2,654) 105 Fair value of Level 3 financial instruments at December 31, 2022 21,963 24,240 — 6,322 *Changes in fair value include impact from price risk and/or foreign exchange rate risk c. Financial instruments measured at amortized costs As of December 31, 2022, and December 31, 2021, the book values of the financial instruments measured at amortized cost correspond approximately to their fair values because the majority are short-term financial assets and liabilities or the impact of the time value of money is not material except for transactions related to the gross obligation under put option (note 20(d)) measured at amortized cost is a non-current liability that has a future gross redemption amount of US$86.7 million as of December 31, 2022 d. Risk management The Group is exposed to the following risks arising from the use of financial instruments: i. Credit risk ii. Liquidity risk iii. Market risk The Group determines concentrations of risk by assessing the nature, extent, and impact of risks in its investment portfolio. This assessment considers a range of factors that are relevant to its investment strategy and objectives, including geographic concentration, industry concentration, counterparty risk, market risk, and liquidity risk. To manage concentrations of risk, the Group uses various risk management strategies, including diversification, hedging, and monitoring of counterparty credit risk. The Group also regularly reports on its risk management activities and the effectiveness of its risk management policies and procedures to its board of directors, investors, and other stakeholders. While the Group uses quantitative measures, such as percentages of its portfolio invested in particular regions or industries, to help determine concentrations of risk, it also uses its judgment and experience in assessing the overall impact of concentrations of risk on its investment portfolio and making informed investment decisions i. Credit risk Credit risk is the possibility of incurring a financial loss if a client or a counterpart in a financial instrument fails to perform its contractual obligations. The Group has low exposure to credit risk because its customer base is formed by investors in each investment fund. These investors are required to comply with the capital calls in order to repay related investment fund expenses. If capital calls are not complied with, the participation of that investor is diluted among the remaining investors of the investment fund. In addition, management fees could be settled by the sale of the underlying investments kept by the investment funds. The cash and the short-term investments are maintained in large banks with high credit ratings. Furthermore, the accounts receivable as of December 31, 2022 and December 31, 2021 are composed mainly of management fees and performance fees of investment funds, and also of advisory fees and reimbursement of expenses to be received from investees of such investment funds. The amounts receivable and project advances as of December 31, 2022, are expected to be received as demonstrated below: Overdue Due in Less 91 to 181 to 271 to Over 01 to 91 to 181 to 271 to Over Total Accounts Receivable (a) 426 134 — 104 245 24,886 4,134 2,064 93,412 6,254 131,659 Project Advances — — — — — 2,692 55 2,722 224 947 6,640 Total 426 134 — 104 245 27,578 4,189 4,786 93,636 7,201 138,299 The amounts receivable and project advances as of December 31, 2021, are as follows: Overdue Due in Less 91 to 180 days 181 to 270 days 271 to 360 days Over 360 days 01 to 90 days 91 to 180 days 181 to 270 days 271 to 360 days over 360 days Total Accounts Receivable (a) 866 301 191 55 35 7,596 32,114 20,857 35,104 10,996 108,115 Project Advances — — — — — 1,170 1,123 — 906 736 3,935 Total 866 301 191 55 35 8,766 33,237 20,857 36,010 11,732 112,050 a. Non-current balances are related to performance fees receivable from Patria Infrastructure Fund III in a single installment in 2024. In addition, management fees of US$ 18.1 million (2021: US$ 13 million) from current year and US$ 35 million (2021: US$ 22 million) from prior years relate to management fees from PBPE Fund IV, which are due by December 31, 2023. Liquidity Risk Liquidity risk is the possibility that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial assets which might affect the Group's payment ability, taking into consideration the different currencies and settlement terms of its financial assets and financial liabilities. The Group performs the financial management of its cash and cash equivalents and short term investments, keeping them available for paying its obligations and reducing its exposure to liquidity risk. In addition, the Group has the option for certain financial instruments to be settled either in cash or through its own equity instruments, Class A common shares. Expected future payments for financial liabilities as of December 31, 2022, are shown below. Expected liabilities to be paid in 01 to 60 61 to 120 121 to 181 to Over 360 Total Suppliers 3,256 — — — — 3,256 Investment fund participating shares — — — — 262 262 Leases (a) 655 548 591 1,884 17,078 20,756 Carried interest allocation — — 10,370 2,080 — 12,450 Consideration payable on acquisition — 958 — 11,792 958 13,708 Contingent consideration payable on acquisition (a) — — — — 26,475 26,475 Commitment subject to possible redemption (a) — 240,311 — — 240,311 Gross obligation under put option (a) and (b) — — — 100,306 100,306 Derivative financial instruments 42 — 1,011 — — 1,053 Total 3,953 1,506 252,283 15,756 145,079 418,577 Expected future payments for financial liabilities as of December 31, 2021, are shown below Expected liabilities to be paid in 01 to 60 61 to 120 121 to 181 to Over 360 Total Suppliers and occupancy costs 7,372 — — — — 7,372 Placement agents’ fees 50 — — — — 50 Investment fund participating shares — — — — 796 796 Leases (a) 315 276 276 828 7,617 9,312 Carried interest allocation — — — 11,582 — 11,582 Consideration payable on acquisition — 16,437 — — — 16,437 Contingent consideration payable on acquisition (a) — — — — 33,438 33,438 Total 7,737 16,713 276 12,410 41,851 78,987 (a) Amounts reflect undiscounted future cash outflows to settle financial liabilities. (b) Liability to be partly settled with Class A common shares Market risk Market risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, such as interest rate, foreign exchange rate, and security prices. The Group’s policy is to minimize its exposure to market risk. The marketable securities as of December 31, 2022 and December 31, 2021 consist primarily of mutual fund money markets which reduces the Group’s exposure to market risk and investment funds whose portfolios, dependent on the investment strategy are composed of product lines as discussed under Segment information (note 3). To manage its price risk arising from investment funds, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. The Group has acquired Warrants as it relates to the SPAC PLAO that are listed. The fair value of the Warrants are subject to changes in market prices. However, the Group has determined that the exposure to market risk from the warrants is not significant and therefore no sensitivity analysis is presented. During the year ended December 31, 2021, the Group did not hold derivative financial instruments. Security price risk: Long-term investments made by the Group represent investments in investment fund products where fair value is derived from the reported Net Asset Values (“NAV”) for each investment fund, which in turn are based upon the value of the underlying assets held within each of the investment fund products and the anticipated redemption horizon of the investment fund product. Investment fund products expose the Group to market risk and therefore this process is subject to limits consistent with the Group’s risk appetite. To manage its price risk arising from investments in securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. A 10% (2021: 10%) increase in the price of Level 1 and Level 2 long-term investments, with other variables held constant, would have increased the profit before tax by US$ 1.1 million (2021: US$ 1.8 million). A 10% decrease in the price would have had the equal but opposite effect. Foreign exchange risk: Foreign exchange risk results from a possible change in foreign exchange rates that would affect the finance income or expenses and the assets or liability balances of contracts indexed to a foreign currency. The Group measures its foreign exchange exposure by subtracting its non-US dollar currencies liabilities from its respective denominated assets, thus obtaining its net foreign exchange exposure and the amount actually affected by exchange fluctuations. Sensitivity analysis The sensitivity analysis was based on financial assets and financial liabilities exposed to currency fluctuations against the US dollar, as demonstrated below: As of December 31, 2022 Balance in each exposure currency Total Exchange Variation impact considering 10% change in the year end rates. BRL(a) HKD (b) CLP (c) COP (d) GBP (e) USD Cash and cash equivalents 17,890 8,320 10,425,880 613,325 2,280 6,937 26,519 1,959 Short term investments 23,621 — 2,496,932 — — 278,402 285,855 745 Client funds on deposit — — 20,173,411 — — — 23,639 2,364 Accounts receivable 103,337 38 7,180,833 105,442 2 103,411 131,659 2,825 Projects Advance 17,883 273 864 10,131 120 3,030 6,640 361 Deposit/guarantee on lease agreement — 264 957,240 83,079 180 393 1,782 139 Long-term investments 3,361 — 67,912 — 118 34,391 35,257 86 Client funds payable — — 20,173,411 — — — 23,639 (2,364) Suppliers 2,561 300 950,438 41,745 99 1,485 3,256 (176) Derivative financial instruments - Assets 32,985 — — — — — 6,322 632 Derivative financial instruments - Liability — — — — — 1,053 1,053 — Commitment subject to possible redemption — — — — — 234,145 234,145 — Gross obligation under put option 383,123 — — — — — 73,428 (7,342) Carried interest allocation 18,085 — — — — 8,984 12,450 (347) Consideration payable on acquisition 86,421 — — — — 1,594 18,157 (1,656) Contingent consideration payable on acquisition 47,338 — — — — 12,891 21,963 (908) Net Impact (3,682) |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Related parties | Related parties (a) Key management compensation The amounts paid to directors and officers for their roles as executives in 2022, 2021 and 2020 included in “Personnel expenses” are shown below: 2022 2021 2020 Directors’ and officers’ compensation (5,705) (2,784) (2,582) Additionally, for the year ended December 31, 2022 the Company has accrued US$ 7.4 million (2021: US$ 21 million as bonuses payable to key management, which is included in “Personnel expenses.” (b) Officers' Fund 2022 2021 Personnel current liabilities 912 1,852 Personnel non-current liabilities 350 3,029 1,262 4,881 The Officers’ Fund Plan is administered by the Company through a limited liability entity (the “Officers’ Fund”) and is registered as an administered fund under the laws of the Cayman Islands. Group employees were offered the opportunity to purchase quotas (limited number of units in Officers’ Fund available for participants to purchase) in the Officers’ Fund based on the discretion of the directors of the Officers’ Fund. With the payment of a contribution to the Officers’ Fund on the grant date, these employees are entitled to a cash benefit that is calculated by management based on defined financial metrics of the Group (e.g., DE – Distributable Earnings) with certain vesting conditions and financial hurdles. Each grant benefit is subject to graded vesting periods of 2 to 4 years. Upon vesting, the benefits are redeemable yearly at the option of the holder or mandatorily redeemed after two years. Should the employee cease to be eligible for the cash benefit (e.g., as a result of leaving the Group), all unvested benefits are paid based on the amount that was originally contributed to the Officers’ Fund. For the year ended December 31, 2022, the Company has accrued US$ 1.7 million (2021: US$ 2.2m). No further quotas in the Officers’ Fund were granted since the IPO on January 21, 2021. (c) Long-term investments As described in notes 12(b) and 17(b), Patria Brazilian Private Equity III, Ltd. and Patria Brazil Real Estate Fund General Partner II, Ltd. have a related party (representing certain of the Group’s founding shareholders) holding a participating share that gives it the right to all returns on Patria Brazil Real Estate Fund II, L.P., and PBPE Fund III (Ontario), L.P. These investments are recorded under long-term investments with corresponding liabilities to the holder of the participating share. All contributions to these investment funds are made by the related party; distributions received are returned to the related party. (d) Carried interest allocation As described in note 22(a), 35% of the performance fee receivable from the Group's investment funds are payable to the Group's employees. (e) Share based incentive plan As described in note 28(d), the Company introduced a share based incentive plan to provide long-term incentives to certain employees, directors, and other eligible participants in exchange for their services. (f) Strategic Bonus As described in note 15(b), the Group accrues for a Strategic Bonus in Chile that employees receive in exchange for long terms of services. The Strategic Bonus payable for a key management participant was US$ nil as of December 31, 2022 (December 31, 2021: US$282) of which US$12 was accrued for the year ended December 31, 2022 (US$ 2 for the year ended December 31, 2021) and included under personnel expenses. (g) Lease commitments Note 20(a) details lease payments made for various office premises, a portion of which were paid by Moneda to its related party entity that was excluded from the Moneda acquisition. The lease with the related party entity, Moneda III SpA (beneficially owned by Moneda’s former partners), commenced on December 1, 2021 for MAM I and MCB. Commencing February 1, 2022, Moneda S.A. Administradora General De Fondos (“MAGF”) entered into a lease contract with Moneda III SpA due to the sale of leased office space by a former third party lessor to Moneda III SpA. 2022 2021 Related party lease - Santiago Lease liabilities (current) 502 322 Lease liabilities (non-current) 3,078 2,093 2022 2021 Related party lease - Santiago Principal paid 425 26 Depreciation of right-of-use assets 481 35 Interest on lease liabilities 73 5 (h) Building improvements Amounts for building improvements included under property and equipment (note 13) includes US$320 and US$97 for services provided to MAGF by a related party (Constructor EG SpA which is partially owned by a related party of a partner in the Group) for the years ended December 31, 2022 and 2021 respectively. (i) Professional services Amounts for other liabilities (note 17) and general and administrative expenses (note 24) includes US$45 and US$74 for legal advisory services provided to MAGF by a related party (Barros and Errázuriz Abogados Limitada which is partially owned by a related legal advisory director of the Group) for the years ended December 31, 2022 and 2021 respectively. (j) Disposals In August 2022, the Group concluded the sale of a long-term investment held in Patria Crédito Estruturado Fundo de Investimento em Direitos Creditorios to Patria Holdings Limited, a shareholder of the Company, for a value of US$5.2 million and a realized gain of US$0.8 million. The sale was concluded at a value reflecting the fair market value of the investment and consistent with values that would have been realized through an arm’s length transaction. (k) SPAC Refer to notes 5(o) and 20(d) for related party transaction with the SPAC |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Events After Reporting Period [Abstract] | |
Events after the reporting period | Events after the reporting period Acquisitions Kamaroopin On December 23, 2022, the Group entered a memorandum of understanding with the controlling shareholder of Kamaroopin, indicating its intention to acquire the remaining 60% interest and enter a business combination with Kamaroopin. The acquisition is structured as a combination between cash and equity consideration. The business combination with Kamaroopin enables the Group to expand and complement its platform of investment funds in growth equity and venture capital by adding investment expertise in startups and early-stage companies. Subsequent to the closing of the transaction, the Group owns 100% of Kamaroopin and will account for the investment in Kamaroopin as a subsidiary to be consolidated into the Group, being a business combination achieved in stages after initially acquiring 40% of Kamaroopin as an associate on February 1, 2022 as disclosed under note 12(c). The Group and the selling shareholders agreed to waive the option arrangements included in the purchase agreement of 40% interest of Kamaroopin to complete the second tranche of the acquisition. The acquisition date carrying value of the Group’s previously held equity interest in the acquiree will be remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. The consideration structure consists of an upfront cash payment (US$1.7 million), equity consideration in the form of Class A common shares, due 30 days after the anniversary of the closing (US$9.6 million), contingent consideration to be settled in cash dependent on the future performance of Kamaroopin (US$3.8 million) and contingent consideration to be settled in 2027 with equity consideration in the form of Class A common shares and dependent on achieving certain fundraising objectives (range between US$3.8 million and US$9.6 million). Consideration for the second stage acquisition of Kamaroopin will be settled in Class A common shares that are subject to a 3 to 5 year lock-up period. At the date the financial statements were authorized for issue, the Group had not yet completed the accounting for the acquisition of Kamaroopin’s remaining 60% interest. In particular, the independent valuations to determine the fair values of the assets and liabilities acquired have not been completed. Upon conclusion of the initial accounting for the business combination, the following required disclosures will be made: • acquisition-date fair value of each major class of assets acquired and liabilities assumed • acquisition-date fair value of each major class of consideration transferred, including contingent considerations • fair value of any goodwill acquired including tax implications • fair value of any contingent liabilities assumed • fair value of non-controlling interests • acquisition related costs • pro-forma income statement of the acquiree since January 1, 2023 The transaction has closed in April 2023. The financial effects of the above transaction did not have an impact on the consolidated financial statements as of and for the year ended December 31, 2022. Blue Macaw On February 3, 2023, the Group entered into an agreement for the proposed 100% acquisition for US $4.8 million (BRL 25 million) of Blue Macaw Gestora De Recursos Ltda. (“Blue Macaw”), an investment manager located in Brazil focusing on infrastructure and real estate investment in Latin America. At the date the financial statements were authorized for issue, the Group had not yet completed the accounting for the acquisition of Blue Macaw. In particular, the independent valuations to determine the fair values of the assets and liabilities acquired have not been completed. Upon conclusion of the initial accounting for the business combination, the following required disclosures will be made: • acquisition-date fair value of each major class of assets acquired and liabilities assumed • acquisition-date fair value of each major class of consideration transferred, including contingent considerations • fair value of any goodwill acquired including tax implications • fair value of any contingent liabilities assumed • fair value of non-controlling interests • acquisition related costs • pro-forma income statement of the acquiree since January 1, 2023 At the date the audited consolidated financial statements were authorized for issue, the transaction has closed. The financial effects of the above transaction did not have an impact on the consolidated financial statements as of and for the year ended December 31, 2022. The financial effects of the above transaction did not have an impact on the audited consolidated financial statements as of and for the year ended December 31, 2022. Related party transaction The Group purchased shares on behalf of PBPE General Partner V, Ltd.’s investment fund Private Equity Fund V (PE V) in Lavoro Agro Limited (“Lavoro”) for approximately $8.2 million. Lavoro was a private equity investment of PE V prior to going public and entering into a business combination (closed February 28, 2023) with an independent SPAC entity, TPB Acquisition Corporation I. Dividends On February 9, 2023 the board of directors approved a dividend of US$ 0.308 per share (US$ 45.3 million) which was paid in March 2023. After December 31, 2022 and up until the date of authorization for issuance of the audited consolidated financial statements, there were no further significant events that occurred after the reporting period for disclosure. |
Amortization of intangible asse
Amortization of intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | Intangible assets and goodwill 2022 Changes in costs Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Placement agents (a) 36,804 5,263 (50) — — 131 42,148 Contractual rights (b) 44,156 — — — — — 44,156 Non-contractual customer relationships (c) 84,705 — — 335 25,366 185 110,591 Software 1,848 1,273 — — 264 130 3,515 Brands 15,428 — — — 3,617 30 19,075 Goodwill (d) 242,891 — — (335) 34,025 238 276,819 Total - Cost of intangible assets 425,832 6,536 (50) — 63,272 714 496,304 2022 Changes in accumulated amortization Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing Balance (-) Placement agents (a) (30,996) (1,442) — — — (65) (32,503) (-) Contractual rights (b) (34,051) (2,526) — — — — (36,577) (-) Non-contractual customer relationships (c) (785) (9,773) — — — (95) (10,653) (-) Software (839) (410) — — (264) (26) (1,539) (-) Brands (253) (3,228) — — — (30) (3,511) Total - Accumulated amortization (66,924) (17,379) — — (264) (216) (84,783) Intangible assets, net 358,908 (10,843) (50) — 63,008 498 411,521 2021 Changes in costs Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Placement agents (a) 36,896 — — — — (92) 36,804 Contractual rights (b) 44,156 — — — — — 44,156 Non-contractual customer relationships (c) — — — — 85,619 (914) 84,705 Software 1,313 292 (407) 324 397 (71) 1,848 Brands — — — — 15,598 (170) 15,428 Goodwill (d) — — — — 244,367 (1,476) 242,891 Total - Cost of intangible assets 82,365 292 (407) 324 345,981 (2,723) 425,832 2021 Changes in accumulated amortization Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing Balance (-) Placement agents (a) (28,915) (2,148) — — — 67 (30,996) (-) Contractual rights (b) (30,428) (3,623) — — — — (34,051) (-) Non-contractual customer relationships (c) — (785) — — — — (785) (-) Software (665) (164) 407 (422) (39) 44 (839) (-) Brands — (253) — — — — (253) Total - Accumulated amortization (60,008) (6,973) 407 (422) (39) 111 (66,924) Intangible assets, net 22,357 (6,681) — (98) 345,942 (2,612) 358,908 2020 Changes in costs Opening balance Additions Disposals Transfer CTA (*) Closing Balance Placement agents (a) 35,284 2,000 — — (388) 36,896 Contractual rights (b) 44,156 — — — — 44,156 Software 887 497 — — (71) 1,313 Total - Cost of intangible assets 80,327 2,497 — — (459) 82,365 2020 Changes in accumulated amortization Opening Balance Additions Disposals Transfer CTA (*) Closing Balance (-) Placement agents (a) (27,387) (2,300) — — 772 (28,915) (-) Contractual rights (b) (26,805) (3,623) — — — (30,428) (-) Software (678) (84) — — 97 (665) Total - Accumulated amortization (54,870) (6,007) — — 869 (60,008) Intangible assets, net 25,457 (3,510) — — 410 22,357 As of December 31, 2022, 2021 and 2020, there was no impairment indication for any of these assets. (a) Placement agents refer to amounts capitalized relating to agreements with investment placement agents relating to fundraising. These assets are amortized based on the estimated duration of the respective investment funds. In case of an early liquidation of an investment fund, the amortization period is also adjusted. The remaining balance, as of December 31, 2022, is expected to be amortized as shown below: 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Placement agent fees 1,740 1,636 1,518 725 725 707 702 702 702 488 9,645 The remaining balance, as of December 31, 2021, was expected to be amortized as shown below: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Placement agent fees 1,403 1,208 1,108 990 197 197 180 175 175 175 5,808 (b) Contractual rights refer to the management of the Infrastructure GP II, Ltd.and Infrastructure III SLP, Ltd. investment funds. These rights were recorded as a result of the acquisition of control of the P2 Group on December 25, 2015 from Promon International Inc. The purchase agreement includes contingent consideration that will be paid to Promon International Inc. based on the performance of P2 Brasil Private Infrastructure General Partner II Ltd., expected to be settled only if the performance criteria is achieved. As of the date of these financial statements, no amounts were due relating to these agreements. These intangible assets were recorded based on their respective fair values using estimates of expected future earnings on the acquisition date. (c) Non-contractual customer relationships refer to client relationships of Moneda, VBI and Igah, acquired for the benefit of the Group through rendering of ordinary business activities by the acquired entities. VBI customer relationships have a longer expected amortization period based on the nature of the capital structure of the underlying investment funds consisting of permanent capital. Brands refer to Moneda and VBI brands acquired through business combination. The table below includes the amortization period: Intangible asset Amortization period Moneda VBI Igah Non-contractual customer relationships 9 years 29 years 5 years Brands 5 years 8 years — (d) The goodwill recognized on the acquisition of Moneda, VBI and Igah are not deductible for tax purposes and until (i) there is a merger with the acquired company and remains unrecognized unless (ii) the acquired companies are able to generate sufficient taxable income after merger to utilize any tax benefit and (iii) considering the impact from local tax laws and regulations in the countries that the acquired companies operate in after merger. All goodwill recognized during 2022 relates to business combination transactions of which the recoverable amount of acquired entities based on value in use. Key assumptions to determine the value in use includes discounted cash flow calculations based on current and past performance forecasts and considering current market indicators listed below for the respective countries in which the entities operate. There were no changes to assumptions between acquisition dates for VBI (July 1, 2022) and Igah (November 30, 2022) and December 31, 2022. The Group performs an impairment test annually and when circumstances indicate the carrying value may be impaired. No impairment losses on goodwill have been recognized in the current and prior year based on determining recoverable amount based on value in use. In addition, goodwill was recorded from the acquisition of Kamaroopin. The details of that goodwill intangible assets and the inputs used to value it is discussed in note 12(c). This goodwill is component of the carrying value of Kamaroopin and disclosed as Investments in associates on the Consolidated Statement of Financial Position. 2022 - Inputs to Moneda impairment test Forecast period January 1, 2023 - December 31, 2028 Annual inflation rate – Chile 3 % Annual inflation rate – United States of America 2 % USD/CLP average exchange rate 815 – 830 Discount rate 12.1% - 13.7% Tax rate 27% to 35% 2021 - Inputs to determine fair value of Moneda goodwill on acquisition Forecast period January 1, 2022 - December 31, 2026 GDP Growth rate - Chile 2% - 3% GDP Growth rate - United States of America 2% - 3% Annual inflation rate – Chile 3% - 4.4% Annual inflation rate – United States of America 2.3% to 3.5% USD/CLP average exchange rate 736 – 751 Discount rate 13.9% - 16.77% 2022 - Inputs to determine fair value goodwill on acquisition VBI Igah Forecast period July 1, 2022 – December 31, 2029 January 1, 2023 – December 31, 2030 Annual inflation rate – Brazil 3.3% - 8.1% 1.9% - 8.1% Discount rate 11.8 % 15.31 % Tax rate 34 % 34 % (e) The following reflects the composition of goodwill included in intangible assets allocated per acquisition: 2022 2021 Moneda 242,508 242,891 VBI 15,760 — Igah 18,551 — Balance 276,819 242,891 (f) The following is the breakdown of intangible assets by region: 2022 2021 Brazil* 43,762 696 Cayman Islands 224,486 219,019 Chile ** 132,520 139,184 United States of America 10,747 — Other 6 9 Balance 411,521 358,908 Intangible assets are allocated based on where the assets are located and include acquired intangible assets. For acquired intangible assets, we consider that the location of the intangibles is best reflected by the location of the manager of those assets. * Goodwill and fair value adjustments to assets and liabilities allocated to Brazil includes the impact from business combination with VBI. ** Goodwill and fair value adjustments to assets and liabilities allocated to Chile includes the impact from Moneda for acquisition of MAM I. 2022 2021 2020 Amortization of non-contractual customer relationships (note 14) (9,773) (785) — Amortization of contractual rights (note 14) (2,526) (3,623) (3,623) Amortization of placement agents’ fees (note 14) (1,442) (2,148) (2,300) Amortization of brands (note 14) (3,228) (253) — Amortization of software (note 14) (410) (164) (84) Amortization of intangible assets (17,379) (6,973) (6,007) |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Consolidation | a. Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company. See note 5 for the list of the subsidiaries included in the consolidated financial statements. Control is achieved when the Company not only has power to direct the financial and operating policies of the investee or rights to variable returns from its involvement with the investee, but also has the ability to use its power to affect the investor’s returns from its involvement with the investee. Thus, an investor or an entity with decision-making rights shall determine whether it is a principal or an agent. An investor or an entity that is an agent does not control an investee when it exercises decision-making rights delegated to it. In these situations, the Company may invest in certain investment funds that it manages holding investment fund units with the same rights as the other investment fund investors. The investment funds and their investees are not consolidated by the Company, given that they operate as agents. These investments did not give the Company control nor significant influence over the respective investment funds. Additionally, although the Group may exercise some level of significant influence over investments held in other investment funds in which it invests, it does not have control over the underlying portfolio companies held by those funds. Therefore, these investments are classified and accounted for as Fair Value Through Profit or Loss (“FVTPL”) in accordance with IFRS 9 – Financial Instruments. Details of these investment funds are included in note 12. For the purpose of these consolidated financial statements, the intercompany balances are eliminated, as well as any unrealized income and expenses arising from transactions between the subsidiaries and the Company, if any. Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. |
Investments in associates | Investments in associates Associates are companies in which the Group holds an interest and over which the Group has a significant influence but does not have control. In assessing significant influence, the Group considers the investment held and its power to participate in the financial and operating policy decisions of the investee through its voting or other rights. Investments in these companies are initially recognized at cost of acquisition and subsequently accounted for using the equity method unless elected to be measured at fair value through profit or loss in accordance with IFRS 9. Under the equity method, an investment in an associate is recognized initially in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment, net of any cumulative impairment loss. The Group applies the approach to include both payments and contingent variable payments in the carrying amount of the investment at the acquisition date. |
Business combinations | c. Business combinations Business combinations are accounted for using the acquisition method of accounting. The acquisition date is the date on which the Group effectively obtains control of the acquiree. The purchase consideration of the acquisition of a subsidiary as of its relevant acquisition date, comprises of: • fair values of the assets transferred • liabilities incurred to the former owners of the acquired business • equity interests issued by the Group, and • fair value of any assets or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Contingent consideration obligations that are elements of purchase consideration are recognized as of the acquisition date either as equity or a financial liability. Expected cash outflows relating to the business combination are estimated and discounted to fair value based on the terms of the purchase agreement and the Group’s knowledge of the acquired business and how the current economic environment is likely to impact it. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (shall not exceed one year from the acquisition date) about facts and circumstances which existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments is dependent on how the contingent consideration was classified. Contingent consideration that was classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates, with changes in fair value recognized in profit or loss. Acquisition-related costs incurred in connection with a business combination, other than those associated with the issue of debt or equity securities are expensed as incurred. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents represent cash on hand, cash held in banks and short‑term, highly liquid investments (maturity equal to or less than 90 days from the date of acquisition) that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash is measured at amortized cost that approximates fair value. Cash equivalents are recorded at fair value based on the share price as of the reporting date. |
Client funds on deposit and client funds payable | e. Client funds on deposit and client funds payable Client funds on deposit include amounts representing cash held with Chilean financial institutions for clients of Moneda Corredores de Bolsa Limitada (“MCB”). It consists of accounts in which clients maintain a cash balance or transactions where the settlement date for the purchase of securities has not yet occurred. Amounts are due from clients on the settlement date of the transaction for cash accounts. Settlement of transactions take place within a period not exceeding 3 days. These activities are in accordance with the Comision para el Mercado Financiero (“CMF”) in Chile and other regulatory authorities and are subject to MCB’s monitoring procedures. The corresponding liabilities related to the above accounts and transactions are included in client funds payable. |
Financial instruments | f. Financial instruments A financial instrument is recognized when the Group becomes a party of a contract that gives rise to a financial asset or a financial liability or equity instrument. Financial assets are no longer recognized when the Group’s contractual rights to receive cash flows from the assets have expired or if the Group has transferred the control over substantially all risks and rewards of ownership. Financial liabilities are no longer recognized when these obligations are discharged or cancelled. Non-derivative financial instruments comprise of cash, short and long-term investment, client funds, accounts receivable and other liabilities. Lease obligations, while not considered financial instruments under accounting standards, are also included in our analysis of financial instruments for liquidity risk purposes. Derivative financial instruments are financial contracts, the value of which is derived from the value of the underlying assets, interest rates, indexes or currency exchange rates. Derivative financial instruments are also classified as securities unless they are designated as effective hedging instruments. Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Derivative financial instruments are classified in the Group’s Consolidated Statement of Financial Position as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. (i) Financial assets At initial recognition, a financial asset is measured at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed within the consolidated income statement. Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: • amortized cost • fair value through profit or loss (FVTPL) • fair value through other comprehensive income (FVOCI). In the years presented, the Group does not have any financial assets designated as FVOCI or financial assets designated as hedging instruments. The classification is determined by both: • the entity’s business model for managing the financial asset • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within financial income and expenses, except for impairment of trade receivables which would be presented within administrative expenses. The Group has assessed all financial instruments to have low credit risk in accordance with IFRS 9 – Financial Instruments. Amortized cost A financial asset is measured at amortized cost, if both of the following conditions are met: (a) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are initially recognized at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest rate method, less any impairment losses. Receivables with a short duration are measured at their transaction price. Fair value through profit or loss Any financial assets that are not held within a business model whose objective is to hold assets in order to collect contractual cash flows are measured at fair value through profit or loss. (ii) Financial liabilities All financial liabilities are measured at amortized cost, except for financial liabilities at fair value through profit or loss. After initial recognition, an entity cannot reclassify any financial liability. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. It is treated as the derecognition of the original liability and the recognition of a new liability when an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in profit or loss |
Impairment losses | g. Impairment losses Financial assets The Group considers the allowance for losses on financial assets at amortized cost for forward looking Expected Credit Losses (“ECL”) in line of IFRS 9 requirements, if applicable. The Group holds receivables with no financing component that have maturities of less than 1 year at amortized cost and as such has chosen to apply an approach similar to the simplified approach for ECL under IFRS 9 to all its receivables. Therefore, the Group does not track changes in credit risk for the purpose of the loss allowance, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date using both quantitative and qualitative analysis and based on the historical experience of the Group and updated understanding of the credit assessment of receivables from customers. An impairment loss in a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows, and it is recognized immediately in the consolidated income statement. This impairment loss is reversed if justified by any event that occurs after its recognition . Non-financial assets The carrying amounts of the Group’s non-financial assets are tested for impairment if there is any indication of loss in its recoverable amount. An impairment loss is recognized if an asset’s carrying amount exceeds its recoverable amount recorded in the consolidated financial statements. The recoverable amount of an asset is the higher amount between its value in use and its fair value less costs to sell. To measure the value in use, the present value of future cash flows is discounted using a discount rate that reflects current market valuations and the asset’s risks. Goodwill is tested annually or more frequently if a change in circumstance indicates that it might be impaired. |
Gross obligation under put option | Gross obligation under put option The Group has granted put options to non-controlling interest shareholders of certain consolidated subsidiaries. Liabilities from put options granted represent contracts that impose (or may potentially impose) an obligation on the Group to purchase its own equity instruments (including the shares of a subsidiary) for cash or another financial asset. Pending specific guidance from IFRSs regarding this issue, the Group recognizes these commitments as follows: Put option liabilities (net of any proceeds received) are initially raised in equity at the present value of the expected redemption amount payable and recorded as a liability in the statement of financial position. The present value is based on a discounted cash flow model, market multiples or a recent transaction during the current year in which the equity value was determined. This applies regardless of whether the Group has the discretion to settle in its own equity instruments or cash. Management’s judgements and estimates relate to the inputs used in determining the present value of the expected redemption amount payable. In accordance with IAS 32, the Group has decided to apply as an accounting policy choice, the classification of the gross obligation arising from business combination in equity as part of non-controlling interest where the non-controlling interest shareholders still have an economic interest in the underlying business results. In the event the non-controlling interest shareholders do not have an economic interest in the underlying business results, the Group, recognizes the gross obligation under the put option as disclosed above and the corresponding non-controlling interests are eliminated. Subsequent revisions to the expected redemption amount payable as well as the unwinding of the discount related to the measurement of the present value of the granted put option liability, are recognized in equity through profit and loss. Where a granted put option expires unexercised or is cancelled, the carrying value of the financial liability is reclassified to the non-controlling reserve in equity. The difference between the carrying amount of the discharged liability and reserve recognized on acquisition of control from business combination is recorded in equity through profit or loss. |
Property and equipment | i. Property and equipment Property and equipment items are stated at purchase cost, less accumulated depreciation and impairment losses. Cost includes, where applicable, expenses directly attributable to the purchase of the assets. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Any costs related to maintenance and repairs are recorded as part of operating expenses when incurred. Depreciation, recognized in the consolidated income statement, is calculated on a straight-line basis over the estimated useful lives of the assets. The useful life is periodically reviewed and updated prospectively if any amendment is required. The estimated useful lives per category are as follows: Facilities 10 years Machinery and equipment 10 years Furniture and fixtures 10 years Building improvements 10 years Office equipment - Electronic equipment 5 years Office equipment - IT equipment 5 years Office equipment - Telephone equipment 5 years The carrying value of an item of property and equipment shall be de-recognized on disposal or when no future economic benefits are expected from its use. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and is recognized in profit or loss. |
Intangible assets and goodwill | j. Intangible assets Intangible assets are non-monetary assets without physical substance. These items are initially measured at cost and subsequently carried at cost less any accumulated amortization and impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Although subject to amortization, these assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Group has the following intangible assets with finite useful lives: (i) placement agent fees, which are amortized over the terms of the respective investment funds, with average estimated term of 10 years; (ii) software, with estimated useful life of 5 years; (iii) contractual rights to earn future fee income relating to the acquisition of P2 Brasil Private Infrastructure General Partner II Ltd. and P2 Brasil Holding Ltd. (collectively the “P2 Group”), which are amortized over the respective contractual periods of the underlying investment funds of 8 years and 12 years respectively; and (iv) intangible assets acquired through business combination are recognized at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses. Amortization details are included under note 14 of the Financial Statements. Intangible assets are derecognized on disposal or when no future economic benefits are expected from their use. The gain or loss from derecognition is recognized in profit or loss. Goodwill Goodwill in a business combination is recognized at the acquisition date when the purchase consideration, and the recognized amount of non-controlling interests exceeds the fair value of the identifiable net assets of the entity acquired. If the purchase consideration is lower than the fair value of the identifiable net assets of the acquiree (a gain from bargain purchase), the difference is recognized in the income statement. The gain or loss on the disposal of an entity is calculated after consideration of attributable goodwill. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortized but is reviewed at least annually for impairment. Goodwill is allocated to cash-generating units or groups of cash-generating units, expected to benefit from the business combination in which the goodwill arose. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, an impairment loss is recognized. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). An impairment loss recognized for goodwill is not reversed in a subsequent period. |
Employees' benefits | k. Employees’ benefits (i) Short- term employee benefits Current benefits are paid within twelve months and include salaries, social security contributions, bonuses and profit sharing, including carried interest allocations (excluding allocations payable after 12 months from reporting date). These benefits are recognized on an accrual basis. The Group annually recognizes a provision for profit sharing, according to conditions approved by Management. These amounts are recorded as ‘Personnel expenses’ in the income statement. (ii) Long-term employee benefits - long term incentive program The long-term incentive plan (“LTIP”) is designed to retain key employees as well as provide alignment between them and the Company’s shareholders. The LTIP governs the issuances of equity incentive awards with respect to Class A common shares. The maximum number of Class A common shares initially available for issuance pursuant to equity incentive awards granted under the LTIP launched will not exceed 5% of the Class A common shares outstanding at any given time. The board of directors may at its discretion adjust the number of Class A common shares available for issuance under the LTIP. Equity incentive awards may be granted to the Group’s employees, non-employee directors, officers, consultants, or other individual service providers as well as holders of equity compensation awards granted by an entity that may be acquired in the future. Equity incentive awards may be granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards or other stock-based awards. Stock options and stock appreciation rights will have an exercise price determined by the administrator but that is no less than the fair market value of the underlying Class A common shares on the date of grant. The vesting conditions for grants under the LTIP are determined by the administrator of the LTIP (the “Administrator”) and, in the case of restricted stock or restricted stock units, are set forth in the applicable award documentation. For stock options, the Administrator determines the exercise price of the option, the term of the option and the time or times at which the option may be exercised. Performance awards are subject to performance conditions as specified by the Administrator and are settled in cash, Class A common shares, other awards, other property, net settlement or any combination thereof, as determined by the Administrator in its discretion, following the end of the relevant performance period. The LTIP is administered by two board members appointed by the board of directors for the administration and implementation of the LTIP. Share based incentive plan – equity incentive program Under the LTIP, the Company has share based incentive plans of which Performance Restricted Units (“PSUs”) are granted to eligible participants and subject to achieving vesting conditions, are convertible into Class A common shares. The vesting conditions can be divided into two groups, time vesting conditions and market performance conditions. The vesting period (time vesting conditions) is divided in three tranches as follows: • third anniversary of the grant date, upon which one third (1/3) of the PSUs will become time vested. • fourth anniversary of the grant date, upon which one third (1/3) of the PSUs will become time vested. • fifth anniversary of the grant date, upon which one third (1/3) of the PSUs will become time vested. As a market performance condition, the final number of Class A common shares delivered to the participants is also dependent on the Total Shareholder Return (“TSR”), including share price growth and dividends in comparison to a peer group. If TSR in comparison to the share price at the beginning of the grant is equal to or exceeds at least 8% per year at the end of the 3rd, 4th and 5th year grant anniversary, the PSUs are delivered to the participant. In addition to that, if the TSR is equal or above the TSR of a determined peer group at the end of the last vesting period, each participant shall be entitled to receive an additional number of PSUs (“boost grant”) equal to twenty per cent (20%) of the total number of PSUs originally granted to the participant. If an eligible participant ceases to be employed by the Company, within the vesting period, the rights will be forfeited, except in limited circumstances that are approved on a case-by case basis by the Committee. The cost of the share based incentive plan is measured using the fair value at the grant date. The cost is expensed together with a corresponding increase in equity over the service period. The total amount to be expensed is determined by reference to the fair value of the shares granted at the grant date, which is also based on: • TSR; and • The impact of any time vesting conditions (i.e. remaining an employee of the entity over a specified time). The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of shares that are expected to vest based on the time vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. When the PSUs are vested, the Committee will, at its discretion, direct the Company to deliver Class A common shares from either treasury shares or newly issued shares to satisfy the delivery of incentives pursuant to this share based incentive plan. The Committee may also decide to settle the delivery of incentives pursuant to this share based incentive plan in cash. Equity reserves for the share based incentive plan do not include any tax benefits on total share based incentive plan expense. The tax benefits will be considered when the PSUs shares are converted into Class A common shares. The Monte Carlo simulation model best reflects the market condition regarding the TSR of the Company in comparison to a minimum TSR of 8% per year, and also in comparison with a peer group. To estimate future share prices of the Company and its peer group, the model considers the share price on the grant date, the expected volatility, an estimated correlation between share prices and United States Treasury Bonds as the risk free interest rate. (iii) Other long-term employee benefits – Officers’ Fund The Officers’ Fund Plan has been established to provide employees with an opportunity to receive a cash benefit based on the performance of the Group. The Officers’ Fund Plan is administered by the Company through a limited liability entity (the "Officers' Fund") registered as an administered investment fund under the laws of the Cayman Islands. The Officers’ Fund Plan is, in substance, a long-term benefit within the scope of IAS 19 – Employee Benefits, as it is not based on the changes in fair value of the Group’s equity (note 31(b)). |
Provisions, contingent assets and contingent liabilities | l. Provisions, contingent assets and contingent liabilities The recognition, measurement and disclosure of contingent assets and contingent liabilities and legal obligations are performed based on the criteria set forth in IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. • Contingent Assets: are not recognized, except if the realization of the asset is virtually certain. • Provisions: are recognized in the financial statements when, based on Management’s assessment supported by the opinion of the legal counsel, the risk of an unfavorable outcome in a judicial or administrative proceeding is considered probable, and whenever the amounts involved can be reliably measured. |
Leases | m. Leases According to IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group determines the lease term as the non-cancellable period of a lease, together with both: (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. The Group does not hold lease contracts as a lessor. For the contracts in which the Group is the lessee, the Group recognizes a right-of-use asset and a lease liability at the commencement date. A right-of-use asset is measured at cost at the commencement date, which comprises: (a) the amount of the initial measurement of the lease liability; (b) any lease payments made at or before the commencement date, less any lease incentives received; (c) any initial direct costs incurred by the Group; and (d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. After the commencement date, the Group measures the right‑of‑use asset at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusts it for any remeasurement of the lease liability. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses the Group’s incremental borrowing rate. After the commencement date, the Group measures the lease liability by: (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications. |
Revenues | n. Revenues The Group’s revenues from services consist of (i) management fees, (ii) performance fees, (iii) incentive fees, (iv) advisory fees and (v) other ancillary services fees, reported net of applicable taxes. The Group follow a five step guidance to recognize revenue in accordance with IFRS 15 – Revenue from Contracts with Customers: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Management fees primarily relate to management of investment funds and are calculated as a fixed percentage over the committed capital and/or the deployed capital for each one of the investment funds following the relevant Limited Partnership Agreement or Private Placement Memorandum. Management fees are recognized when the services are provided, throughout the year that the Group provides the services to the investment fund. As manager of the investment funds, the Group may, at its sole discretion, decrease the percentage or amount of fees being paid by the investment funds directly or indirectly to the Group or fully waive the payment of fees paid by the investment funds, for a determined period of time or until the maturity of the investment funds, revenue is not recognized in such cases. Any rebates related to repayments of management fees are presented net within gross management fees in the Group's income statement. Incentive fees are realized performance-based fees which are measured and received on a recurring basis, and not dependent on realization events from the underlying investments. Performance fees and other performance-based fees are primarily generated when the return of the investment funds surpass the performance hurdle set out in the related charters. Since the investment funds’ performance are susceptible to market volatility and to factors out of the Group's control, the related fees fall under the variable consideration defined in IFRS 15. According to the referred standard, the Group recognizes these fees at a point in time when the associated performance obligations are satisfied, the related uncertainties are resolved, the likelihood of a claw-back or reversal is improbable and the likely amount of the transaction prices can be estimated without significant chance of reversal, indicating high probability of economic benefits and cash inflow to the Group, whereby the performance fee has then crystallized and can be reliably estimated. Once crystallized, performance fees typically cannot be clawed back. There are no other performance obligations or services provided which suggest these have been earned either before or after the crystallization date. Advisory and other ancillary fees primarily relate to services provided to the investment funds’ invested companies; the first relates to support on acquisitions and the latter refers to value-creation ongoing |
Financial income and expenses | o. Financial income and expenses Financial income primarily comprises of interest income and gains on short and long-term investments, gains from derivative instruments and foreign exchange gains in monetary items. Financial expenses primarily include losses on short and long-term investments, losses from derivative instruments, interest expenses, foreign exchange losses in monetary items and banking costs on financial transactions, recognized on an accrual basis. |
Income tax expenses – current and deferred | p. Income tax expenses – current and deferred Current tax is the expected tax payable on the taxable income for the year and any adjustment to tax payable in respect of previous years. The income tax basis and the current tax rates are determined according to criteria established by the prevailing tax law applicable to the Company and its subsidiaries, which are described in note 27. Income taxes are calculated based on enacted tax rates of 25% of income tax and 9% of social contribution for Brazilian subsidiaries and 27% of income tax for Chilean subsidiaries. Net operating losses of Brazilian subsidiaries have no statute of limitations but are limited to 30% of the annual taxable profits. An indefinite carryforward of losses is allowed for Chilean subsidiaries. Temporary differences for all subsidiaries have no statute of limitation and no limitation for offsetting. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities shall be recognized for unused tax losses, deductible and taxable temporary differences, respectively. A deferred tax asset and liability is recognized only when it is probable that future taxable income will be generated and available. Income tax comprises current and deferred income taxes. |
Foreign-currency transactions | q. Foreign-currency transactions Transactions denominated in foreign currencies (i.e., in any currency other than the respective functional currencies of the Group entities) are translated at the time of occurrence. Monetary items are retranslated at each reporting date using the rates prevailing at that date. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date the fair value was determined. Non monetary items that are measured in terms of historical cost are not retranslated at each reporting date. Foreign exchange gains and losses are recognized in profit and loss. To present consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period, according to IAS 21 – The Effects of Changes in Foreign Exchange. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to non-controlling interests as appropriate). |
Dividends | r. Dividends Dividend distribution to the Company’s shareholders is recognized directly in equity in the Group’s consolidated financial statements in the period in which the dividend is declared. For purposes of the consolidated statement of cash flows, dividends paid are included as cash flows from financing activities. |
Amendments to IFRSs that are mandatorily effective for annual periods beginning on January 1, 2022 | s. Amendments to IFRSs that are mandatorily effective for annual periods beginning on January 1, 2022 The Group has evaluated and adopted, when applicable, the following standards and amendments for the first time for their annual reporting period commencing January 1, 2022: • Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use • Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts — Cost of Fulfilling a Contract • Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework , and • Annual Improvements to IFRS Standards 2018–2020 (IFRS9, IFRS 16, IFRS 1 and IAS 41). |
New standards and interpretations not yet adopted– applicable and mandatory for fiscal years beginning on or after January 1, 2023 | t. New standards and interpretations not yet adopted– applicable and mandatory for fiscal years beginning on or after January 1, 2023 Certain new accounting standards and interpretations have been published that are not yet effective and have not been early adopted by the Group. These standards are not expected to have a material impact if applicable to the Company in the current or future reporting periods and on foreseeable future transactions. The following standards and interpretations apply for the first time to financial reporting periods commencing on or after January 1, 2023: • IFRS 17 – Insurance Contracts. • Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies • Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates , and • Amendments to IAS 12 Income Taxes : Deferred Tax related to Assets and Liabilities arising from a Single Transaction. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Summary of estimated useful lives of property plant and equipment | The estimated useful lives per category are as follows: Facilities 10 years Machinery and equipment 10 years Furniture and fixtures 10 years Building improvements 10 years Office equipment - Electronic equipment 5 years Office equipment - IT equipment 5 years Office equipment - Telephone equipment 5 years |
Consolidation and subsidiaries
Consolidation and subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidation And Subsidiaries [Abstract] | |
Schedule of significant subsidiaries | The consolidated financial statements include the entities listed below, which are the Company’s direct or indirect subsidiaries: Functional Equity interest December 31, December 31, Subsidiaries Patria Finance Ltd. (a) USD 100.00 % 100.00 % Patria Brazilian Private Equity III, Ltd. (b) USD 100.00 % 100.00 % PBPE General Partner IV, Ltd. (b) USD 100.00 % 100.00 % PBPE General Partner V, Ltd. (b) USD 100.00 % 100.00 % Patria Brazilian Private Equity General Partner VI, Ltd. (b) USD 100.00 % 100.00 % Patria Brazil Real Estate Fund General Partner II, Ltd. (b) USD 100.00 % 100.00 % Patria Brazil Real Estate Fund General Partner III Ltd. (b) USD 100.00 % 100.00 % Patria Brazil Retail Property Fund General Partner, Ltd. (b) USD 100.00 % 100.00 % Patria Investments UK Ltd. (c) GBP 100.00 % 100.00 % Patria Investments US LLC (d) USD 100.00 % 100.00 % Patria Investments Colombia S.A.S. (e) COP 100.00 % 100.00 % Infrastructure II GP, Ltd. (b) USD 100.00 % 100.00 % Infrastructure III SLP Ltd. (f) USD 100.00 % 100.00 % Patria Infrastructure General Partner IV Ltd. (b) USD 100.00 % 100.00 % Pátria Investimentos Ltda. (g) BRL 100.00 % 100.00 % Patria Investments Latam S.A. (h) USD 100.00 % 100.00 % Patria Investments Uruguay S.A. (i) USD 100.00 % 100.00 % Patria Investments Cayman Ltd. (j) USD 100.00 % 100.00 % Patria Investments Chile SpA (k) CLP 100.00 % 100.00 % Patria Investments Hong Kong, Ltd. (l) HKD 100.00 % 100.00 % Patria Farmland General Partner, Ltd. (w) USD — % 100.00 % Platam Investments Brazil Ltda. (m) BRL 100.00 % 100.00 % Patria Constructivist Equity Fund General Partner, Ltd. (w) USD — % 100.00 % Patria Constructivist Equity Fund General Partner II, Ltd. (b) USD 100.00 % 100.00 % PI General Partner V Ltd. (b) USD 100.00 % 100.00 % PPE General Partner VII, Ltd. (b) USD 100.00 % 100.00 % PI Renewables General Partner, Ltd. (b) USD 100.00 % 100.00 % Patria Latam Growth Management Ltd. (b) USD 100.00 % 100.00 % Patria SPAC LLC (n) USD 100.00 % 100.00 % Patria Latin American Opportunity Acquisition Corp. (o) USD 100.00 % 100.00 % Moneda Asset Management SpA (p) CLP 100.00 % 100.00 % Moneda Corredores de Bolsa Limitada (q) CLP 100.00 % 100.00 % Moneda S.A. Administradora General De Fondos (b) CLP 100.00 % 100.00 % Moneda II SpA (r) USD 100.00 % 100.00 % Moneda International Inc. (b) USD 100.00 % 100.00 % Moneda USA Inc. (s) USD 100.00 % 100.00 % Patria KMP Cayman I (t) USD 100.00 % — % VBI Real Estate Gestão de Carteiras S.A. (u) BRL 50.00 % — % VBI Administração Fiduciaria e Gestão Ltda (v) BRL 50.00 % — % BREOF Partners Ltda (v) BRL 50.00 % — % VBI ND Emp Imob Ltda (v) BRL 50.00 % — % VBI ND II Emp Imob Ltda (v) BRL 50.00 % — % VBI DATA CENTER Emp Imob Ltda (v) BRL 50.00 % — % Igah Partners LLC (x) USD 100.00 % — % e.Bricks Ventures III GP, LLC (x) USD 100.00 % — % Igah Carry Holding Ltd (y) USD 100.00 % — % PEVC General Partner IV, Ltd. (z) USD 100.00 % — % Patria Real Estate Latam S.A.S (aa) USD 100.00 % — % “USD” United States dollars, “BRL” Brazilian Real, “GBP” Pound Sterling, “CLP” Chilean peso, “COP” Colombian peso, “HKD” Hong Kong Dollar "KY" Cayman Islands, "BR" Brazil, "CO" Colombia, "CH" Chile, "UK" United Kingdom, "US" United States, “BV” British Virgin Islands (a) Patria Finance Ltd.: responsible for managing investment funds and providing financial advisory services to clients around the world. It also provides accounting and finance support to the Group (b) These entities serve as managers of investment funds. (c) Patria Investments UK Ltd. : engages in the development of investor relations. (d) Patria Investments US LLC: engages in the development of investor relations and marketing services and certain back-office services. (e) Patria Investments Colombia S.A.S. : engages in advisory services related to asset management of investment funds and investments in private equity and infrastructure areas and investor relations and marketing services. (f) Infrastructure III SLP Ltd. : serves as manager of investment funds and provides financial advisory services. (g) Pátria Investimentos Ltda. ("PILTDA"): engages in asset management, fund administration, consulting, and planning services related to asset management and the organization and performance of transactions in the commercial and corporate sectors. (h) Patria Investments Latam S.A.: serves as a holding company for the Group investing activities. (i) Patria Investments Uruguay Agente de Valores S.A. (formerly Patria Investments Uruguay S.A.) : provides advisory services related to asset management of investment funds and investor relations and marketing services (j) Patria Investments Cayman Ltd.: serves as a holding company for the Group investing activities. (k) Patria Investments Chile SpA: engages in advisory services related to asset management of investment funds, investments in infrastructure, and investor relations and marketing services. (l) Patria Investments Hong Kong, Ltd.: engages in developing investor relations and marketing services. (m) Platam Investments Brazil Ltda.: provides advisory services to the Group. (n) Patria SPAC LLC: serves as a holding company and sponsor of SPAC Patria Latin American Opportunity Acquisition Corp. (o) Patria Latin American Opportunity Acquisition Corp. (the “SPAC” or “PLAO”): a special purpose acquisition company incorporated in the Cayman Island and sponsored by Patria SPAC LLC for the purpose of effecting a business combination with one or more businesses with a focus in Latin America. On March 14, 2022, PLAO, announced the closing of its IPO. The registration statement on Form S-1 relating to the securities referred to therein and subsequently amended has been filed with the Securities and Exchange Commission (“SEC”) and declared effective on March 9, 2022. The IPO included issuance of 23,000,000 units (“the Units”), including the exercise in full by the underwriters to purchase an additional 3,000,000 Units to cover over-allotments, at a price of US$10.00 per unit. Each Unit consists of one Class A ordinary share of PLAO, par value $0.0001 per share (the “SPAC Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one SPAC Class A Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds from the issuance of US$ 230,000,000. SPAC Class A Ordinary Shares are classified as a liability in accordance with IAS32 per IFRS and based on the terms of the issuance that permits redemption by holders of SPAC Class A Ordinary Shares. Holders of the SPAC Class A Ordinary Shares and holders of the SPAC Class B Ordinary Shares will vote together as a single class on all matters submitted to a vote of PLAO’s shareholders, except when not permitted by law or stock exchange rule; provided that only holders of the SPAC Class B Ordinary Shares shall have the right to vote on the appointment and removal of PLAO’s directors prior to the initial business combination or continuing PLAO in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents of PLAO or to adopt new constitutional documents of PLAO, in each case, as a result of PLAO approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Restrictions on the Group’s ability to access or use assets and settle liabilities are included in notes 12(a) and 20(c). As of December 31, 2022, the Group has not selected any business combination target for PLAO. The expectation is to consummate a business combination as soon as the Group identifies a target company. Should PLAO not complete the initial business combination within 15 months from the closing of PLAO’s IPO (or up to 21 months if the period of time to consummate the initial business combination is extended in accordance with the terms described in the PLAO’s final prospectus), the SPAC Class A Ordinary Shares will be redeemed from the proceeds held in the trust account, as disclosed in note 12(a) (p) Moneda Asset Management SpA (“MAM I”): serves as a holding company of Moneda S.A. Administradora General de Fondos and Moneda Corredores de Bolsa Limitada. (q) Moneda Corredores de Bolsa Limitada (“MCB”): a stockbroker that manages private client mandates. (r) Moneda II SpA (“MAM II”): serves as a holding company of Moneda International Inc. and Moneda USA Inc. (s) Moneda USA Inc.: serves as an investment adviser. (t) Patria KMP Cayman I: incorporated on June 20, 2022 and serves as a holding company for the Group’s investing activities. (u) VBI Real Estate Gestão de Carteiras S.A. (“VBI”): a subsidiary of the Group acquired through a business combination (note 29) and serves as manager of real estate investment trusts of the Group. (v) Fully owned direct subsidiaries of VBI, to complement real estate investment activities of VBI. (w) Entities with limited or no activity were dissolved during 2022 and had no significant accounting impact. (x) Igah Partners LLC (“Igah Ventures”): a subsidiary of the Group acquired through a business combination and serves as manager of venture capital related funds. Additionally as disclosed in note 29 PEVC I General Partner IV, Ltd (“Igah IV”) was also acquired. Igah Ventures and Igah IV. are collectively referred to as “Igah”. (y) Fully owned entities acquired as part of the business combination with Igah to complement the Group’s venture capital offering and Igah transaction structure. (z) PEVC General Partner IV, Ltd.: incorporated on November 18, 2022 and serves as a holding company for the Group’s investing activities. (aa) Patria Real Estate Latam S.A.S : acquired on December 15, 2022 and serves as a holding company for the Group’s investing activities. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Summary of cash and cash equivalents | 2022 2021 Cash at bank and on hand 21,372 13,383 Short-term deposits (a) 3,379 — Shares of mutual funds (a) 1,768 1,881 Cash and cash equivalents 26,519 15,264 |
Client funds on deposit and c_2
Client funds on deposit and client funds payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Client Funds On Deposit And Client Funds Payable [Abstract] | |
Summary of Client funds on deposit and client funds payable | 2022 2021 Client funds on deposit 22,490 67,687 Other receivables from clients (a) 1,149 10,476 Client funds on deposit and other receivables 23,639 78,163 2022 2021 Client funds payable (a) 23,639 78,163 Client funds payable 23,639 78,163 (a) Other receivables from clients and client funds payable |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Summary of accounts receivable | 2022 2021 Current (a) 125,405 97,119 Non-current (b) 6,254 10,996 Accounts receivable 131,659 108,115 (a) An amount of US$ 23.8 million reflected under current balances is related to performance fees receivable determined in accordance with the investment funds offering documents, based on the expected value for which it is highly probable that a significant reversal will not subsequently occur. In addition, there were renegotiations of management fees of US$ 18.1 million from current year and US$ 35 million from prior years are related to management fees from PBPE Fund IV (Ontario), L.P. (“PBPE Fund IV”) and for for US $5.7 million from Patria Real Estate III. All renegotiated balances are due by December 31, 2023 noting that the receipt date was renegotiated based on the estimated date of realization of the investment funds investments. (b) The non-current balances are performance fees receivable from Patria Infrastructure Fund III in a single installment in 2024. No interest is charged and the impact of the present value adjustment using the effective interest rate method at the date of initial recognition is not material. |
Project advances (Tables)
Project advances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of project advances receivable | 2022 2021 Current 5,693 3,199 Non-current 947 736 Project advances 6,640 3,935 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Miscellaneous assets [abstract] | |
Summary of other assets current and non current | 2022 2021 Advances to employees (a) 2,585 427 Prepaid expenses (b) 3,806 2,794 Other current assets 462 338 Other current assets 6,853 3,559 Prepaid expenses (b) 95 184 Deposit/guarantee on lease agreements (e) 1,782 3,043 Other non-current assets 71 — Other non-current assets 1,948 3,227 (a) Advances to employees increased during 2022 due to the increase in travel and business activity since the lifting of travel restrictions globally. The Group provides cash advances to employees to cover such business-related expenses. (b) Prepaid expenses are composed mainly of IT services paid in advance, such as renewal of licenses and technical support services. These items will be recorded as general and administrative expenses in the period they are related to. |
Recoverable Taxes (Tables)
Recoverable Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Recoverable Taxes [Abstract] | |
Summary of recoverable taxes | 2022 2021 Income tax recoverable 5,259 2,643 Other recoverable taxes 413 509 Recoverable Taxes 5,672 3,152 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Summary of short term investments | a. Short-term investments 2022 2021 Securities (a) 45,544 151,866 Investments held in trust account (b) 240,311 — Short-term investments 285,855 151,866 (a) Securities are liquid investment funds, with portfolios made of term deposits, equities, government bonds, and other short-term liquid securities. (b) Investments held in trust account are investments received through the IPO transaction of PLAO. These funds are restricted and may only be used for purposes of completing an initial business combination or redemption of public shares. These securities are classified and accounted for as Fair Value Through Profit or Loss (“FVTPL”). The investments held in the trust account are comprised of U.S. government securities. |
Summary of long term investments | b. Long-term investments 2022 2021 Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia (a) 14,777 9,076 KMP Growth Fund II (Cayman), LP (“KMP Growth Fund II”) (b) 9,463 — Lavoro Agro Fi Nas Cadeias Produtivas Agroindustriais Fiagro Direitos Creditorios (c) 4,427 — Patria Infra Energia Core FIP EM Infraestrutura 4,184 5,085 Patria Crédito Estruturado Fundo de Investimento em Direitos Creditorios — 1,765 Patria Brazil Real Estate Fund II, L.P. (d) 247 768 PBPE Fund III (Ontario), L.P. (d) 15 28 Other investments 2,144 1,556 Long-term investments 35,257 18,278 Investments in securities are expected to be maintained until the investment funds' respective termination dates and are measured at FVTPL. As of December 31, 2022, the Group's ownership interest in each of these investments (excluding interest owned indirectly through investment funds in note (a) and (b) below) range from 0.00006% to 13.2%. (December 31, 2021: 0.00006% to 4.45%) (a) Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia is a fully owned investment fund that solely includes a late-stage venture capital investment as part of the Group’s growth equity strategy. As of December 31, 2022, an investment interest of 22.1% (December 31, 2021: 22.1%) is owned in Startse Informações e Sistemas S/A (“Startse”), an entity in Brazil providing an education platform and a crowdfunding platform for startups. The Group elected to measure the investment at fair value through profit or loss in accordance with IFRS 9. (b) As part of the new investment fund launched in partnership with the Group’s associate, Kamaroopin, the Group committed capital of 64% of KMP Growth Fund II. As of December 31, 2022, KMP Growth Fund II held a 10% interest in one portfolio company, Dr. Consulta Clinica Medica Ltda., a Brazil-based healthcare technology company. (c) An investment is held in Lavoro Agro Fi Nas Cadeias Produtivas Agroindustriais Fiagro Direitos Creditorios (13.2% of the net asset value as of December 31, 2022), a trust invested in securities related to agribusiness production chains in Brazil, such as agribusiness receivables, real estate receivables backed by credits from agribusiness production chains and liquidity assets within the agribusiness. (d) These investments are subject to a participating share held by a related party in Patria Brazilian Private Equity III, Ltd., and Patria Brazil Real Estate Fund General Partner II, Ltd. that gives it the right to all returns in the related asset. Consequently, the Group has recorded a liability in the same amount (see note 17c). (e) Following is the breakdown of long-term investments by region: 2022 2021 Brazil 33,490 16,550 Other 1,767 1,728 Balance 35,257 18,278 |
Summary of long-term investments by region | Following is the breakdown of long-term investments by region: 2022 2021 Brazil 33,490 16,550 Other 1,767 1,728 Balance 35,257 18,278 |
Summary of investments in associates | Kamaroopin Gestora de Recursos Ltda Hanuman GP Cayman, LLC Uliving Holding S.A (c) Total Country of incorporation BR KY BR Equity (1) (2) 859 856 Goodwill (a) 476 4,318 — 4,794 Non-contractual customer relationships (b) 4,221 94 — 4,315 Non-contractual customer relationships amortization* (2,070) (45) — (2,115) Brand (b) 363 — — 363 Brand amortization* (35) — — (35) 2,954 4,365 859 8,178 Share of profits or (losses) from associates* 49 (125) (125) (201) Total carrying amount as of December 31, 2022 3,003 4,240 734 7,977 *Amortization on identifiable intangible assets acquired from investments with significant influence are included in share of equity-accounted earnings in the consolidated income statement. "BR" Brazil, "KY" Cayman Islands Share of equity-accounted earnings 2022 Non-contractual customer relationships amortization (2,115) Brand amortization (35) Share of profits or (losses) from associates (201) Total (2,351) |
Summary of the Inputs to determine value in use | Inputs to determine fair value of Goodwill Forecast period February 1, 2022 - December 31, 2031 Annual inflation rate – Brazil 3.2% - 5.4% Annual inflation rate – United States of America 2.0% - 2.1% Discount rate 15.9%- 18.9% 2022 - Inputs to Moneda impairment test Forecast period January 1, 2023 - December 31, 2028 Annual inflation rate – Chile 3 % Annual inflation rate – United States of America 2 % USD/CLP average exchange rate 815 – 830 Discount rate 12.1% - 13.7% Tax rate 27% to 35% 2021 - Inputs to determine fair value of Moneda goodwill on acquisition Forecast period January 1, 2022 - December 31, 2026 GDP Growth rate - Chile 2% - 3% GDP Growth rate - United States of America 2% - 3% Annual inflation rate – Chile 3% - 4.4% Annual inflation rate – United States of America 2.3% to 3.5% USD/CLP average exchange rate 736 – 751 Discount rate 13.9% - 16.77% 2022 - Inputs to determine fair value goodwill on acquisition VBI Igah Forecast period July 1, 2022 – December 31, 2029 January 1, 2023 – December 31, 2030 Annual inflation rate – Brazil 3.3% - 8.1% 1.9% - 8.1% Discount rate 11.8 % 15.31 % Tax rate 34 % 34 % |
Summary of derivative financial instrument | Details of the forward exchange contract are included below: Forward exchange contract USD/BRL Notional (USD) USD$ 4.2 million Expiry January 13, 2023 |
Summary of derivative financial assets and liabilities by type of instrument | Below is the composition of the derivative financial instrument portfolio (assets and liabilities) by type of instrument, fair value and maturity as of December 31, 2022. 2022 Derivative financial instruments - Asset VBI Call option Issued 6,104 Unrealized gains/(losses) on changes in fair value 105 Cumulative translation adjustment 113 Fair value 6,322 Fair value % 100 % 2022 Derivative financial instruments - Liability Warrants Forward exchange contract Total Issued 4,125 — 4,125 Unrealized (gains)/losses on changes in fair value (3,114) 42 (3,072) Fair value 1,011 42 1,053 Fair value % 96 % 4 % 100 % |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Summary of property and equipment | Changes in cost 2022 Opening balance Additions Disposals Acquisitions of subsidiaries CTA (*) Closing balance Furniture and fixtures 1,434 224 — 53 23 1,734 Building improvements 7,460 3,661 — 238 (100) 11,259 Office equipment 3,561 1,554 — 150 89 5,354 Right-of-use assets (a) 12,624 9,739 (4,730) 521 (32) 18,122 Total - Cost of fixed assets 25,079 15,178 (4,730) 962 (20) 36,469 Changes in accumulated depreciation 2022 Opening balance Additions Disposals Acquisitions of subsidiaries CTA (*) Closing balance (-) Furniture and fixtures (919) (162) — (53) (27) (1,161) (-) Building improvements (3,559) (828) — (71) (58) (4,516) (-) Office equipment (2,724) (430) — (99) (79) (3,332) (-) Right-of-use assets (a) (4,469) (2,405) 4,442 (200) (201) (2,833) Total - Accumulated depreciation (11,671) (3,825) 4,442 (423) (365) (11,842) Property and equipment, net 13,408 11,353 (288) 539 (385) 24,627 (*) CTA – Cumulative translation adjustment Changes in cost 2021 Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Furniture and fixtures 726 96 (6) — 677 (59) 1,434 Building improvements 2,997 1,055 (21) 88 3,625 (284) 7,460 Office equipment 2,249 400 (4) 10 1,105 (199) 3,561 Right-of-use assets (a) 4,183 3,309 (97) — 5,571 (342) 12,624 Total - Cost of fixed assets 10,155 4,860 (128) 98 10,978 (884) 25,079 Changes in accumulated depreciation 2021 Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance (-) Furniture and fixtures (422) (77) 1 — (460) 39 (919) (-) Building improvements (2,070) (302) 14 — (1,386) 185 (3,559) (-) Office equipment (1,856) (203) 2 — (844) 177 (2,724) (-) Right-of-use assets (a) (1,988) (1,201) 58 — (1,519) 181 (4,469) Total - Accumulated depreciation (6,336) (1,783) 75 — (4,209) 582 (11,671) Property and equipment, net 3,819 3,077 (53) 98 6,769 (302) 13,408 Changes in cost 2020 Opening balance Additions Disposals Transfer CTA (*) Closing balance Furniture and fixtures 883 15 — — (172) 726 Building improvements 3,617 34 — — (654) 2,997 Office equipment 2,617 114 — — (482) 2,249 Right-of-use assets (a) 5,168 137 — — (1,122) 4,183 Total - Cost of fixed assets 12,285 300 — — (2,430) 10,155 Changes in accumulated depreciation 2020 Opening balance Additions Disposals Transfer CTA (*) Closing balance (-) Furniture and fixtures (451) (71) — — 100 (422) (-) Building improvements (2,045) (391) — — 366 (2,070) (-) Office equipment (2,069) (192) — — 405 (1,856) (-) Right-of-use assets (a) (1,256) (1,026) — — 294 (1,988) Total - Accumulated depreciation (5,821) (1,680) — — 1,165 (6,336) Property and equipment, net 6,464 (1,380) — — (1,265) 3,819 As of December 31, 2022, 2021 and 2020 there was no indication that any of these assets were impaired. (a) The Group is a lessee in lease agreements for which the underlying assets are the office spaces located in Grand Cayman, London, Montevideo, New York, Santiago and São Paulo. Depreciation expense relating to these assets was recognized in 2022 for the amount of US$ 2,405 (US$ 1,201 and US$ 1,026 for 2021 and 2020), see note 20(a). (b) Following is the breakdown of the total Property and equipment assets by region: 2022 2021 Brazil 8,580 1,961 Cayman Islands 1,350 2,044 Chile 7,933 7,334 United Kingdom 2,071 2,027 United States of America 3,995 22 Other 698 20 Balance 24,627 13,408 |
Summary of breakdown of property plant and equipment by region | (b) Following is the breakdown of the total Property and equipment assets by region: 2022 2021 Brazil 8,580 1,961 Cayman Islands 1,350 2,044 Chile 7,933 7,334 United Kingdom 2,071 2,027 United States of America 3,995 22 Other 698 20 Balance 24,627 13,408 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets [Abstract] | |
Summary of Intangible assets | 2022 Changes in costs Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Placement agents (a) 36,804 5,263 (50) — — 131 42,148 Contractual rights (b) 44,156 — — — — — 44,156 Non-contractual customer relationships (c) 84,705 — — 335 25,366 185 110,591 Software 1,848 1,273 — — 264 130 3,515 Brands 15,428 — — — 3,617 30 19,075 Goodwill (d) 242,891 — — (335) 34,025 238 276,819 Total - Cost of intangible assets 425,832 6,536 (50) — 63,272 714 496,304 2022 Changes in accumulated amortization Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing Balance (-) Placement agents (a) (30,996) (1,442) — — — (65) (32,503) (-) Contractual rights (b) (34,051) (2,526) — — — — (36,577) (-) Non-contractual customer relationships (c) (785) (9,773) — — — (95) (10,653) (-) Software (839) (410) — — (264) (26) (1,539) (-) Brands (253) (3,228) — — — (30) (3,511) Total - Accumulated amortization (66,924) (17,379) — — (264) (216) (84,783) Intangible assets, net 358,908 (10,843) (50) — 63,008 498 411,521 2021 Changes in costs Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing balance Placement agents (a) 36,896 — — — — (92) 36,804 Contractual rights (b) 44,156 — — — — — 44,156 Non-contractual customer relationships (c) — — — — 85,619 (914) 84,705 Software 1,313 292 (407) 324 397 (71) 1,848 Brands — — — — 15,598 (170) 15,428 Goodwill (d) — — — — 244,367 (1,476) 242,891 Total - Cost of intangible assets 82,365 292 (407) 324 345,981 (2,723) 425,832 2021 Changes in accumulated amortization Opening balance Additions Disposals Transfer Acquisitions of subsidiaries CTA (*) Closing Balance (-) Placement agents (a) (28,915) (2,148) — — — 67 (30,996) (-) Contractual rights (b) (30,428) (3,623) — — — — (34,051) (-) Non-contractual customer relationships (c) — (785) — — — — (785) (-) Software (665) (164) 407 (422) (39) 44 (839) (-) Brands — (253) — — — — (253) Total - Accumulated amortization (60,008) (6,973) 407 (422) (39) 111 (66,924) Intangible assets, net 22,357 (6,681) — (98) 345,942 (2,612) 358,908 2020 Changes in costs Opening balance Additions Disposals Transfer CTA (*) Closing Balance Placement agents (a) 35,284 2,000 — — (388) 36,896 Contractual rights (b) 44,156 — — — — 44,156 Software 887 497 — — (71) 1,313 Total - Cost of intangible assets 80,327 2,497 — — (459) 82,365 2020 Changes in accumulated amortization Opening Balance Additions Disposals Transfer CTA (*) Closing Balance (-) Placement agents (a) (27,387) (2,300) — — 772 (28,915) (-) Contractual rights (b) (26,805) (3,623) — — — (30,428) (-) Software (678) (84) — — 97 (665) Total - Accumulated amortization (54,870) (6,007) — — 869 (60,008) Intangible assets, net 25,457 (3,510) — — 410 22,357 As of December 31, 2022, 2021 and 2020, there was no impairment indication for any of these assets. (a) Placement agents refer to amounts capitalized relating to agreements with investment placement agents relating to fundraising. These assets are amortized based on the estimated duration of the respective investment funds. In case of an early liquidation of an investment fund, the amortization period is also adjusted. The remaining balance, as of December 31, 2022, is expected to be amortized as shown below: 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Placement agent fees 1,740 1,636 1,518 725 725 707 702 702 702 488 9,645 The remaining balance, as of December 31, 2021, was expected to be amortized as shown below: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Placement agent fees 1,403 1,208 1,108 990 197 197 180 175 175 175 5,808 (b) Contractual rights refer to the management of the Infrastructure GP II, Ltd.and Infrastructure III SLP, Ltd. investment funds. These rights were recorded as a result of the acquisition of control of the P2 Group on December 25, 2015 from Promon International Inc. The purchase agreement includes contingent consideration that will be paid to Promon International Inc. based on the performance of P2 Brasil Private Infrastructure General Partner II Ltd., expected to be settled only if the performance criteria is achieved. As of the date of these financial statements, no amounts were due relating to these agreements. These intangible assets were recorded based on their respective fair values using estimates of expected future earnings on the acquisition date. (c) Non-contractual customer relationships refer to client relationships of Moneda, VBI and Igah, acquired for the benefit of the Group through rendering of ordinary business activities by the acquired entities. VBI customer relationships have a longer expected amortization period based on the nature of the capital structure of the underlying investment funds consisting of permanent capital. Brands refer to Moneda and VBI brands acquired through business combination. The table below includes the amortization period: Intangible asset Amortization period Moneda VBI Igah Non-contractual customer relationships 9 years 29 years 5 years Brands 5 years 8 years — (d) The goodwill recognized on the acquisition of Moneda, VBI and Igah are not deductible for tax purposes and until (i) there is a merger with the acquired company and remains unrecognized unless (ii) the acquired companies are able to generate sufficient taxable income after merger to utilize any tax benefit and (iii) considering the impact from local tax laws and regulations in the countries that the acquired companies operate in after merger. All goodwill recognized during 2022 relates to business combination transactions of which the recoverable amount of acquired entities based on value in use. Key assumptions to determine the value in use includes discounted cash flow calculations based on current and past performance forecasts and considering current market indicators listed below for the respective countries in which the entities operate. There were no changes to assumptions between acquisition dates for VBI (July 1, 2022) and Igah (November 30, 2022) and December 31, 2022. The Group performs an impairment test annually and when circumstances indicate the carrying value may be impaired. No impairment losses on goodwill have been recognized in the current and prior year based on determining recoverable amount based on value in use. |
Summary of remaining balance expected to be amortized | The remaining balance, as of December 31, 2022, is expected to be amortized as shown below: 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Placement agent fees 1,740 1,636 1,518 725 725 707 702 702 702 488 9,645 The remaining balance, as of December 31, 2021, was expected to be amortized as shown below: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Placement agent fees 1,403 1,208 1,108 990 197 197 180 175 175 175 5,808 |
Disclosure of intangible assets with finite useful life | The table below includes the amortization period: Intangible asset Amortization period Moneda VBI Igah Non-contractual customer relationships 9 years 29 years 5 years Brands 5 years 8 years — |
Summary of the Inputs to determine value in use | Inputs to determine fair value of Goodwill Forecast period February 1, 2022 - December 31, 2031 Annual inflation rate – Brazil 3.2% - 5.4% Annual inflation rate – United States of America 2.0% - 2.1% Discount rate 15.9%- 18.9% 2022 - Inputs to Moneda impairment test Forecast period January 1, 2023 - December 31, 2028 Annual inflation rate – Chile 3 % Annual inflation rate – United States of America 2 % USD/CLP average exchange rate 815 – 830 Discount rate 12.1% - 13.7% Tax rate 27% to 35% 2021 - Inputs to determine fair value of Moneda goodwill on acquisition Forecast period January 1, 2022 - December 31, 2026 GDP Growth rate - Chile 2% - 3% GDP Growth rate - United States of America 2% - 3% Annual inflation rate – Chile 3% - 4.4% Annual inflation rate – United States of America 2.3% to 3.5% USD/CLP average exchange rate 736 – 751 Discount rate 13.9% - 16.77% 2022 - Inputs to determine fair value goodwill on acquisition VBI Igah Forecast period July 1, 2022 – December 31, 2029 January 1, 2023 – December 31, 2030 Annual inflation rate – Brazil 3.3% - 8.1% 1.9% - 8.1% Discount rate 11.8 % 15.31 % Tax rate 34 % 34 % |
Disclosure of Goodwill Per Acquisition | (e) The following reflects the composition of goodwill included in intangible assets allocated per acquisition: 2022 2021 Moneda 242,508 242,891 VBI 15,760 — Igah 18,551 — Balance 276,819 242,891 |
Summary of breakdown of the total intangible assets | (f) The following is the breakdown of intangible assets by region: 2022 2021 Brazil* 43,762 696 Cayman Islands 224,486 219,019 Chile ** 132,520 139,184 United States of America 10,747 — Other 6 9 Balance 411,521 358,908 Intangible assets are allocated based on where the assets are located and include acquired intangible assets. For acquired intangible assets, we consider that the location of the intangibles is best reflected by the location of the manager of those assets. * Goodwill and fair value adjustments to assets and liabilities allocated to Brazil includes the impact from business combination with VBI. |
Personnel and related taxes p_2
Personnel and related taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Personnel and related taxes [Abstract] | |
Summary of Personnel and related taxes payable | 2022 2021 Personnel and related taxes 3,280 1,866 Accrued vacation and related charges 2,563 2,003 Employee profit sharing (a) 20,321 32,043 Officers’ fund (note 31 (b)) 912 1,852 Personnel and related taxes payable - current liabilities 27,076 37,764 Officers’ fund (note 31 (b)) 350 3,029 Strategic Bonus (b) 1,374 2,223 Personnel - non-current liabilities 1,724 5,252 (a) The Group recognizes a provision for payment of profit sharing to employees, according to conditions approved by management, which is recorded as personnel expenses in the consolidated income statement. An amount of US$ 32,043 was paid in February 2022. The balance on December 31, 2022 of US$ 20,321 was fully settled by February 28, 2023. |
Taxes payable (Tables)
Taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxes Payable [Abstract] | |
Summary of taxes payable | 2022 2021 Taxes on revenues 275 1,425 Income taxes 445 2,112 Other taxes payable 158 352 Taxes payable 878 3,889 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Schedule of other liabilities | 2022 2021 Suppliers 3,256 7,223 Lease liabilities (a) 2,243 951 Dividends payable (b) 2,085 — Other current liabilities 68 217 Other current liabilities 7,652 8,391 Investment fund participating share in Patria Brazilian Private Equity III, Ltd., and Patria Brazil Real Estate Fund General Partner II, Ltd. (c) 262 796 Lease liabilities (a) 13,851 6,913 Other non-current liabilities 21 37 Other non-current liabilities 14,134 7,746 (a) The Group is the lessee in lease agreements for which the underlying assets are the office spaces located in Grand Cayman, London, New York, Montevideo, Santiago and São Paulo as disclosed in note 20. (b) Dividends payable to the previous owners of VBI prior to acquisition by the Group that remain payable on December 31, 2022. |
Deferred taxes (Tables)
Deferred taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Taxes [Abstract] | |
Summary of deferred tax assets and liabilities | Deferred tax assets December 31, 2019 (Charged)/credited December 31, 2020 (Charged)/credited December 31, 2021 (Charged)/credited December 31, 2022 to profit or loss directly to equity / CTA to profit or loss directly to equity / CTA to profit or loss directly to equity / CTA Employee profit sharing provision and other personnel accruals (a) 3,220 (560) (715) 1,945 1,623 430 3,998 603 168 4,769 Deferred tax on intangible assets from business combination — — — — — — — 770 6 776 Management fee provision 1,442 (724) (327) 391 (359) (32) — — — — Taxable Goodwill 1,260 (984) (276) — — — — — — — Business combination – earnout — — — — — — — 191 — 191 Tax losses — — — — — — — 78 (3) 75 Tax on Accrual for expenses — — — — 107 1 108 (92) 25 41 Tax depreciation of fixed assets — — (52) (223) (275) (248) (35) (558) Deferred tax on performance fees - IFRS 15 — — — — (40) (83) (123) (3,164) (294) (3,581) Gain from bargain purchase — — — — 6 (164) (158) 15 1 (142) Impact of IFRS 16 (317) 61 71 (185) 58 34 (93) 274 (5) 176 Other (3) (38) 43 2 (32) 19 (11) 8 5 2 Net deferred tax assets 5,602 (2,245) (1,204) 2,153 1,311 (18) 3,446 (1,565) (132) 1,749 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
Summary of Amounts Recognized In The Statement of Financial Position | The Consolidated Statement of Financial Position and the Consolidated Income Statement discloses the following amounts relating to leases: Amounts recognized in the Consolidated Statement of Financial Position 2022 2021 Right-of-use assets 18,122 12,624 (-) Depreciation of right-of-use assets (2,833) (4,469) Right-of-use assets 15,289 8,155 Lease liabilities (current) (a) 2,243 951 Lease liabilities (non-current) (a) 13,851 6,913 Lease liabilities 16,094 7,864 2022 2021 Related party lease - Santiago Lease liabilities (current) 502 322 Lease liabilities (non-current) 3,078 2,093 |
Summary of Amounts Recognized In The Statement of Profit Or Loss | Amounts recognized in the Consolidated Income Statement 2022 2021 2020 Depreciation of right-of-use assets (b) (2,405) (1,201) (1,026) Interest on lease liabilities (b) (1,807) (1,022) (869) Principal paid (1,652) (832) (893) 2022 2021 Related party lease - Santiago Principal paid 425 26 Depreciation of right-of-use assets 481 35 Interest on lease liabilities 73 5 |
Disclosure Of Consideration Payable | Consideration payable on acquisition The following table reflects consideration payable from acquisition transactions 2022 2021 Deferred consideration payable (a) 15,889 — Consideration payable on acquisition – Igah (d) 4,771 — Consideration payable on acquisition – VBI (c) 11,792 — Consideration payable on acquisition - Kamaroopin (b) 735 — Consideration payable on acquisition - Moneda — 16,437 Current liabilities – consideration payable on acquisition 33,187 16,437 Contingent consideration payable on acquisition – Moneda (note 30(b)) 12,891 25,775 Deferred consideration payable (a) 10,592 2,037 Contingent consideration payable on acquisition – VBI (note 30(b)) 9,072 — Consideration payable on acquisition - Kamaroopin (b) 859 — Non-current liabilities – consideration payable on acquisition 33,414 27,812 (a) The Moneda business combination transaction included US$ 58.7 million expected to be paid to Moneda’s former partners who are currently employees of the Group. The amount to be paid in exchange for their services is subject to a time vesting period, with two equal installments due on December 1, 2023 and December 1, 2024 respectively. This expense is recognized as a compensation expense as the employees render services. For the year ended December 31, 2022, US$ 24.4 million (US$ 2 million for the year ended December 31, 2021) was recognized as an expense in the Group’s Consolidated Income Statement. (b) Consideration payable for the acquisition of Kamaroopin will be paid in two installments, 12 months and 24 months after closing date respectively. (c) The consideration payable to VBI is indexed to interbank interest rates (CDI) in Brazil as per the terms of the acquisition agreement. The liability includes the second installment payable to selling shareholder of VBI and a preferred dividend payable to the preferred shareholders of VBI, determined in accordance with the terms of the acquisition agreement – (note 29). (d) Consideration payable for the acquisition of Igah per terms of the purchase agreement consisting of equity consideration in common shares and preferred dividends payable – (note 29) |
Disclosure Of Commitments Subject To Possible Redemption | Movements during the year on the Group’s commitment subject to possible redemption are detailed below: Commitment subject to possible redemption Balance at December 31, 2021 — Commitment subject to possible redemption raised 220,458 IPO expenses - SPAC 10,325 Interest earned on trust account 3,362 Balance at December 31, 2022 234,145 |
Schedule Of Movement In Gross Obligations Under Put Optioin | Movements during the year on the Group’s gross obligation under the VBI put option and the Igah put option are detailed below. Purchase commitments for minority interests shares VBI Igah IV Total Balance at December 31, 2021 — — — Obligations raised 60,866 7,884 68,750 Cumulative translation adjustment 1,126 — 1,126 Gross obligation adjustments 3,552 — 3,552 Balance at December 31, 2022 65,544 7,884 73,428 |
Revenue from services (Tables)
Revenue from services (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue From Services [Abstract] | |
Summary of revenue from services | 2022 2021 2020 Revenue from management fees 223,485 144,654 112,870 Revenue from incentive fees 6,070 4,915 3,450 Revenue from performance fees (a) 30,350 89,295 — Fund fees 259,905 238,864 116,320 Revenue from advisory and other ancillary fees 4,156 731 2,491 Total gross revenue from services 264,061 239,595 118,811 Taxes on revenue - management fees and other (3,957) (3,910) (3,794) Taxes on revenue - performance fees (1,227) (170) — Taxes on revenue (5,184) (4,080) (3,794) Revenue from services 258,877 235,515 115,017 The following is the breakdown of revenue by region (b): Brazil 40,165 25,725 28,452 British Virgin Islands 3,122 2,311 — Cayman Islands 160,226 200,695 86,565 Chile 52,074 5,215 — United States of America 3,290 1,569 — Net revenue from services 258,877 235,515 115,017 (a) Performance fees are primarily generated when the return of the investment funds surpass the performance hurdle set out in the related charters. An amount of US$30.4 million is included under performance fees from Patria Infrastructure Fund III determined in accordance with above (2021: US$ 89.3 million from Private Equity Fund III). |
Cost of services rendered (Tabl
Cost of services rendered (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Services Rendered [Abstract] | |
Summary of Cost of services rendered | 2022 2021 2020 Salaries and wages (33,991) (14,377) (10,478) Rewards and bonuses (20,940) (21,828) (11,800) Social security contributions and payroll taxes (4,746) (3,898) (2,356) Officers’ Fund (1,657) (2,196) (431) Strategic Bonus (1,107) (15) — Carried interest bonuses — (890) — Restructuring costs – personnel (a) (530) — — Share based incentive plan (note 28(d)) (731) (764) — Other short-term benefits (6,077) (3,636) (2,164) Personnel expenses (69,779) (47,604) (27,229) Carried interest allocation (b) (10,171) (30,204) — (a) Restructuring costs of personnel refers to the implementation of streamlining initiatives and cost reduction plan in the operating activities of the Group. (b) This expense refers to the Group’s employees’ right to up to 35% of the performance fees recognized from investments funds. As of December 31, 2022, US$ 12.4 million (US$ 2.1 million non-current) remains payable. primarily related to performance fees recognized from Patria Infrastructure Fund III (2021: US$11.6 million from PBPE Fund III (Ontario), L.P.). |
General and Administrative ex_2
General and Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Administrative Expenses [Abstract] | |
Summary of administrative expenses | 2022 2021 2020 Professional services (8,330) (6,439) (7,351) IT and telecom services (6,061) (1,762) (1,085) Rebate fees (3,852) (364) (30) Depreciation of right-of-use assets (2,405) (1,201) (1,026) Travel expenses (2,190) (1,137) (1,586) Marketing and events (1,708) (338) (495) Depreciation of property and equipment (1,420) (582) (654) Occupancy expenses (1,434) (578) (977) Professional services - SPAC (807) — — Taxes and contributions (685) (340) (189) Insurance (734) — — Materials and supplies (314) (191) (153) Other administrative expenses (1,210) (1,400) (1,027) General and Administrative expenses (31,150) (14,332) (14,573) |
Other income_(expenses) (Tables
Other income/(expenses) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income (Expense) [Abstract] | |
Summary of other income/(expenses) | 2022 2021 2020 IPO expenses and IPO related bonuses — (2,862) (2,169) Share issuance expenses – SPAC (notes 5(a) and 20(c)) (10,325) — — Transaction costs (a) (4,536) (8,550) 129 Transaction costs – SPAC (315) — — Contingent consideration adjustments(b) 12,322 (264) — Gross obligation adjustments (b) (3,533) — — Deferred consideration adjustments (b) (729) — — Restructuring costs (c) (1,293) — — Net loss on disposal of property and equipment (51) — — Other (805) (830) — Other income/(expenses) (9,265) (12,506) (2,040) (a) Transaction costs relate to expenses incurred on acquisition of subsidiaries for business combination. (b) Measurement of the present value of considerations payable (note 20 (b)) and gross obligations under put option (note 20(d)) for acquired businesses, included under other income/(expenses) based on its correlation with the Groups’ expansion strategy through acquisition activity. The movement for contingent consideration for the year ended December 31, 2022 relates to the estimated financial performance of Moneda, one of the acquired businesses, being lower than the earn-out performance criteria. |
Net financial income_(expense)
Net financial income/(expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Financial Income (Expense) [Abstract] | |
Summary of Net Financial Income/(Expense) | 2022 2021 2020 Financial income Net financial investment income 2,345 355 366 Unrealized gains on long-term investments 5,322 226 — Realized gains from long-term investments 1,922 — — Unrealized gains on warrant liability 3,114 — — Unrealized gains on other derivative financial instruments 105 — — Net exchange variation — 601 501 Other financial income 59 6 60 Total finance income 12,867 1,188 927 Financial expenses Unrealized losses on long-term investments — — (91) Unrealized losses on forward (230) — — Commission and brokerage expenses (518) (68) — Interest on lease liabilities (1,807) (1,022) (869) Net exchange variation (1,350) — — Other financial expenses (847) (385) (159) Total finance expenses (4,752) (1,475) (1,119) Net financial income/(expense) 8,115 (287) (192) |
Income taxes expenses (Tables)
Income taxes expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes Expenses [Abstract] | |
Summary of reconciliation of average effective tax rate and applicable tax rate | Reconciliation of income tax 2022 2021 2020 Income before income taxes 102,453 121,572 64,976 Impact of difference in tax rates of foreign subsidiaries (8,349) 642 (2,749) Nondeductible expenses — (1,023) (386) Total income taxes (8,349) (381) (3,136) Current (6,784) (1,692) (891) Deferred (1,565) 1,311 (2,245) Effective tax rate 8.1 % 0.3 % 4.8 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Summary of share capital | As of December 31, 2022 and December 31, 2021, the issued share capital was distributed as follows: 2022 2021 Shares Capital Shares Capital Total 147,192,930 14,720 147,192,930 14,720 Class A 54,247,500 5,425 54,247,500 5,425 Class B 92,945,430 9,295 92,945,430 9,295 |
Summary of additional paid-in capital | The Additional Paid-in Capital amounts recorded as of December 31, 2022 and December 31, 2021 are presented below: 2022 2021 Class A 299,078 299,078 Class B 186,102 186,102 Total 485,180 485,180 |
Summary of dividends paid by the group | Dividends declared and paid by the Group to the Company’s shareholders for the year ended December 31, 2022, 2021 and 2020 were: Shareholder 2022 2021 2020 US$* US$* US$* Class A 38,082 0.7020 38,462 0.7090 — — Class B 65,247 0.7020 58,067 0.6247 84,188 0.7196 Total 103,329 0.7020 96,529 0.6558 84,188 0.7196 |
Summary of PSU activity for the period | IPO Grant Grant A Number of PSUs (in thousands) Outstanding December 31, 2020 — — Granted 289 — Forfeited (79) — Outstanding December 31, 2021 210 — Granted — 85 Forfeited (26) — Outstanding, December 31, 2022 184 85 LTIP Grant date Weighted-average fair value in US$ IPO grant January 22, 2021 $15.95 Grant A December 1, 2022 $9.15 |
Summary of earnings per share | 2022 2021 2020 Net income for the year attributable to the Owners of the Company 92,957 122,476 62,209 Basic weighted average number of shares 147,221,698 135,983,968 117,000,000 Basic earnings per thousand shares 0.63141 0.90066 0.53170 Diluted weighted average number of shares 147,226,334 135,983,968 117,000,000 Diluted earnings per thousand shares 0.63139 0.90066 0.53170 |
Summary of the subsidiary with non-controlling interests | As of December 31, 2022, the Group had one subsidiary with non-controlling interests from the acquisition of 50% of VBI Real Estate Gestão de Carteiras S.A. on July 1, 2022 (note 29). As of December 31, 2021, the Group had no non-controlling interests in subsidiaries. Equity(*) Income (Loss) (*) Interest 2022 2021 2020 2022 2021 2020 Non-controlling interest in Patria Investimentos Ltda 49 % — — 1,758 — (1,285) (369) Non-controlling interest in VBI Real Estate Gestão de Carteiras S.A. 50 % (39,330) — — 1,147 — — * From June 1, 2021 Patria Investments Limited holds 100% of Patria Investimentos Ltda. |
Summary of financial information of subsidiary | Summarized Condensed Statement of Financial Position VBI December 31, 2022 Current assets 6,647 Current liabilities (3,703) Current net assets 2,944 Non-current assets 27,425 Non-current liabilities (605) Non-current net assets 26,820 Net assets 29,764 Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income VBI Allocated to NCI 6 month period between July 1, 2022 and December 31, 2022 6 month period between July 1, 2022 and December 31, 2022 2022 Net revenue from services 5,406 2,703 Revenue from management fees 5,858 2,929 Taxes on revenue (452) (226) Personnel expenses (1,008) (504) Amortization of intangible assets (630) (315) General and administrative expenses (766) (383) Share of profits of associates (125) (63) Net financial income/(expenses) 125 63 Income before income tax 3,002 1,501 Income taxes (708) (354) Current (608) (304) Deferred (100) (50) Net income for the period 2,294 1,147 Other comprehensive income — 1,284 Total comprehensive income 2,294 2,431 VBI – Non-controlling interest VBI December 31, 2022 Net assets and proportion of share of identifiable assets on acquisition 13,729 Net income since acquisition 1,147 Gross obligation under put option (55,490) Cumulative translation adjustment 1,284 Accumulated NCI (39,330) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Summary of Acquisition Date Fair Value Of Each Major Class Of Identifiable Assets And Liabilities Recognized | Acquisition date fair value of each major class of identifiable assets and liabilities recognized 100% VBI 100% Igah November 30, 2022 Total purchase consideration Cash consideration paid (a) 10,815 8,116 Consideration payable (b) 10,859 4,771 Contingent consideration payable 8,355 — Option arrangements (827) 7,884 Total purchase consideration 29,202 20,771 The assets and liabilities recognized as a result of the acquisition are as follows: Cash and cash equivalents 600 36 Accounts receivable 2,462 — Net working capital (2,587) 64 Intangible assets: non-contractual customer relationships 23,246 2,120 Intangible assets: brands 3,617 — Property and equipment 539 — Lease liability (420) — Net identifiable assets acquired 27,457 2,220 Less non-controlling interest (c) (13,729) — Add: Goodwill 15,474 18,551 Net assets acquired 29,202 20,771 a. Purchase consideration – cash outflow for the year ending December 31, 2022 to acquire the subsidiary, net of cash acquired VBI IGAH Total Cash consideration 10,815 8,116 18,931 Less: Cash acquired (600) (36) (636) Net outflow of cash -investing activities 10,215 8,080 18,295 b. Consideration payable to VBI and Igah includes preferred dividends payable to preferred shareholder of VBI and is subject to change pending the finalization of the fair value within the measurement period in accordance with IFRS 3. c. The Group recognizes non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. The decision is made on an acquisition-by-acquisition basis. For the non-controlling interests in VBI, the Group elected to recognize the non-controlling interests at its proportionate share of the acquired net identifiable assets. As disclosed in note 12(d) and note 29(b) the Group is applying the anticipated method of acquisition to recognize Igah IV in accordance with IFRS 10 considering the contractual arrangements that in substance gives the Group control of Igah IV. Acquisition date fair value of each major class of identifiable assets and liabilities recognized Moneda Total purchase consideration Cash consideration paid 132,331 Consideration payable 16,437 Share issued 184,789 Contingent consideration payable 25,491 Total purchase consideration 359,048 The assets and liabilities recognized as a result of the acquisition are as follows: Cash and cash equivalents 9,564 Accounts receivable 14,852 Working Capital (27,137) Intangible assets: non-contractual customer relationships 85,954 Intangible assets: brands 15,598 Fixed assets 6,769 Tax assets and liabilities 1,698 Other assets and other liabilities 7,718 Net identifiable assets acquired 115,016 Goodwill 244,032 Net assets acquired 359,048 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Summary of the financial instruments | The Group classifies its financial instruments into the categories below: Financial instruments Fair value level 2022 2021 Financial assets Financial assets at amortized cost Accounts receivable 131,659 108,115 Client funds on deposit 23,639 78,163 Project advances 6,640 3,935 Deposit/guarantee on lease agreement 1,782 3,043 Financial assets at fair value through profit or loss Cash and cash equivalents 1 26,519 15,264 Short term investments 1 285,855 151,866 Long-term investments 2 11,017 18,278 Long-term investments - Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia 3 14,777 — Long-term investments – KMP Growth Fund II 3 9,463 — Derivative financial instruments – VBI call option 3 6,322 — Financial liabilities Financial liabilities at amortized cost Commitment subject to possible redemption 234,145 — Gross obligation under put option 73,428 — Client funds payable 23,639 78,163 Consideration payable on acquisition 18,157 16,437 Carried interest allocation 12,450 11,582 Suppliers 3,256 7,223 Financial liabilities at fair value through profit or loss Derivative financial instruments - Warrants 1 1,011 — Investment fund participating shares in Patria Brazil Real Estate Fund II, L.P., and PBPE Fund III (Ontario), L.P 2 262 796 Derivative financial instruments – forward exchange contracts 2 42 — Contingent consideration payable on acquisition 3 21,963 25,775 |
Summary of significant unobservable inputs used in fair value measurement of liabilities | The following analysis illustrates specific valuation techniques, unobservable inputs used to value Level 3 financial instruments and the sensitivity to reasonable changes in the most significant underlying variables used in measurement: Description Note Valuation technique Unobservable inputs Range of unobservable inputs Sensitivity Financial impact* Consideration payable on acquisition Contingent consideration payable on acquisition - Moneda 20 (b) Discounted cash flow Discount rate 13.9% - 16.8% 50 basis points US$0.1 million Consideration payable on acquisition Contingent consideration payable on acquisition – VBI 20 (b) Discounted cash flow Discount rate 1.0% to 26.0% AUM growth 10% less growth US$0.1 million Long-term investments Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia - Startse 12 (b) Discounted cash flow Discount rate 16.7% - 18.0% 70 basis points US$0.7 million Long-term investments KMP Growth II – Dr Consulta 12 (b) Transaction price/Market comparable approach N/A N/A 100 basis points US$0.1 million Derivative financial instruments VBI call option 12 (d) Monte Carlo simulation Projected AUM at option exercise date 50.0%- 100.0% greater than AUM at acquisition date 10.46% volatility US$0.3 million * Increase (decrease in discount rate) or decrease (increase in discount rate) the discounted fair value Contingent consideration payable Long term investments at fair value through profit or loss Derivative warrant liability VBI call option Fair value of Level 3 financial instruments at December 31, 2021 25,775 — — — Additions 8,355 9,463 4,125 6,104 Transfer to Level 3 — 10,689 — — Transfers from Level 3 — — (1,471) — Cumulative translation adjustment 155 — — 113 Change in fair value (12,322) 4,088 (2,654) 105 Fair value of Level 3 financial instruments at December 31, 2022 21,963 24,240 — 6,322 *Changes in fair value include impact from price risk and/or foreign exchange rate risk |
Summary of amounts receivable and project advances | The amounts receivable and project advances as of December 31, 2022, are expected to be received as demonstrated below: Overdue Due in Less 91 to 181 to 271 to Over 01 to 91 to 181 to 271 to Over Total Accounts Receivable (a) 426 134 — 104 245 24,886 4,134 2,064 93,412 6,254 131,659 Project Advances — — — — — 2,692 55 2,722 224 947 6,640 Total 426 134 — 104 245 27,578 4,189 4,786 93,636 7,201 138,299 The amounts receivable and project advances as of December 31, 2021, are as follows: Overdue Due in Less 91 to 180 days 181 to 270 days 271 to 360 days Over 360 days 01 to 90 days 91 to 180 days 181 to 270 days 271 to 360 days over 360 days Total Accounts Receivable (a) 866 301 191 55 35 7,596 32,114 20,857 35,104 10,996 108,115 Project Advances — — — — — 1,170 1,123 — 906 736 3,935 Total 866 301 191 55 35 8,766 33,237 20,857 36,010 11,732 112,050 a. Non-current balances are related to performance fees receivable from Patria Infrastructure Fund III in a single installment in 2024. In addition, management fees of US$ 18.1 million (2021: US$ 13 million) from current year and US$ 35 million (2021: US$ 22 million) from prior years relate to management fees from PBPE Fund IV, which are due by December 31, 2023. |
Summary of expected future payments for liabilities | Expected future payments for financial liabilities as of December 31, 2022, are shown below. Expected liabilities to be paid in 01 to 60 61 to 120 121 to 181 to Over 360 Total Suppliers 3,256 — — — — 3,256 Investment fund participating shares — — — — 262 262 Leases (a) 655 548 591 1,884 17,078 20,756 Carried interest allocation — — 10,370 2,080 — 12,450 Consideration payable on acquisition — 958 — 11,792 958 13,708 Contingent consideration payable on acquisition (a) — — — — 26,475 26,475 Commitment subject to possible redemption (a) — 240,311 — — 240,311 Gross obligation under put option (a) and (b) — — — 100,306 100,306 Derivative financial instruments 42 — 1,011 — — 1,053 Total 3,953 1,506 252,283 15,756 145,079 418,577 Expected future payments for financial liabilities as of December 31, 2021, are shown below Expected liabilities to be paid in 01 to 60 61 to 120 121 to 181 to Over 360 Total Suppliers and occupancy costs 7,372 — — — — 7,372 Placement agents’ fees 50 — — — — 50 Investment fund participating shares — — — — 796 796 Leases (a) 315 276 276 828 7,617 9,312 Carried interest allocation — — — 11,582 — 11,582 Consideration payable on acquisition — 16,437 — — — 16,437 Contingent consideration payable on acquisition (a) — — — — 33,438 33,438 Total 7,737 16,713 276 12,410 41,851 78,987 (a) Amounts reflect undiscounted future cash outflows to settle financial liabilities. |
Summary of sensitivity analysis was based on the material assets and liabilities exposed to currencies fluctuation | The sensitivity analysis was based on financial assets and financial liabilities exposed to currency fluctuations against the US dollar, as demonstrated below: As of December 31, 2022 Balance in each exposure currency Total Exchange Variation impact considering 10% change in the year end rates. BRL(a) HKD (b) CLP (c) COP (d) GBP (e) USD Cash and cash equivalents 17,890 8,320 10,425,880 613,325 2,280 6,937 26,519 1,959 Short term investments 23,621 — 2,496,932 — — 278,402 285,855 745 Client funds on deposit — — 20,173,411 — — — 23,639 2,364 Accounts receivable 103,337 38 7,180,833 105,442 2 103,411 131,659 2,825 Projects Advance 17,883 273 864 10,131 120 3,030 6,640 361 Deposit/guarantee on lease agreement — 264 957,240 83,079 180 393 1,782 139 Long-term investments 3,361 — 67,912 — 118 34,391 35,257 86 Client funds payable — — 20,173,411 — — — 23,639 (2,364) Suppliers 2,561 300 950,438 41,745 99 1,485 3,256 (176) Derivative financial instruments - Assets 32,985 — — — — — 6,322 632 Derivative financial instruments - Liability — — — — — 1,053 1,053 — Commitment subject to possible redemption — — — — — 234,145 234,145 — Gross obligation under put option 383,123 — — — — — 73,428 (7,342) Carried interest allocation 18,085 — — — — 8,984 12,450 (347) Consideration payable on acquisition 86,421 — — — — 1,594 18,157 (1,656) Contingent consideration payable on acquisition 47,338 — — — — 12,891 21,963 (908) Net Impact (3,682) |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Disclosure of amounts incurred by entity for provision of key management personnel services | The amounts paid to directors and officers for their roles as executives in 2022, 2021 and 2020 included in “Personnel expenses” are shown below: 2022 2021 2020 Directors’ and officers’ compensation (5,705) (2,784) (2,582) |
Summary of related parties of officers fund | 2022 2021 Personnel current liabilities 912 1,852 Personnel non-current liabilities 350 3,029 1,262 4,881 |
Summary of Amounts Recognized In The Statement of Financial Position | The Consolidated Statement of Financial Position and the Consolidated Income Statement discloses the following amounts relating to leases: Amounts recognized in the Consolidated Statement of Financial Position 2022 2021 Right-of-use assets 18,122 12,624 (-) Depreciation of right-of-use assets (2,833) (4,469) Right-of-use assets 15,289 8,155 Lease liabilities (current) (a) 2,243 951 Lease liabilities (non-current) (a) 13,851 6,913 Lease liabilities 16,094 7,864 2022 2021 Related party lease - Santiago Lease liabilities (current) 502 322 Lease liabilities (non-current) 3,078 2,093 |
Summary of Amounts Recognized In The Statement of Profit Or Loss | Amounts recognized in the Consolidated Income Statement 2022 2021 2020 Depreciation of right-of-use assets (b) (2,405) (1,201) (1,026) Interest on lease liabilities (b) (1,807) (1,022) (869) Principal paid (1,652) (832) (893) 2022 2021 Related party lease - Santiago Principal paid 425 26 Depreciation of right-of-use assets 481 35 Interest on lease liabilities 73 5 |
Amortization of intangible as_2
Amortization of intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Disclosure Of Amortization Of Intangible Assets | 2022 2021 2020 Amortization of non-contractual customer relationships (note 14) (9,773) (785) — Amortization of contractual rights (note 14) (2,526) (3,623) (3,623) Amortization of placement agents’ fees (note 14) (1,442) (2,148) (2,300) Amortization of brands (note 14) (3,228) (253) — Amortization of software (note 14) (410) (164) (84) Amortization of intangible assets (17,379) (6,973) (6,007) |
General information - Additiona
General information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of General Information [Line Items] | ||
Ownership attributable to the parent entity (in percent) | 55.95% | 55.60% |
Segment information (Details)
Segment information (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Information [Abstract] | |
Number of operating segments | 1 |
Significant accounting polici_4
Significant accounting policies - Summary of Estimated Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Facilities | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Building improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 10 years |
Office equipment - Electronic equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Office equipment - IT equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Office equipment - Telephone equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Significant accounting polici_5
Significant accounting policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Awards to be granted, percentage of shares outstanding | 5% |
Total shareholder return threshold, percentage | 8% |
Share-based compensation, boost grant, percentage | 20% |
Time Based Vesting Condition, Tranche One | Performance Restricted Share Units (PSUs) | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Percentage of instruments vested | 33% |
Time Based Vesting Condition, Tranche Two | Performance Restricted Share Units (PSUs) | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Percentage of instruments vested | 33% |
Time Based Vesting Condition, Tranche Three | Performance Restricted Share Units (PSUs) | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Percentage of instruments vested | 33% |
Placement agent fees | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life, intangible assets other than goodwill | 10 years |
Software | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life, intangible assets other than goodwill | 5 years |
Contractual rights | P2 Brasil Private Infrastructure General Partner II Ltd. | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life, intangible assets other than goodwill | 8 years |
Contractual rights | P2 Brasil Holding Ltd. | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful life, intangible assets other than goodwill | 12 years |
Consolidation and subsidiarie_2
Consolidation and subsidiaries - Schedule of Significant Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Patria Finance Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Brazilian Private Equity III, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Brazilian Private Equity General Partner IV, Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
PBPE General Partner V, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Brazilian Private Equity General Partner VI, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Brazil Real Estate Fund General Partner II, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Brazil Real Estate Fund General Partner III Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Brazil Retail Property Fund General Partner, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Investments UK Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Investments US LLC | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Investments Colombia S.A.S. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Infrastructure II GP, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Infrastructure III SLP Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Infrastructure General Partner IV Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Pátria Investimentos Ltda. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Investments Latam S.A. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Investments Uruguay S.A. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Latin American Opportunity Acquisition Corp. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda Asset Management SpA | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda Corredores de Bolsa Limitada | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda S.A. Administradora General De Fondos | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 0% | 100% |
Moneda II SpA | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda International Inc. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 0% | 100% |
Moneda USA Inc. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria KMP Cayman I | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
PPE General Partner VII, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
PI Renewables General Partner, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Latam Growth Management Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria SPAC LLC | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria Latin American Opportunity Acquisition Corp. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda Asset Management SpA | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Igah Partners LLC | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
e.Bricks Ventures III GP, LLC | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda II SpA | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda International Inc. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Moneda USA Inc. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 100% |
Patria KMP Cayman I | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 0% |
VBI Real Estate Gestão de Carteiras S.A. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 50% | 0% |
VBI Administração Fiduciaria e Gestão Ltda | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 50% | 0% |
BREOF Partners Ltda | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 50% | 0% |
VBI ND Emp Imob Ltda | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 50% | 0% |
VBI ND II Emp Imob Ltda | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 50% | 0% |
VBI DATA CENTER Emp Imob Ltda | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 50% | 0% |
Igah Partners LLC | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 0% |
e.Bricks Ventures III GP, LLC | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 0% |
Igah Carry Holding Ltd | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 0% |
PEVC General Partner IV, Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 0% |
Patria Real Estate Latam S.A.S | ||
Disclosure of subsidiaries [line items] | ||
Equity interest (direct or indirect) (%) | 100% | 0% |
Consolidation and subsidiarie_3
Consolidation and subsidiaries - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Shares | 147,192,930 | 147,192,930 | |
Par value per share (USD per share) | $ 0.0001 | ||
Patria Latin American Opportunity Acquisition Corp. | Bottom of range | |||
Disclosure of subsidiaries [line items] | |||
Period to complete acquisition | 15 months | ||
Patria Latin American Opportunity Acquisition Corp. | Top of range | |||
Disclosure of subsidiaries [line items] | |||
Period to complete acquisition | 21 months | ||
IPO | Patria Latin American Opportunity Acquisition Corp. | |||
Disclosure of subsidiaries [line items] | |||
Shares | 23,000,000 | ||
Sale of stock, price per share (in dollars per share) | $ 10 | ||
Proceeds from issue of ordinary shares | $ 230 | ||
IPO | Class A Common Share | Patria Latin American Opportunity Acquisition Corp. | |||
Disclosure of subsidiaries [line items] | |||
Par value per share (USD per share) | $ 0.0001 | ||
IPO | SPAC Class A Ordinary Share | Patria Latin American Opportunity Acquisition Corp. | |||
Disclosure of subsidiaries [line items] | |||
Sale of stock, price per share (in dollars per share) | $ 11.50 | ||
Over Allotment Option | Patria Latin American Opportunity Acquisition Corp. | |||
Disclosure of subsidiaries [line items] | |||
Shares | 3,000,000 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and on hand | $ 21,372 | $ 13,383 | ||
Short-term deposits | 3,379 | 0 | ||
Shares of mutual funds | 1,768 | 1,881 | ||
Cash and cash equivalents | $ 26,519 | $ 15,264 | $ 14,052 | $ 4,120 |
Client funds on deposit and c_3
Client funds on deposit and client funds payable - Summary of Client funds on deposit and client funds payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Client Funds On Deposit And Client Funds Payable [Abstract] | ||
Client funds on deposit | $ 22,490 | $ 67,687 |
Other receivables from clients | 1,149 | 10,476 |
Client funds on deposit and other receivables | 23,639 | 78,163 |
Client funds payable | $ 23,639 | $ 78,163 |
Accounts receivable - Summary o
Accounts receivable - Summary of Accounts Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Accounts Receivable [Line Items] | ||
Current | $ 125,405 | $ 97,119 |
Non-current | 6,254 | 10,996 |
Accounts receivable | 131,659 | $ 108,115 |
Performance fees receivable | 23,800 | |
PBPE Fund IV, December 31, 2023 | ||
Disclosure of Accounts Receivable [Line Items] | ||
Management fees receivable related to current year | 18,100 | |
Management fees receivable related to prior years | 35,000 | |
Patria Real Estate III, December 31, 2023 | ||
Disclosure of Accounts Receivable [Line Items] | ||
Management fees receivable related to current year | $ 5,700 |
Project advances - Summary of P
Project advances - Summary of Project Advances Receivable Explanatory (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Project Advances [Abstract] | ||
Current | $ 5,693 | $ 3,199 |
Non-current | 947 | 736 |
Project advances | $ 6,640 | $ 3,935 |
Other assets - Summary of Other
Other assets - Summary of Other Assets Current And Non Current (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Miscellaneous assets [abstract] | ||
Advances to employees | $ 2,585 | $ 427 |
Prepaid expenses | 3,806 | 2,794 |
Other current assets | 462 | 338 |
Other current assets | 6,853 | 3,559 |
Prepaid expenses | 95 | 184 |
Deposit/guarantee on lease agreements | 1,782 | 3,043 |
Other non-current assets | 71 | 0 |
Other non-current assets | $ 1,948 | $ 3,227 |
Recoverable Taxes - Summary of
Recoverable Taxes - Summary of Recoverable Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Recoverable Taxes [Abstract] | ||
Income tax recoverable | $ 5,259 | $ 2,643 |
Other recoverable taxes | 413 | 509 |
Recoverable Taxes | $ 5,672 | $ 3,152 |
Investments - Summary of Short-
Investments - Summary of Short-Term Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Current Investments [Line Items] | ||
Short term investments | $ 285,855 | $ 151,866 |
Securities | ||
Disclosure of Current Investments [Line Items] | ||
Short term investments | 45,544 | 151,866 |
Investments held in trust account | ||
Disclosure of Current Investments [Line Items] | ||
Short term investments | $ 240,311 | $ 0 |
Investments - Summary of Long -
Investments - Summary of Long -Term Investments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 35,257 | $ 18,278 |
Bottom of range | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Ownership interest on long-term investments (in percent) | 0.00006 | 0.00006 |
Top of range | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Ownership interest on long-term investments (in percent) | 0.132 | 0.0445 |
Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia (a) | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 14,777 | $ 9,076 |
KMP Growth Fund II (Cayman), LP (“KMP Growth Fund II”) (b) | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | 9,463 | 0 |
Lavoro Agro Fi Nas Cadeias Produtivas Agroindustriais Fiagro Direitos Creditorios (c) | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 4,427 | 0 |
Ownership interest on long-term investments (in percent) | 0.132 | |
Patria Infra Energia Core FIP EM Infraestrutura | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 4,184 | 5,085 |
Patria Crédito Estruturado Fundo de Investimento em Direitos Creditorios | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | 0 | 1,765 |
Patria Brazil Real Estate Fund II, L.P. (d) | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | 247 | 768 |
PBPE Fund III (Ontario), L.P. (d) | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | 15 | 28 |
Other investments | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 2,144 | $ 1,556 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Mar. 14, 2022 | Feb. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Nov. 30, 2022 | Jul. 01, 2022 | |
Disclosure of Current Investments [Line Items] | ||||||||
Amortisation expense | $ 17,379 | $ 6,973 | $ 6,007 | |||||
Equity portion of consideration, percentage | 50% | |||||||
Shares | 147,192,930 | 147,192,930 | ||||||
Number of shares per unit (in shares) | 1 | |||||||
Par value per share (USD per share) | $ 0.0001 | |||||||
Number of warrants outstanding (in share) | 11,500,000 | |||||||
Ordinary share price, volume weighted average price, period | 10 days | |||||||
Redemption Price Great Than or Equal To $18.00 | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Share price (in dollars per share) | $ 18 | |||||||
Warrant exercise price (in dollars per share) | $ 0.01 | |||||||
Warrant, written notice of redemption, period | 30 days | |||||||
Warrant redemption, number of consecutive trading days | 20 days | |||||||
Warrant redemption, number of trading days | 30 days | |||||||
Redemption Price Greater Than or Equal To $10.00 | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Share price (in dollars per share) | $ 10 | |||||||
Warrant exercise price (in dollars per share) | $ 0.10 | |||||||
Warrant, written notice of redemption, period | 30 days | |||||||
Warrant redemption, number of consecutive trading days | 20 days | |||||||
Warrant redemption, number of trading days | 30 days | |||||||
IPO | Patria Latin American Opportunity Acquisition Corp. | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Shares | 23,000,000 | |||||||
Sale of stock, price per share (in dollars per share) | $ 10 | |||||||
Proceeds from issue of ordinary shares | $ 230,000 | |||||||
IPO | SPAC Class A Ordinary Share | Patria Latin American Opportunity Acquisition Corp. | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Sale of stock, price per share (in dollars per share) | $ 11.50 | |||||||
Warrant exercisable period | 30 days | |||||||
IPO | Class A Common Share | Patria Latin American Opportunity Acquisition Corp. | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Par value per share (USD per share) | $ 0.0001 | |||||||
Over Allotment Option | Patria Latin American Opportunity Acquisition Corp. | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Shares | 3,000,000 | |||||||
Kamaroopin | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Voting equity interests acquired (in percent) | 40% | |||||||
Cash transferred | $ 7,800 | |||||||
Consideration payable on acquisition | $ 1,600 | |||||||
Requirement period to achieve fundraising objectives | 18 months | |||||||
Amortisation expense | $ 2,150 | $ 0 | ||||||
Kamaroopin | Minimum | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Useful life, intangible assets other than goodwill | 2 years | |||||||
Kamaroopin | Maximum | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Useful life, intangible assets other than goodwill | 5 years | |||||||
Kamaroopin | Forecast | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Voting equity interests acquired (in percent) | 60% | |||||||
VBI | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Voting equity interests acquired (in percent) | 50% | |||||||
Equity portion of consideration, percentage | 50% | 50% | ||||||
Put option, fair value | $ 6,100 | |||||||
VBI | Forecast | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Voting equity interests acquired (in percent) | 100% | |||||||
Igah IV | ||||||||
Disclosure of Current Investments [Line Items] | ||||||||
Voting equity interests acquired (in percent) | 13.20% | |||||||
Equity portion of consideration, percentage | 65% | |||||||
Exercisable period for put option | 2 months |
Investments - Summary of Long_2
Investments - Summary of Long -Term Investments By Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 35,257 | $ 18,278 |
Brazil | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | 33,490 | 16,550 |
Other | ||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||
Long-term investments | $ 1,767 | $ 1,728 |
Investments - Summary of Invest
Investments - Summary of Investments In Associates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Equity | $ 856 | |||
Goodwill recognised as of acquisition date | 4,794 | |||
Intangible assets and goodwill | 411,521 | $ 358,908 | $ 22,357 | $ 25,457 |
Investments in associates, gross | 8,178 | |||
Share of profits or (losses) from associates, including amortization of intangible assets other than goodwill | (201) | |||
Total carrying amount as of December 31, 2022 | 7,977 | $ 0 | ||
Non-contractual customer relationships | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 4,315 | |||
Amortisation, intangible assets other than goodwill | (2,115) | |||
Brands | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 363 | |||
Amortisation, intangible assets other than goodwill | $ (35) | |||
Kamaroopin Gestora de Recursos Ltda | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Country of incorporation | BR | |||
Equity | $ (1) | |||
Goodwill recognised as of acquisition date | 476 | |||
Investments in associates, gross | 2,954 | |||
Share of profits or (losses) from associates, including amortization of intangible assets other than goodwill | 49 | |||
Total carrying amount as of December 31, 2022 | 3,003 | |||
Kamaroopin Gestora de Recursos Ltda | Non-contractual customer relationships | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 4,221 | |||
Amortisation, intangible assets other than goodwill | (2,070) | |||
Kamaroopin Gestora de Recursos Ltda | Brands | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 363 | |||
Amortisation, intangible assets other than goodwill | $ (35) | |||
Hanuman GP Cayman, LLC | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Country of incorporation | KY | |||
Equity | $ (2) | |||
Goodwill recognised as of acquisition date | 4,318 | |||
Investments in associates, gross | 4,365 | |||
Share of profits or (losses) from associates, including amortization of intangible assets other than goodwill | (125) | |||
Total carrying amount as of December 31, 2022 | 4,240 | |||
Hanuman GP Cayman, LLC | Non-contractual customer relationships | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 94 | |||
Amortisation, intangible assets other than goodwill | (45) | |||
Hanuman GP Cayman, LLC | Brands | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 0 | |||
Amortisation, intangible assets other than goodwill | $ 0 | |||
Uliving Holding S.A (c) | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Country of incorporation | BR | |||
Equity | $ 859 | |||
Goodwill recognised as of acquisition date | 0 | |||
Investments in associates, gross | 859 | |||
Share of profits or (losses) from associates, including amortization of intangible assets other than goodwill | (125) | |||
Total carrying amount as of December 31, 2022 | 734 | |||
Uliving Holding S.A (c) | Non-contractual customer relationships | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 0 | |||
Amortisation, intangible assets other than goodwill | 0 | |||
Uliving Holding S.A (c) | Brands | ||||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | ||||
Intangible assets and goodwill | 0 | |||
Amortisation, intangible assets other than goodwill | $ 0 |
Investments - Share of Equity-A
Investments - Share of Equity-Accounted Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | |||
Share of profits or (losses) from associates, including amortization of intangible assets other than goodwill | $ (201) | ||
Total | (2,351) | $ 0 | $ 0 |
Non-contractual customer relationships | |||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | |||
Amortisation, intangible assets other than goodwill | (2,115) | ||
Brands | |||
Disclosure Of Investments Other Than Investments Accounted For Under Equity Method [Line Items] | |||
Amortisation, intangible assets other than goodwill | $ (35) |
Investments - Inputs To Determi
Investments - Inputs To Determine Fair Value Of Goodwill (Detail) | Dec. 31, 2022 |
Minimum | |
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | |
Discount rate | 15.90% |
Maximum | |
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | |
Discount rate | 18.90% |
Brazil | Minimum | |
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | |
Annual inflation rate | 3.20% |
Brazil | Maximum | |
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | |
Annual inflation rate | 5.40% |
United States of America | Minimum | |
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | |
Annual inflation rate | 2% |
United States of America | Maximum | |
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | |
Annual inflation rate | 2.10% |
Investments - Forward Exchange
Investments - Forward Exchange Contracts (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Derivative financial instruments – forward exchange contracts | |
Disclosure Of Derivative Financial Assets And Liabilities By Type Of Instrument [Line Items] | |
Notional amount | $ 4.2 |
Investments - Derivative Financ
Investments - Derivative Financial Assets And Liabilities By Type Of Instrument (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative financial instruments - Asset | ||
Unrealized gains/(losses) on changes in fair value | $ 3,072 | |
Fair value | 6,322 | $ 0 |
Derivative financial instruments - Liability | ||
Issued | 4,125 | |
Unrealized gains/(losses) on changes in fair value | 3,072 | |
Fair value | $ 1,053 | $ 0 |
Fair value % | 100% | |
Derivative financial instruments - Warrants | ||
Derivative financial instruments - Asset | ||
Unrealized gains/(losses) on changes in fair value | $ 3,114 | |
Derivative financial instruments - Liability | ||
Issued | 4,125 | |
Unrealized gains/(losses) on changes in fair value | 3,114 | |
Fair value | $ 1,011 | |
Fair value % | 96% | |
Derivative financial instruments – forward exchange contracts | ||
Derivative financial instruments - Asset | ||
Unrealized gains/(losses) on changes in fair value | $ (42) | |
Derivative financial instruments - Liability | ||
Issued | 0 | |
Unrealized gains/(losses) on changes in fair value | (42) | |
Fair value | $ 42 | |
Fair value % | 4% | |
Derivative financial instruments – VBI call option | ||
Derivative financial instruments - Asset | ||
Issued | $ 6,104 | |
Unrealized gains/(losses) on changes in fair value | 105 | |
Cumulative translation adjustment | 113 | |
Fair value | $ 6,322 | |
Fair value % | 100% | |
Derivative financial instruments - Liability | ||
Unrealized gains/(losses) on changes in fair value | $ 105 |
Property and equipment - Summar
Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | $ 13,408 | $ 3,819 | $ 6,464 |
Additions | 11,353 | 3,077 | (1,380) |
Disposals | (288) | (53) | 0 |
Transfer | 98 | ||
Acquisitions of subsidiaries | 539 | 6,769 | 0 |
CTA | (385) | (302) | (1,265) |
Closing balance | 24,627 | 13,408 | 3,819 |
Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | 25,079 | 10,155 | 12,285 |
Additions | 15,178 | 4,860 | 300 |
Disposals | (4,730) | (128) | 0 |
Transfer | 98 | ||
Acquisitions of subsidiaries | 962 | 10,978 | 0 |
CTA | (20) | (884) | (2,430) |
Closing balance | 36,469 | 25,079 | 10,155 |
Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | (11,671) | (6,336) | (5,821) |
Additions | (3,825) | (1,783) | (1,680) |
Disposals | 4,442 | 75 | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | (423) | (4,209) | 0 |
CTA | (365) | 582 | 1,165 |
Closing balance | (11,842) | (11,671) | (6,336) |
Furniture and fixtures | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | 1,434 | 726 | 883 |
Additions | 224 | 96 | 15 |
Disposals | 0 | (6) | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | 53 | 677 | 0 |
CTA | 23 | (59) | (172) |
Closing balance | 1,734 | 1,434 | 726 |
Furniture and fixtures | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | (919) | (422) | (451) |
Additions | (162) | (77) | (71) |
Disposals | 0 | 1 | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | (53) | (460) | 0 |
CTA | (27) | 39 | 100 |
Closing balance | (1,161) | (919) | (422) |
Building improvements | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | 7,460 | 2,997 | 3,617 |
Additions | 3,661 | 1,055 | 34 |
Disposals | 0 | (21) | 0 |
Transfer | 88 | ||
Acquisitions of subsidiaries | 238 | 3,625 | 0 |
CTA | (100) | (284) | (654) |
Closing balance | 11,259 | 7,460 | 2,997 |
Building improvements | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | (3,559) | (2,070) | (2,045) |
Additions | (828) | (302) | (391) |
Disposals | 0 | 14 | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | (71) | (1,386) | 0 |
CTA | (58) | 185 | 366 |
Closing balance | (4,516) | (3,559) | (2,070) |
Office equipment | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | 3,561 | 2,249 | 2,617 |
Additions | 1,554 | 400 | 114 |
Disposals | 0 | (4) | 0 |
Transfer | 10 | ||
Acquisitions of subsidiaries | 150 | 1,105 | 0 |
CTA | 89 | (199) | (482) |
Closing balance | 5,354 | 3,561 | 2,249 |
Office equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | (2,724) | (1,856) | (2,069) |
Additions | (430) | (203) | (192) |
Disposals | 0 | 2 | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | (99) | (844) | 0 |
CTA | (79) | 177 | 405 |
Closing balance | (3,332) | (2,724) | (1,856) |
Right-of-use assets | Gross carrying amount | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | 12,624 | 4,183 | 5,168 |
Additions | 9,739 | 3,309 | 137 |
Disposals | (4,730) | (97) | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | 521 | 5,571 | 0 |
CTA | (32) | (342) | (1,122) |
Closing balance | 18,122 | 12,624 | 4,183 |
Right-of-use assets | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Opening balance | (4,469) | (1,988) | (1,256) |
Additions | (2,405) | (1,201) | (1,026) |
Disposals | 4,442 | 58 | 0 |
Transfer | 0 | ||
Acquisitions of subsidiaries | (200) | (1,519) | 0 |
CTA | (201) | 181 | 294 |
Closing balance | (2,833) | (4,469) | (1,988) |
Office Space Located In Sao Paulo Grand Cayman Montevideo London And Santiago | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Depreciation, right-of-use assets | $ 2,405 | $ 1,201 | $ 1,026 |
Property and equipment - Summ_2
Property and equipment - Summary Of The Breakdown of the Total Property And Equipment Assets By Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | $ 24,627 | $ 13,408 | $ 3,819 | $ 6,464 |
Brazil | ||||
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | 8,580 | 1,961 | ||
Cayman Islands | ||||
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | 1,350 | 2,044 | ||
Chile | ||||
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | 7,933 | 7,334 | ||
Other | ||||
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | 698 | 20 | ||
United Kingdom | ||||
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | 2,071 | 2,027 | ||
United States of America | ||||
Disclosure Of Breakdown Of Property Plant and Equipment By Region [Line Items] | ||||
Property and equipment | $ 3,995 | $ 22 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | $ 358,908,000 | $ 22,357,000 | $ 25,457,000 |
Additions | (10,843,000) | (6,681,000) | (3,510,000) |
Disposals | (50,000) | 0 | 0 |
Transfer | 0 | (98,000) | 0 |
Acquisitions of subsidiaries | 63,008,000 | 345,942,000 | |
CTA | 498,000 | (2,612,000) | 410,000 |
Closing balance | 411,521,000 | 358,908,000 | 22,357,000 |
Impairment of intangible assets | 0 | 0 | 0 |
Non-contractual customer relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Closing balance | 4,315,000 | ||
Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Closing balance | 363,000 | ||
Gross carrying amount | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 425,832,000 | 82,365,000 | 80,327,000 |
Additions | 6,536,000 | 292,000 | 2,497,000 |
Disposals | (50,000) | (407,000) | 0 |
Transfer | 0 | 324,000 | 0 |
Acquisitions of subsidiaries | 63,272,000 | 345,981,000 | |
CTA | 714,000 | (2,723,000) | (459,000) |
Closing balance | 496,304,000 | 425,832,000 | 82,365,000 |
Gross carrying amount | Placement agents | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 36,804,000 | 36,896,000 | 35,284,000 |
Additions | 5,263,000 | 0 | 2,000,000 |
Disposals | (50,000) | 0 | 0 |
Transfer | 0 | 0 | 0 |
Acquisitions of subsidiaries | 0 | 0 | |
CTA | 131,000 | (92,000) | (388,000) |
Closing balance | 42,148,000 | 36,804,000 | 36,896,000 |
Gross carrying amount | Contractual rights | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 44,156,000 | 44,156,000 | 44,156,000 |
Additions | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Transfer | 0 | 0 | 0 |
Acquisitions of subsidiaries | 0 | 0 | |
CTA | 0 | 0 | 0 |
Closing balance | 44,156,000 | 44,156,000 | 44,156,000 |
Gross carrying amount | Non-contractual customer relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 84,705,000 | 0 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfer | 335,000 | 0 | |
Acquisitions of subsidiaries | 25,366,000 | 85,619,000 | |
CTA | 185,000 | (914,000) | |
Closing balance | 110,591,000 | 84,705,000 | 0 |
Gross carrying amount | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 1,848,000 | 1,313,000 | 887,000 |
Additions | 1,273,000 | 292,000 | 497,000 |
Disposals | 0 | (407,000) | 0 |
Transfer | 0 | 324,000 | 0 |
Acquisitions of subsidiaries | 264,000 | 397,000 | |
CTA | 130,000 | (71,000) | (71,000) |
Closing balance | 3,515,000 | 1,848,000 | 1,313,000 |
Gross carrying amount | Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 15,428,000 | 0 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfer | 0 | 0 | |
Acquisitions of subsidiaries | 3,617,000 | 15,598,000 | |
CTA | 30,000 | (170,000) | |
Closing balance | 19,075,000 | 15,428,000 | 0 |
Gross carrying amount | Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | 242,891,000 | 0 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfer | (335,000) | 0 | |
Acquisitions of subsidiaries | 34,025,000 | 244,367,000 | |
CTA | 238,000 | (1,476,000) | |
Closing balance | 276,819,000 | 242,891,000 | 0 |
Accumulated depreciation and amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | (66,924,000) | (60,008,000) | (54,870,000) |
Additions | (17,379,000) | (6,973,000) | (6,007,000) |
Disposals | 0 | 407,000 | 0 |
Transfer | 0 | (422,000) | 0 |
Acquisitions of subsidiaries | (264,000) | (39,000) | |
CTA | (216,000) | 111,000 | 869,000 |
Closing balance | (84,783,000) | (66,924,000) | (60,008,000) |
Accumulated depreciation and amortisation | Placement agents | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | (30,996,000) | (28,915,000) | (27,387,000) |
Additions | (1,442,000) | (2,148,000) | (2,300,000) |
Disposals | 0 | 0 | 0 |
Transfer | 0 | 0 | 0 |
Acquisitions of subsidiaries | 0 | 0 | |
CTA | (65,000) | 67,000 | 772,000 |
Closing balance | (32,503,000) | (30,996,000) | (28,915,000) |
Accumulated depreciation and amortisation | Contractual rights | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | (34,051,000) | (30,428,000) | (26,805,000) |
Additions | (2,526,000) | (3,623,000) | (3,623,000) |
Disposals | 0 | 0 | 0 |
Transfer | 0 | 0 | 0 |
Acquisitions of subsidiaries | 0 | 0 | |
CTA | 0 | 0 | 0 |
Closing balance | (36,577,000) | (34,051,000) | (30,428,000) |
Accumulated depreciation and amortisation | Non-contractual customer relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | (785,000) | 0 | |
Additions | (9,773,000) | (785,000) | |
Disposals | 0 | 0 | |
Transfer | 0 | 0 | |
Acquisitions of subsidiaries | 0 | 0 | |
CTA | (95,000) | 0 | |
Closing balance | (10,653,000) | (785,000) | 0 |
Accumulated depreciation and amortisation | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | (839,000) | (665,000) | (678,000) |
Additions | (410,000) | (164,000) | (84,000) |
Disposals | 0 | 407,000 | 0 |
Transfer | 0 | (422,000) | 0 |
Acquisitions of subsidiaries | (264,000) | (39,000) | |
CTA | (26,000) | 44,000 | 97,000 |
Closing balance | (1,539,000) | (839,000) | (665,000) |
Accumulated depreciation and amortisation | Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Opening balance | (253,000) | 0 | |
Additions | (3,228,000) | (253,000) | |
Disposals | 0 | 0 | |
Transfer | 0 | 0 | |
Acquisitions of subsidiaries | 0 | 0 | |
CTA | (30,000) | 0 | |
Closing balance | $ (3,511,000) | $ (253,000) | $ 0 |
Intangible assets - Summary o_2
Intangible assets - Summary of Remaining Balance Expected To Be Amortized (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | $ 9,645 | $ 5,808 |
Later than one year and not later than two years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 1,740 | 1,403 |
Later than two years and not later than three years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 1,636 | 1,208 |
Later than three years and not later than four years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 1,518 | 1,108 |
Later than four years and not later than five years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 725 | 990 |
Later Than Five Years And Not Later Than Six Years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 725 | 197 |
Later Than Six Years And Not Later Than seven Years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 707 | 197 |
Later Than Seven Years And Not Later Than Eight Years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 702 | 180 |
Later Than Eight Years And Not Later Than Nine Years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 702 | 175 |
Later Than Nine Years And Not Later Than Ten Years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | 702 | 175 |
Later Than Ten Years And Not Later Than Eleven Years | ||
Disclosure Of Remaining Balance Expected To Be Amortized [Line Items] | ||
Placement agent fees | $ 488 | $ 175 |
Intangible assets - Amortizatio
Intangible assets - Amortization Period (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Non-contractual customer relationships | Moneda | |
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | |
Remaining amortisation period of intangible assets material to entity | 9 years |
Non-contractual customer relationships | VBI | |
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | |
Remaining amortisation period of intangible assets material to entity | 29 years |
Non-contractual customer relationships | Igah | |
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | |
Remaining amortisation period of intangible assets material to entity | 5 years |
Brands | Moneda | |
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | |
Remaining amortisation period of intangible assets material to entity | 5 years |
Brands | VBI | |
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | |
Remaining amortisation period of intangible assets material to entity | 8 years |
Intangible assets - Summary o_3
Intangible assets - Summary of The Inputs To Determine Value In Use (Detail) - Rate | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
VBI | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Discount rate | 11.80% | |
Tax rate | 34% | |
Igah | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Discount rate | 15.31% | |
Tax rate | 34% | |
Minimum | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Discount rate | 15.90% | |
Minimum | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
USD/CLP average exchange rate | 815 | 736 |
Discount rate | 12.10% | 13.90% |
Tax rate | 27% | |
Maximum | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Discount rate | 18.90% | |
Maximum | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
USD/CLP average exchange rate | 830 | 751 |
Discount rate | 13.70% | 16.77% |
Tax rate | 35% | |
Chile | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 3% | |
Chile | Minimum | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 3% | |
GDP Growth rate | 2% | |
Chile | Maximum | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 4.40% | |
GDP Growth rate | 3% | |
United States of America | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 2% | |
United States of America | Minimum | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 2% | |
United States of America | Minimum | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 2.30% | |
GDP Growth rate | 2% | |
United States of America | Maximum | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 2.10% | |
United States of America | Maximum | Moneda | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 3.50% | |
GDP Growth rate | 3% | |
Brazil | Minimum | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 3.20% | |
Brazil | Minimum | VBI | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 3.30% | |
Brazil | Minimum | Igah | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 1.90% | |
Brazil | Maximum | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 5.40% | |
Brazil | Maximum | VBI | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 8.10% | |
Brazil | Maximum | Igah | ||
Disclosure Of Detailed Information About Inputs To Determine Value In Use Explanatory [Line Items] | ||
Annual inflation rate | 8.10% |
Intangible assets - Composition
Intangible assets - Composition Of Goodwill By Acquisition (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Breakdown Of The Total Goodwill [Line Items] | ||||
Intangible assets and goodwill | $ 411,521 | $ 358,908 | $ 22,357 | $ 25,457 |
Gross carrying amount | ||||
Disclosure Of Breakdown Of The Total Goodwill [Line Items] | ||||
Intangible assets and goodwill | 496,304 | 425,832 | 82,365 | $ 80,327 |
Gross carrying amount | Goodwill | ||||
Disclosure Of Breakdown Of The Total Goodwill [Line Items] | ||||
Intangible assets and goodwill | 276,819 | 242,891 | $ 0 | |
Moneda | Gross carrying amount | Goodwill | ||||
Disclosure Of Breakdown Of The Total Goodwill [Line Items] | ||||
Intangible assets and goodwill | 242,508 | 242,891 | ||
VBI | Gross carrying amount | Goodwill | ||||
Disclosure Of Breakdown Of The Total Goodwill [Line Items] | ||||
Intangible assets and goodwill | 15,760 | 0 | ||
Igah | Gross carrying amount | Goodwill | ||||
Disclosure Of Breakdown Of The Total Goodwill [Line Items] | ||||
Intangible assets and goodwill | $ 18,551 | $ 0 |
Intangible assets - Summary o_4
Intangible assets - Summary of Breakdown of The Total Intangible Assets By Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | ||
Intangible assets | $ 411,521 | $ 358,908 |
Brazil | ||
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | ||
Intangible assets | 43,762 | 696 |
Cayman Islands | ||
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | ||
Intangible assets | 224,486 | 219,019 |
Chile | ||
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | ||
Intangible assets | 132,520 | 139,184 |
United States of America | ||
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | ||
Intangible assets | 10,747 | 0 |
Other | ||
Disclosure Of Breakdown Of The Total Intangible Assets [Line Items] | ||
Intangible assets | $ 6 | $ 9 |
Personnel and related taxes - S
Personnel and related taxes - Summary of Personnel and Related Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Feb. 28, 2021 |
Disclosure of Personnel And Related Taxes Payable [Line Items] | ||||
Personnel and related taxes payable - current liabilities | $ 27,076 | $ 37,764 | ||
Personnel - non-current liabilities | 1,724 | 5,252 | ||
Personnel and related taxes | ||||
Disclosure of Personnel And Related Taxes Payable [Line Items] | ||||
Personnel and related taxes payable - current liabilities | 3,280 | 1,866 | ||
Accrued vacation and related charges | ||||
Disclosure of Personnel And Related Taxes Payable [Line Items] | ||||
Personnel and related taxes payable - current liabilities | 2,563 | 2,003 | ||
Employee profit sharing | ||||
Disclosure of Personnel And Related Taxes Payable [Line Items] | ||||
Personnel and related taxes payable - current liabilities | 20,321 | 32,043 | $ 32,043 | |
Settlement of current provisions for employee benefits | $ 20,321 | |||
Officers’ Fund | ||||
Disclosure of Personnel And Related Taxes Payable [Line Items] | ||||
Personnel and related taxes payable - current liabilities | 912 | 1,852 | ||
Personnel - non-current liabilities | 350 | 3,029 | ||
Strategic Bonus | ||||
Disclosure of Personnel And Related Taxes Payable [Line Items] | ||||
Personnel - non-current liabilities | $ 1,374 | $ 2,223 |
Taxes payable - Summary of Taxe
Taxes payable - Summary of Taxes Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Taxes Payable [Abstract] | ||
Taxes on revenues | $ 275 | $ 1,425 |
Income taxes | 445 | 2,112 |
Other taxes payable | 158 | 352 |
Taxes payable | $ 878 | $ 3,889 |
Other liabilities - Schedule of
Other liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Suppliers | $ 3,256 | $ 7,223 |
Lease liabilities | 2,243 | 951 |
Dividends payable | 2,085 | 0 |
Other current liabilities | 68 | 217 |
Other current liabilities | 7,652 | 8,391 |
Investment fund participating share in Patria Brazilian Private Equity III, Ltd., and Patria Brazil Real Estate Fund General Partner II, Ltd. | 262 | 796 |
Lease liabilities | 13,851 | 6,913 |
Other non-current liabilities | 21 | 37 |
Total Other Non Current Liabilities | $ 14,134 | $ 7,746 |
Deferred taxes - Summary of Def
Deferred taxes - Summary of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee profit sharing provision and other personnel accruals | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ 3,998 | $ 1,945 | $ 3,220 |
Deferred | 603 | 1,623 | (560) |
directly to equity / CTA | 168 | 430 | (715) |
Ending balance | 4,769 | 3,998 | 1,945 |
Deferred tax on intangible assets from business combination | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Deferred | 770 | 0 | 0 |
directly to equity / CTA | 6 | 0 | 0 |
Ending balance | 776 | 0 | 0 |
Management fee provision | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 0 | 391 | 1,442 |
Deferred | 0 | (359) | (724) |
directly to equity / CTA | 0 | (32) | (327) |
Ending balance | 0 | 0 | 391 |
Taxable Goodwill | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 0 | 0 | 1,260 |
Deferred | 0 | 0 | (984) |
directly to equity / CTA | 0 | 0 | (276) |
Ending balance | 0 | 0 | 0 |
Business combination – earnout | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Deferred | 191 | 0 | 0 |
directly to equity / CTA | 0 | 0 | 0 |
Ending balance | 191 | 0 | 0 |
Tax losses | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Deferred | 78 | 0 | 0 |
directly to equity / CTA | (3) | 0 | 0 |
Ending balance | 75 | 0 | 0 |
Tax on Accrual for expenses | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 108 | 0 | 0 |
Deferred | (92) | 107 | 0 |
directly to equity / CTA | 25 | 1 | 0 |
Ending balance | 41 | 108 | 0 |
Tax depreciation of fixed assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | (275) | 0 | 0 |
Deferred | (248) | (52) | |
directly to equity / CTA | (35) | (223) | |
Ending balance | (558) | (275) | 0 |
Deferred tax on performance fees - IFRS 15 | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | (123) | 0 | 0 |
Deferred | (3,164) | (40) | 0 |
directly to equity / CTA | (294) | (83) | 0 |
Ending balance | (3,581) | (123) | 0 |
Gain from bargain purchase | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | (158) | 0 | 0 |
Deferred | 15 | 6 | 0 |
directly to equity / CTA | 1 | (164) | 0 |
Ending balance | (142) | (158) | 0 |
Impact of IFRS 16 | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | (93) | (185) | (317) |
Deferred | 274 | 58 | 61 |
directly to equity / CTA | (5) | 34 | 71 |
Ending balance | 176 | (93) | (185) |
Other | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | (11) | 2 | (3) |
Deferred | 8 | (32) | (38) |
directly to equity / CTA | 5 | 19 | 43 |
Ending balance | 2 | (11) | 2 |
Net deferred tax assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 3,446 | 2,153 | 5,602 |
Deferred | (1,565) | 1,311 | (2,245) |
directly to equity / CTA | (132) | (18) | (1,204) |
Ending balance | $ 1,749 | $ 3,446 | $ 2,153 |
Provisions and contingent lia_2
Provisions and contingent liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Over services municipal tax | Pátria Investimentos Ltda. | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 2,602 | $ 2,135 |
Over services municipal tax | Patria Infrastructure General Partner II Ltd | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | 2,842 | 2,329 |
Social Contributions On Gross Revenue | Pátria Investimentos Ltda. | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | 5,578 | 4,763 |
Labor Taxes | Pátria Investimentos Ltda. | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | 2,148 | 1,845 |
Employment Lawsuits | Pátria Investimentos Ltda. | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 37 | |
Losses on litigation settlements | 16 | |
Over Services Municipal Tax, Additional Loss | Pátria Investimentos Ltda. | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 3,623 |
Commitments - Summary of Amount
Commitments - Summary of Amounts Recognized In The Statement of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments [Abstract] | ||
Right-of-use assets | $ 18,122 | $ 12,624 |
Depreciation of right-of-use assets | (2,833) | (4,469) |
Right-of-use assets | 15,289 | 8,155 |
Lease liabilities (current) | 2,243 | 951 |
Lease liabilities (non-current) | 13,851 | 6,913 |
Lease liabilities | $ 16,094 | $ 7,864 |
Commitments - Summary of Amou_2
Commitments - Summary of Amounts Recognized In The Statement of Profit Or Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments [Abstract] | |||
Depreciation of right-of-use assets | $ (2,405) | $ (1,201) | $ (1,026) |
Interest on lease liabilities | (1,807) | (1,022) | (869) |
Lease payments | $ (1,652) | $ (832) | $ (893) |
Commitments - Consideration Pay
Commitments - Consideration Payable (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) installment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 01, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||
Deferred consideration payable, current | $ 15,889 | $ 0 | ||
Current liabilities – consideration payable on acquisition | 33,187 | 16,437 | ||
Deferred consideration payable, noncurrent | 10,592 | 2,037 | ||
Non-current liabilities – consideration payable on acquisition | 33,414 | 27,812 | ||
Employee benefits expense | 69,779 | 47,604 | $ 27,229 | |
Igah | ||||
Disclosure of detailed information about business combination [line items] | ||||
Current liabilities – consideration payable on acquisition | 4,771 | 0 | ||
VBI | ||||
Disclosure of detailed information about business combination [line items] | ||||
Current liabilities – consideration payable on acquisition | 11,792 | 0 | ||
Non-current liabilities – consideration payable on acquisition | 9,072 | 0 | ||
Kamaroopin | ||||
Disclosure of detailed information about business combination [line items] | ||||
Current liabilities – consideration payable on acquisition | 735 | 0 | ||
Non-current liabilities – consideration payable on acquisition | $ 859 | 0 | ||
Consideration payable on acquisition | $ 1,600 | |||
Consideration payable on acquisition, number of installments | installment | 2 | |||
Kamaroopin | Bottom of range | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration payable on acquisition, period | 12 months | |||
Kamaroopin | Top of range | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration payable on acquisition, period | 24 months | |||
Moneda | ||||
Disclosure of detailed information about business combination [line items] | ||||
Current liabilities – consideration payable on acquisition | $ 0 | 16,437 | ||
Non-current liabilities – consideration payable on acquisition | $ 12,891 | 25,775 | ||
Consideration payable on acquisition, number of installments | installment | 2 | |||
Employee benefits expense | $ 24,400 | $ 2,000 | ||
Moneda | Moneda's Former Partners | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration payable on acquisition | $ 58,700 |
Commitments - Narrative (Detail
Commitments - Narrative (Details) - USD ($) | 12 Months Ended | |||
Mar. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Amounts Recognized In The Statement of Profit Or Loss [Line Items] | ||||
Commitment subject to possible redemption | $ 234,145,000 | $ 0 | ||
Payments For Share Issuance Costs, SPAC | 4,665,000 | $ 0 | $ 0 | |
Patria Latin American Opportunity Acquisition Corp. | ||||
Summary of Amounts Recognized In The Statement of Profit Or Loss [Line Items] | ||||
Commitment subject to possible redemption | 234,100,000 | |||
Payments For Share Issuance Costs, SPAC | 4,600,000 | |||
Payments for other share issuance costs | $ 10,600,000 | |||
Patria Latin American Opportunity Acquisition Corp. | IPO | ||||
Summary of Amounts Recognized In The Statement of Profit Or Loss [Line Items] | ||||
Proceeds from issue of ordinary shares | $ 230,000,000 | |||
Bottom of range | Patria Latin American Opportunity Acquisition Corp. | ||||
Summary of Amounts Recognized In The Statement of Profit Or Loss [Line Items] | ||||
Period to complete acquisition | 15 months | |||
Top of range | Patria Latin American Opportunity Acquisition Corp. | ||||
Summary of Amounts Recognized In The Statement of Profit Or Loss [Line Items] | ||||
Period to complete acquisition | 21 months |
Commitments - Commitments Subje
Commitments - Commitments Subject To Possible Redemption (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments [Abstract] | |
Balance at December 31, 2021 | $ 0 |
Commitment subject to possible redemption raised | 220,458,000 |
IPO expenses - SPAC | 10,325,000 |
Interest earned on trust account | 3,362,000 |
Balance at December 31, 2022 | $ 234,145,000 |
Commitments - Movement Under Pu
Commitments - Movement Under Put Option (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | |
Balance at December 31, 2021 | $ 0 |
Obligations raised | 68,750 |
Cumulative translation adjustment | 1,126 |
Gross obligation adjustments | 3,552 |
Balance at December 31, 2022 | 73,428 |
VBI | |
Disclosure of detailed information about business combination [line items] | |
Balance at December 31, 2021 | 0 |
Obligations raised | 60,866 |
Cumulative translation adjustment | 1,126 |
Gross obligation adjustments | 3,552 |
Balance at December 31, 2022 | 65,544 |
Igah IV | |
Disclosure of detailed information about business combination [line items] | |
Balance at December 31, 2021 | 0 |
Obligations raised | 7,884 |
Cumulative translation adjustment | 0 |
Gross obligation adjustments | 0 |
Balance at December 31, 2022 | $ 7,884 |
Revenue from services - Summary
Revenue from services - Summary of Revenue From Services (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | $ 264,061 | $ 239,595 | $ 118,811 |
Taxes on revenue | (5,184) | (4,080) | (3,794) |
Revenue from services | 258,877 | 235,515 | 115,017 |
Brazil | |||
Disclosure Of Revenue From Services [Line Items] | |||
Revenue from services | 40,165 | 25,725 | 28,452 |
British Virgin Islands | |||
Disclosure Of Revenue From Services [Line Items] | |||
Revenue from services | 3,122 | 2,311 | 0 |
Cayman Islands | |||
Disclosure Of Revenue From Services [Line Items] | |||
Revenue from services | 160,226 | 200,695 | 86,565 |
Chile | |||
Disclosure Of Revenue From Services [Line Items] | |||
Revenue from services | 52,074 | 5,215 | 0 |
United States of America | |||
Disclosure Of Revenue From Services [Line Items] | |||
Revenue from services | 3,290 | 1,569 | 0 |
Management Fees, Fund Fees | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | 223,485 | 144,654 | 112,870 |
Taxes on revenue | (3,957) | (3,910) | (3,794) |
Incentive Fees, Fund Fees | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | 6,070 | 4,915 | 3,450 |
Performance Fees, Fund Fees | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | 30,350 | 89,295 | 0 |
Taxes on revenue | (1,227) | (170) | 0 |
Performance Fees, Fund Fees | PBPE Fund III | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | 30,400 | ||
Performance Fees, Fund Fees | PBPE Fund III (Ontario), L.P. (d) | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | 89,300 | ||
Fund Fees | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | 259,905 | 238,864 | 116,320 |
Advisory and Other Ancillary Fees | |||
Disclosure Of Revenue From Services [Line Items] | |||
Total gross revenue from services | $ 4,156 | $ 731 | $ 2,491 |
Cost of services rendered - Sum
Cost of services rendered - Summary of Cost of Services Rendered (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Description Of Cost Of Services Rendered [Line Items] | |||
Salaries and wages | $ (33,991) | $ (14,377) | $ (10,478) |
Rewards and bonuses | (20,940) | (21,828) | (11,800) |
Social security contributions and payroll taxes | (4,746) | (3,898) | (2,356) |
Officers’ Fund | (1,657) | (2,196) | (431) |
Strategic Bonus | (1,107) | (15) | 0 |
Carried interest bonuses | 0 | (890) | 0 |
Restructuring costs – personnel (a) | (530) | 0 | 0 |
Share based incentive plan (note 28(d)) | (731) | (764) | 0 |
Other short-term benefits | (6,077) | (3,636) | (2,164) |
Personnel expenses | (69,779) | (47,604) | (27,229) |
Carried interest allocation | $ (10,171) | (30,204) | $ 0 |
Carried interest allocation | PBPE Fund III (Ontario) L.P | |||
Description Of Cost Of Services Rendered [Line Items] | |||
Percentage of performance fee receivable from related party | 35% | ||
Due to related party | $ 12,400 | ||
Non-current payables to related parties | $ 2,100 | ||
Carried interest allocation | PBPE Fund III | |||
Description Of Cost Of Services Rendered [Line Items] | |||
Due to related party | $ 11,600 |
General and Administrative ex_3
General and Administrative expenses - Summary of Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Administrative Expenses [Abstract] | |||
Professional services | $ (8,330) | $ (6,439) | $ (7,351) |
IT and telecom services | (6,061) | (1,762) | (1,085) |
Rebate fees | (3,852) | (364) | (30) |
Depreciation of right-of-use assets | (2,405) | (1,201) | (1,026) |
Travel expenses | (2,190) | (1,137) | (1,586) |
Marketing and events | (1,708) | (338) | (495) |
Depreciation of property and equipment | (1,420) | (582) | (654) |
Occupancy expenses | (1,434) | (578) | (977) |
Professional services - SPAC | (807) | 0 | 0 |
Taxes and contributions | (685) | (340) | (189) |
Insurance | (734) | 0 | 0 |
Materials and supplies | (314) | (191) | (153) |
Other administrative expenses | (1,210) | (1,400) | (1,027) |
General and Administrative expenses | $ (31,150) | $ (14,332) | $ (14,573) |
Other income_(expenses) - Summa
Other income/(expenses) - Summary of Other Income/(Expenses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income (Expense) [Abstract] | |||
IPO expenses and IPO related bonuses | $ 0 | $ (2,862) | $ (2,169) |
Share issuance expenses – SPAC (notes 5(a) and 20(c)) | (10,325) | 0 | 0 |
Transaction costs | (4,536) | (8,550) | 129 |
Transaction costs allocated – SPAC | (315) | 0 | 0 |
Contingent consideration adjustments | 12,322 | (264) | 0 |
Gross obligation under put option | (3,533) | 0 | 0 |
Deferred consideration adjustments | (729) | 0 | 0 |
Restructuring costs | (1,293) | 0 | 0 |
Net loss on sale of property and equipment | (51) | 0 | 0 |
Other | (805) | (830) | 0 |
Other income/(expenses) | $ (9,265) | $ (12,506) | $ (2,040) |
Net financial income_(expense_2
Net financial income/(expense) - Summary of Net Financial Income/(Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial income | |||
Net financial investment income | $ 2,345 | $ 355 | $ 366 |
Unrealized gains on long-term investments | 5,322 | 226 | 0 |
Realized gains from long-term investments | 1,922 | 0 | 0 |
Unrealized gains on warrant liability | 3,114 | 0 | 0 |
Unrealized gains on other derivative financial instruments | 105 | 0 | 0 |
Net exchange variation | 0 | 601 | 501 |
Other financial income | 59 | 6 | 60 |
Total finance income | 12,867 | 1,188 | 927 |
Financial expenses | |||
Unrealized losses on long-term investments | 0 | 0 | (91) |
Unrealized losses on forward | (230) | 0 | 0 |
Commission and brokerage expenses | (518) | (68) | 0 |
Interest on lease liabilities | (1,807) | (1,022) | (869) |
Net exchange variation | (1,350) | 0 | 0 |
Other financial expenses | (847) | (385) | (159) |
Total finance expenses | (4,752) | (1,475) | (1,119) |
Net financial income/(expense) | $ 8,115 | $ (287) | $ (192) |
Income taxes expenses - Summary
Income taxes expenses - Summary of Reconciliation of Average Effective Tax Rate and Applicable Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Income before income taxes | $ 102,453 | $ 121,572 | $ 64,976 |
Impact of difference in tax rates of foreign subsidiaries | (8,349) | 642 | (2,749) |
Nondeductible expenses | 0 | (1,023) | (386) |
Total income taxes | (8,349) | (381) | (3,136) |
Current | (6,784) | (1,692) | (891) |
Deferred | $ (1,565) | $ 1,311 | $ (2,245) |
Effective tax rate | 8.10% | 0.30% | 4.80% |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, Rate in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||||||
Dec. 01, 2022 shares | Jun. 01, 2021 | Jan. 13, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Rate | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 USD ($) Rate | Dec. 31, 2020 USD ($) Rate | Dec. 31, 2022 shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 | Dec. 31, 2022 Rate | Dec. 31, 2021 shares | Dec. 31, 2021 Rate | |
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock split ratio | 117 | |||||||||||||||||
Par value per share (USD per share) | $ / shares | $ 0.0001 | |||||||||||||||||
Issued capital | $ | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | ||||||||||
Number of shares authorised | 1,000,000,000 | |||||||||||||||||
Shares | 147,192,930 | 147,192,930 | ||||||||||||||||
Lock in period of common shares | 5 years | |||||||||||||||||
Percentage of relevant collateral shares used as a basis | 50% | |||||||||||||||||
IPO transaction costs | $ | 4,536 | 8,550 | $ (129) | |||||||||||||||
IPO cash transaction costs | $ | 4,300 | |||||||||||||||||
IPO non-cash expenses | $ | 1,100 | |||||||||||||||||
Total reserves for future issuance | $ | $ 1,495 | 1,495 | $ 1,495 | $ 1,495 | $ 1,495 | |||||||||||||
Equity portion of consideration, percentage | 50% | |||||||||||||||||
Gross obligation under put option | $ | 60,900 | |||||||||||||||||
Gross obligation under put option, noncontrolling interest | $ | 55,490 | |||||||||||||||||
Non- controlling interests | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Gross obligation under put option, noncontrolling interest | $ | 55,490 | |||||||||||||||||
Performance Restricted Share Units (PSUs) | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of other equity instruments expired in share-based payment arrangement (in shares) | 0 | |||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares) | 0 | |||||||||||||||||
Performance Restricted Share Units (PSUs) | Grant A | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorized to be issued (in shares) | 600,000 | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 84,506 | 85 | 0 | |||||||||||||||
Number of other equity instruments to be granted subject to requirements being met (in shares) | 16,902 | |||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement (in shares) | 0 | 0 | 0 | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | Rate | 0 | 85 | 0 | |||||||||||||||
Expense from share-based payment transactions with employees | $ | 25 | 0 | ||||||||||||||||
Performance Restricted Share Units (PSUs) | IPO Grant | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorized to be issued (in shares) | 410,115 | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 0 | 289,183 | 289 | |||||||||||||||
Number of other equity instruments to be granted subject to requirements being met (in shares) | 120,932 | |||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement (in shares) | 26 | 78,869 | 79 | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | 0 | 184,024 | 184 | 210,314 | 210 | |||||||||||||
Number of other equity instruments forfeited following resignation (in shares) | 105,159 | |||||||||||||||||
Expense from share-based payment transactions with employees | $ | 706 | $ 764 | ||||||||||||||||
Pátria Investimentos Ltda. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Issued capital | $ | $ 100,000 | 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||
Number of shares outstanding | 147,192,930 | |||||||||||||||||
Shares | 147,192,930 | |||||||||||||||||
Voting rights held in subsidiary | 100% | |||||||||||||||||
VBI Real Estate Gestão de Carteiras S.A. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Gross obligation under put option | $ | 5,400 | |||||||||||||||||
Ordinary Shares | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock issued during period, shares, new issues | 1,000,000 | 117,000,000 | ||||||||||||||||
Par value per share (USD per share) | $ / shares | $ 0.001 | |||||||||||||||||
Stock issued during period, new issues | $ | $ 1 | |||||||||||||||||
Ordinary Shares | Pátria Investimentos Ltda. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Voting rights held in subsidiary | 49% | |||||||||||||||||
Ordinary Shares | VBI Real Estate Gestão de Carteiras S.A. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Voting rights held in subsidiary | 50% | |||||||||||||||||
Class A Common Share | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorised | 500,000,000 | |||||||||||||||||
Common stock, voting rights | one | |||||||||||||||||
IPO transaction costs | $ | 27,000 | |||||||||||||||||
Class A Common Share | IPO | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock issued during period, shares, new issues | 19,147,500 | |||||||||||||||||
Class A Common Share | IPO | Blackstone | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding | 54,247,500 | |||||||||||||||||
Class B Common Share | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorised | 250,000,000 | |||||||||||||||||
Common stock, voting rights | 10 | |||||||||||||||||
Class B Common Share | Moneda | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock issued during period, shares, new issues | 11,045,430 | |||||||||||||||||
Class B Common Share | Top of range | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Percentage of shares issued and outstanding to total number of shares outstanding | 10% | |||||||||||||||||
Class B Common Share | IPO | Patria Holdings Ltd. And Monedas Former Partners | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding | 92,945,430 | |||||||||||||||||
Common Shares or Shares with Preferred Rights | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorised | 250,000,000 | |||||||||||||||||
Class A | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Stock issued upon conversion of shares | 1 | |||||||||||||||||
Proceeds from issuance of common shares through IPO | $ | 302,700 | |||||||||||||||||
Class B | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Proceeds from issuance of common shares through IPO | $ | $ 184,800 |
Equity - Summary of Share Capit
Equity - Summary of Share Capital (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Issued Share Capital [Line Items] | ||
Shares | 147,192,930 | 147,192,930 |
Capital (US$) | $ 14,720 | $ 14,720 |
Class A | ||
Disclosure Of Issued Share Capital [Line Items] | ||
Shares | 54,247,500 | 54,247,500 |
Capital (US$) | $ 5,425 | $ 5,425 |
Class B | ||
Disclosure Of Issued Share Capital [Line Items] | ||
Shares | 92,945,430 | 92,945,430 |
Capital (US$) | $ 9,295 | $ 9,295 |
Equity - Summary of Additional
Equity - Summary of Additional Paid In Capital (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Additional Paid In Capital [Line Items] | ||
Share premium | $ 485,180 | $ 485,180 |
Class A | ||
Disclosure Of Additional Paid In Capital [Line Items] | ||
Share premium | 299,078 | 299,078 |
Class B | ||
Disclosure Of Additional Paid In Capital [Line Items] | ||
Share premium | $ 186,102 | $ 186,102 |
Equity - Summary of Dividends P
Equity - Summary of Dividends Paid by the Group (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Dividends [Line Items] | |||
Dividends paid, ordinary shares (in shares) | $ 103,329 | $ 96,529 | $ 84,188 |
Dividends paid, ordinary shares per share (USD per share) | $ 0.7020 | $ 0.6558 | $ 0.7196 |
Class A | |||
Disclosure Of Dividends [Line Items] | |||
Dividends paid, ordinary shares (in shares) | $ 38,082 | $ 38,462 | $ 0 |
Dividends paid, ordinary shares per share (USD per share) | $ 0.7020 | $ 0.7090 | $ 0 |
Class B | |||
Disclosure Of Dividends [Line Items] | |||
Dividends paid, ordinary shares (in shares) | $ 65,247 | $ 58,067 | $ 84,188 |
Dividends paid, ordinary shares per share (USD per share) | $ 0.7020 | $ 0.6247 | $ 0.7196 |
Equity - Summary of PSU Activit
Equity - Summary of PSU Activity (Detail) - Performance Restricted Share Units (PSUs) Rate in Thousands | 12 Months Ended | ||||
Dec. 01, 2022 shares | Dec. 31, 2022 shares | Dec. 31, 2022 Rate | Dec. 31, 2021 shares | Dec. 31, 2021 Rate | |
IPO Grant | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Beginning of period (in shares) | 210,314 | 210 | 0 | ||
Granted (in shares) | 0 | 289,183 | 289 | ||
Forfeited (in shares) | (26) | (78,869) | (79) | ||
End of period (in shares) | 184,024 | 184 | 210,314 | 210 | |
Grant A | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Beginning of period (in shares) | 0 | 0 | |||
Granted (in shares) | 84,506 | 85 | 0 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
End of period (in shares) | 85 | 0 |
Equity - PSU Weighted Average F
Equity - PSU Weighted Average Fair Value (Details) - Performance Restricted Share Units (PSUs) - $ / shares | 12 Months Ended | |
Jan. 22, 2021 | Dec. 31, 2022 | |
IPO Grant | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (USD per share) | $ 15.95 | |
Grant A | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (USD per share) | $ 9.15 |
Equity - Summary of Earnings Pe
Equity - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Net income for the year attributable to the Owners of the Company | $ 92,957 | $ 122,476 | $ 62,209 |
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares) | 147,221,698 | 135,983,968 | 117,000,000 |
Basic earnings (loss) per share from continuing operations | $ 0.63141 | $ 0.90066 | $ 0.53170 |
Weighted average number of ordinary shares used in calculating diluted earnings per share (in shares) | 147,226,334 | 135,983,968 | 117,000,000 |
Diluted earnings per thousand shares (USD per share) | $ 0.63139 | $ 0.90066 | $ 0.53170 |
Equity - Summary of the Subsidi
Equity - Summary of the Subsidiary with Non Controlling Interests (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Noncontrolling Interests [Line Items] | ||||||
Equity | $ 513,458 | $ 513,458 | $ 564,285 | $ 59,073 | $ 88,747 | |
Net income for the period | 94,104 | 121,191 | 61,840 | |||
Current assets | 479,636 | $ 479,636 | 352,322 | |||
Pátria Investimentos Ltda. | ||||||
Disclosure Of Noncontrolling Interests [Line Items] | ||||||
Voting rights held in subsidiary | 100% | |||||
Pátria Investimentos Ltda. | Ordinary Shares | ||||||
Disclosure Of Noncontrolling Interests [Line Items] | ||||||
Voting rights held in subsidiary | 49% | |||||
Equity | 0 | $ 0 | 0 | 1,758 | ||
Net income for the period | 0 | (1,285) | (369) | |||
VBI Real Estate Gestão de Carteiras S.A. | ||||||
Disclosure Of Noncontrolling Interests [Line Items] | ||||||
Net income for the period | 2,294 | |||||
Current assets | 6,647 | $ 6,647 | ||||
VBI Real Estate Gestão de Carteiras S.A. | Ordinary Shares | ||||||
Disclosure Of Noncontrolling Interests [Line Items] | ||||||
Voting rights held in subsidiary | 50% | |||||
Equity | $ (39,330) | $ (39,330) | 0 | 0 | ||
Net income for the period | $ 1,147 | $ 0 | $ 0 |
Equity - Summarized Financial I
Equity - Summarized Financial Information For Subsidiary (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of financial position [abstract] | ||||
Current assets | $ 479,636 | $ 479,636 | $ 352,322 | |
Current liabilities | (338,000) | (338,000) | (156,226) | |
Non-current assets | 496,602 | 496,602 | 408,999 | |
Non-current liabilities | (124,780) | (124,780) | (40,810) | |
Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income | ||||
Net revenue from services | 258,877 | 235,515 | $ 115,017 | |
Total gross revenue from services | 264,061 | 239,595 | 118,811 | |
Taxes on revenue | (5,184) | (4,080) | (3,794) | |
Employee benefits expense | (69,779) | (47,604) | (27,229) | |
Amortization of intangible assets | (17,379) | (6,973) | (6,007) | |
General and administrative expenses | (31,150) | (14,332) | (14,573) | |
Share of equity-accounted earnings | (2,351) | 0 | 0 | |
Net financial income/(expense) | 8,115 | (287) | (192) | |
Income before income taxes | 102,453 | 121,572 | 64,976 | |
Tax expense (income) | (8,349) | (381) | (3,136) | |
Net income for the period | 94,104 | 121,191 | 61,840 | |
Currency translation adjustment – non-controlling interests | 1,284 | (88) | (1,911) | |
Comprehensive income | 93,532 | 117,725 | 58,066 | |
Disclosure Of Noncontrolling Interests [Abstract] | ||||
Non-controlling interests | 2,431 | (1,373) | (2,280) | |
Non- controlling interests | ||||
Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income | ||||
Net revenue from services | 2,703 | |||
Taxes on revenue | (226) | |||
Employee benefits expense | (504) | |||
Amortization of intangible assets | (315) | |||
General and administrative expenses | (383) | |||
Share of equity-accounted earnings | (63) | |||
Net financial income/(expense) | 63 | |||
Income before income taxes | 1,501 | |||
Tax expense (income) | (354) | |||
Current | (304) | |||
Deferred | (50) | |||
Net income for the period | 1,147 | 1,147 | (1,285) | (369) |
Currency translation adjustment – non-controlling interests | 1,284 | |||
Comprehensive income | 2,431 | |||
Management Fees, Fund Fees | ||||
Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income | ||||
Total gross revenue from services | 223,485 | 144,654 | 112,870 | |
Taxes on revenue | (3,957) | $ (3,910) | $ (3,794) | |
Management Fees, Fund Fees | Non- controlling interests | ||||
Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income | ||||
Total gross revenue from services | 2,929 | |||
VBI Real Estate Gestão de Carteiras S.A. | ||||
Statement of financial position [abstract] | ||||
Current assets | 6,647 | 6,647 | ||
Current liabilities | (3,703) | (3,703) | ||
Current net assets | 2,944 | 2,944 | ||
Non-current assets | 27,425 | 27,425 | ||
Non-current liabilities | (605) | (605) | ||
Non-current net assets | 26,820 | 26,820 | ||
Net assets | 29,764 | 29,764 | ||
Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income | ||||
Net revenue from services | 5,406 | |||
Taxes on revenue | (452) | |||
Employee benefits expense | (1,008) | |||
Amortization of intangible assets | (630) | |||
General and administrative expenses | (766) | |||
Share of equity-accounted earnings | (125) | |||
Net financial income/(expense) | 125 | |||
Income before income taxes | 3,002 | |||
Tax expense (income) | (708) | |||
Current | (608) | |||
Deferred | (100) | |||
Net income for the period | 2,294 | |||
Currency translation adjustment – non-controlling interests | 0 | 1,284 | ||
Comprehensive income | 2,294 | |||
Disclosure Of Noncontrolling Interests [Abstract] | ||||
Net assets and proportion of share of identifiable assets on acquisition | 13,729 | |||
Net income since acquisition | 1,147 | |||
Gross obligation under put option | (55,490) | |||
Non-controlling interests | $ (39,330) | |||
VBI Real Estate Gestão de Carteiras S.A. | Management Fees, Fund Fees | ||||
Summarized Condensed Income Statement and Condensed Statement of Comprehensive Income | ||||
Total gross revenue from services | $ 5,858 |
Business combinations - Additio
Business combinations - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Nov. 30, 2022 | Jul. 01, 2022 | Dec. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Disclosure of detailed information about business combination [line items] | ||||||
Consideration payable on acquisition | $ 33,414,000 | $ 27,812,000 | ||||
Equity portion of consideration, percentage | 50% | |||||
Cash consideration paid | $ 18,931,000 | |||||
Cash and cash equivalents | 636,000 | |||||
Add: Goodwill | 4,794,000 | |||||
VBI | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 50% | |||||
Consideration payable on acquisition | $ 8,355,000 | $ 8,400,000 | ||||
Equity portion of consideration, percentage | 50% | 50% | ||||
Revenue of acquiree since acquisition date | $ 5,400,000 | |||||
Net income since acquisition | 2,900,000 | |||||
Revenue of combined entity as if combination occurred at beginning of period | 14,700,000 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 8,400,000 | |||||
Acquisition-related costs | $ 200,000 | |||||
Cash consideration paid | 10,815,000 | |||||
Consideration payable (b) | 10,859,000 | |||||
Consideration transferred, acquisition-date fair value | 29,202,000 | |||||
Cash and cash equivalents | 600,000 | |||||
Accounts receivable | 2,462,000 | |||||
Working Capital | 2,587,000 | |||||
Intangible assets: non-contractual customer relationships | 23,246,000 | |||||
Intangible assets: brands | 3,617,000 | |||||
Property and equipment | 539,000 | |||||
Net identifiable assets acquired | 27,457,000 | |||||
Add: Goodwill | 15,474,000 | |||||
Net assets acquired | $ 29,202,000 | |||||
VBI | Forecast | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 100% | |||||
Igah | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 100% | |||||
Consideration payable on acquisition | $ 0 | |||||
Revenue of acquiree since acquisition date | 0 | |||||
Net income since acquisition | 0 | |||||
Revenue of combined entity as if combination occurred at beginning of period | 0 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 0 | |||||
Acquisition-related costs | $ 100,000 | |||||
Cash consideration paid | 8,116,000 | |||||
Consideration payable (b) | 4,771,000 | |||||
Consideration transferred, acquisition-date fair value | 20,771,000 | |||||
Cash and cash equivalents | 36,000 | |||||
Accounts receivable | 0 | |||||
Working Capital | (64,000) | |||||
Intangible assets: non-contractual customer relationships | 2,120,000 | |||||
Intangible assets: brands | 0 | |||||
Property and equipment | 0 | |||||
Net identifiable assets acquired | 2,220,000 | |||||
Add: Goodwill | 18,551,000 | |||||
Net assets acquired | $ 20,771,000 | |||||
Igah Ventures | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 100% | |||||
Igah IV | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 13.20% | |||||
Equity portion of consideration, percentage | 65% | |||||
Igah Carry Holding Ltd | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 100% | |||||
MAM I and MAM II | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Voting equity interests acquired (in percent) | 100% | |||||
Acquisition-related costs | $ 8,600,000 | |||||
Consideration transferred, acquisition-date fair value | 333,600,000 | |||||
Portion of consideration paid (received) consisting of cash and cash equivalents | 148,800,000 | |||||
Cash consideration payable | 16,400,000 | |||||
Share issued | $ 184,800,000 | |||||
Share consideration payable (in shares) | 11,045,430 | |||||
Goodwill purchase accounting adjustments | $ (300,000) | |||||
Moneda | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Consideration payable on acquisition | $ 25,491,000 | $ 25,500,000 | ||||
Cash consideration paid | 132,331,000 | |||||
Consideration payable (b) | 16,437,000 | |||||
Consideration transferred, acquisition-date fair value | 359,048,000 | |||||
Cash and cash equivalents | 9,564,000 | |||||
Accounts receivable | 14,852,000 | |||||
Working Capital | (27,137,000) | |||||
Intangible assets: non-contractual customer relationships | 85,954,000 | |||||
Intangible assets: brands | 15,598,000 | |||||
Property and equipment | 6,769,000 | |||||
Net identifiable assets acquired | 1,698,000 | |||||
Other assets and other liabilities | 7,718,000 | |||||
Net identifiable assets acquired | 115,016,000 | |||||
Add: Goodwill | 244,032,000 | |||||
Net assets acquired | 359,048,000 | |||||
Share issued | $ 184,789,000 |
Business Combinations - Summary
Business Combinations - Summary of Acquisition Date Fair Value of Each Major Class of Identifiable Assets and Liabilities Recognized (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Nov. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | Dec. 01, 2021 |
Disclosure of detailed information about business combination [line items] | |||||
Cash consideration paid | $ 18,931 | ||||
Contingent consideration payable | 33,414 | $ 27,812 | |||
The assets and liabilities recognized as a result of the acquisition are as follows: | |||||
Cash and cash equivalents | 636 | ||||
Add: Goodwill | 4,794 | ||||
VBI | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash consideration paid | $ 10,815 | ||||
Consideration payable (b) | 10,859 | ||||
Contingent consideration payable | 8,400 | 8,355 | |||
Option arrangements | (827) | ||||
Total purchase consideration | 29,202 | ||||
The assets and liabilities recognized as a result of the acquisition are as follows: | |||||
Cash and cash equivalents | 600 | ||||
Accounts receivable | 2,462 | ||||
Working Capital | (2,587) | ||||
Intangible assets: non-contractual customer relationships | 23,246 | ||||
Intangible assets: brands | 3,617 | ||||
Property and equipment | 539 | ||||
Lease liability | (420) | ||||
Net identifiable assets acquired | 27,457 | ||||
Non-controlling interest in acquiree recognised at acquisition date | (13,729) | ||||
Add: Goodwill | 15,474 | ||||
Net assets acquired | $ 29,202 | ||||
Igah | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash consideration paid | $ 8,116 | ||||
Consideration payable (b) | 4,771 | ||||
Contingent consideration payable | 0 | ||||
Option arrangements | 7,884 | ||||
Total purchase consideration | 20,771 | ||||
The assets and liabilities recognized as a result of the acquisition are as follows: | |||||
Cash and cash equivalents | 36 | ||||
Accounts receivable | 0 | ||||
Working Capital | 64 | ||||
Intangible assets: non-contractual customer relationships | 2,120 | ||||
Intangible assets: brands | 0 | ||||
Property and equipment | 0 | ||||
Lease liability | 0 | ||||
Net identifiable assets acquired | 2,220 | ||||
Non-controlling interest in acquiree recognised at acquisition date | 0 | ||||
Add: Goodwill | 18,551 | ||||
Net assets acquired | $ 20,771 | ||||
Moneda | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash consideration paid | $ 132,331 | ||||
Consideration payable (b) | 16,437 | ||||
Share issued | 184,789 | ||||
Contingent consideration payable | $ 25,500 | 25,491 | |||
Total purchase consideration | 359,048 | ||||
The assets and liabilities recognized as a result of the acquisition are as follows: | |||||
Cash and cash equivalents | 9,564 | ||||
Accounts receivable | 14,852 | ||||
Working Capital | 27,137 | ||||
Intangible assets: non-contractual customer relationships | 85,954 | ||||
Intangible assets: brands | 15,598 | ||||
Property and equipment | 6,769 | ||||
Net identifiable assets acquired | 1,698 | ||||
Other assets and other liabilities | 7,718 | ||||
Net identifiable assets acquired | 115,016 | ||||
Add: Goodwill | 244,032 | ||||
Net assets acquired | $ 359,048 |
Business combinations - Purchas
Business combinations - Purchase Consdieration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2022 | |
Disclosure of detailed information about business combination [line items] | |||
Cash consideration paid | $ 18,931 | ||
Cash and cash equivalents recognised as of acquisition date | (636) | ||
Net outflow of cash -investing activities | $ 18,295 | ||
VBI | |||
Disclosure of detailed information about business combination [line items] | |||
Cash consideration paid | $ 10,815 | ||
Cash and cash equivalents recognised as of acquisition date | (600) | ||
Net outflow of cash -investing activities | $ 10,215 | ||
Igah | |||
Disclosure of detailed information about business combination [line items] | |||
Cash consideration paid | $ 8,116 | ||
Cash and cash equivalents recognised as of acquisition date | (36) | ||
Net outflow of cash -investing activities | $ 8,080 |
Financial instruments - Summary
Financial instruments - Summary of the Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitment subject to possible redemption | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized cost | $ 234,145 | $ 0 |
Gross obligation under put option | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized cost | 73,428 | 0 |
Client funds payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized cost | 23,639 | 78,163 |
Consideration payable on acquisition | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized cost | 18,157 | 16,437 |
Carried interest allocation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized cost | 12,450 | 11,582 |
Suppliers | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortized cost | 3,256 | 7,223 |
Derivative financial instruments - Warrants | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value through profit or loss | 1,011 | 0 |
Investment fund participating shares in Patria Brazil Real Estate Fund II, L.P., and PBPE Fund III (Ontario), L.P | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value through profit or loss | 262 | 796 |
Derivative financial instruments – forward exchange contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value through profit or loss | 42 | 0 |
Contingent consideration payable on acquisition | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at fair value through profit or loss | 21,963 | 25,775 |
Accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortized cost | 131,659 | 108,115 |
Client funds on deposit | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortized cost | 23,639 | 78,163 |
Project advances | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortized cost | 6,640 | 3,935 |
Deposit/guarantee on lease agreement | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at amortized cost | 1,782 | 3,043 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through profit or loss | 26,519 | 15,264 |
Short term investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through profit or loss | 285,855 | 151,866 |
Long-term investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through profit or loss | 11,017 | 18,278 |
Long-term investments - Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through profit or loss | 14,777 | 0 |
Long-term investments – KMP Growth Fund II | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through profit or loss | 9,463 | 0 |
Derivative financial instruments – VBI call option | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through profit or loss | $ 6,322 | $ 0 |
Financial instruments - Narrati
Financial instruments - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2022 | Dec. 01, 2021 | |
Disclosure of detailed information about financial instruments [table] | |||||
Income before income taxes | $ 102,453 | $ 121,572 | $ 64,976 | ||
Disclosure of detailed information about financial instruments [line items] | |||||
Consideration payable on acquisition | 33,414 | 27,812 | |||
Gross obligation under put option, redemption amount | 86,700 | ||||
Income before income taxes | 102,453 | 121,572 | $ 64,976 | ||
Level 3 of fair value hierarchy | Recurring fair value measurement | Derivative warrant liability | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Change in fair value | (2,654) | ||||
Security price risk | |||||
Disclosure of detailed information about financial instruments [table] | |||||
Income before income taxes | $ 1,100 | $ 1,800 | |||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of increase in the price of long-term investments | 10% | 10% | |||
Income before income taxes | $ 1,100 | $ 1,800 | |||
Percentage of decrease in the price of long-term investments | 10% | ||||
Moneda | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Contingent consideration, maximum earnout amount | $ 71,000 | ||||
Consideration payable on acquisition | 25,500 | $ 25,491 | |||
VBI | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Contingent consideration, maximum earnout amount | 9,100 | ||||
Consideration payable on acquisition | $ 8,400 | $ 8,355 |
Financial instruments - Unobser
Financial instruments - Unobservable Inputs (Details) $ in Millions | Dec. 31, 2022 USD ($) Rate |
Consideration payable on acquisition | Sensitivity, Basis Points | Bottom of range | Discount rate Probability adjusted net revenue and net income | Discounted cash flow | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | Rate | 0.0050 |
Long-term investments | Recurring fair value measurement | Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia - Startse | Level 3 of fair value hierarchy | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Financial impact | $ 0.7 |
Long-term investments | Recurring fair value measurement | KMP Growth II – Dr Consulta | Level 3 of fair value hierarchy | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Financial impact | $ 0.1 |
Long-term investments | Recurring fair value measurement | Bottom of range | Discount rate Expected cash flows | Discounted cash flow | Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia - Startse | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.167 |
Long-term investments | Recurring fair value measurement | Top of range | Discount rate Expected cash flows | Discounted cash flow | Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia - Startse | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.180 |
Long-term investments | Sensitivity, Basis Points | Bottom of range | Discount rate Expected cash flows | Discounted cash flow | Patria Growth Capital Fund I Fundo de Investimento em Participações Multiestratégia - Startse | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.0070 |
Long-term investments | Sensitivity, Basis Points | Bottom of range | Discount rate Expected cash flows | Discounted cash flow | KMP Growth II – Dr Consulta | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.0100 |
Derivative financial instruments | Recurring fair value measurement | Level 3 of fair value hierarchy | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Financial impact | $ 0.3 |
Derivative financial instruments | Recurring fair value measurement | Bottom of range | Projected AUM at option exercise date | Monte Carlo simulation | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.500 |
Derivative financial instruments | Recurring fair value measurement | Top of range | Projected AUM at option exercise date | Monte Carlo simulation | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 1 |
Derivative financial instruments | Sensitivity, Volatility | Bottom of range | Projected AUM at option exercise date | Monte Carlo simulation | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.1046 |
Moneda | Consideration payable on acquisition | Recurring fair value measurement | Level 3 of fair value hierarchy | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Financial impact | $ 0.1 |
Moneda | Consideration payable on acquisition | Recurring fair value measurement | Bottom of range | Discount rate Probability adjusted net revenue and net income | Discounted cash flow | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.139 |
Moneda | Consideration payable on acquisition | Recurring fair value measurement | Top of range | Discount rate Probability adjusted net revenue and net income | Discounted cash flow | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.168 |
VBI | Consideration payable on acquisition | Recurring fair value measurement | Level 3 of fair value hierarchy | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Financial impact | $ 0.1 |
VBI | Consideration payable on acquisition | Recurring fair value measurement | Bottom of range | Discount rate Projected AUM | Discounted cash flow | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.010 |
VBI | Consideration payable on acquisition | Recurring fair value measurement | Top of range | Discount rate Projected AUM | Discounted cash flow | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.260 |
VBI | Consideration payable on acquisition | Sensitivity, Less Growth | Bottom of range | Discount rate Projected AUM | Discounted cash flow | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Unobservable Inputs | 0.10 |
Financial instruments - Reconci
Financial instruments - Reconcilliation Of Significant Unobservable Inputs Used In Fair Value Measurement of Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Significant Unobservable Inputs Used in Fair Value Measurement Of Liabilities [Roll Forward] | |
Fair value of Level 3 financial instruments at December 31, 2021 | $ 197,036 |
Fair value of Level 3 financial instruments at December 31, 2022 | 462,780 |
Level 3 of fair value hierarchy | Recurring fair value measurement | Consideration payable on acquisition | |
Significant Unobservable Inputs Used in Fair Value Measurement Of Liabilities [Roll Forward] | |
Fair value of Level 3 financial instruments at December 31, 2021 | 25,775 |
Additions | 8,355 |
Transfer to Level 3 | 0 |
Transfers from Level 3 | 0 |
Cumulative translation adjustment | 155 |
Change in fair value | (12,322) |
Fair value of Level 3 financial instruments at December 31, 2022 | 21,963 |
Level 3 of fair value hierarchy | Recurring fair value measurement | Long term investments at fair value through profit or loss | |
Significant Unobservable Inputs Used in Fair Value Measurement Of Liabilities [Roll Forward] | |
Fair value of Level 3 financial instruments at December 31, 2021 | 0 |
Additions | 9,463 |
Transfer to Level 3 | 10,689 |
Transfers from Level 3 | 0 |
Cumulative translation adjustment | 0 |
Change in fair value | 4,088 |
Fair value of Level 3 financial instruments at December 31, 2022 | 24,240 |
Level 3 of fair value hierarchy | Recurring fair value measurement | Derivative warrant liability | |
Significant Unobservable Inputs Used in Fair Value Measurement Of Liabilities [Roll Forward] | |
Fair value of Level 3 financial instruments at December 31, 2021 | 0 |
Additions | 4,125 |
Transfer to Level 3 | 0 |
Transfers from Level 3 | (1,471) |
Cumulative translation adjustment | 0 |
Change in fair value | (2,654) |
Fair value of Level 3 financial instruments at December 31, 2022 | 0 |
Level 3 of fair value hierarchy | Recurring fair value measurement | Derivative financial instruments – VBI call option | |
Significant Unobservable Inputs Used in Fair Value Measurement Of Liabilities [Roll Forward] | |
Fair value of Level 3 financial instruments at December 31, 2021 | 0 |
Additions | 6,104 |
Transfer to Level 3 | 0 |
Transfers from Level 3 | 0 |
Cumulative translation adjustment | 113 |
Change in fair value | 105 |
Fair value of Level 3 financial instruments at December 31, 2022 | $ 6,322 |
Financial instruments - Summa_2
Financial instruments - Summary of Amounts Receivable and Project Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
PBPE Fund IV | ||
Disclosure of financial assets [line items] | ||
Management fees receivable related to current year | $ 18,100 | $ 13,000 |
Management fees receivable related to prior years | 35,000 | 22,000 |
Credit Risk | ||
Disclosure of financial assets [line items] | ||
Financial assets | 138,299 | 112,050 |
Credit Risk | Less than 90 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 426 | 866 |
Credit Risk | 91 to 180 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 134 | 301 |
Credit Risk | 181 to 270 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 191 |
Credit Risk | 271 to 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 104 | 55 |
Credit Risk | Over 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 245 | 35 |
Credit Risk | 01 to 90 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 27,578 | 8,766 |
Credit Risk | 91 to 180 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,189 | 33,237 |
Credit Risk | 181 to 270 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,786 | 20,857 |
Credit Risk | 271 to 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 93,636 | 36,010 |
Credit Risk | Over 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 7,201 | 11,732 |
Credit Risk | Accounts Receivable | ||
Disclosure of financial assets [line items] | ||
Financial assets | 131,659 | 108,115 |
Credit Risk | Accounts Receivable | Less than 90 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 426 | 866 |
Credit Risk | Accounts Receivable | 91 to 180 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 134 | 301 |
Credit Risk | Accounts Receivable | 181 to 270 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 191 |
Credit Risk | Accounts Receivable | 271 to 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 104 | 55 |
Credit Risk | Accounts Receivable | Over 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 245 | 35 |
Credit Risk | Accounts Receivable | 01 to 90 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 24,886 | 7,596 |
Credit Risk | Accounts Receivable | 91 to 180 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,134 | 32,114 |
Credit Risk | Accounts Receivable | 181 to 270 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,064 | 20,857 |
Credit Risk | Accounts Receivable | 271 to 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 93,412 | 35,104 |
Credit Risk | Accounts Receivable | Over 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 6,254 | 10,996 |
Credit Risk | Project Advances | ||
Disclosure of financial assets [line items] | ||
Financial assets | 6,640 | 3,935 |
Credit Risk | Project Advances | Less than 90 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Credit Risk | Project Advances | 91 to 180 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Credit Risk | Project Advances | 181 to 270 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Credit Risk | Project Advances | 271 to 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Credit Risk | Project Advances | Over 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Credit Risk | Project Advances | 01 to 90 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,692 | 1,170 |
Credit Risk | Project Advances | 91 to 180 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 55 | 1,123 |
Credit Risk | Project Advances | 181 to 270 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,722 | 0 |
Credit Risk | Project Advances | 271 to 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | 224 | 906 |
Credit Risk | Project Advances | Over 360 days | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 947 | $ 736 |
Financial instruments - Summa_3
Financial instruments - Summary of Expected Future Payments for Liabilities (Detail) - Liquidity Risk - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 418,577 | $ 78,987 |
01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,953 | 7,737 |
61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,506 | 16,713 |
121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 252,283 | 276 |
181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,756 | 12,410 |
Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 145,079 | 41,851 |
Suppliers | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,256 | 7,372 |
Suppliers | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,256 | 7,372 |
Suppliers | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Suppliers | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Suppliers | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Suppliers | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Placement Agents Fees [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 50 | |
Placement Agents Fees [Member] | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 50 | |
Placement Agents Fees [Member] | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Placement Agents Fees [Member] | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Placement Agents Fees [Member] | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Placement Agents Fees [Member] | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Investment fund participating shares | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 262 | 796 |
Investment fund participating shares | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Investment fund participating shares | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Investment fund participating shares | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Investment fund participating shares | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Investment fund participating shares | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 262 | 796 |
Leases | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 20,756 | 9,312 |
Leases | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 655 | 315 |
Leases | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 548 | 276 |
Leases | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 591 | 276 |
Leases | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,884 | 828 |
Leases | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 17,078 | 7,617 |
Carried interest allocation | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,450 | 11,582 |
Carried interest allocation | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Carried interest allocation | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Carried interest allocation | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 10,370 | 0 |
Carried interest allocation | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,080 | 11,582 |
Carried interest allocation | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Consideration payable on acquisition | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 13,708 | 16,437 |
Consideration payable on acquisition | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Consideration payable on acquisition | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 958 | 16,437 |
Consideration payable on acquisition | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Consideration payable on acquisition | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 11,792 | 0 |
Consideration payable on acquisition | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 958 | 0 |
Contingent consideration payable on acquisition | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 26,475 | 33,438 |
Contingent consideration payable on acquisition | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Contingent consideration payable on acquisition | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Contingent consideration payable on acquisition | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Contingent consideration payable on acquisition | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Contingent consideration payable on acquisition | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 26,475 | $ 33,438 |
Commitment subject to possible redemption | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 240,311 | |
Commitment subject to possible redemption | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | ||
Commitment subject to possible redemption | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Commitment subject to possible redemption | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 240,311 | |
Commitment subject to possible redemption | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Commitment subject to possible redemption | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Gross obligation under put option | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 100,306 | |
Gross obligation under put option | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | ||
Gross obligation under put option | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Gross obligation under put option | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Gross obligation under put option | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Gross obligation under put option | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 100,306 | |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,053 | |
Derivative financial instruments | 01 to 60 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 42 | |
Derivative financial instruments | 61 to 120 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Derivative financial instruments | 121 to 180 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,011 | |
Derivative financial instruments | 181 to 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Derivative financial instruments | Over 360 days | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 0 |
Financial instruments - Summa_4
Financial instruments - Summary of Sensitivity Analysis was Based on the Material Assets and Liabilities Exposed to Currencies Fluctuation (Detail) £ in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 HKD ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | $ 26,519,000 | $ 15,264,000 | $ 14,052,000 | $ 4,120,000 | |||||
Accounts receivable | 131,659,000 | 108,115,000 | |||||||
Derivative financial instruments - Assets | 6,322,000 | 0 | |||||||
Commitment subject to possible redemption | 234,145,000 | 0 | |||||||
Gross obligation under put option | 73,428,000 | 0 | |||||||
Consideration payable on acquisition | 33,187,000 | $ 16,437,000 | |||||||
Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | 26,519,000 | ||||||||
Short term investments | 285,855,000 | ||||||||
Client funds on deposit | 23,639,000 | ||||||||
Accounts receivable | 131,659,000 | ||||||||
Projects Advance | 6,640,000 | ||||||||
Deposit/guarantee on lease agreement | 1,782,000 | ||||||||
Long-term investments | 35,257,000 | ||||||||
Client funds payable | 23,639,000 | ||||||||
Suppliers | 3,256,000 | ||||||||
Derivative financial instruments - Assets | 6,322,000 | ||||||||
Derivative financial instruments - Liability | 1,053,000 | ||||||||
Commitment subject to possible redemption | 234,145,000 | ||||||||
Gross obligation under put option | 73,428,000 | ||||||||
Carried interest allocation | 12,450,000 | ||||||||
Consideration payable on acquisition | 18,157,000 | ||||||||
Derivative financial instruments - Liability | 21,963,000 | ||||||||
Market Risk | Exchange Variation | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | 1,959,000 | ||||||||
Short term investments | 745,000 | ||||||||
Client funds on deposit | 2,364,000 | ||||||||
Accounts receivable | 2,825,000 | ||||||||
Projects Advance | 361,000 | ||||||||
Deposit/guarantee on lease agreement | 139,000 | ||||||||
Long-term investments | 86,000 | ||||||||
Client funds payable | (2,364,000) | ||||||||
Suppliers | (176,000) | ||||||||
Derivative financial instruments - Assets | 632,000 | ||||||||
Derivative financial instruments - Liability | 0 | ||||||||
Commitment subject to possible redemption | 0 | ||||||||
Gross obligation under put option | (7,342,000) | ||||||||
Carried interest allocation | (347,000) | ||||||||
Consideration payable on acquisition | (1,656,000) | ||||||||
Derivative financial instruments - Liability | (908,000) | ||||||||
Net Impact | (3,682,000) | ||||||||
BRL - Brazilian Real | Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | R$ | R$ 17890 | ||||||||
Short term investments | R$ | 23,621 | ||||||||
Client funds on deposit | R$ | 0 | ||||||||
Accounts receivable | R$ | 103,337 | ||||||||
Projects Advance | R$ | 17,883 | ||||||||
Deposit/guarantee on lease agreement | R$ | 0 | ||||||||
Long-term investments | R$ | 3,361 | ||||||||
Client funds payable | R$ | 0 | ||||||||
Suppliers | R$ | 2,561 | ||||||||
Derivative financial instruments - Assets | R$ | 32,985 | ||||||||
Derivative financial instruments - Liability | R$ | 0 | ||||||||
Commitment subject to possible redemption | R$ | 0 | ||||||||
Gross obligation under put option | R$ | 383,123 | ||||||||
Carried interest allocation | R$ | 18,085 | ||||||||
Consideration payable on acquisition | R$ | 86,421 | ||||||||
Derivative financial instruments - Liability | R$ | R$ 47338 | ||||||||
HKD - Hong Kong dollar | Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | $ 8,320 | ||||||||
Short term investments | 0 | ||||||||
Client funds on deposit | 0 | ||||||||
Accounts receivable | 38 | ||||||||
Projects Advance | 273 | ||||||||
Deposit/guarantee on lease agreement | 264 | ||||||||
Long-term investments | 0 | ||||||||
Client funds payable | 0 | ||||||||
Suppliers | 300 | ||||||||
Derivative financial instruments - Assets | 0 | ||||||||
Derivative financial instruments - Liability | 0 | ||||||||
Commitment subject to possible redemption | 0 | ||||||||
Gross obligation under put option | 0 | ||||||||
Carried interest allocation | 0 | ||||||||
Consideration payable on acquisition | 0 | ||||||||
Derivative financial instruments - Liability | $ 0 | ||||||||
CLP - Chilean Peso | Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | $ 10,425,880 | ||||||||
Short term investments | 2,496,932 | ||||||||
Client funds on deposit | 20,173,411 | ||||||||
Accounts receivable | 7,180,833 | ||||||||
Projects Advance | 864 | ||||||||
Deposit/guarantee on lease agreement | 957,240 | ||||||||
Long-term investments | 67,912 | ||||||||
Client funds payable | 20,173,411 | ||||||||
Suppliers | 950,438 | ||||||||
Derivative financial instruments - Assets | 0 | ||||||||
Derivative financial instruments - Liability | 0 | ||||||||
Commitment subject to possible redemption | 0 | ||||||||
Gross obligation under put option | 0 | ||||||||
Carried interest allocation | 0 | ||||||||
Consideration payable on acquisition | 0 | ||||||||
Derivative financial instruments - Liability | $ 0 | ||||||||
COP - Colombian Peso | Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | $ 613,325 | ||||||||
Short term investments | 0 | ||||||||
Client funds on deposit | 0 | ||||||||
Accounts receivable | 105,442 | ||||||||
Projects Advance | 10,131 | ||||||||
Deposit/guarantee on lease agreement | 83,079 | ||||||||
Long-term investments | 0 | ||||||||
Client funds payable | 0 | ||||||||
Suppliers | 41,745 | ||||||||
Derivative financial instruments - Assets | 0 | ||||||||
Derivative financial instruments - Liability | 0 | ||||||||
Commitment subject to possible redemption | 0 | ||||||||
Gross obligation under put option | 0 | ||||||||
Carried interest allocation | 0 | ||||||||
Consideration payable on acquisition | 0 | ||||||||
Derivative financial instruments - Liability | $ 0 | ||||||||
GBP - Pound Sterling | Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | £ | £ 2,280 | ||||||||
Short term investments | £ | 0 | ||||||||
Client funds on deposit | £ | 0 | ||||||||
Accounts receivable | £ | 2 | ||||||||
Projects Advance | £ | 120 | ||||||||
Deposit/guarantee on lease agreement | £ | 180 | ||||||||
Long-term investments | £ | 118 | ||||||||
Client funds payable | £ | 0 | ||||||||
Suppliers | £ | 99 | ||||||||
Derivative financial instruments - Assets | £ | 0 | ||||||||
Derivative financial instruments - Liability | £ | 0 | ||||||||
Commitment subject to possible redemption | £ | 0 | ||||||||
Gross obligation under put option | £ | 0 | ||||||||
Carried interest allocation | £ | 0 | ||||||||
Consideration payable on acquisition | £ | 0 | ||||||||
Derivative financial instruments - Liability | £ | £ 0 | ||||||||
United States of America - Dollars | Market Risk | |||||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||||||||
Cash and cash equivalents | 6,937,000 | ||||||||
Short term investments | 278,402,000 | ||||||||
Client funds on deposit | 0 | ||||||||
Accounts receivable | 103,411,000 | ||||||||
Projects Advance | 3,030,000 | ||||||||
Deposit/guarantee on lease agreement | 393,000 | ||||||||
Long-term investments | 34,391,000 | ||||||||
Client funds payable | 0 | ||||||||
Suppliers | 1,485,000 | ||||||||
Derivative financial instruments - Assets | 0 | ||||||||
Derivative financial instruments - Liability | 1,053,000 | ||||||||
Commitment subject to possible redemption | 234,145,000 | ||||||||
Gross obligation under put option | 0 | ||||||||
Carried interest allocation | 8,984,000 | ||||||||
Consideration payable on acquisition | 1,594,000 | ||||||||
Derivative financial instruments - Liability | $ 12,891,000 |
Related parties - Disclosure of
Related parties - Disclosure of Amounts Incurred by Entity Provision of Key Management Personnel Services (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Personnel Expenses | Directors’ and officers’ compensation | |||
Disclosure of amount incurred by entity for provision of key management personnel services [line items] | |||
Amount incurred by entity for provision of key management personnel services | $ (5,705) | $ (2,784) | $ (2,582) |
Related parties - Summary of Re
Related parties - Summary of Related Parties of Officers Fund (Detail) - Officers’ Fund - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Personnel current liabilities | $ 912 | $ 1,852 |
Personnel non-current liabilities | 350 | 3,029 |
Personnel liabliities | $ 1,262 | $ 4,881 |
Related parties - Additional In
Related parties - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||||
Strategic bonus payable | $ 0 | $ 282 | |||
Strategic bonus accrual | 12 | 2 | |||
Property and equipment | 24,627 | 13,408 | $ 3,819 | $ 6,464 | |
General and administrative expenses | 31,150 | 14,332 | 14,573 | ||
Patria Crédito Estruturado Fundo de Investimento em Direitos Creditorios | |||||
Statements [Line Items] | |||||
Gains on disposals of investments | $ 800 | ||||
Disposals, investment property | $ 5,200 | ||||
Gross carrying amount | |||||
Statements [Line Items] | |||||
Property and equipment | 36,469 | 25,079 | 10,155 | 12,285 | |
Building improvements | Gross carrying amount | |||||
Statements [Line Items] | |||||
Property and equipment | $ 11,259 | 7,460 | $ 2,997 | $ 3,617 | |
PBPE Fund III (Ontario) L.P | Carried interest allocation | |||||
Statements [Line Items] | |||||
Percentage of performance fee receivable from related party | 35% | ||||
Constructor EG SpA | Building improvements | Gross carrying amount | |||||
Statements [Line Items] | |||||
Property and equipment | $ 320 | 97 | |||
Barros and Errzuriz Abogados Limitada | |||||
Statements [Line Items] | |||||
Other liabilities | 45 | ||||
General and administrative expenses | 74 | ||||
Officers’ Fund | |||||
Statements [Line Items] | |||||
Purchase of quotas | $ 1,700 | 2,200 | |||
Officers’ Fund | Top of range | |||||
Statements [Line Items] | |||||
Grant benefit to employees vesting period | 4 years | ||||
Officers’ Fund | Bottom of range | |||||
Statements [Line Items] | |||||
Grant benefit to employees vesting period | 2 years | ||||
Personnel Expenses | |||||
Statements [Line Items] | |||||
Directors and officers bonus | $ 7,400 | $ 21,000 |
Related parties - Lease Commitm
Related parties - Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Lease liabilities (current) | $ 2,243 | $ 951 | |
Lease liabilities (non-current) | 13,851 | 6,913 | |
Principal paid | 1,652 | 832 | $ 893 |
Depreciation of right-of-use assets | 2,405 | 1,201 | 1,026 |
Interest expense on lease liabilities | 1,807 | 1,022 | $ 869 |
Santiago | |||
Disclosure of transactions between related parties [line items] | |||
Lease liabilities (current) | 502 | 322 | |
Lease liabilities (non-current) | 3,078 | 2,093 | |
Principal paid | 425 | 26 | |
Depreciation of right-of-use assets | 481 | 35 | |
Interest expense on lease liabilities | $ 73 | $ 5 |
Events after the reporting pe_2
Events after the reporting period - Additional Information (Detail) $ / shares in Units, $ in Thousands, R$ in Millions | 4 Months Ended | |||||||||
Feb. 28, 2023 USD ($) | Apr. 26, 2023 USD ($) | Mar. 31, 2023 USD ($) | Feb. 09, 2023 $ / shares | Feb. 03, 2023 USD ($) | Feb. 03, 2023 BRL (R$) | Dec. 31, 2022 USD ($) | Dec. 23, 2022 | Feb. 01, 2022 | Dec. 31, 2021 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Consideration payable on acquisition | $ 33,414 | $ 27,812 | ||||||||
Related Party Transaction | PBPE General Partner V, Ltd. | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Purchases of shares, related party transaction | $ 8,200 | |||||||||
Dividends | Patria Holdings Ltd | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Dividends payable (in dollars per share) | $ / shares | $ 0.308 | |||||||||
Dividend payables | $ 45,300 | |||||||||
Kamaroopin | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Percentage of voting equity interests remaining to be acquired | 60% | |||||||||
Minority interest ownership interest acquired | 40% | |||||||||
Voting equity interests acquired (in percent) | 40% | |||||||||
Kamaroopin | Major business combination | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Voting rights held in subsidiary | 100% | |||||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | $ 1,700 | |||||||||
Consideration terms | 30 days | |||||||||
Equity consideration | $ 9,600 | |||||||||
Contingent consideration dependent on future performance | 3,800 | |||||||||
Kamaroopin | Minimum | Major business combination | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Equity consideration dependent on fundraising objective achievement | $ 3,800 | |||||||||
Equity consideration lock-up period | 5 years | |||||||||
Kamaroopin | Maximum | Major business combination | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Equity consideration dependent on fundraising objective achievement | $ 9,600 | |||||||||
Equity consideration lock-up period | 3 years | |||||||||
Blue Macaw | Major business combination | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Voting equity interests acquired (in percent) | 100% | 100% | ||||||||
Consideration payable on acquisition | $ 4,800 | R$ 25.0 |
Amortization of intangible as_3
Amortization of intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation expense | $ (17,379) | $ (6,973) | $ (6,007) |
Non-contractual customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation expense | (9,773) | (785) | 0 |
Contractual rights | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation expense | (2,526) | (3,623) | (3,623) |
Placement agent fees | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation expense | (1,442) | (2,148) | (2,300) |
Brands | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation expense | (3,228) | (253) | 0 |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation expense | $ (410) | $ (164) | $ (84) |