Exhibit 99.2
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Vinci Partners Reports Second Quarter 2022 Results
Alessandro Horta, Chief Executive Officer, stated, “Vinci Partners reported solid results for the second quarter 2022. Adjusted Distributable Earningsi totaled R$61.1 million, or R$1.10 per common share, up 11% year-over-year. Since our IPO, Vinci has distributed US$1.00 per common share to shareholders as dividends, proving our resilience and ability to generate significant amounts of cash flow even in the most challenging macro scenarios. We continue to grow and expand our platform organically, ending the second quarter with R$60 billion in assets under management, and through strategic acquisitions, representing a R$62 billion Proforma AUM considering our recently announced transaction with SPS Capital.”
Dividend
Vinci Partners has declared a quarterly dividend of US$0.17 per share to record holders of common stock at the close of business on August 25, 2022. This dividend will be paid on September 9, 2022.
Second quarter 2022 Highlights
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About Vinci Partners
Vinci Partners is a leading alternative investment platform in Brazil, established in 2009.
Vinci Partners’ business segments include Private Markets (Private Equity, Real Estate, Infrastructure and Credit), Liquid Strategies (Public Equities and Hedge Funds), Investment products and Solutions, and Financial Advisory. As of June 30, 2022, the firm had R$60 billion of assets under management.
Webcast and Earnings Conference Call
Vinci Partners will host a conference call at 5:00pm EST on Thursday, August 11, 2022, to announce its second quarter 2022 results.
To access the webcast please visit the Events & Presentations’ section of the Company's website at:
https://ir.vincipartners.com/news-and-events/events-and-presentations.
For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.
To access the conference call through dial in, please register at 2Q22 VINP Earnings Dial In to obtain the conference number and access code.
Investor Contact
ShareholderRelations@vincipartners.com
NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240
USA Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Nick Lamplough / Kate Thompson / Katie Villany
+1 (212) 355-4449
Brazil Media Contact
Danthi Comunicações
Carla Azevedo (carla@danthicomunicacoes.com.br)
+55 (21) 3114-0779
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Segment Earnings
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY(%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YoY(%) |
Net revenue from management fees | 94,778 | 87,229 | 89,271 | -6% | 176,621 | 176,500 | 0% |
Net revenue from advisory fees | 6,378 | 3,674 | 6,659 | 4% | 21,444 | 10,333 | -52% |
Total Fee Related Revenues | 101,156 | 90,903 | 95,930 | -5% | 198,065 | 186,833 | -6% |
Segment personnel expenses | (5,528) | (6,549) | (6,233) | 13% | (10,625) | (12,782) | 20% |
Other G&A expenses | (4,058) | (4,503) | (4,178) | 3% | (7,632) | (8,681) | 14% |
Corporate center expenses | (19,296) | (18,761) | (21,350) | 11% | (38,808) | (40,111) | 3% |
Bonus compensation related to management and advisory | (17,082) | (17,272) | (17,267) | 1% | (35,608) | (34,539) | -3% |
Total Fee Related Expenses | (45,964) | (47,085) | (49,028) | 7% | (92,674) | (96,113) | 4% |
FEE RELATED EARNINGS (FRE)ii | 55,192 | 43,818 | 46,902 | -15% | 105,391 | 90,720 | -14% |
FRE Margin (%) | 54.6% | 48.2% | 48.9% | 53.2% | 48.6% | ||
FRE per shareiii (R$/share) | 0.97 | 0.78 | 0.84 | 1.85 | 1.63 | ||
Net revenue from performance fees | 18,624 | 3,172 | 3,839 | -79% | 28,575 | 7,011 | -75% |
Performance based compensation | (7,817) | (1,032) | (1,427) | -82% | (11,109) | (2,459) | -78% |
PERFORMANCE RELATED EARNINGS (PRE) | 10,807 | 2,140 | 2,412 | -78% | 17,466 | 4,552 | -74% |
PRE Margin (%) | 58.0% | 67.5% | 62.8% | 61.1% | 64.9% | ||
(-) Unrealized performance fees | (9,065) | (636) | – | N/A | (9,487) | (636) | -93% |
(+) Unrealized performance compensation | 2,980 | 225 | – | N/A | 3,130 | 225 | -93% |
(+) Realized GP investment income | 345 | 2,045 | 4,926 | 1,328% | 457 | 6,971 | 1,425% |
SEGMENT DISTRIBUTABLE EARNINGS | 60,259 | 47,593 | 54,240 | -10% | 116,958 | 101,833 | -13% |
Segment DE Margin (%) | 54.3% | 49.8% | 51.8% | 1 | 1 | ||
(+) Depreciation and amortization | 926 | 984 | 976 | 5% | 1,865 | 1,960 | 5% |
(+) Realized financial income | 14,239 | 24,996 | 20,001 | 40% | 18,883 | 44,997 | 138% |
(-) Leasing expenses | (3,106) | (2,472) | (2,400) | -23% | (6,263) | (4,872) | -22% |
(-) Other items | (2,120) | (1,136) | 644 | N/A | (1,234) | (492) | -60% |
(-) Non-recurring expenses | – | (5,109) | (962) | – | (6,071) | ||
(-) Income taxes (excluding related to unrealized fees and income) | (15,417) | (11,601) | (12,064) | -22% | (28,232) | (23,665) | -16% |
DISTRIBUTABLE EARNINGS (DE)iv | 54,781 | 53,255 | 60,435 | 10% | 101,976 | 113,690 | 11% |
DE Margin (%) | 43.7% | 44.2% | 48.5% | 43.1% | 46.4% | ||
DE per share (R$/share)v | 0.97 | 0.95 | 1.09 | 1.79 | 2.04 | ||
(+) Non-recurring expensesvi including income tax related to realized expense | – | 4,437 | 635 | N/A | – | 5,072 | N/A |
ADJUSTED DISTRIBUTABLE EARNINGS | 54,781 | 57,692 | 61,070 | 11% | 101,976 | 118,762 | 16% |
Adjusted DE Margin (%) | 43.7% | 47.9% | 49.0% | 43.1% | 48.4% | ||
Adjusted DE per share (R$/share) | 0.97 | 1.03 | 1.10 | 1.79 | 2.13 |
Total Fee-Related Revenuesvii of R$95.9 million for the quarter ended June 30, 2022, compared to R$101.2 million for the quarter ended June 30, 2021, a decrease of 5% year-over year, primarily due to our successful capital return in FIP Energia PCH, which occurred in the first quarter of 2022, and the mark-to-market impact in liquid funds following strong corrections in the local markets during the quarter. Fee related revenues were up 6% quarter-over-quarter, a result of higher advisory fees and the fundraising across Private Market strategies at the end of the quarter. Fee-related revenues were R$186.8 million for the six months ended June 30, 2022, down 6% year-over-year, when compared to the six months ended June 30, 2021, due to a greater contribution from advisory fees in the 1Q’21, driven by the pre-IPO advisory for B3 listed company Espaço Laser.
Fee Related Earnings (“FRE”) of R$46.9 million (R$0.84/share) for the quarter ended June 30, 2022, compared to R$55.2 million for the quarter ended June 30, 2021, a decrease of 15% year-over-year, following the capital return of R$1.1 billion for FIP Energia PCH in 1Q’22, combined with the mark-to-market effect in our liquid strategies' AUM with the strong correction in local markets over the quarter. FRE quarter-over-quarter was up 7% quarter-over-quarter, following strong fundraising across Private market and IP&S strategies and a stronger contribution from advisory fees. FRE was R$90.7 million for the six months ended June 30, 2022, down 14% year-over-year, when compared to the six months
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ended June 30, 2021, driven by substantially higher advisory fees in the first half of 2021.
FRE Marginviii was 48.9% for the quarter ended June 30, 2022, a decrease of 5.7 percentage points when compared to the quarter ended June 30, 2021, impacted partially by higher fixed costs following the rise in inflation rates over the last twelve months combined with the reduction in management fees as a consequence of capital returns and mark-to-market effect. On a comparable basis, 2Q’22 FRE margin disregarding our recently announced VRS segment, would be 50.7%.
Performance Related Earnings (“PRE”)ix of R$2.4 million for the quarter ended June 30, 2022, compared to R$10.8 million for the quarter ended June 30, 2021, a decrease of 78% year-over-year. PRE was R$4.6 million for the six months ended June 30, 2022, down 74% year-over-year, when compared to the six months ended June 30, 2021. In the 2Q'21 the platform was positively impacted by an extraordinary performance coming from international exclusive mandates in IP&S, that although unrealized, impacted PRE results. Liquid strategies' funds haven't been able to charge significant levels of performance fees during 2022, mostly due to their high-watermark clause and the strong correction in local markets during the period.
Segment Distributable Earningsx of R$54.2 million for the quarter ended June 30, 2022, compared to R$60.3 million for the quarter ended June 30, 2021, a decrease of 10% year-over-year. Segment Distributable Earnings were R$101.8 million for the six months ended June 30, 2022, down 13% year-over-year, when compared to the six months ended June 30, 2021.
Adjusted Distributable Earnings (“DE”) of R$61.1 million (R$1.10/share) for the quarter ended June 30, 2022, compared to R$54.8 million for the quarter ended June 30, 2021, an increase of 11% year-over-year, boosted by a greater contribution from financial income. Adjusted DE was R$118.8 million for the six months ended June 30, 2022, up 16% year-over-year, when compared to the six months ended June 30, 2021.
Adjusted DE Marginxi was 49.0% for the quarter ended June 30, 2022, a 5.3 percentage point increase compared to 43.7% for the quarter ended June 30, 2021. For the six months ended June, 2022, Adjusted DE Margin reached 48.4%, an increase of 5.3 percentage points year-over-year.
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Segment Highlights
Private Market Strategies
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY (%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YTD (%) |
Net revenue from management fees | 49,407 | 46,759 | 47,654 | -4% | 95,988 | 94,413 | -2% |
Net revenue from advisory fees | 2,641 | 467 | 275 | -90% | 3,146 | 741 | -76% |
Total Fee Related Revenues | 52,048 | 47,226 | 47,929 | -8% | 99,134 | 95,154 | -4% |
Segment personnel expenses | (2,722) | (2,736) | (2,923) | 7% | (5,160) | (5,659) | 10% |
Other G&A expenses | (2,907) | (2,755) | (2,411) | -17% | (5,232) | (5,166) | -1% |
Corporate center expenses | (9,792) | (9,554) | (10,827) | 11% | (20,376) | (20,381) | 0% |
Bonus compensation related to management and advisory | (7,568) | (7,307) | (7,426) | -2% | (15,299) | (14,733) | -4% |
Total Fee Related Expenses | (22,989) | (22,352) | (23,587) | 3% | (46,067) | (45,939) | 0% |
FEE RELATED EARNINGS (FRE) | 29,059 | 24,874 | 24,342 | -16% | 53,067 | 49,215 | -7% |
FRE Margin (%) | 55.8% | 52.7% | 50.8% | 53.5% | 51.7% | ||
Net revenue from performance fees | 1,792 | 640 | 1,719 | -4% | 2,254 | 2,359 | 5% |
Realized performance fees | 715 | 4 | 1,719 | 140% | 755 | 1,723 | 128% |
Unrealized performance fees | 1,077 | 636 | – | N/A | 1,499 | 636 | -58% |
Performance based compensation | (570) | (226) | (609) | 7% | (731) | (835) | 14% |
PERFORMANCE RELATED EARNINGS (PRE) | 1,222 | 414 | 1,110 | -9% | 1,523 | 1,524 | 0% |
PRE Margin (%) | 68.2% | 64.7% | 64.6% | 67.6% | 64.6% | ||
(-) Unrealized performance fees | (1,077) | (636) | – | N/A | (1,499) | (636) | -58% |
(+) Unrealized performance compensation | 382 | 225 | – | N/A | 532 | 225 | -58% |
(+) Realized GP investment income | 345 | 2,045 | 4,926 | 1328% | 457 | 6,971 | 1425% |
SEGMENT DISTRIBUTABLE EARNINGS | 29,931 | 26,922 | 30,377 | 1% | 54,079 | 57,299 | 6% |
Segment DE Margin (%) | 56.4% | 54.6% | 55.7% | 53.9% | 55.2% | ||
ASSETS UNDER MANAGEMENT (AUM R$ millions) | 20,762 | 21,041 | 23,998 | 16% | 20,762 | 23,998 | 16% |
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) | 18,873 | 19,192 | 20,722 | 10% | 18,873 | 20,722 | 10% |
AVERAGE MANAGEMENT FEE RATE (%) | 0.99% | 0.92% | 0.90% | 0.98% | 0.91% | ||
FULL TIME EMPLOYEES | 50 | 50 | 46 | -8% | 50 | 46 | -8% |
Fee related earnings (FRE) of R$24.3 million for the quarter ended June 30, 2022, a decrease of 16% year-over-year, driven by a combination of FIP Energia's capital return in the first quarter of 2022 and a one-off advisory fee contribution in Real Estate during the 2Q'21. FRE was R$49.2 million over the six months ended June 30, 2022, down 7% when compared to the six months ended June 30, 2021.
Segment Distributable Earnings of R$30.4 million for the quarter ended June 30, 2022, up 1% year-over-year. Segment DE was R$57.3 million over the six months ended June 30, 2022, up 6% when compared to the six months ended June 30, 2021, boosted by a higher contribution from GP investment income.
AUM of R$24.0 billion at the end of the 2Q’22, an increase of 16% year-over-year, driven by strong fundraising across Private Equity and Credit strategies. These fundraisings occurred in the latter part of the quarter and will start to impact management fee revenues from the third quarter onwards.
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Liquid Strategies
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY (%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YTD (%) |
Net revenue from management fees | 23,020 | 20,573 | 20,210 | -12% | 43,003 | 40,783 | -5% |
Net revenue from advisory fees | – | – | – | N/A | – | – | N/A |
Total Fee Related Revenues | 23,020 | 20,573 | 20,210 | -12% | 43,003 | 40,783 | -5% |
Segment personnel expenses | (1,387) | (1,384) | (1,394) | 1% | (2,680) | (2,778) | 4% |
Other G&A expenses | (681) | (676) | (780) | 15% | (1,305) | (1,456) | 12% |
Corporate center expenses | (4,196) | (4,203) | (4,592) | 9% | (8,689) | (8,795) | 1% |
Bonus compensation related to management and advisory | (3,893) | (3,948) | (3,922) | 1% | (7,312) | (7,871) | 8% |
Total Fee Related Expenses | (10,157) | (10,212) | (10,688) | 5% | (19,986) | (20,900) | 5% |
FEE RELATED EARNINGS (FRE) | 12,863 | 10,361 | 9,522 | -26% | 23,017 | 19,883 | -14% |
FRE Margin (%) | 55.9% | 50.4% | 47.1% | 53.5% | 48.8% | ||
Net revenue from performance fees | 6,451 | 2,325 | 1,300 | -80% | 8,460 | 3,625 | -57% |
Realized performance fees | 6,451 | 2,325 | 1,300 | -80% | 8,460 | 3,625 | -57% |
Unrealized performance fees | – | – | – | N/A | – | – | N/A |
Performance based compensation | (4,015) | (722) | (459) | -89% | (4,718) | (1,181) | -75% |
PERFORMANCE RELATED EARNINGS (PRE) | 2,436 | 1,603 | 841 | -65% | 3,742 | 2,444 | -35% |
PRE Margin (%) | 37.8% | 68.9% | 64.7% | 44.2% | 67.4% | ||
(-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
(+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
SEGMENT DISTRIBUTABLE EARNINGS | 15,299 | 11,963 | 10,363 | -32% | 26,759 | 22,327 | -17% |
Segment DE Margin (%) | 51.9% | 52.2% | 48.2% | 52.0% | 50.3% | ||
ASSETS UNDER MANAGEMENT (AUM R$ millions) | 14,124 | 12,243 | 9,845 | -30% | 14,124 | 9,845 | -30% |
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) | 13,965 | 12,104 | 9,708 | -30% | 13,965 | 9,708 | -30% |
AVERAGE MANAGEMENT FEE RATE (%) | 0.73% | 0.74% | 0.78% | 0.70% | 0.76% | ||
FULL TIME EMPLOYEES | 24 | 21 | 22 | -8% | 24 | 22 | -8% |
Fee related earnings (FRE) of R$9.5 million for the quarter ended June 30, 2022, down 26% year-over-year. FRE was R$19.9 million over the six months ended June 30, 2022, a decrease of 14% when compared to the six months ended June 30, 2021, driven by the mark-to-market effect in liquid strategies' AUM during the second quarter, impacting management fee revenues.
Performance related earnings (PRE) of R$0.8 million for the quarter ended June 30, 2022, down 65% year-over-year. PRE was R$2.4 million over the six months ended June 30, 2022, a decrease of 35% when compared to the six months ended June 30, 2021. Liquid strategies' funds haven't been able to charge performance fees, mostly due to their high-watermark clause and the strong correction in local markets during the period.
Segment Distributable Earnings of R$10.4 million for the quarter ended June 30, 2022, down 32% year-over-year. Segment DE was R$22.3 million over the six months ended June 30, 2022, a decrease of 17% when compared to the six months ended June 30, 2021.
AUM was R$9.8 billion at the end of the 2Q’22. Liquid strategies' AUM has not suffered from significant outflows in the quarter when compared to the outflows seen in the Brazilian asset manager industry during the quarter. Most of the decrease seen in liquid funds' AUM year-over-year comes from the mark-to-market effect following the depreciation in local markets.
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Investment Products and Solutions
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY (%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YTD (%) |
Net revenue from management fees | 22,349 | 19,897 | 21,407 | -4% | 37,629 | 41,304 | 10% |
Net revenue from advisory fees | 20 | 7 | 7 | -65% | 39 | 14 | -65% |
Total Fee Related Revenues | 22,369 | 19,904 | 21,414 | -4% | 37,668 | 41,317 | 10% |
Segment personnel expenses | (1,008) | (1,827) | (1,078) | 7% | (1,979) | (2,905) | 47% |
Other G&A expenses | (344) | (600) | (450) | 31% | (809) | (1,050) | 30% |
Corporate center expenses | (4,343) | (4,065) | (4,864) | 12% | (7,782) | (8,929) | 15% |
Bonus compensation related to management and advisory | (3,927) | (4,156) | (3,557) | -9% | (7,595) | (7,712) | 2% |
Total Fee Related Expenses | (9,622) | (10,648) | (9,948) | 3% | (18,166) | (20,596) | 13% |
FEE RELATED EARNINGS (FRE) | 12,747 | 9,255 | 11,466 | -10% | 19,502 | 20,721 | 6% |
FRE Margin (%) | 57.0% | 46.5% | 53.5% | 51.8% | 50.2% | ||
Net revenue from performance fees | 10,382 | 208 | 820 | -92% | 17,863 | 1,028 | -94% |
Realized performance fees | 2,394 | 208 | 820 | -66% | 9,875 | 1,028 | -90% |
Unrealized performance fees | 7,988 | – | – | N/A | 7,988 | – | N/A |
Performance based compensation | (3,233) | (84) | (360) | -89% | (5,660) | (444) | -92% |
PERFORMANCE RELATED EARNINGS (PRE) | 7,149 | 124 | 460 | -94% | 12,203 | 584 | -95% |
PRE Margin (%) | 68.9% | 59.5% | 56.1% | 68.3% | 56.8% | ||
(-) Unrealized performance fees | (7,988) | – | – | N/A | (7,988) | – | N/A |
(+) Unrealized performance compensation | 2,599 | – | – | N/A | 2,599 | – | N/A |
SEGMENT DISTRIBUTABLE EARNINGS | 14,507 | 9,379 | 11,926 | -18% | 26,316 | 21,305 | -19% |
Segment DE Margin (%) | 58.6% | 46.6% | 53.6% | 55.4% | 50.3% | ||
ASSETS UNDER MANAGEMENT (AUM R$ millions) | 21,966 | 23,394 | 25,659 | 17% | 21,966 | 25,659 | 17% |
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) | 21,812 | 23,258 | 25,545 | 17% | 21,812 | 25,545 | 17% |
AVERAGE MANAGEMENT FEE RATE (%) | 0.45% | 0.37% | 0.38% | 0.40% | 0.38% | ||
FULL TIME EMPLOYEES | 14 | 14 | 16 | 14% | 14 | 16 | 14% |
Fee related earnings (FRE) of R$11.5 million for the quarter ended June 30, 2022, down 10% year-over-year due to a retroactive revenue recognition in the 2Q'21. FRE was up 24% on a quarter-over-quarter basis. FRE was R$20.7 million over the six months ended June 30, 2022, an increase of 6% when compared to the six months ended June 30, 2021, driven by the growth in management fees following notable fundraising over the last six months.
Performance related earnings (PRE) of R$460 thousand for the quarter ended June 30, 2022, down 94% year-over-year. In the 2Q'21 the platform was positively impacted by an extraordinary performance coming from international exclusive mandates in IP&S, that although unrealized, impacted PRE results. PRE over the six months ended June 30, 2022 was R$584 thousand, a decrease of 95% when compared to the six months ended June 30, 2021.
Segment Distributable Earnings of R$11.9 million for the quarter ended June 30, 2022, down 18% year-over-year, mainly due to a higher contribution from PRE in the 2Q’21. Segment DE was R$21.3 million over the six months ended June 30, 2022, a decrease of 19% when compared to the six months ended June 30, 2021.
AUM of R$25.7 billion, up 17% year-over-year, following the strong fundraising from our pension plan products in the second quarter.
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Financial Advisory
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY (%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YTD (%) |
Net revenue from management fees | – | – | – | N/A | – | – | N/A |
Net revenue from advisory fees | 3,718 | 3,201 | 6,378 | 72% | 18,259 | 9,578 | -48% |
Total Fee Related Revenues | 3,718 | 3,201 | 6,378 | 72% | 18,259 | 9,578 | -48% |
Segment personnel expenses | (411) | (505) | (530) | 29% | (806) | (1,035) | 28% |
Other G&A expenses | (126) | (209) | (165) | 31% | (307) | (374) | 22% |
Corporate center expenses | (965) | (938) | (1,067) | 11% | (1,939) | (2,006) | 3% |
Bonus compensation related to management and advisory | (1,694) | (908) | (1,350) | -20% | (5,401) | (2,208) | -59% |
Total Fee Related Expenses | (3,196) | (2,560) | (3,112) | -3% | (8,454) | (5,623) | -33% |
FEE RELATED EARNINGS (FRE) | 522 | 640 | 3,265 | 525% | 9,805 | 3,956 | -60% |
FRE Margin (%) | 14.1% | 20.0% | 51.2% | 53.7% | 41.3% | ||
SEGMENT DISTRIBUTABLE EARNINGS | 522 | 640 | 3,265 | 525% | 9,805 | 3,956 | -60% |
Segment DE Margin (%) | 14.1% | 20.0% | 51.2% | 53.7% | 41.3% | ||
FULL TIME EMPLOYEES | 8 | 11 | 10 | 25% | 8 | 10 | 25% |
Fee related earnings (FRE) of R$3.3 million for the quarter ended June 30, 2022, up 525% year-over-year. FRE was R$4.0 million over the six months ended June 30, 2022, a decrease of 60% when compared to the six months ended June 30, 2021, due to a greater contribution from advisory fees in the 1Q’21, when the Advisory team closed the pre-IPO advisory for B3 listed company Espaço Laser.
Segment Distributable Earnings over the six months ended June 30, 2022 were R$4.0 million, a decrease of 60% year-over-year when compared to the six months ended June 30, 2021.
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Retirement Services
(R$ thousands, unless mentioned)/ | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY (%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YTD (%) |
Net revenue from management fees | – | – | – | – | – | – | – |
Net revenue from advisory fees | – | – | – | – | – | – | – |
Total Fee Related Revenues | – | – | – | – | – | – | – |
Segment personnel expenses | – | (97) | (308) | – | – | (405) | – |
Other G&A expenses | – | (263) | (372) | – | – | (635) | – |
Corporate center expenses | – | – | – | – | – | – | – |
Bonus compensation related to management and advisory | – | (1,002) | (1,012) | – | – | (2,014) | – |
Total Fee Related Expenses | – | (1,362) | (1,692) | – | – | (3,054) | – |
FEE RELATED EARNINGS (FRE) | – | (1,362) | (1,692) | – | – | (3,054) | – |
FRE Margin (%) | – | – | – | – | – | ||
Net revenue from performance fees | – | – | – | – | – | – | – |
Realized performance fees | – | – | – | – | – | – | – |
Unrealized performance fees | – | – | – | – | – | – | – |
Performance based compensation | – | – | – | – | – | – | – |
PERFORMANCE RELATED EARNINGS (PRE) | – | – | – | – | – | – | – |
PRE Margin (%) | – | – | – | – | – | ||
(-) Unrealized performance fees | – | – | – | – | – | – | – |
(+) Unrealized performance compensation | – | – | – | – | – | – | – |
SEGMENT DISTRIBUTABLE EARNINGS | – | (1,362) | (1,692) | – | – | (3,054) | – |
Segment DE Margin (%) | – | – | – | – | – | ||
ASSETS UNDER MANAGEMENT (AUM R$millions) | – | – | – | – | – | – | – |
FULL TIME EMPLOYEES | – | 3 | 5 | – | – | 5 | – |
Fee Related Earnings (FRE) of negative R$1.7 million for the quarter ended June 30, 2022. FRE was negative R$3.1 million to the six months ended June 30, 2022.
VRS is within investment period and products are expected to be launched in 2023. We are separating this segment from others because we believe it could be a relevant tech enabled vertical in the future.
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Income Statement
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | ∆ YoY(%) | 2Q'21 YTD | 2Q'22 YTD | ∆ YTD (%) |
REVENUES | |||||||
Net revenue from management fees | 94,778 | 87,229 | 89,271 | -6% | 176,621 | 176,500 | 0% |
Net revenue from performance fees | 18,624 | 3,172 | 3,839 | -79% | 28,575 | 7,011 | -75% |
Realized performance fees | 9,559 | 2,536 | 3,839 | -60% | 19,088 | 6,375 | -67% |
Unrealized performance fees | 9,065 | 636 | – | N/A | 9,487 | 636 | -93% |
Net revenue from advisory | 6,378 | 3,674 | 6,659 | 4% | 21,444 | 10,333 | -52% |
Total net revenues from services rendered | 119,780 | 94,075 | 99,769 | -17% | 226,640 | 193,844 | -14% |
EXPENSES | |||||||
Bonus related to management and advisory | (17,082) | (17,272) | (17,267) | 1% | (35,608) | (34,539) | -3% |
Performance based compensation | (7,817) | (1,032) | (1,427) | -82% | (11,109) | (2,459) | -78% |
Realized | (4,837) | (807) | (1,427) | -71% | (7,979) | (2,234) | -72% |
Unrealized | (2,980) | (225) | – | N/A | (3,130) | (225) | -93% |
Total compensation and benefitsxii | (24,899) | (18,303) | (18,694) | -25% | (46,717) | (36,998) | -21% |
Segment personnel expenses | (5,528) | (6,549) | (6,233) | 13% | (10,625) | (12,782) | 20% |
Other general and administrative expenses | (4,058) | (4,503) | (4,178) | 3% | (7,632) | (8,681) | 14% |
Corporate center expenses | (19,296) | (18,761) | (21,350) | 11% | (38,808) | (40,111) | 3% |
Total expenses | (53,781) | (48,116) | (50,455) | -6% | (103,783) | (98,571) | -5% |
Operating profit | 65,999 | 45,959 | 49,314 | -25% | 122,857 | 95,273 | -22% |
OTHER ITEMS | |||||||
GP Investment income | (5,206) | (4,169) | (7,211) | 39% | (4,045) | (11,380) | 181% |
Realized gain from GP investment income | 345 | 2,045 | 4,926 | 1328% | 457 | 6,971 | 1425% |
Unrealized gain from GP investment income | (5,551) | (6,214) | (12,137) | 119% | (4,502) | (18,351) | 308% |
Financial income | 14,152 | 24,708 | 21,193 | 50% | 18,649 | 45,901 | 146% |
Realized gain from financial income | 14,239 | 24,996 | 20,001 | 40% | 18,883 | 44,997 | 138% |
Unrealized gain from financial income | (87) | (288) | 1,192 | N/A | (234) | 904 | N/A |
Leasing expenses | (3,106) | (2,472) | (2,400) | -23% | (6,263) | (4,872) | -22% |
Other items | (2,120) | (1,136) | 644 | N/A | (1,234) | (492) | -60% |
Share Based Plan | (1,642) | (736) | (2,468) | 50% | (1,642) | (3,204) | 95% |
Nonrecurring expenses | – | (5,109) | (962) | N/A | – | (6,071) | N/A |
Total Other Items | 2,078 | 11,086 | 8,796 | 323% | 5,465 | 19,882 | 264% |
Profit before income taxes | 68,077 | 57,045 | 58,109 | -15% | 128,322 | 115,154 | -10% |
(-) Income taxes | (14,671) | (11,739) | (11,711) | -20% | (27,903) | (23,450) | -16% |
NET INCOME | 53,406 | 45,306 | 46,398 | -13% | 100,419 | 91,704 | -9% |
(+) Non-recurring expenses including income tax related to realized expense | – | 4,437 | 635 | N/A | – | 5,072 | N/A |
ADJUSTED NET INCOME | 53,406 | 49,742 | 47,033 | -12% | 100,419 | 96,776 | -4% |
Total net revenues from services rendered of R$99.8 million for the quarter ended June 30, 2022, compared to R$119.8 million for the quarter ended June 30, 2021, a decrease of 17% year-over-year, impacted by significant mark-to-market correction this quarter, which has a negative impact on Liquid Strategies’ AUM and performance fees. Net revenues for the six months ended June 30, 2022, were R$193.8 million, down 14% year-over-year, when compared to the six months ended June 30, 2021. Net revenues for the quarter-over-quarter ended June 30, 2022, were up 6%, when compared to the quarter ended March 31, 2022, due to relevant fundraising in Private Markets and IP&S during the 2Q’22.
· | Management fee revenues of R$89.3 million for the quarter ended June 30, 2022, compared to R$94.8 million for the quarter ended June 30, 2021, a decrease of 6% year-over-year, primarily due to our successful capital return in FIP Energia PCH, which occurred in the first quarter of 2022, and impacted by significant mark-to-market correction this quarter, which has a negative impact on Liquid Strategies’ AUM. Management fee revenues for |
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the six months ended June 30, 2022, were R$176.5 million, in line, when compared to the six months ended June 30, 2021.
· | Performance fee revenues of R$3.8 million for the quarter ended June 30, 2022, compared to R$18.6 million for the quarter ended June 30, 2021, a decrease of 79% year-over-year. In the 2Q'21 the platform was positively impacted by an extraordinary performance coming from international exclusive mandates in IP&S. Performance fee revenues were R$7.0 million for the six months ended June 30, 2022, down 75% year-over-year, when compared to the six months ended June 30, 2021. Liquid strategies' funds haven't been able to charge significant levels of performance fees, mostly due to their high-watermark clause and the strong correction in local markets during the period. |
· | Advisory fee revenues of R$6.7 million for the quarter ended June 30, 2022, compared to R$6.4 million for the quarter ended June 30, 2021, an increase of 4% year-over-year. Advisory revenues for the six months ended June 30, 2022, were R$10.3 million, down 52% when compared to the six months ended June 30, 2021, due to a greater contribution from advisory fees in the 1Q’21, when the Advisory team closed the pre-IPO advisory for B3 listed company Espaço Laser. |
Total expenses for the quarter ended June 30, 2022, of R$50.5 million, compared to R$53.8 million for the quarter ended June 30, 2021, a decrease of 6% year-over-year. Total expenses for the six months ended June 30, 2022, were R$98.6 million, down 5% when compared to the six months ended June 30, 2021.
· | Bonus related to management and advisory feesxiii of R$17.3 million for the quarter ended June 30, 2022, compared to R$17.1 million for the quarter ended June 30, 2021, an increase of 1% year-over-year. Bonus related to management and advisory was R$34.5 million for the six months ended June 30, 2022, down 3% year-over-year, when compared to the six months ended June 30, 2021. |
· | Performance based compensationxiv of R$1.4 million for the quarter ended June 30,2022, compared to R$7.8 million for the quarter ended June 30, 2021. Performance based compensation for the six months ended June 30, 2022, was R$2.5 million, a decrease of 78% year-over-year, when compared to the six months ended June 30, 2021. |
· | Segment personnel expensesxv of R$6.2 million for the quarter ended June 30, 2022, compared to R$5.5 million for the quarter ended June 30, 2021, an increase of 13% year-over-year. Segment personnel expenses for the six months ended June 30, 2022, was R$12.8 million, up 20% year-over-year, when compared to the six months ended June 30, 2021, primarily due to higher inflation in the period affecting fixed costs. |
· | Corporate center expensesxvi of R$21.4 million for the quarter ended June 30, 2022, compared to R$19.3 million for the quarter ended June 30, 2021, an increase of 11% year-over-year. Corporate center expenses were up year-over-year due to higher inflation in the period and the return of travel expenses to the same levels experienced before COVID-19 pandemic. Corporate center expenses for the six months ended June 30, 2022, were R$40.1 million, up 3% year-over-year, when compared to the six months ended June 30, 2021. |
· | Other general and administrative expensesxvii of R$4.2 million for the quarter ended June 30, 2022, compared to |
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R$4.1 million for the quarter ended June 30, 2021, an increase of 3% year-over-year. Other G&A expenses for the six months ended June 30, 2022, were R$8.7 million, up 14% year-over-year, when compared to the six months ended June 30, 2021.
Operating Profit of R$49.3 million for the quarter ended June 30, 2022, compared to R$66.0 million for the quarter ended June 30, 2021, a decrease of 25% year-over-year. Operating profit for the six months ended June 30, 2022, was R$95.3 million, down 22% year-over-year, when compared to the six months ended June 30, 2021.
GP Investment incomexviii, a result of the company’s GP investments in its proprietary private market funds, was negative R$7.2 million for the quarter ended June 30, 2022, compared to negative R$5.2 million for the quarter ended June 30, 2021, due to the mark-to-market effect over listed REITs’ quotas in the B3. GP Investment income for the six months ended June 30, 2022, was negative R$11.4 million compared to negative R$4.0 million for the six months ended June 30, 2021.
Financial Incomexix of R$21.2 million for the quarter ended June 30, 2022, compared to R$14.2 million for the quarter ended June 30, 2021, an increase of 50% year-over-year, a result of financial gains from the company’s cash allocation. Financial income for the six months ended June 30, 2022, was R$45.9 million, up 146% year-over-year, when compared to the six months ended June 30, 2021.
Leasing Expensesxx of R$2.4 million for the quarter ended June 30, 2022, compared to R$3.1 million for the quarter ended June 30, 2021, a decrease of 23% year-over-year.
Share Based Plan expensesxxi of R$2.5 million for the quarter ended June 30, 2022. In the six months ended June 30, 2022, share based plan expenses accounted for R$3,2 million.
Nonrecurring expensesxxii of R$962 thousands for the quarter ended June 30, 2022. Non-recurring expenses are composed by expenses related to professional services to matters related to M&A.
Profit before income taxes of R$58.1 million for the quarter ended June 30, 2022, compared to R$68.1 million for the quarter ended June 30, 2021, a decrease of 15% year-over-year. Profit before income taxes for the six months ended June 30, 2022, was R$115.2 million, down 10% year-over-year, when compared to the six months ended June 30, 2021.
Income Taxesxxiii of R$11.7 million for the quarter ended June 30, 2022, which represented an effective tax rate for the quarter of 20%, compared to R$14.7 million for the quarter ended June 30, 2021, which represented an effective tax rate of 22%.
Adjusted Net Income of R$47.0 million for the quarter ended June 30, 2022, compared to R$53.4 million for the quarter ended June 30, 2021, a decrease of 12% year-over-year. Adjusted Net Income was R$96.8 million for the six months ended June 30, 2022, down 4% year-over-year, when compared to the six months ended June 30, 2021.
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Supplement Details
Assets Under Management (AUM)xxiv Rollforward – R$ millions
For the Three Months Ended June 30, 2022
Private Equity | Public Equities | IP&S | Infrastructure | Real Estate | Credit | Hedge Funds | Total | |
Beginning balance | 11,025 | 9,333 | 23,394 | 1,493 | 5,317 | 3,206 | 2,910 | 56,677 |
(+/-) Capital Subscription / (capital return) | 1,888 | – | – | 11 | (113) | 958 | – | 2,744 |
(+) Capital Subscription | 1,898 | – | – | 11 | – | 994 | – | 2,904 |
(-) Capital Return | (11) | – | – | – | (113) | (36) | – | (160) |
(+/-) Net Inflow / (outflow) | – | (646) | 2,448 | – | 16 | 29 | (116) | 1,731 |
(+/-) Appreciation / (depreciation) | 100 | (1,622) | (182) | (45) | (12) | 124 | (14) | (1,651) |
Ending Balance | 13,013 | 7,064 | 25,659 | 1,460 | 5,208 | 4,318 | 2,781 | 59,502 |
For the Twelve Months Ended June 30, 2022
Private Equity | Public Equities | IP&S | Infrastructure | Real Estate | Credit | Hedge Funds | Total | |
Beginning balance | 10,851 | 10,861 | 21,966 | 2,363 | 5,087 | 2,461 | 3,263 | 56,852 |
(+/-) Capital Subscription / (capital return) | 2,103 | – | 203 | (900) | 296 | 1,053 | – | 2,755 |
(+) Capital Subscription | 2,116 | – | 203 | 288 | 619 | 1,160 | – | 4,386 |
(-) Capital Return | (13) | – | – | (1,188) | (323) | (107) | – | (1,631) |
(+/-) Net Inflow / (outflow) | – | (1,289) | 3,658 | – | 123 | 499 | (498) | 2,492 |
(+/-) Appreciation / (depreciation) | 58 | (2,508) | (168) | (3) | (298) | 305 | 16 | (2,597) |
Ending Balance | 13,013 | 7,064 | 25,659 | 1,460 | 5,208 | 4,318 | 2,781 | 59,502 |
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Fee Earning Assets Under Management (FEAUM) Rollforward – R$ millions
For the Three Months Ended June 30, 2022
Private Equity | Public Equities | IP&S | Infrastructure | Real Estate | Credit | Hedge Funds | Total | |
Beginning balance | 9,236 | 9,267 | 23,258 | 1,433 | 5,317 | 3,206 | 2,838 | 54,553 |
(+/-) Capital Subscription / (capital return) | 593 | – | – | 11 | (113) | 958 | – | 1,449 |
(+) Capital Subscription | 603 | – | – | 11 | – | 994 | – | 1,609 |
(-) Capital Return | (11) | – | – | – | (113) | (36) | – | (160) |
(+/-) Net Inflow / (outflow) | – | (643) | 2,468 | – | 16 | 29 | (116) | 1,755 |
(+/-) Appreciation / (depreciation) | (31) | (1,622) | (181) | (45) | (12) | 124 | (16) | (1,783) |
Ending Balance | 9,797 | 7,002 | 25,545 | 1,399 | 5,208 | 4,318 | 2,706 | 55,975 |
For the Twelve Months Ended June 30, 2022
Private Equity | Public Equities | IP&S | Infrastructure | Real Estate | Credit | Hedge Funds | Total | |
Beginning balance | 9,066 | 10,765 | 21,812 | 2,259 | 5,087 | 2,461 | 3,200 | 54,650 |
(+/-) Capital Subscription / (capital return) | 808 | – | 203 | (850) | 296 | 1,053 | – | 1,510 |
(+) Capital Subscription | 821 | – | 203 | 288 | 619 | 1,160 | – | 3,091 |
(-) Capital Return | (13) | – | – | (1,138) | (323) | (107) | – | (1,581) |
(+/-) Net Inflow / (outflow) | – | (1,285) | 3,686 | – | 123 | 499 | (502) | 2,520 |
(+/-) Appreciation / (depreciation) | (77) | (2,479) | (155) | (10) | (298) | 305 | 8 | (2,706) |
Ending Balance | 9,797 | 7,002 | 25,545 | 1,399 | 5,208 | 4,318 | 2,706 | 55,975 |
Accrued Performance Fees – Private Market Funds
(R$ mm) | 1Q’22 | Unrealized Performance Fees | Realized Distributions | 2Q'22 |
Private Equity | 84.6 | 41.5 | - | 126.1 |
Infrastructure | 20.0 | (0.2) | - | 19.9 |
Real Estate | 0 | 0.1 | - | 0.1 |
Total | 104.6 | 41.5 | - | 146.1 |
Vinci Partners recognizes the performance revenue according to IFRS 15. Unrealized performance fees are recognized only when is highly probable that the revenue will not be reversed in the Income Statement.
The fund FIP Infra Transmissão in Infrastructure had R$19.9 million as of the end of the second quarter of 2022 booked as unrealized performance fees in the company´s balance sheet.
Accrued performance fees shown for Private Equity funds of R$126.1 million and for Real Estate funds of R$0.1 million as of the end of the second quarter of 2022 have not been booked as unrealized performance fees in the company´s balance sheet.
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Investment Records – IP&S, Liquid Strategies, Credit and Listed REIT
Fund | Segment | NAVxxv (R$ millions) | 2Q22 | YTD | 12 M | 24 M | Market Comparison | Index Rate |
Vinci Multiestratégia FIM | Hedge Funds | 490.5 | 2.2% | 5.4% | 7.7% | 9.2% | CDI4 | CDI4 |
Atlas Strategy² | Hedge Funds | 490.2 | 0.5% | 4.8% | 0.4% | 0.9% | CDI4 | CDI4 |
Vinci Total Return | Hedge Funds | 241.0 | -12.5% | -4.5% | -10.5% | 33.2% | IPCA5 + Yield IMA-B7 | IPCA5 + Yield IMA-B7 |
Mosaico Strategy | Public Equities | 951.1 | -18.5% | -8.9% | -24.6% | -3.0% | IBOV5 | IBOV5 |
Vinci Gas Dividendos FIA | Public Equities | 469.9 | -15.1% | -1.9% | -15.5% | 7.5% | IBOV5 | IBOV5 |
Vinci Valorem FIM | IP&S | 3,066.5 | 2.9% | 7.3% | 9.7% | 15.4% | IMA-B 57 | IMA-B 57 |
Equilibrio Strategy³ | IP&S | 2,070.7 | 2.7% | 7.4% | 8.9% | 15.9% | IPCA6 | - |
Vinci Selection Equities FIA | IP&S | 634.3 | -13.7% | -5.6% | -21.6% | 0.3% | IBOV5 | IBOV5 |
Vinci Crédito Imobiliário I | Credit | 257.1 | 3,16% | 7.79% | 7,79% | 16,39% | IPCA6 | IPCA6 +7.785% |
Vinci Crédito Imobiliário II | Credit | 636.9 | 1,55% | 4.71% | 4,52% | 11,52% | IPCA6 | IPCA6+ 6% |
Vinci Crédito Estruturado Multiestrategia Plus FIC FIM | Credit | 125.0 | 3,36% | 6.16% | 11,00% | 16,43% | CDI4 | CDI4 |
Vinci Energia Sustentável | Credit | 614.0 | 2,33% | 1.30% | 3,58% | 13,55% | IPCA6 | IPCA6 + 6% |
Vinci Crédito Multiestratégia | Credit | 308.2 | 3,35% | 6.80% | 12,91% | - | CDI4 | IPCA6 + 5% |
VISC11 | Real Estate (listed REIT) | 1,774.9 | 3.2% | 1.8% | 1.9% | 9.3% | IFIX8 | IPCA6 + 6% |
VILG11 | Real Estate (listed REIT) | 1,421.8 | -2.1% | -5.7% | -5.3% | -9.4% | IFIX8 | IPCA6 + 6% |
VINO11 | Real Estate (listed REIT) | 725.4 | -9.9% | -18.7% | -17.5% | -8.8% | IFIX8 | IPCA6 + 6% |
VIFI11 | Real Estate (listed REIT) | 55.6 | -1.9% | -4.6% | -9.3% | -17.1% | IFIX8 | IFIX8 |
VIUR11 | Real Estate (listed REIT) | 191.3 | 0.5% | -2.7% | -12.6% | - | IFIX8 | IPCA6 + 6% |
VIGT11 | Infrastructure (listed) | 595.5 | -4.7% | -6.4% | -4.0% | -22.7% | - | - |
VINCI FOF IMOBILIARIO FIM CP | Real Estate (REIT) | 11.0 | 2.0% | 3.8% | - | - | IFIX8 | IFIX8 |
Benchmark | 2Q22 | YTD | 12 M | 24 M |
IBOV | -18.1% | -6.0% | -22.3% | 3.7% |
CDI | 3.0% | 5.4% | 8.7% | 11.1% |
IMA-B 5 | 2.7% | 6.6% | 10.1% | 16.7% |
IPCA + Yield IMA-B | 4.2% | 7.4% | 16.0% | 28.6% |
IPCA | 2.3% | 5.5% | 11.9% | 21.2% |
IFIX | -0.9% | -0.3% | -2.3% | 11.5% |
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Investment Records – Closed End Private Markets fundsxxvi
Fund | Segment | Vintage year | Committed Capital (R$mm) | Invested Capital (R$mm) | Realized or Partially Realized (R$mm) | Unrealized (R$mm) | Total Value (R$mm) | Gross MOICxxvii (BRL) | Gross MOIC (USD) | Gross IRRxxviii (BRL) | Gross IRR (USD) |
Fund 1 | Private Equity | 2004 | 1,415 | 1,206 | 5,058 | 229 | 5,287 | 4.4x | 4.0x | 71.5% | 77.2% |
VCP II | Private Equity | 2011 | 2,200 | 1,805 | 1,844 | 2,390 | 4,234 | 2.3x | 1.2x | 12.6% | 2.8% |
VCP III
| Private Equity | 2018 | 4,000 | 1,825 | 34 | 2,910 | 2,944 | 1.6x | 1.6x | 48.6% | 42.0% |
VCP Strategyxxix | Private Equity | 7,615 | 4,835 | 6,936 | 5,529 | 12,465 | 2.6x | 2.3x | 64.8% | 70.3% | |
NE Empreendedor | Private Equity | 2003 | 36 | 13 | 26 | – | 26 | 2.1x | 2.6x | 22.0% | 30.5% |
Nordeste III | Private Equity | 2017 | 240 | 134 | 75 | 139 | 214 | 1.6x | 1.4x | 20.7% | 13.5% |
VIR IV | Private Equity | 2020 | 1,000 | 189 | 4 | 202 | 205 | 1.1x | 1.2x | 14.1% | 37.5% |
VIR Strategyxxx | Private Equity | 1,276 | 336 | 105 | 340 | 446 | 1.3x | 1.2x | 22.1% | 27.8% | |
FIP Transmissãoxxxi | Infrastructure | 2017 | 211 | 104 | 241 | 161 | 401 | 3.9x | 3.0x | 69.4% | 53.5% |
VIASxxxii | Infrastructure | 2021 | 386 | 350 | – | 350 | 350 | 1.0x | 1.1x | NM | NM |
VFDLxxxiii | Real Estate | 2021 | 422 | 83 | – | 103 | 103 | 1.2x | 1.8x | 44.5% | 46.5% |
Shareholder Dividends
($ in thousands) | 1H21 | 3Q'21 | 4Q'21 | 1Q’22 | 2Q’22 |
Distributable Earnings (R$) | 101,976 | 61,743 | 68,515 | 53,255 | 60,435 |
Distributable Earnings (US$)xxxiv | 19,397 | 11,377 | 13,637 | 10,615 | 11,795 |
DE per Common Share (US$)xxxv | 0.34 | 0.20 | 0.24 | 0.19 | 0.21 |
Actual Dividend per Common Sharexxxvi | 0.30 | 0.16 | 0.20 | 0.17 | 0.17 |
Record Date | September 01,2021 | December 01,2021 | March 10, 2022 | May 24, 2022 | August 25, 2022 |
Payable Date | September 16, 2021 | December 16,2021 | March 24, 2022 | June 08, 2022 | September 09,2022 |
Vinci Partners generated R$1.09 or US$0.21 of Distributable Earnings per common share for the second quarter of 2022.
The company declared a quarterly dividend of US$0.17 per common share to record holders as of August 25, 2022; payable on September 09, 2022.
Share Summary
VINP Shares | 1Q'21 | 2Q'21 | 3Q'21 | 4Q'21 | 1Q’22 | 2Q'22 |
Class B | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 |
Class A – Partnership Units | 27,175,861 | 27,175,861 | 27,175,861 | 27,175,861 | 27,175,861 | 27,175,861 |
Class A - Public Float | 15,271,488 | 15,094,833 | 14,921,318 | 14,513,477 | 14,187,216 | 13,936,856 |
Common Shares Outstanding | 56,913,588 | 56,736,933 | 56,563,418 | 56,155,577 | 55,829,316 | 55,578,956 |
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Common Shares Outstanding as of quarter end of 55,578,956 shares.
· | Repurchased 250,306 common shares in the quarter, with an average share price of US$11.7. |
· | Repurchased 1,334,632 common shares since the announcement of the first share repurchase plan, with an average share price of US$12.5. |
· | Available authorization remaining was R$56.4 million on June 30, 2022. |
GP Commitment in Private Market funds
(R$ millions, unless mentioned) Fund | Segment | 2Q’22 Commitments | Total Capital Committed | 2Q’22 Capital Called | Total Capital Called | Capital Returned/ Dividends Payed (2Q’22) | Accumulated Capital Returned/ Dividends Payed | Fair value of investments | |
Nordeste III | Private Equity | – | 5.0 | 0.0 | 3.1 | – | 1.3 | 2.8 | |
VCP III | Private Equity | – | 3.1 | 0.4 | 2.1 | – | – | 2.9 | |
VIR IV | Private Equity | – | 11.1 | 0.2 | 3.1 | 0.0 | 0.1 | 2.8 | |
VCP IV | Private Equity | 350.0 | 350.0 | – | – | – | – | – | |
FIP Infra Transmissão (co- investment)i | Infrastructure | – | 29.5 | – | 8.9 | – | 19.7 | 12.6 | |
FIP Infra Transmissãoii | Infrastructure | – | 10.5 | – | 3.4 | – | 6.2 | 3.6 | |
VIAS | Infrastructure | – | 50.0 | – | 27.8 | – | – | 27.0 | |
Vinci Transporte e Logística II | Infrastructure | 15.0 | 15.0 | – | – | – | – | – | |
Vinci Transporte e Logística I | Infrastructure | 11.4 | 11.4 | 6.3 | 6.3 | – | – | 6.3 | |
VFDL | Real Estate | – | 70.0 | 3.5 | 17.5 | – | – | 20.3 | |
VIUR | Real Estate | – | 67.3 | – | 67.3 | 1.5 | 6.1 | 48.3 | |
VINO | Real Estate | – | 50.0 | – | 50.0 | 0.9 | 1.6 | 40.0 | |
Vinci FOF Imobiliário | Real Estate | – | 10.0 | – | 10.0 | – | – | 7.0 | |
VCRIiii | Credit | – | 80.0 | – | 80.0 | 2.5 | 2.5 | 79.1 | |
Vinci Crédito Agro Imobiliário | Credit | 16.0 | 16.0 | 16.0 | 16.0 | – | – | 16.3 | |
Vinci Crédito Infra Institucional | Credit | 100.0 | 100.0 | – | – | – | – | – | |
VSP | IP&S | 45.0 | 50.0 | 2.2 | 2.2 | – | – | 10.0 | |
Total | 537.4 | 928.9 | 28.6 | 297.6 | 4.9 | 37.5 | 278.9 |
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Reconciliation and Disclosures
Non-GAAP Reconciliation
(R$ thousands, unless mentioned) | 2Q'21 | 1Q'22 | 2Q'22 | 2Q'21 YTD | 2Q'22 YTD |
OPERATING PROFIT | 65,999 | 45,959 | 49,314 | 122,857 | 95,273 |
(-) Net revenue from realized performance fees | (9,559) | (2,536) | (3,839) | (19,088) | (6,375) |
(-) Net revenue from unrealized performance fees | (9,065) | (636) | – | (9,487) | (636) |
(+) Compensation allocated in relation to performance fees | 7,817 | 1,032 | 1,427 | 11,109 | 2,459 |
FEE RELATED EARNINGS (FRE) | 55,192 | 43,818 | 46,902 | 105,391 | 90,720 |
OPERATING PROFIT | 65,999 | 45,959 | 49,314 | 122,857 | 95,273 |
(-) Net revenue from management fees | (94,778) | (87,229) | (89,271) | (176,621) | (176,500) |
(-) Net revenue from advisory | (6,378) | (3,674) | (6,659) | (21,444) | (10,333) |
(+) Bonus related to management and advisory | 17,082 | 17,272 | 17,267 | 35,608 | 34,539 |
(+) Personnel expenses | 5,528 | 6,549 | 6,233 | 10,625 | 12,782 |
(+) Other general and administrative expenses | 4,058 | 4,503 | 4,178 | 7,632 | 8,681 |
(+) Corporate center expenses | 19,296 | 18,761 | 21,350 | 38,808 | 40,111 |
PERFORMANCE RELATED EARNINGS (PRE) | 10,807 | 2,140 | 2,412 | 17,466 | 4,552 |
OPERATING PROFIT | 65,999 | 45,959 | 49,314 | 122,857 | 95,273 |
(-) Net revenue from unrealized performance fees | (9,065) | (636) | – | (9,487) | (636) |
(+) Compensation allocated in relation to unrealized performance fees | 2,980 | 225 | – | 3,130 | 225 |
(+) Realized gain from GP investment income | 345 | 2,045 | 4,926 | 457 | 6,971 |
SEGMENT DISTRIBUTABLE EARNINGS | 60,259 | 47,593 | 54,240 | 116,958 | 101,833 |
NET INCOME | 53,406 | 45,306 | 46,398 | 100,419 | 91,704 |
(-) Net revenue from unrealized performance fees | (9,065) | (636) | – | (9,487) | (636) |
(+) Income tax from unrealized performance fees | 124 | 73 | – | 173 | 73 |
(+) Compensation allocated in relation to unrealized performance fees | 2,980 | 225 | – | 3,130 | 225 |
(-) Unrealized gain from GP investment income | 5,551 | 6,214 | 12,137 | 4,502 | 18,351 |
(+) Income tax on unrealized gain from GP investment income | (838) | – | (55) | (422) | (55) |
(-) Unrealized gain from financial income | 87 | 288 | (1,192) | 234 | (904) |
(+) Income tax on unrealized gain from financial income | (32) | 65 | (65) | (80) | – |
(+) Depreciation and amortization | 926 | 984 | 976 | 1,865 | 1,960 |
(+) Share Based Plan | 1,642 | 736 | 2,468 | 1,642 | 3,204 |
(-) Income Taxes on Share Based Plan | – | – | (233) | – | (233) |
(+) Non-recurring expenses including income tax related to realized expense | – | 4,437 | 635 | – | 5,072 |
ADJUSTED DISTRIBUTABLE EARNINGS | 54,781 | 57,692 | 61,070 | 101,976 | 118,762 |
TOTAL NET REVENUE FROM SERVICES RENDERED | 119,780 | 94,075 | 99,769 | 226,640 | 193,844 |
(-) Net revenue from realized performance fees | (9,559) | (2,536) | (3,839) | (19,088) | (6,375) |
(-) Net revenue from unrealized performance fees | (9,065) | (636) | – | (9,487) | (636) |
NET REVENUE FROM MANAGEMENT FEES AND ADVISORY | 101,156 | 90,903 | 95,930 | 198,065 | 186,833 |
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Effective Tax Rate Reconciliation
(R$ thousands, unless mentioned) | 2Q'21 | 2Q'22 | 2Q'21 YTD | 2Q'22 YTD | |
Profit (loss) before income taxes, not-including Dividends to partners | 68,077 | 58,109 | 128,322 | 115,154 | |
Combined statutory income taxes rate - % | 34% | 34% | 34% | 34% | |
Income tax benefit (Expense) at statutory rates | (23,146) | (19,757) | (43,629) | (39,152) | |
Reconciliation adjustments: | |||||
Expenses not deductible | (4) | (9) | (56) | (27) | |
Tax benefits | 33 | 30 | 47 | 65 | |
Share based payments | (166) | (70) | (166) | (156) | |
Effect of presumed profit of subsidiaries¹ | 8,739 | 7,951 | 15,831 | 15,665 | |
Other additions (exclusions), net | (127) | 144 | 70 | 155 | |
Income taxes expenses | (14,671) | (11,711) | (27,903) | (23,450) | |
Current | (16,704) | (12,886) | (30,900) | (25,557) | |
Deferred | 2,033 | 1,175 | 2,997 | 2,107 | |
Effective tax rate | 22% | 20% | 22% | 20% |
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Balance Sheet Results
Assets | 3/31/2022 | 6/30/2022 |
Current assets | ||
Cash and cash equivalents | 38,516 | 57,780 |
Cash and bank deposits | 9,109 | 10,532 |
Financial instruments at fair value through profit or loss | 29,407 | 47,248 |
Financial instruments at fair value through profit or loss | 1,324,292 | 1,290,972 |
Trade receivables | 41,453 | 45,324 |
Sub-leases receivable | 1,500 | 1,500 |
Taxes recoverable | 3,214 | 4,541 |
Other assets | 7,136 | 10,689 |
Total current assets | 1,416,111 | 1,410,806 |
Non-current assets | ||
Financial instruments at fair value through profit or loss | 9,235 | 5,701 |
Trade receivables | 20,042 | 20,042 |
Sub-leases receivable | 2,256 | 1,960 |
Taxes recoverable | 61 | 62 |
Deferred taxes | 6,057 | 6,226 |
Other receivables | 1,851 | 1,543 |
39,502 | 35,534 | |
Property and equipment | 13,591 | 13,087 |
Right of use - Leases | 63,159 | 60,632 |
Intangible assets | 1,156 | 1,600 |
Total non-current assets | 117,408 | 110,853 |
TOTAL | 1,533,519 | 1,521,659 |
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Liabilities and equity | 3/31/2022 | 6/30/2022 |
Current liabilities | ||
Trade payables | 366 | 313 |
Deferred Revenue | 17,504 | – |
Leases | 22,755 | 23,218 |
Accounts payable | 6,909 | 6,941 |
Labor and social security obligations | 25,023 | 44,038 |
Taxes and contributions payable | 14,838 | 17,990 |
Total current liabilities | 87,395 | 92,500 |
Non-current liabilities | ||
Accounts payable | – | – |
Leases | 59,581 | 55,724 |
Labor and social security obligations | – | 274 |
Deferred taxes | 5,209 | 4,203 |
64,790 | 60,201 | |
Total liabilities | 152,185 | 152,701 |
Equity | ||
Share capital | 15 | 15 |
Additional paid-in capital | 1,382,038 | 1,382,038 |
Treasury shares | (73,815) | (88,425) |
Retained Earnings | 59,315 | 58,227 |
Other reserves | 13,747 | 17,067 |
1,381,300 | 1,368,922 | |
Non-controlling interests in the equity of subsidiaries | 34 | 36 |
Total equity | 1,381,334 | 1,368,958 |
Total liabilities and equity | 1,533,519 | 1,521,659 |
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Forward-Looking Statements
This earnings release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.
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i Adjusted Distributable Earnings is calculated as Distributable Earnings less non-recuring expenses.
ii Fee related earnings, or FRE, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees or investment income. We calculate FRE as operating profit less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) compensation allocated in relation to performance fees.
iii FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last six months values are calculated as the sum of the last four quarters.
iv Distributable Earnings is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from GP investment income, less (e) unrealized gain from financial income, plus (f) income taxes on unrealized gain from GP investment income, plus (g) income taxes on unrealized gain from financial income.
v Adjusted DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last six months values are calculated as the sum of the last four quarters.
vi For the six months ended June 30, 2022, non-recurring expenses are composed by expenses related to professional services to matters related to M&A and our international corporate organization.
vii Net revenue from Fund Management and Advisory is a performance measure that we use to assess our ability to generate profits from our fund management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Advisory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees.
viii FRE Margin is calculated as FRE over total net management and advisory fees.
ix “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcome from funds above their respective benchmarks. We calculate PRE as operating profit, less (a) net revenue from fund management and advisory, less (b) operating expenses, such as segment personnel, G&A, corporate center and bonus related to management and advisory.
x Segment Distributable Earnings is Vinci Partners’ segment profitability measure used to make operating decisions and assess performance across the company’s four segments (Private Markets, Liquid Strategies, Investment Products and Solutions and Financial Advisory). Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income.
xi Adjusted DE Margin is calculated as adjusted DE over the sum of management and advisory fee related revenues, realized performance revenue, realized GP investment income and realized financial income, net of revenue tax.
xii “Total compensation and benefits” is the result of the profit sharing paid to our employees as (a) bonus compensation related to management advisory and (b) performance based compensation. Total compensation and benefits include Dividends to Partners, distributed by the company to its original partners before the public turned public in 2021. In accordance with the by-laws of Vinci Brazil, dividends have historically been distributed based on the resolution of the partners. Therefore, dividends could be distributed on a non-proportional basis among
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quotaholders, which are comprised by the partners of Vinci Brazil. After the company’s IPO, Vinci Partners changed its compensation structure, from a dividend distribution policy to a profit-sharing scheme for our partners.
xiii Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, distributed by the company to its original partners before the company turned public in 2021.
xiv Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021.
xv “Segment personnel expenses” are composed of the salary-part compensation paid to employees and partners of our funds’ management teams.
xvi “Corporate center expenses” are composed by the salary-compensation paid to employees and partners of our support teams and other expenses, such as research, risk, legal & compliance, investor relations, operations and ESG.
xvii “Other general and administrative expenses” is made up of third-party expenses, depreciation and amortization, travel and representation, marketing expenses, administrative fees, non-operating taxes, third-party consultants’ fees, such as legal and accounting, and office consumables.
xviii “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commitments.
xix “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank deposits, certificate of deposits and proprietary investments in our Liquid Funds from our public equities and hedge funds’ segments and listed REITs from our real estate segment.
xx “Leasing expenses” include costs from the company’s sub-leasing activities.
xxi “Share Based Plan” is the composition of two benefit programs: SOP (Stok Option Plan) and RSU (Restricted Stock Units). In Stock Option Plan the company concedes to an employee the option to buy stock in the company with stated fixed price. The Restricted Stock Units concedes company shares to an employee through a vesting plan in which RSUs are assigned a fair market value.
xxii Non-recurring expenses for the second quarter of 2022 are composed by expenses related to professional services to matters related to M&A. For the six months ended June 30, 2022, non-recurring expenses include expenses related to professional services to matters related to our international corporate organization.
xxiii Income taxes is comprised of taxes on our corporate income tax and social contribution taxes. We are taxed on an actual taxable profit regime, while our subsidiaries are taxed based on deemed profit. Dividends to partners distributed by the company to its original partners before turned public in 2021 are not included in actual taxable regime.
xxiv AUM” refers to assets under management. Our assets under management equal the sum of: (1) the fair market value of the investments held by funds plus the capital that we are entitled to call from investors in those funds pursuant to the terms of their capital commitments to those funds (plus the fair market value of co-investments arranged by us that were made or could be made by limited partners of our corporate private equity funds and portfolio companies of such funds); (2) the net asset value of our public equity funds, hedge funds and closed-end mutual funds; and (3) the amount of capital raised for our credit funds. AUM includes double counting related to funds from one segment that invest in funds from another segment. Those cases occur mainly due to (a) fund of funds of investment products and solutions segment, and (b) investment funds in general that invest part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash. Such
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amounts are eliminated on consolidation. The bylaws of the relevant funds prohibit double-charging fees on AUM across segments. Therefore, while our AUM by segment may double-count funds from one segment that invest in funds from another segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on revenues in our results of operations.
xxv NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund.
xxvi Track record information is presented throughout this release on a pro forma basis and in local currency, excluding PIPE investments, a strategy that will be discontinued in VCP III.
xxvii “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees.
xxviii “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis.
xxix Total commitments for VCP III include R$1.3 billion in co-investments. Track record presented for the VCP strategy as of 1Q’22, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
xxx Track record for VIR strategy is presented as of 1Q’22, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
xxxi Track record for FIP Infra is presented as of 2Q’22.
xxxii Track record for VIAS is presented as of 2Q’22.
xxxiii Track record for VFDL is presented as of 2Q’22.
xxxiv US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.1239 as of August 09, 2022, when dividends were approved by our Board of Directors.
xxxv Per Share calculations are based on end of period Participating Common Shares.
xxxvi Actual dividends per common share are calculated considering the share count as of the applicable record date.
xxxvii The remaining capital committed in FIP Infra Transmissão co-investment will not be called by the fund, which is already in divestment period.
xxxviii The remaining capital committed in FIP Infra Transmissão will not be called by the fund, which is already in divestment period.
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