PAX · CIK 0001825570
What Patria Investments Ltd told the SEC could break it.
Patria's disclosures are dominated by its home-market concentration: as a Latin America-focused alternative asset manager, its revenue and fee-earning AUM track Brazilian (and Chilean and Colombian) economic conditions, credit availability and currency moves, with most of its assets located in Brazil. The remaining exposures are smaller and more specific — direct electricity-price risk through its 66.67% stake in Brazilian energy trader Tria, and a macro overhang from the late-February 2026 U.S./Israel operations against Iran, where sanctions, energy-market and Persian Gulf shipping disruption could reach the markets its funds operate in.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Brazil / Latin America — revenue and AUM concentrationmedium
As a LatAm-focused alternative asset manager, revenue and fee-earning AUM track Brazilian (and Chilean/Colombian) economic conditions, credit availability, and FX; most assets are located in Brazil.
“Our operations in Brazil, and the financial services industry in general, are particularly sensitive to changes in Brazilian economic conditions.”
Commodity & input dependence
- Brazilian energy contract trading (Tria) — electricity price risklow
Through its 66.67% stake in Tria Comercializadora de Energia, the group trades energy contracts in Brazil and carries direct commodity price risk from unexpected energy-price moves caused by extraordinary events.
“The Group trades energy contracts in Brazil as disclosed in note 12(c). Commodity price risk exists as the Group is exposed to unexpected changes in energy prices due to extraordinary events.”
Regulatory & policy
- Iran conflict (Feb 2026) — sanctions, energy markets, shipping routeslow
The filing flags the late-Feb 2026 US/Israel military operations against Iran and retaliation as a macro channel — additional sanctions, energy-market and shipping-route disruption (Persian Gulf transit) could hit the markets Patria's funds operate in; some fund stakes have de minimis sanctions-list adjacency.
“In late February 2026, the United States and Israel launched significant military operations against Iran, and Iran has responded with retaliatory actions in the region.”
SEC filing →As of 2026
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