UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2022

 

 

Commission File Number: 001-39938

 

Vinci Partners Investments Ltd.

(Exact name of registrant as specified in its charter)

 

Av. Bartolomeu Mitre, 336
Leblon – Rio de Janeiro
Brazil 22431-002
+55 (21) 2159-6240

 

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

  Form 40-F  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes     No

X

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes     No

X

 

 

 

 

 

 

TABLE OF CONTENTS

 

EXHIBIT  
99.1 Press release dated May 10, 2022 – Vinci Partners Reports First Quarter 2022 Results
99.2 Vinci Partners Investments Ltd. First Quarter 2022 Earnings Presentation
99.3 Vinci Partners Investments Ltd. Interim Financial Statements As Of and For the Three-Month Period Ended March 31, 2022 and 2021

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Vinci Partners Investments Ltd.
     
     
      By: /s/ Sergio Passos Ribeiro
        Name: Sergio Passos Ribeiro
        Title: Chief Financial Officer

 

Date: May 10, 2022

 

 

 

Exhibit 99.1

 


 

 

 

 

 

 

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

Segment Earnings

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q’21 LTM 1Q’22 LTM ∆ (%)
Net revenue from management fees 81,843 87,229 7% 290,211 366,456 26%
Net revenue from advisory fees 15,066 3,674 -76% 27,936 55,363 98%
Total Fee Related Revenues 96,909 90,903 -6% 318,147 421,819 33%
Segment personnel expenses (5,097) (6,549) 28% (16,385) (23,698) 45%
Other G&A expenses (3,574) (4,503) 26% (15,707) (18,441) 17%
Corporate center expenses (19,512) (18,761) -4% (63,827) (79,848) 25%
Bonus compensation related to management and advisory (18,526) (17,272) -7% (65,167) (83,715) 28%
Total Fee Related Expenses (46,710) (47,085) 1% (161,086) (205,702) 28%
FEE RELATED EARNINGS (FRE)ii 50,199 43,818 -13% 157,061 216,117 38%
FRE Margin (%) 51.8% 48.2%   49.4% 51.2%  
FRE per shareiii (R$/share) 0.88 0.78   2.76 3.83  
Net revenue from performance fees 9,951 3,172 -68% 53,711 30,854 -43%
Performance based compensation (3,292) (1,032) -69% (17,931) (11,741) -35%
PERFORMANCE RELATED EARNINGS (PRE) 6,659 2,140 -68% 35,780 19,113 -47%
PRE Margin (%) 66.9% 67.5%   66.6% 61.9%  
(-) Unrealized performance fees (422) (636) 51% (15,410) 7,501 N/A
(+) Unrealized performance compensation 150 225 50% 5,959 (2,658) N/A
(+) Realized GP investment income 112 2,045 1,726% 140 15,784 11,174%
SEGMENT DISTRIBUTABLE EARNINGS 56,699 47,593 -16% 183,531 255,857 39%
Segment DE Margin (%) 53.2% 49.8%   51.5% 53.8%  
(+) Depreciation and amortization 939 984 5% 2,032 3,962 95%
(+) Realized financial income 4,644 24,996 438% 6,165 49,081 696%
(-) Leasing expenses (3,157) (2,472) -22% (12,301) (11,596) -6%
(-) Other items 886 (1,136) N/A 820 (2,341) N/A
(-) Non-recurring expenses - (5,109)  N/A - (5,109)    N/A
(-) Income taxes (excluding related to unrealized fees and income) (12,815) (11,601) -9% (42,729) (51,561) 21%
DISTRIBUTABLE EARNINGS (DE)iv 47,195 53,255 13% 137,518 238,294 73%
DE Margin (%) 42.4% 44.2%   37.9% 45.4%  
DE per share (R$/share)v 0.83 0.95   2.42 4.23  
(+) Non-recurring expensesvi including income tax related to realized expense - 4,437 N/A - 4,437 N/A
ADJUSTED DISTRIBUTABLE EARNINGS 47,195 57,692 22% 137,518 242,730 77%
Adjusted DE Margin (%) 42.4% 47.9%   37.9% 46.2%  
Adjusted DE per share (R$/share) 0.83 1.03   2.42 4.31  

 

For comparison purposes only, FRE and DE per share indicated for 1Q’21 LTM are calculated considering Vinci Partners’ post-IPO share count of 56,913,588.

 

Total Fee-Related Revenuesvii of R$90.9 million for the quarter ended March 31, 2022, compared to R$96.9 million for the quarter ended March 31, 2021, a decrease of 6% year-over year, 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. Fee-related revenues were R$421.8 million for the last twelve months ended March 31, 2022, up 33% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Fee Related Earnings (“FRE”) of R$43.8 million (R$0.78/share) for the quarter ended March 31, 2022, compared to R$50.2 million for the quarter ended March 31, 2021, a decrease of 13% year-over-year, driven by a greater contribution from advisory fees in 1Q'21. FRE was R$216.1 million for the last twelve months ended March 31, 2022, up 38% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

FRE Marginviii was 48.2% for the quarter ended March 31, 2022, compared to 51.8% for the quarter ended March 31, 2021. In the last twelve months ended 1Q’22, FRE Margin reached 51.2%, an increase of 1.9 percentage points when compared to the last twelve months ended 1Q’21.

 

Performance Related Earnings (“PRE”)ix of R$2.1 million for the quarter ended March 31, 2022, compared to R$6.7 million for the quarter ended March 31, 2021, a decrease of 68% year-over-year, due to higher performance contributions coming from international exclusive mandates in IP&S in 1Q'21. Most of our open-end funds charge performance fees semiannually, recognizing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open-ended funds. PRE was R$19.1 million for the last twelve months ended March 31, 2022, down 47% year-over-year, when compared to the last twelve months ended March 31, 2021, primarily due to unrealized performance fees booked in the 1Q'21 LTM, that were partially realized in the 1Q'22 LTM.

 

Segment Distributable Earningsx of R$47.6 million for the quarter ended March 31, 2022, compared to R$56.7 million for the quarter ended March 31, 2021, a decrease of 16% year-over-year. Segment Distributable Earnings were R$255.9 million for the last twelve months ended March 31, 2022, up 39% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Adjusted Distributable Earnings (“DE”) of R$57.7 million (R$1.03/share) for the quarter ended March 31, 2022, compared to R$47.2 million for the quarter ended March 31, 2021, an increase of 22% year-over-year. Adjusted DE was R$242.7 million for the last twelve months ended March 31, 2022, up 77% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Adjusted DE Marginxi was 47.9% for the quarter ended March 31, 2022, a 5.4 percentage point increase compared to 42.4% for the quarter ended March 31, 2021. In the last twelve months, Adjusted DE Margin reached 46.2%, an increase of 8.3 percentage points year-over-year.

 

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Segment Highlights

 

Private Market Strategies

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees 46,581 46,759 0% 173,208 194,662 12%
Net revenue from advisory fees 505 467 -8% 781 5,615 619%
Total Fee Related Revenues 47,086 47,226 0% 173,989 200,277 15%
Segment personnel expenses (2,438) (2,736) 12% (8,169) (10,869) 33%
Other G&A expenses (2,325) (2,755) 18% (9,744) (11,803) 21%
Corporate center expenses (10,584) (9,554) -10% (36,222) (37,426) 3%
Bonus compensation related to management and advisory (7,731) (7,307) -5% (31,701) (33,338) 5%
Total Fee Related Expenses (23,078) (22,352) -3% (85,836) (93,436) 9%
FEE RELATED EARNINGS (FRE) 24,008 24,874 4% 88,153 106,841 21%
FRE Margin (%) 51.0% 52.7%   50.7% 53.3%  
Net revenue from performance fees 462 640 38% 18,377 5,162 -72%
Realized performance fees 40 4 -90% 2,967 12,663 327%
Unrealized performance fees 422 636 51% 15,411 (7,501) N/A
Performance based compensation (162) (226) 40% (6,854) (1,611) -76%
PERFORMANCE RELATED EARNINGS (PRE) 300 414 38% 11,524 3,551 -69%
PRE Margin (%) 65.0% 64.7%   62.7% 68.8%  
(-) Unrealized performance fees (422) (636) 51% (15,411) 7,501 N/A
(+) Unrealized performance compensation 150 225 50% 5,959 (2,658) N/A
(+) Realized GP investment income 112 2,045 1,726% 140 15,784 11,174%
SEGMENT DISTRIBUTABLE EARNINGS 24,148 26,922 11% 90,365 131,019 45%
Segment DE Margin (%) 51.1% 54.6%   51.0% 57.3%  
             

ASSETS UNDER MANAGEMENT

(AUM R$ millions)

21,352 21,041 -1% 21,352 21,041 -1%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 19,336 19,192 -1% 19,336 19,192 -1%
AVERAGE MANAGEMENT FEE RATE (%) 0.98% 0.92%   0.98% 0.96%  
FULL TIME EMPLOYEES 50 50 0% 50 50 0%

 

Fee related earnings (FRE) of R$24.9 million in the 1Q'22, an increase of 4% year-over-year. FRE was R$106.8 million over the 1Q'22 LTM, up 21% when compared to the 1Q'21 LTM, driven by the strong fundraising in the last twelve months.

 

Segment Distributable Earnings of R$26.9 million in the 1Q'22, an increase of 11% year-over-year, due primarily to dividend distributions of the company’s proprietary stake in listed REITs. Segment DE was R$131.0 million over the 1Q'22 LTM, up 45% when compared to the 1Q'21 LTM.

 

AUM of R$21.0 billion at the end of the 1Q'22, a decrease of 1% year-over-year. In the first quarter of 2022 the fund FIP Energia PCH, managed by the Infrastructure team, returned R$1.1 billion in capital for its investors, after the successful completion of the mandate won in 2015, to restructure the fund's portfolio and return capital to LPs. In the 1Q'22, our listed office REIT, VINO11, closed its sixth issue of additional quotas, adding R$215 million in perpetual capital.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Liquid Strategies

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees 19,983 20,573 3% 64,679 87,376 35%
Net revenue from advisory fees - - N/A - - N/A
Total Fee Related Revenues 19,983 20,573 3% 77,324 87,376 13%
Segment personnel expenses (1,293) (1,384) 7% (4,850) (5,659) 17%
Other G&A expenses (624) (676) 8% (2,812) (2,858) 2%
Corporate center expenses (4,492) (4,203) -6% (16,173) (17,396) 8%
Bonus compensation related to management and advisory (3,420) (3,948) 15% (16,703) (18,559) 11%
Total Fee Related Expenses (9,829) (10,212) 4% (40,538) (44,472) 10%
FEE RELATED EARNINGS (FRE) 10,154 10,361 2% 36,786 42,904 17%
FRE Margin (%) 50.8% 50.4%   47.6% 49.1%  
Net revenue from performance fees 2,009 2,325 16% 7,610 10,730 41%
Realized performance fees 2,009 2,325 16% 7,610 10,730 41%
Unrealized performance fees - - N/A - - N/A
Performance based compensation (703) (722) 3% (2,591) (5,531) 113%
PERFORMANCE RELATED EARNINGS (PRE) 1,306 1,603 23% 5,019 5,199 4%
PRE Margin (%) 65.0% 68.9%   66.0% 48.5%  
(-) Unrealized performance fees - - N/A - - N/A
(+) Unrealized performance compensation - - N/A - - N/A
SEGMENT DISTRIBUTABLE EARNINGS 11,460 11,963 4% 41,806 48,103 15%
Segment DE Margin (%) 52.1% 52.2%   49.2% 49.0%  
             

ASSETS UNDER MANAGEMENT

(AUM R$ millions)

12,962 12,243 -6% 12,962 12,243 -6%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 12,840 12,104 -6% 12,840 12,104 -6%
AVERAGE MANAGEMENT FEE RATE (%) 0.65% 0.74%   0.50% 0.74%  
FULL TIME EMPLOYEES 24 21 -13% 24 21 -13%

 

Fee related earnings (FRE) of R$10.4 million in the 1Q'22, up 2% year-over-year. FRE was R$42.9 million over the 1Q’22 LTM, up 17% when compared to the 1Q'21 LTM, driven by the end of revenue sharing agreement with GAS Investimentos in 2021, which impacted positively our average management fee rate.

 

Performance related earnings (PRE) of R$1.6 million in the quarter, up 23% year-over-year. PRE was R$5.2 million over the 1Q'22 LTM, an increase of 4% when compared to the 1Q'21 LTM.

 

Segment Distributable Earnings of R$12.0 million in the quarter, up 4% year-over-year. Segment DE was R$48.1 million over the 1Q'22 LTM, an increase of 15% when compared to the 1Q'21 LTM.

 

AUM remained resilient, ending the 1Q'22 with R$12.2 billion, with no relevant outflows over the last twelve months, primarily due to the solid performance from our flagship funds and our long-term oriented investor base, composed mainly by institutional investors.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Investment Products and Solutions

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees 15,280 19,897 30% 52,335 84,416 61%
Net revenue from advisory fees 19 7 -64% 96 42 -56%
Total Fee Related Revenues 15,299 19,904 30% 52,430 84,458 61%
Segment personnel expenses (971) (1,827) 88% (3,491) (5,275) 51%
Other G&A expenses (465) (600) 29% (1,455) (2,226) 53%
Corporate center expenses (3,439) (4,065) 18% (10,892) (16,184) 49%
Bonus compensation related to management and advisory (3,669) (4,156) 13% (13,432) (20,698) 54%
Total Fee Related Expenses (8,544) (10,648) 25% (29,270) (44,384) 52%
FEE RELATED EARNINGS (FRE) 6,755 9,255 37% 23,160 40,074 73%
FRE Margin (%) 44.2% 46.5%   44.2% 47.4%  
Net revenue from performance fees 7,481 208 -97% 20,837 14,964 -28%
Realized performance fees 7,481 208 -97% 20,837 14,964 -28%
Unrealized performance fees - - N/A - - N/A
Performance based compensation (2,427) (84) -97% (6,602) (4,599) -30%
PERFORMANCE RELATED EARNINGS (PRE) 5,054 124 -98% 14,235 10,364 -27%
PRE Margin (%) 67.6% 59.5%   68.3% 69.3%  
(-) Unrealized performance fees - - N/A - - N/A
(+) Unrealized performance compensation - - N/A - - N/A
SEGMENT DISTRIBUTABLE EARNINGS 11,809 9,379 -21% 37,398 50,439 35%
Segment DE Margin (%) 51.8% 46.6%   51.0% 50.7%  
             

ASSETS UNDER MANAGEMENT

(AUM R$ millions)

20,449 23,394 14% 20,449 23,394 14%
FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 20,299 23,258 15% 20,299 23,258 15%
AVERAGE MANAGEMENT FEE RATE (%) 0.35% 0.37%   0.38% 0.39%  
FULL TIME EMPLOYEES 13 14 8% 13 14 8%

 

Fee related earnings (FRE) of R$9.3 million in the 1Q'22, up 37% year-over-year. FRE was R$40.1 million in the 1Q'22 LTM, an increase of 73% when compared to the 1Q'21 LTM, due to the growth in management fees following notable fundraising in exclusive mandates over the last twelve months.

 

Performance related earnings (PRE) of R$124 thousand, down 98% year-over-year, due to the higher contribution from international exclusive mandates in the 1Q'21. PRE in the 1Q'22 LTM was R$10.4 million, a decrease of 27% when compared to the 1Q'21 LTM.

 

Segment Distributable Earnings of R$9.4 million in the quarter, down 21% year-over-year, due to a bigger contribution from PRE in 1Q'21. Segment DE was R$50.4 million over the 1Q'22 LTM, an increase of 35% when compared to the 1Q'21 LTM.

 

AUM of R$23.4 billion, up 14% year-over-year, driven by strong fundraising for new separate mandates in 2021. Fee Earning AUM of R$23.3 million, up 15% year-over-year. During the 1Q'22, we closed our first vintage of our new strategy Vinci Strategic Partners, or VSP, a Private Markets fund of funds, adding R$187 million of long-term capital to the platform.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Financial Advisory

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees - - N/A - - N/A
Net revenue from advisory fees 14,541 3,201 -78% 27,055 49,708 84%
Total Fee Related Revenues 14,541 3,201 -78% 27,055 49,708 84%
Segment personnel expenses (395) (505) 28% (1,130) (1,798) 59%
Other G&A expenses (181) (209) 15% (882) (1,291) 46%
Corporate center expenses (975) (938) -4% (3,190) (8,843) 177%
Bonus compensation related to management and advisory (3,707) (858) -77% (7,809) (10,116) 30%
Total Fee Related Expenses (5,258) (2,510) -52% (13,011) (22,048) 69%
FEE RELATED EARNINGS (FRE) 9,283 690 -93% 14,043 27,660 97%
FRE Margin (%) 63.8% 21.6%   51.9% 55.6%  
SEGMENT DISTRIBUTABLE EARNINGS 9,283 690 -93% 14,043 27,660 97%
Segment DE Margin (%) 63.8% 21.6%   51.9% 55.6%  

 

Fee related earnings (FRE) of R$690 thousand in the quarter, down 93% year-over-year, 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. FRE was R$27.7 million in the 1Q'22 LTM, an increase of 97% when compared to the 1Q'21 LTM, a consequence of the stronger deal activity in 2021.

 

Segment Distributable Earnings over the 1Q'22 LTM was R$27.7 million, an increase of 97% year-over-year when compared to the 1Q'21 LTM.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Retirement Services

 

(R$ thousands, unless mentioned)/ 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%)
Net revenue from management fees - - N/A - - N/A
Net revenue from advisory fees - - N/A - - N/A
Total Fee Related Revenues - - N/A - - N/A
Segment personnel expenses - (97) N/A - (97) N/A
Other G&A expenses - (263) N/A - (263) N/A
Corporate center expenses - 0 N/A - 0 N/A
Bonus compensation related to management and advisory - (1,002) N/A - (1,002) N/A
Total Fee Related Expenses - (1,362) N/A - (1,362) N/A
FEE RELATED EARNINGS (FRE) - (1,362) N/A - (1,362) N/A
FRE Margin (%) N/A N/A   N/A N/A  
Net revenue from performance fees - - N/A - - N/A
Realized performance fees - - N/A - - N/A
Unrealized performance fees - - N/A - - N/A
Performance based compensation - - N/A - - N/A
PERFORMANCE RELATED EARNINGS (PRE) - - N/A - - N/A
PRE Margin (%) N/A N/A   N/A N/A  
(-) Unrealized performance fees - - N/A - - N/A
(+) Unrealized performance compensation - - N/A - - N/A
SEGMENT DISTRIBUTABLE EARNINGS - (1,362) N/A - (1,362) N/A
Segment DE Margin (%) N/A N/A   N/A N/A  
             

ASSETS UNDER MANAGEMENT

(AUM R$millions)

- - N/A - - N/A
FULL TIME EMPLOYEES - 3 N/A - 3 N/A

 

We are structuring a new business vertical, Vinci Retirement Services, or VRS, focused on planning and building long-term investment portfolios that will assist investors to achieve their retirement goals. We are assembling a fully dedicated and specialized team to conduct this project, with the leadership of Vinicius Albernaz, our partner and former CEO of Bradesco Seguros and BRAM.

 

Fee Related Earnings (FRE) of negative R$1.4 million in the quarter.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Income Statement

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q’21 LTM 1Q’22 LTM ∆ (%)
REVENUES            
Net revenue from management fees 81,843 87,229 7% 290,211 366,456 26%
Net revenue from performance fees 9,951 3,172 -68% 53,711 30,854 -43%
Realized performance fees 9,529 2,536 -73% 38,301 38,355 0%
Unrealized performance fees 422 636 51% 15,410 (7,501) N/A
Net revenue from advisory 15,066 3,674 -76% 27,936 55,363 98%
Total net revenues from services rendered 106,860 94,075 -12% 371,858 452,673 22%
EXPENSES            
Bonus related to management and advisory (18,526) (17,272) -7% (65,167) (83,715) 28%
Performance based compensation (3,292) (1,032) -69% (17,931) (11,741) -35%
Realized (3,142) (807) -74% (11,972) (14,399) 20%
Unrealized (150) (225) 50% (5,959) 2,658 N/A
Total compensation and benefitsxii (21,818) (18,303) -16% (83,098) (95,455) 15%
Segment personnel expenses (5,097) (6,549) 28% (16,385) (23,698) 45%
Other general and administrative expenses (3,574) (4,503) 26% (15,707) (18,441) 17%
Corporate center expenses (19,512) (18,761) -4% (63,827) (79,848) 25%
Total expenses (50,002) (48,116) -4% (179,017) (217,442) 21%
Operating profit 56,858 45,959 -19% 192,841 235,231 22%
OTHER ITEMS            
GP Investment income 1,161 (4,169) N/A 6,590 (5,250) N/A
Realized gain from GP investment income 112 2,045 1,726% 140 15,784 11,174%
Unrealized gain from GP investment income 1,049 (6,214) N/A 6,450 (21,034) N/A
Financial income 4,497 24,708 449% 7,011 48,113 586%
Realized gain from financial income 4,644 24,996 438% 6,165 49,081 696%
Unrealized gain from financial income (147) (288) 96% 846 (968) N/A
Leasing expenses (3,157) (2,472) -22% (12,301) (11,596) -6%
Other items 886 (1,136) N/A 820 (2,341) N/A
Stock compensation plan - (736) N/A - (4,406) N/A
Nonrecurring expenses - (5,109) N/A - (5,109) N/A
Total Other Items 3,387 11,086 227% 2,120 19,411 816%
Profit before income taxes 60,245 57,045 -5% 194,961 254,642 31%
(-) Income taxes (13,232) (11,739) -11% (47,048) (47,734) 1%
NET INCOME 47,013 45,306 -4% 147,913 206,908 40%
(+) Non-recurring expenses including income tax related to realized expense - 4,437 N/A - 4,437 N/A
ADJUSTED NET INCOME 47,013 49,742 6% 147,913 211,344 43%

 

Total net revenues from services rendered of R$94.1 million for the quarter ended March 31, 2022, compared to R$106.9 million for the quarter ended March 31, 2021, a decrease of 12% year-over-year, due to a greater contribution from advisory fees in the 1Q'21 following the closing of the pre-IPO advisory for B3 listed company Espaço Laser. Net revenues for the last twelve months ended March 31, 2022, were R$452.7 million, up 22% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Management fee revenues of R$87.2 million for the quarter ended March 31, 2022, compared to R$81.8 million for the quarter ended March 31, 2021, an increase of 7% year-over-year, driven by the growth in Fee earning AUM over the last twelve months. Management fee revenues for the last twelve months ended March 31, 2022, were R$366.5 million, up 26% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

·Performance fee revenues of R$3.2 million for the quarter ended March 31, 2022, compared to R$10.0 million for the quarter ended March 31, 2021, a decrease of 68% year-over-year, due to a higher contribution in

 

performance revenues coming from IP&S international exclusive mandates in the first quarter of 2021. Most of our open-end funds charge performance fees semiannually, recognizing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open-ended funds. Performance fee revenues were R$30.9 million for the last twelve months ended March 31, 2022, down 43% year-over-year, when compared to the last twelve months ended March 31, 2021, primarily due to unrealized performance revenues booked in the 1Q’21 LTM, that were partially realized in the 1Q’22 LTM.

 

·Advisory fee revenues of R$3.7 million for the quarter ended March 31, 2022, compared to R$15.1 million for the quarter ended March 31, 2021, a decrease of 76% year-over-year, due to a greater contribution from advisory fees in the 1Q'21. Advisory revenues for the last twelve months ended March 31, 2022, were R$55.4 million, up 98% when compared to the last twelve months ended March 31, 2021, a consequence of the stronger deal activity in 2021.

 

Total expenses for the quarter ended March 31, 2022, of R$48.1 million, compared to R$50.0 million for the quarter ended March 31, 2021, a decrease of 4% year-over-year. Total expenses for the last twelve months ended March 31, 2022, were R$217.4 million, up 21% when compared to the last twelve months ended March 31, 2021.

 

·Bonus related to management and advisory feesxiii of R$17.3 million for the quarter ended March 31, 2022, compared to R$18.5 million for the quarter ended March 31,2021, a decrease of 7% year-over-year. Bonus related to management and advisory was R$83.7 million for the last twelve months ended March 31, 2022, up 28% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Performance based compensationxiv of R$1.0 million for the quarter ended March 31,2022, compared to R$3.3 million for the quarter ended March 31,2021. Performance based compensation for the last twelve months ended March 31, 2022, was R$11.7 million, a decrease of 35% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Segment personnel expensesxv of R$6.5 million for the quarter ended March 31, 2022, compared to R$5.1 million for the quarter ended March 31, 2021, an increase of 28% year-over-year. Segment personnel expenses for the last twelve months ended March 31, 2022, was R$23.7 million, up 45% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

·Corporate center expensesxvi of R$18.8 million for the quarter ended March 31, 2022, compared to R$19.5 million for the quarter ended March 31, 2021, a decrease of 4% year-over-year. Corporate center expenses for the last twelve months ended March 31, 2022, were R$79.8 million, up 25% year-over-year, when compared to the last twelve months ended March 31, 2021, primarily due to the new recurring costs related to becoming a public company throughout the year of 2021.

 

·Other general and administrative expensesxvii of R$4.5 million for the quarter ended March 31, 2022, compared to R$3.6 million for the quarter ended March 31, 2021, an increase of 26% year-over-year. Other G&A expenses for the last twelve months ended March 31, 2022, were R$18.4 million, up 17% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Operating Profit of R$46.0 million for the quarter ended March 31,2022, compared to R$56.9 million for the quarter ended March 31, 2021, a decrease of 19% year-over-year. Operating profit for the last twelve months ended March 31, 2022, was R$235.2 million, up 22% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

GP Investment incomexviii, a result of the company’s GP investments in its proprietary private market funds, was negative R$4.2 million for the quarter ended March 31, 2022, compared to positive R$1.2 million for the quarter ended March 31, 2021, due to the mark-to-market effect over listed REITs’ quotas in the B3. GP Investment income for the last twelve months ended March 31, 2022, was negative R$5.3 million compared to positive R$6.6 million for the last twelve months ended March 31, 2021.

 

Financial Incomexix of R$24.7 million for the quarter ended March 31, 2022, compared to R$4.5 million for the quarter ended March 31, 2021, an increase of 449% year-over-year, a result of financial gains from the company’s cash allocation. Financial income for the last twelve months ended March 31, 2022, was R$48.1 million, up 586% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Leasing Expensesxx of R$2.5 million for the quarter ended March 31, 2022, compared to R$3.2 million for the quarter ended March 31, 2021, a decrease of 22% year-over-year.

 

Stock compensation plan expensesxxi of R$1.0 million for the quarter ended March 31, 2022. In the last twelve months ended March 31, 2022, stock compensation plan expenses accounted for R$4.4 million.

 

Nonrecurring expenses of R$5.1 million for the quarter ended March 31, 2022. Nonrecurring expenses are composed mostly by expenses related to professional services to matters related to our international corporate organization.

 

Profit before income taxes of R$57.0 million for the quarter ended March 31, 2022, compared to R$60.2 million for the quarter ended March 31, 2021, a decrease of 5% year-over-year. Profit before income taxes for the last twelve months ended March 31, 2022, was R$254.6 million, up 31% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

Income Taxesxxii of R$11.7 million for the quarter ended March 31, 2022, which represented an effective tax rate for the quarter of 21%, compared to R$13.2 million for the quarter ended March 31, 2021, which represented an effective tax rate of 22%.

 

Adjusted Net Income of R$49.7 million for the quarter ended March 31, 2022, compared to R$47.0 million for the quarter ended March 31, 2021, an increase of 6% year-over-year. Adjusted Net Income was R$211.3 million for the last twelve months ended March 31, 2022, up 43% year-over-year, when compared to the last twelve months ended March 31, 2021.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Supplement Details

 

Assets Under Management (AUM)xxiii Rollforward – R$ millions

 

For the Three Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

IP&S Infrastructure Real Estate Credit

Hedge

Funds

Total
Beginning balance 11,223 8,493 23,664 2,421 5,399 2,948 3,080 57,229
(+/-) Capital Subscription / (capital return) 135 - 142 (917) 110 (4) - (534)
(+) Capital Subscription 136 - 142 151 215 52 - 694
(-) Capital Return (1) - - (1,068) (104) (55) - (1,228)
(+/-) Net Inflow / (outflow) - (251) (541) - - 196 (279) (875)
(+/-) Appreciation / (depreciation) (333) 1,091 128 (11) (192) 66 110 858
Ending Balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677

 

For the Twelve Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

IP&S Infrastructure

Real

Estate

Credit

Hedge

Funds

Total
Beginning balance 11,442 10,016 20,449 2,455 5,125 2,330 2,946 54,763
(+/-) Capital Subscription / (capital return) 211 - 203 (912) 661 109 - 272
(+) Capital Subscription 218 - 203 277 889 186 - 1,772
(-) Capital Return (7) - - (1,188) (229) (76) - (1,500)
(+/-) Net Inflow / (outflow) - (730) 2,478 - 107 537 (108) 2,285
(+/-) Appreciation / (depreciation) (628) 47 263 (50) (576) 230 72 (643)
Ending Balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Fee Earning Assets Under Management (FEAUM) Rollforward – R$ millions

 

For the Three Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

IP&S Infrastructure Real Estate Credit

Hedge

Funds

Total
Beginning balance 9,299 8,427 23,528 2,362 5,399 2,948 3,013 54,975
(+/-) Capital Subscription / (capital return) 135 - 142 (917) 110 (4) - (534)
(+) Capital Subscription 136 - 142 151 215 52 - 694
(-) Capital Return (1) - - (1,068) (104) (55) - (1,228)
(+/-) Net Inflow / (outflow) - (251) (541) - - 196 (283) (879)
(+/-) Appreciation / (depreciation) (197) 1,091 128 (12) (192) 66 108 991
Ending Balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553

 

For the Twelve Months Ended March 31, 2022

 

 

Private

Equity

Public

Equities

IP&S Infrastructure

Real

Estate

Credit

Hedge

Funds

Total
Beginning balance 9,530 9,955 20,299 2,351 5,125 2,330 2,884 52,474
(+/-) Capital Subscription / (capital return) 211 - 203 (861) 661 109 - 322
(+) Capital Subscription 218 - 203 277 889 186 - 1,772
(-) Capital Return (7) - - (1,138) (229) (76) - (1,450)
(+/-) Net Inflow / (outflow) - (728) 2,488 - 107 537 (114) 2,290
(+/-) Appreciation / (depreciation) (505) 39 268 (57) (576) 230 68 (533)
Ending Balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553

 

Accrued Performance Fees – Private Market Funds

 

(R$ mm) 4Q'21 Unrealized Performance Fees Realized Distributions 1Q'22
Private Equity 82.5 2.1 - 84.6
Infrastructure 19.4 0.7 - 20.0
Total 101.9 2.7 - 104.6

 

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$20.0 million as of the end of the first quarter of 2022 booked as unrealized performance fees in the company´s balance sheet.

 

Accrued performance fees shown for Private Equity funds of R$84.6 million as of the end of the first quarter of 2022 have not been booked as unrealized performance fees in the company´s balance sheet.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Investment Records – IP&S, Liquid Strategies, Credit and Listed REIT

 

Fund Segment

NAVxxiv

(R$ millions)

1Q22 YTD 12 M 24 M Market Comparison Index Rate
Vinci Multiestratégia FIM Hedge Funds 503.1 3.1% 3.1% 5.9% 8.1% CDIxxv CDI
Atlas Strategyxxvi Hedge Funds 542.4 4.2% 4.2% 1.4% 3.2% CDI CDI
Vinci Total Return Hedge Funds 282.3 8.8% 8.8% 19.4% 88.0% IPCAxxvii + Yield IMA-Bxxviii IPCA + Yield IMA-B
Mosaico Strategyxxix Public Equities 1,205.6 11.0% 11.0% -1.0% 52.3% IBOVxxx IBOV
Vinci Gas Dividendos FIA Public Equities 574.2 15.4% 15.4% 6.3% 50.8% IBOV IBOV
Vinci Valorem FIM IP&S 2,376.3 4.2% 4.2% 7.6% 15.5% IMA-B 5 IMA-B 5
Equilibrio Strategyxxxi IP&S 2,223.5 4.5% 4.5% 7.8% 16.1% IPCA   -
Vinci Selection Equities FIA IP&S 581.6 9.1% 9.1% -0.9% 49.9% IBOV IBOV
Vinci Crédito Imobiliário I Credit 255.1 4.5% 4.5% 4.6% 18.1% IPCA  

IPCA +

7.785%

Vinci Crédito Imobiliário II Credit 560.5 3.1% 3.1% 4.5% 14.4% IPCA   IPCA+ 6%
Vinci Crédito Estruturado Multiestrategia Plus FIC FIM Credit 121.3 2.7% 2.7% 9.5% 13.9% CDI CDI
Vinci Energia Sustentável Credit 600.0 -1.0% -1.0% 4.6% 16.5% IPCA   IPCA + 6%
VISC11 Real Estate (listed REIT) 1,755.5 -1.4% -1.4% -3.6% 12.4% IFIXxxxii IPCA + 6%
VILG11 Real Estate (listed REIT) 1,483.2 -3.7% -3.7% -9.5% 8.0% IFIX IPCA+ 6%
VINO11 Real Estate (listed REIT) 822.8 -9.8% -9.8% -9.9% 13.5% IFIX IPCA+ 6%
VIFI11 Real Estate (listed REIT) 202.0 -2.8% -2.8% -9.6%   IFIX IFIX
VIUR11 Real Estate (listed REIT) 196.2 -3.1% -20.8%     IFIX IPCA + 6%
VIGT11 Infrastructure (listed) 645.0 -1.8% -1.8% -3.1% 2.7% - -

 

 

Benchmark 1Q22 YTD 12 M 24 M
IBOV 14.5% 14.5% 2.9% 64.3%
CDI 2.4% 2.4% 6.4% 8.8%
IMA-B 5 3.8% 3.8% 8.7% 18.0%
IPCA + Yield IMA-B 2.8% 2.8% 14.1% 23.4%
IPCA 2.9% 2.9% 10.9% 17.7%
IFIX -0.9% -0.9% -2.3% 11.5%

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Investment Records – Closed End Private Markets fundsxxxiii

 

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 MOICxxxiv 

(BRL)

Gross

MOIC

  (USD)

Gross

IRRxxxv

 (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 Strategyxxxvi 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 75 139 213 1.6x 1.3x 22.0% 9.8%
VIR IV Private Equity 2020 1,000 189 2 203 205 1.1x 1.0x 23.8% 14.2%
VIR Strategyxxxvii Private Equity   1,276 336 103 342 445 1.3x 1.2x 22.1% 27.8%
FIP Transmissãoxxxviii Infrastructure 2017 211 104 241 161 401 3.9x 3.0x 69.4% 53.5%
VIAS Infrastructure - 384 - - - - - - - -
VFDLxxxix Real Estate 2021 422    79 - 99 99 1.2x 1.4x 70.5% 107.4%

 

Shareholder Dividends

 

($ in thousands) 1H21 3Q'21 4Q'21 1Q'22   
Distributable Earnings (R$) 101,976 61,743 68,515 53,255  
Distributable Earnings (US$)xl 19,397 11,377 13,637 10,615  
DE per Common Share (US$)xli 0.34  0.20 0.24 0.19  
Actual Dividend per Common Sharexlii  0.30  0.16 0.20 0.17  
Record Date September 01,2021 December 01,2021 March 10, 2022          May 24, 2022  
Payable Date  September 16, 2021 December 16,2021 March 24, 2022 June 08, 2022   

 

Vinci Partners generated R$0.95 or US$0.19 of Distributable Earnings per common share for the first quarter of 2022.

 

The company declared a quarterly dividend of US$0.17 per common share to record holders as of May 24, 2022; payable on June 08, 2022.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Share Summary

 

VINP Shares 4Q'20 (Pre IPO) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'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 N/A 15,271,488 15,094,833 14,921,318 14,513,477 14,187,216
Common Shares Outstanding 41,642,100 56,913,588 56,736,933 56,563,418 56,155,577 55,829,316

 

Common Shares Outstanding as of quarter end of 55,829,316 shares.

 

·Repurchased 326,261 common shares in the quarter, with an average share price of US$12.3.

 

·Repurchased 1,084,272 common shares since the announcement of the share repurchase plan, with an average share price of US$12.7.

 

·Available authorization remaining was R$11.2 million on March 31,2022.

 

GP Commitment in Private Market funds

 

(R$ millions,

unless mentioned)

Fund

Segment

1Q'22

Commitments

Total

Capital Committed

 

1Q'22 Capital Called Total Capital Called

Capital Returned/

Dividends Payed (1Q'22)

Accumulated Capital Returned/

Dividends

Payed

Fair value

of

investments

Nordeste III Private Equity 0.0 5.0 0.0 3.1 0.0 1.3 2.7
VCP III Private Equity 0.0 3.1 0.6 1.7 0.0 0.0 2.5
VIR IV Private Equity 0.0 11.1 0.8 2.9 0.0 0.1 2.7

FIP Infra Transmissão

(co- investment)xliii

Infrastructure 0.0 29.5 0.0 8.9 0.0 19.7 12.7
FIP Infra Transmissãoxliv Infrastructure 0.0 10.5 0.0 3.4 0.0 6.2 4.0
VIAS Infrastructure 0.0 50.0 26.5 27.8 0.0 0.0 27.0
VFDL Real Estate 0.0 70.0 0.0 14.0 0.0 0.0 16.9
VIUR Real Estate 0.0 67.3 0.0 67.3 1.4 4.6 49.5
VCS Credit 22.0 80.0 22.0 80.0 0.0 0.0 84.4
Vinci FOF Imobiliário Real Estate 0.0 10.0 0.0 10.0 0.0 0.0 10.8
VSP IP&S 45.0 50.0 0.0 0.0 0.0 0.0 0.0
VINO Real Estate 50.0 50.0 50.0 50.0 0.6 0.6 45.3
Vinci Transporte e Logística II Infrastructure 15.0 15.0 0.0 0.0 0.0 0.0 0.0
Total   132.0 451.4 99.8 269.0 2.1 32.5 258.7

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Reconciliation and Disclosures

 

Non-GAAP Reconciliation

 

(R$ thousands, unless mentioned) 1Q'21 1Q'22 1Q'21 LTM 1Q'22 LTM
         
OPERATING PROFIT 56,858 45,959 192,841 235,231
(-) Net revenue from realized performance fees (9,529) (2,536) (38,301) (38,355)
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
(+) Compensation allocated in relation to performance fees 3,292 1,032 17,931 11,741
FEE RELATED EARNINGS (FRE) 50,199 43,818 157,061 216,117
         
OPERATING PROFIT 56,858 45,959 192,841 235,231
(-) Net revenue from management fees (81,843) (87,229) (290,211) (366,456)
(-) Net revenue from advisory (15,066) (3,674) (27,936) (55,363)
(+) Bonus related to management and advisory 18,526 17,272 65,167 83,715
(+) Personnel expenses 5,097 6,549 16,385 23,698
(+) Other general and administrative expenses 3,574 4,503 15,707 18,441
(+) Corporate center expenses 19,512 18,761 63,827 79,848
PERFORMANCE RELATED EARNINGS (PRE) 6,659 2,140 35,780 19,113
         
OPERATING PROFIT 56,858 45,959 192,841 235,231
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
(+) Compensation allocated in relation to unrealized performance fees 150 225 5,959 (2,658)
(+) Realized gain from GP investment income 112 2,045 140 15,784
SEGMENT DISTRIBUTABLE EARNINGS 56,699 47,593 183,531 255,857
         
NET INCOME 47,013 45,306 147,913 206,908
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
(+) Income tax from unrealized performance fees 49 73 1,777 (866)
(+) Compensation allocated in relation to unrealized performance fees 150 225 5,959 (2,658)
(-) Unrealized gain from GP investment income (1,049) 6,214 (6,450) 21,034
(+) Income tax on unrealized gain from GP investment income 416 - 2,252 341
(-) Unrealized gain from financial income 147 288 (846) 968
(+) Income tax on unrealized gain from financial income (48) 65 290 (3,302)
(+) Depreciation and amortization 939 984 2,032 3,962
(+) Stock compensation plan - 736 - 4,406
(+) Non-recurring expenses including income tax related to realized expense - 4,437 - 4,437
ADJUSTED DISTRIBUTABLE EARNINGS 47,195 57,692 137,518 242,730
         
TOTAL NET REVENUE FROM SERVICES RENDERED 106,860 94,075 371,858 452,673
(-) Net revenue from realized performance fees (9,529) (2,536) (38,301) (38,355)
(-) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501
NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 96,909 90,903 318,147 421,819

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Effective Tax Rate Reconciliation

 

 (R$ thousands, unless mentioned) 1Q'21 1Q'22 1Q’21 LTM 1Q’22 LTM  
Profit (loss) before income taxes, not-including Dividends to partners 60,245 57,045 225,833 254,642  
Combined statutory income taxes rate - % 34% 34% 34% 34%  
Income tax benefit (Expense) at statutory rates (20,483) (19,395) (76,783) (86,578)  
Reconciliation adjustments:          
Expenses not deductible (52) (18) (107) (358)  
Tax benefits 14 35 454 846  
Share based payments - (86) - (457)  
Effect of presumed profit of subsidiaries¹ 7,092 7,714 28,995 38,901  
Other additions (exclusions), net 197 11 393 (88)  
Income taxes expenses (13,232) (11,739) (47,048) (47,734)  
Current (14,196) (12,671) (45,996) (55,245)  
Deferred 964 932 (1,052) 7,511  
Effective tax rate 22% 21% 21% 19%  

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Balance Sheet Results

 

Assets 12/31/2021 3/31/2022
Current assets    
Cash and cash equivalents 102,569 38,516
Cash and bank deposits 21,679 9,109
Financial instruments at fair value through profit or loss 80,890 29,407
Financial instruments at fair value through profit or loss 1,372,926 1,324,292
Trade receivables 44,316 41,453
Sub-leases receivable - 1,500
Taxes recoverable 3,199 3,214
Other assets 4,193 7,136
Total current assets 1,527,203 1,416,111
     
Non-current assets    
Financial instruments at fair value through profit or loss 8,593 9,235
Trade receivables 19,368 20,042
Sub-leases receivable - 2,256
Taxes recoverable 80 61
Deferred taxes 4,970 6,057
Other receivables 2,011 1,851
  35,022 39,502
     
Property and equipment 14,294 13,591
Right of use - Leases 69,329 63,159
Intangible assets 1,157 1,156
Total non-current assets 119,802 117,408
     
     
TOTAL 1,647,005 1,533,519

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

Liabilities and equity 12/31/2021 3/31/2022
Current liabilities    
Trade payables 831 366
Deferred Revenue - 17,504
Leases 22,304 22,755
Accounts payable 10,677 6,909
Labor and social security obligations 106,299 25,023
Taxes and contributions payable 23,762 14,838
Total current liabilities 163,873 87,395
     
Non-current liabilities    
Accounts payable - -
Leases 63,240 59,581
Deferred taxes 5,016 5,209
  68,256 64,790
     
Equity    
Share capital 15 15
Additional paid-in capital 1,382,038 1,382,038
Treasury shares (52,585) (73,815)
Retained Earnings 70,183 59,315
Other reserves 15,182 13,747
  1,414,833 1,381,300
     
Non-controlling interests in the equity of subsidiaries 43 34
     
Total equity 1,414,876 1,381,334
     
Total liabilities and equity 1,647,005 1,533,519

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

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.

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

_________________

 

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 twelve 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 twelve months values are calculated as the sum of the last four quarters.

 

vi Non-recurring expenses are composed mostly by expenses related to professional services to matters related to 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 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.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

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 “Stock option compensation plan” is a benefit program in which the company concedes to an employee the option to buy stock in the company with stated fixed price.

 

xxii 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.

 

xxiii 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 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.

 

xxiv NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

First Quarter 2022 Earnings Release

May 10th, 2022

 

 

xxv CDI is an average of interbank overnight rates in Brazil (daily average for the period).

 

xxvi Atlas strategy comprises Atlas FIC FIM and Atlas Institucional FIC FIM.

 

xxvii IPCA is a broad consumer price index measured by the IBGE

 

xxviii IMAB is composed by government bonds indexed to IPCA. IMAB 5 also comprises government bonds indexed to IPCA but only the one´s with up to 5 Years duration.

 

xxix Mosaico strategy comprises Vinci Mosaico FIA, Vinci Mosaico Institucional FIA and Vinci Mosaico Advisory FIA.

 

xxx IBOV is the Brazilian stock market most relevant index.

 

xxxi Equilibrio Strategy comprises IP&S Family of pension plans.

 

xxxii IFIX is an index composed by listed REITs in the brazilian stock exchange.

 

xxxiii 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.

 

xxxiv “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.

 

xxxv “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.

 

xxxvi Total commitments for VCP III include R$1.3 billion in co-investments. Track record presented for the VCP strategy as of 1Q’22.

 

xxxvii Track record for VIR strategy is presented as of 4Q’21, due to fund’s administrator timeline to disclose the quarterly markup of the fund.

 

xxxviii Track record for FIP Infra is presented as of 1Q’22.

 

xxxix Track record for VFDL is presented as of 1Q’22.

 

xl US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.0171 as of May 05, 2022, when dividends were approved by our Board of Directors.

 

xli Per Share calculations are based on end of period Participating Common Shares.

 

xlii Actual dividends per common share are calculated considering the share count as of the applicable record date.

 

xliii The remaining capital committed in FIP Infra Transmissão co-investment will not be called by the fund, which is already in divestment period.

 

xliv The remaining capital committed in FIP Infra Transmissão will not be called by the fund, which is already in divestment period.

 

 /IR.VINCIPARTNERS.COM / SHAREHOLDERRELATIONS@VINCIPARTNERS.COM

 

 

 

 

 

 

 

Exhibit 99.2

 

 

First Quarter 2022 Earnings Presentation May 10, 2022

 

 

Disclaimer This presentation contains forward - looking statements that can be identified by the use of words such as “anticipate,” “believe, ” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward - looking statements are necessarily subject to a high degree o f 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 fu ture 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 - looki ng statements and there can be no assurance that such forward - looking statements will prove to be correct. Accordingly, you should not place undue reliance on forward - looking st atements. The forward - looking statements included herein speak only as at the date of this presentation and we do not undertake any obligation to update these forward - looking sta tements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U. S. Securities and Exchange Commission (the “SEC”) from time to time, including in the section titled “Risk Factors” in our latest fillings with the SEC. These documents are availa ble on the SEC Filings section of the investor relations section of our website at: https://ir.vincipartners.com/financials/sec - filings. We have prepared this presentation solely for informational purposes. The information in this presentation does not constitut e o r form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or a ffi liates, not should it or any part of it form the basis of, or be relied on, in connection with any contract to purchase or subscribe for any of our securities or securities of any of our sub sid iaries or affiliates, nor shall it or any part of it form the basis of, or be relied on, in connection w ith any contract or commitment whatsoever. This presentation also includes certain non - GAAP financial information. We believe that such information is meaningful and usefu l in understanding the activities and business metrics of our operations. We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects o f our business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Board, prov ide a more complete understanding of factors and trends affecting our business. Further, investors regularly rely on non - GAAP financial measures to assess operating performance and suc h measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS. We also believe that cer tai n non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of wh ich present these measures when reporting their results. The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial st atements. The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results . A s other companies may determine or calculate this non - GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliatio n o f such non - GAAP financial measures to the nearest GAAP measure is included in this presentation. 2

 

 

3 Presenters Alessandro Horta Chief Executive Officer Sergio Passos Chief Operating Officer & Chief Financial Officer Bruno Zaremba Private Equity Chairman & Head of Investor Relations

 

 

Opening Remarks

 

 

5 Vinci Partners reports solid results and announces the launch of VRS, our new Retirement Services segment After - tax Adjusted DE³ R$57.7 1Q’22 R$57 bn AUM¹ See notes and definitions at end of document R$1.1 bn Capital Return FIP Energia PCH Vinci Partners ended the first quarter of 2022 with R$57 bn in AUM¹. Vinci Partners continues to deliver solid results, which translates into substantial amounts of free cash flow and attractive dividend distribution to shareholders +22% YoY Quarterly Dividend US$0.17 Per share Dividends since IPO US$0.83 Per share 25 37 50 57 2018 2019 2020 1Q'22 Vinci Retirement Services is our new initiative within the pension plans industry in Brazil. +R$1 trn Addressable Market +88% Market share of the Incumbent banks ▪ Our goal is to assist investors with their retirement plans . ▪ We will leverage our platform’s power to develop sophisticated solutions to our investors . ▪ The pension plans industry in Brazil is currently under allocated towards alternatives, presenting a key opportunity to explore diversified portfolios .

 

 

Financial Highlights

 

 

7 (R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q’21 LTM 1Q’22 LTM ∆ (%) Net revenue from management fees 81,843 87,229 7% 290,211 366,456 26% Net revenue from advisory fees 15,066 3,674 - 76% 27,936 55,363 98% Total Fee Related Revenues 96,909 90,903 - 6% 318,147 421,819 33% Segment personnel expenses (5,097) (6,549) 28% (16,385) (23,698) 45% Other G&A expenses (3,574) (4,503) 26% (15,707) (18,441) 17% Corporate center expenses (19,512) (18,761) - 4% (63,827) (79,848) 25% Bonus compensation related to management and advisory¹ (18,526) (17,272) - 7% (65,167) (83,715) 28% Total Fee Related Expenses (46,710) (47,085) 1% (161,086) (205,702) 28% FEE RELATED EARNINGS (FRE) 50,199 43,818 - 13% 157,061 216,117 38% FRE Margin (%) 51.8% 48.2% 49.4% 51.2% FRE per share² (R$/share) 0.88 0.78 2.76 3.83 Net revenue from performance fees 9,951 3,172 - 68% 53,711 30,854 - 43% Performance based compensation³ (3,292) (1,032) - 69% (17,931) (11,741) - 35% PERFORMANCE RELATED EARNINGS (PRE) 6,659 2,140 - 68% 35,780 19,113 - 47% PRE Margin (%) 66.9% 67.5% 66.6% 61.9% ( - ) Unrealized performance fees (422) (636) 51% (15,410) 7,501 N/A (+) Unrealized performance compensation 150 225 50% 5,959 (2,658) N/A (+) Realized GP investment income 112 2,045 1,726% 140 15,784 11,174% SEGMENT DISTRIBUTABLE EARNINGS 56,699 47,593 - 16% 183,531 255,857 39% Segment DE Margin (%) 53.2% 49.8% 51.5% 53.8% (+) Depreciation and amortization 939 984 5% 2,032 3,962 95% (+) Realized financial income 4,644 24,996 438% 6,165 49,081 696% ( - ) Leasing expenses (3,157) (2,472) - 22% (12,301) (11,596) - 6% ( - ) Other items 886 (1,136) N/A 820 (2,341) N/A ( - ) Non - recurring expenses 4 - (5,109) - (5,109) ( - ) Income taxes (excluding related to unrealized fees and income) (12,815) (11,601) - 9% (42,729) (51,561) 21% DISTRIBUTABLE EARNINGS (DE) 47,195 53,255 13% 137,518 238,294 73% DE Margin (%) 42.4% 44.2% 37.9% 45.4% DE per share (R$/share) 5 0.83 0.95 2.42 4.23 (+) Non - recurring expenses including income tax related to realized expense - 4,437 N/A - 4,437 N/A ADJUSTED DISTRIBUTABLE EARNINGS 47,195 57,692 22% 137,518 242,730 77% Adjusted DE Margin (%) 42.4% 47.9% 37.9% 46.2% Adjusted DE per share (R$/share) 0.83 1.03 2.42 4.31 First Quarter 2022 Segment Earnings (Unaudited) For comparison purposes only, FRE and DE per share indicated LTM 1Q’21 are calculated considering Vinci Partners’ post - IPO share count of 56,913,588. See notes and definitions at end of document

 

 

8 ▪ Total assets under management (“AUM”) of R$56.7 billion, up 3 % year - over - year. ▪ Fee - Earning AUM (“FEAUM”) of R$54.6 billion, up 4 % year - over - year. ▪ Performance fee - eligible AUM (“PEAUM”) of R$34.9 billion at the end of the quarter. ▪ Net inflows of negative R$ 875 .4 million in the quarter and positive R$2.3 billion over the 1Q’22 LTM . ▪ New capital subscriptions of R$694.1 million in the quarter and R$1 .8 billion over the 1Q’22 LTM . ▪ Capital Return of R$1.2 billion in the quarter and R$1.5 billion over the 1Q’22 LTM. ▪ Net cash and investments of R$1.4 billion (R$24.58/share) at the end of the quarter. First Quarter 2022 Highlights ▪ Fee - related revenues of R$421.8 million over the 1Q’22 LTM , up 33% year - over - year. ▪ FRE was R$216.1 million over the LTM 1Q’22 , up 3 8 % year - over - year. ▪ Adjusted Distributable Earnings (“DE”) of R$57.7 million (R$1.03/share) in the quarter, up 22% year - over - year. x Adjusted DE was R$ 242 .7 million (R$4.31/share) over the LTM 1Q’22 , up 77% year - over - year. Financial Measures Capital Metrics Capital Returned to Shareholders ▪ Quarterly dividend of US$0.17 per common share payable on June 8, 2022. ▪ Total capital used for share repurchases of R$21.2 million in the 1Q’22.

 

 

9 Our AUM remains resilient throughout market cycles… ▪ Total assets under management (AUM) of R$56.7 billion, up 3% year - over - year, driven primarily by strong fundraising coming from exclusive mandates in IP&S. ▪ In the first quarter of 2022 the fund FIP Energia PCH, managed by the Infrastructure team, returned R$1.1 billion in capital for its investors, after the successful completion of the mandate won in 2015, to restructure the fund's portfolio and return capital to LPs. ▪ Total Fee - Earning AUM (FEAUM) of R$54.6 billion, up 4% year - over - year. AUM 1Q ’ 22 vs 1Q ’ 21 (R$bn) Fee - Earning AUM 1Q ’ 22 vs 1Q ’ 21 (R$bn) Long - Term AUM¹ 1Q ’ 22 vs 1Q ’ 21 (R$bn) + 3% + 4% - 4% See notes and definitions at end of document 21 21 13 12 20 23 55 57 1Q'21 1Q'22 Private Markets Liquid Strategies IP&S 19 19 13 12 20 23 52 55 1Q'21 1Q'22 Private Markets Liquid Strategies IP&S 19 19 2 1 7 7 27 26 1Q'21 1Q'22 Perpetual or quasi-perpetual 10+ Years 5-10 Years

 

 

10 24% 11% 4% 6% 22% 15% 7% 11% Private Equity Real Estate Credit Infrastructure IP&S Public Equities Hedge Funds Advisory 19% 9% 6% 3% 41% 17% 5% 36% 23% 23% 9% 9% Local Institutional HNWI Institutional Offshore Allocators & Distributors Public market vehicles Our AUM base favors alpha - driven strategies, while our revenue profile is management fee - centric … and highly diversified across different strategies and clients 45 % of net revenues come from private market strategies ² 46 % of AUM is in long term products ¹ AUM diversified across five different distribution channels AUM 1Q ' 22 Net Revenues 1Q ' 22 LTM See notes and definitions at end of document AUM 1Q ' 22

 

 

11 81% 19% Private Equity Infrastructure Vinci holds a strong position for future realization of performance fees in private market funds Gross Accrued Performance Fees – Private Market Funds ▪ Performance fee receivable increased to R$104.6 million in the 1Q’22, a 3% increase quarter - over - quarter, driven mostly by appre ciation in the VCP III strategy. ▪ The VCP strategy¹ in Private Equity accounted for R$84.6 million in accrued performance fees, or 81% of total performance fee s. ▪ Vinci Partners had R$8 billion as of 1Q’22 in performance eligible AUM coming from Private Markets’ funds still within invest men t period. R$104.6 mm Accrued Performance Fees (R$ mm) Accrued Performance Fees by Strategy (%) 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 $ 20 . 0 million as of the end of the first quarter of 2022 booked as unrealized performance fees in the company ´ s balance sheet . Accrued performance fees shown for Private Equity funds of R $ 84 . 6 million as of the end of the first quarter of 2022 have not been booked as unrealized performance fees in the company ´ s balance sheet . See notes and definitions at end of document

 

 

12 Significant exposure to performance fee - eligible AUM ▪ Total Performance fee eligible AUM (PEAUM) of R$34.9 billion. ▪ Hurdle rate funds charge performance based on the fund’s return over its benchmark, generally with a high - watermark clause, except for the SWF mandate in Public Equities. ▪ Within our Private Market strategies, R$8 billion in AUM comes from “preferred return” funds with carried interest, that are still in investment period. PEAUM R$35 bn 27% 24% 21% 9% 9% 8% 2% Private Equity IP&S Public Equities Real Estate Credit Hedge Funds Infrastructure PERFORMANCE FEE ELIGIBLE AUM (PEAUM) Strategy/Fund AUM R$mm Index type Index Rate Status Offshore Vehicles 3,080 Preferred Return w/ Catch - Up² USD + 8% Within investment period Onshore Vehicles 2,161 Preferred Return w/ Catch - Up² IPCA 5 + 8% Within investment period Nordeste III 232 Preferred Return w/ Catch - Up² IPCA 5 + 8.5% Currently generating performance Teman Pier 78 Preferred Return w/ Catch - Up² Within investment period Others 3,833 Not expected to pay performance Total Private Equity 9,383 Vinci Valorem 2,576 Hurdle³ IMAB 5 6 Currently generating performance Separate Mandates 2,113 Hurdle³ IBOV 7 + alpha Currently generating performance International¹ 1,542 Currently generating performance Commingled Funds 730 Hurdle³ IBOV 7 + alpha Currently generating performance VSP 248 Preferred Return w/ Catch - Up² IPCA 5 + 8% Currently generating performance Others 1,236 Currently generating performance Total IP&S 8,445 SWF 5,048 Hurdle³ FTSE 8 Currently generating performance Mosaico Strategy 1,206 Hurdle³ IBOV 7 Currently generating performance Vinci Gas Dividendos 574 Hurdle³ IBOV 7 Currently generating performance Others 490 Currently generating performance Total Public Equities 7,318 Listed REITs 2,520 Hurdle³ IPCA 5 + 6% Currently generating performance VFDL 436 Preferred Return 4 IPCA 5 + 6% Within investment period FOF Strategy 214 Hurdle³ IFIX9 Currently generating performance Total Real Estate 3,170 VCI II 722 Preferred Return 4 IPCA 5 + 6% Within investment period VES 600 Preferred Return 4 IPCA 5 + 6% Within investment period VCM FIM 340 Preferred Return 4 IPCA 5 + 5% Within investment period Energia FIM 265 Hurdle³ CDI 10 Currently generating performance VCS 84 Hurdle³ IPCA 5 + 5% Within investment period VCI I 255 Not expected to pay performance Others 867 Currently generating performance Total Credit 3,133 Atlas Strategy 542 Hurdle³ CDI 10 Currently generating performance Vinci Multiestratégia 503 Hurdle³ CDI 10 Currently generating performance Vinci Total Return 400 Hurdle³ IPCA 5 + Yield IMAB 11 Currently generating performance Others 1,168 Currently generating performance Total Hedge Funds 2,613 VIAS 371 Preferred Return 4 IPCA 5 + 6% Within investment period Transportation and Logistics strategy 151 Preferred Return 4 IPCA 5 + 6% Within investment period FIP Infra Transmissão 73 Preferred Return 4 IPCA 5 + 8% Currently generating performance Others 193 Not expected to pay performance Total Infrastructure 788 PEAUM TOTAL 34,851

 

 

13 Fee related revenues Management fees remain the main contributor to revenues, accounting for 81% of total revenues over the 1Q’22 LTM ▪ Fee related revenues, composed of management and advisory fees, totaled R$90.9 million in the quarter, down 6% year - over - year du e 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. Fee rela ted revenues accounted for R$421.8 million over the 1Q’22 LTM, up 33% when compared to the 1Q’21 LTM . ▪ Management fee revenues reached R$87.2 million in the quarter, up 7% year - over - year, following growth in fee - paying AUM across P rivate Markets and IP&S funds. ▪ Advisory fees accounted for R$3.7 million in the quarter. During the 1Q’22 LTM, advisory fees totaled R$55.4 million, up 98% yea r - over - year. Management and Advisory fees 1Q ’ 22 vs. 1Q ’ 21 (R$mm) Management and Advisory fees 1Q’22 LTM vs. 1Q’21 LTM (R$mm) - 6% + 33% 82 87 15 4 97 91 1Q'21 1Q'22 Management fees Advisory fees 290 366 28 55 318 422 1Q'21 LTM 1Q'22 LTM Management fees Advisory fees

 

 

14 Operating Expenses ▪ Total operating expenses of R$48.1 million in the quarter, down 4% year - over - year. ▪ Total operating expenses of R$217.4 during the 1Q’22 LTM , an increase of 21% when compared to the 1Q’21 LTM . This increase was partially driven by new recurring costs related to becoming a public company¹ throughout the year of 2021. Total Expenses 1Q ’ 22 vs. 1Q ’ 21 (R$mm) Total Expenses 1Q’22 LTM vs. 1Q ’ 21 LTM (R$mm) See notes and definitions at end of document - 4% 22 18 20 19 5 7 4 5 50 48 1Q'21 1Q'22 Bonus compensation Corporate center Segment Personnel expenses Other G&A + 21% 83 95 64 80 16 24 16 18 179 217 1Q'21 LTM 1Q'22 LTM Bonus compensation Corporate center Segment Personnel expenses Other G&A

 

 

15 Fee Related Earnings (FRE) ▪ Fee Related Earnings (FRE) of R$43.8 million (R$0.78/share) in the quarter, down 13% year - over - year, due to a greater contributi on from advisory fees in the 1Q’21 following the closing of the pre - IPO advisory for B3 listed company Espaço Laser. ▪ FRE was R$216.1 million (R$3.83/share) over the 1Q’22 LTM, up 38% when compared to the 1Q’21 LTM . ▪ FRE Margin was 51% for the 1Q’22 LTM, an increase of 1.9 percentage point when compared to the 1Q’21 LTM . ▪ Considering only our asset management segments, FRE was R$44.5 million in the quarter, up 9% year - over - year. FRE per share ¹ R$0.88 R$0.78 R$2.76 R$3.83 For comparison purposes only, FRE per share indicated for LTM 1Q’21 is calculated considering Vinci Partners’ post - IPO share cou nt of 56,913,588. See notes and definitions at end of document % FRE margin Fee Related Earnings (FRE) 1Q ’ 22 vs. 1Q ’ 21 (R$mm) Fee Related Earnings (FRE) 1Q’22 LTM vs. 1Q’21 LTM (R$mm) 48 % 52% 51% 49 % 50 44 1Q'21 1Q'22 - 13% 157 216 1Q'21 LTM 1Q'22 LTM + 38%

 

 

16 Performance Related Earnings (PRE) ▪ Performance related earnings (PRE) of R$2.1 million (R$0.04/share) in the quarter, down 68% year - over - year, due to higher perfor mance contributions coming from international exclusive mandates in IP&S in 1Q’21. Most of our open - end funds charge performance fees semiannually, recogni zing revenues in June and December, thus first and third quarters usually are expected to show lower levels of performance from domestic open - ended fu nds. ▪ PRE was R$19.1 million (R$0.34/share) over the 1Q’22 LTM , down 47% when compared to the 1Q’21 LTM, primarily due to unrealiz ed performance revenues booked in the 1Q’21 LTM, that were partially realized in the 1Q’22 LTM. Performance Related Earnings (PRE) 1Q ’ 22 vs. 1Q ’ 21 (R$mm) Performance Related Earnings (PRE) 1Q’22 LTM vs. 1Q’21 LTM (R$mm) - 68% % PRE margin 67 % 6 7% - 47% 62 % 67 % PRE per share¹ R$0.12 R$0.04 R$0.63 R$0.34 6 2 0.3 0.4 7 2 1Q'21 1Q'22 Realized Unrealized 26 24 9 - 5 36 19 1Q'21 LTM 1Q'22 LTM Realized Unrealized

 

 

17 Realized GP Investment and Financial income ▪ Realized GP Investment¹ and Financial income² of R$27.0 million in the 1Q ’ 22, up 469% year - over - year, driven by realized gains in our liquid funds' portfolio. ▪ Realized GP Investment income of R$2.0 million in the quarter, coming primarily from dividend distributions of the company’s pro prietary stake in listed REITs. ▪ Realized GP Investment¹ and Financial income² accounted for R$64.9 million over the 1Q’22 LTM , up 929% when compared to the 1Q’ 21 LTM . See notes and definitions at end of document Realized GP Investment¹ and Financial income² 1Q ’ 22 vs 1Q ’ 21 (R$mm) Realized GP Investment¹ and Financial income² 1Q’22 LTM vs 1Q’21 LTM (R$mm) 5 25 2 5 27 1Q'21 1Q'22 Realized Financial Income Realized GP Investment Income 6 49 16 6 65 1Q'21 LTM 1Q'22 LTM Realized Financial Income Realized GP Investment Income

 

 

18 138 243 1Q'21 LTM 1Q'22 LTM Adjusted Distributable Earnings (DE) ▪ Adjusted Distributable Earnings (DE)¹ of R$57.7 million (R$1.03/share) in the quarter, up 22% year - over - year. ▪ Adjusted DE margin for the quarter was 48%, up 5.4 percentage points when compared to the 1Q’21. Adjusted DE margin was 46% i n t he 1Q’22 LTM , an increase of 8.3 percentage points compared to the 1Q’21 LTM . ▪ Adjusted DE was R$243.4 million (R$4.31/share) in the 1Q’22 LTM , up 77% when compared to the 1Q’21 LTM . Adjusted Distributable Earnings (DE) 1Q ' 22 vs. 1Q ' 21 (R$mm) Adjusted Distributable Earnings (DE) 1Q’22 LTM vs. 1Q’21 LTM (R$mm) Adjusted DE per share² + 22% % Adjusted DE margin 48% 42% R$0.83 R$1.03 + 77% 46 % 38% R$2.42 R$4.31 For comparison purposes only, DE per share indicated for LTM 1Q’21 is calculated considering Vinci Partners’ post - IPO share coun t of 56,913,588. See notes and definitions at end of document 47 58 1Q'21 1Q'22

 

 

19 Share Repurchase Activity (in R$ million, unless mentioned) 4Q'21 1Q'22 Total Shares Repurchased (number of shares) 407,841 326,261 Total Capital Used for Share Repurchases 26.8 21.2 Remaining Share Repurchase Plan Authorization 32.4 11.2 Average Price Paid Per Share (US$) 11.4 12.3 (in R$ millions, unless mentioned) 4Q'21 1Q'22 Cash and cash equivalents¹ 102.6 38.5 Net Investments 1,381.5 1,333.5 Liquid funds² 1,224.8 1,074.9 GP Fund Investments³ 156.7 258.7 Cash and Net Investments 1,484.1 1,372.0 Cash and Net Investments per share 4 (R$/share) 26.43 24.58 Balance Sheet Highlights ▪ As of March 31, 2022, Vinci Partners had R$1.4 billion (R$24.6/share) in total cash and net investments, that comprise cash, cas h equivalents and net investments (liquid funds and GP fund investments at fair value). ▪ Vinci Partners repurchased 326,261 shares in the quarter with an average share price of US$12.3. As of March 31, 2022, the co mpa ny had R$11.2 million remaining in its authorized share repurchase plan. 26.43 24.58 4Q'21 1Q'22 Cash and Net Investments per share 4 (R$/share)

 

 

Segment Highlights

 

 

21 49% 20% 18% 13% Financials by segment ▪ Fee Related Earnings (FRE) were R$216.1 million over the 1Q’22 LTM, with 49% of FRE coming from Private Markets, followed by Liq uid Strategies accounting for 20%, IP&S for 18% and Financial Advisory for 13%. ▪ Segment Distributable Earnings were R$255.9 million over the 1Q’22 LTM, with 51% coming from Private Markets’ strategies, fol low ed by Liquid Strategies and IP&S, each accounting for 19% and Financial Advisory for 11%. Segment Distributable Earnings 1Q’22 LTM by Segment Fee Related Earnings (FRE) 1Q’22 LTM by Segment R$216 mm R$256 mm 51% 19% 19% 11% Private Markets Liquid Strategies IP&S Financial Advisory

 

 

22 ▪ Fee related earnings (FRE) of R$24.9 million in the quarter, up 4% year - over - year. FRE was R$106.8 million over the 1Q’22 LTM, a n increase of 21% when compared to the 1Q’21 LTM, driven by the strong fundraising over the last twelve months. ▪ Segment Distributable Earnings of R$26.9 million in the quarter, up 11% year - over - year. Segment DE was R$131.0 million over the 1Q’22 LTM, an increase of 45% when compared to the 1Q’21 LTM. ▪ Total AUM of R$21.0 billion at the end of the quarter, a decrease of 1% year - over - year. During the first quarter of 2022, we had R$1.1 billion in capital return coming from realizations in FIP Energia PCH, after the successful completion of the mandate won in 2015 by our Infrastructure te am, to restructure the fund's portfolio and return capital to LPs. ▪ During the first quarter of 2022, our listed REIT, VINO11, closed its sixth issue of additional quotas, adding R$215 million in perpetual capital. Private Equity 53% Real Estate 25% Credit 15% Infrastructure 7% Private Markets' AUM (R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%) Net revenue from management fees 46,581 46,759 0% 173,208 194,662 12% Net revenue from advisory fees 505 467 - 8% 781 5,615 619% Total Fee Related Revenues 47,086 47,226 0% 173,989 200,277 15% Segment personnel expenses (2,438) (2,736) 12% (8,169) (10,869) 33% Other G&A expenses (2,325) (2,755) 18% (9,744) (11,803) 21% Corporate center expenses (10,584) (9,554) - 10% (36,222) (37,426) 3% Bonus compensation related to management and advisory (7,731) (7,307) - 5% (31,701) (33,338) 5% Total Fee Related Expenses (23,078) (22,352) - 3% (85,836) (93,436) 9% FEE RELATED EARNINGS (FRE) 24,008 24,874 4% 88,153 106,841 21% FRE Margin (%) 51.0% 52.7% 50.7% 53.3% Net revenue from performance fees 462 640 38% 18,377 5,162 - 72% Realized performance fees 40 4 - 90% 2,967 12,663 327% Unrealized performance fees 422 636 51% 15,411 (7,501) N/A Performance based compensation (162) (226) 40% (6,854) (1,611) - 76% PERFORMANCE RELATED EARNINGS (PRE) 300 414 38% 11,524 3,551 - 69% PRE Margin (%) 65.0% 64.7% 62.7% 68.8% ( - ) Unrealized performance fees (422) (636) 51% (15,411) 7,501 N/A (+) Unrealized performance compensation 150 225 50% 5,959 (2,658) N/A (+) Realized GP investment income 112 2,045 1,726% 140 15,784 11,174% SEGMENT DISTRIBUTABLE EARNINGS 24,148 26,922 11% 90,365 131,019 45% Segment DE Margin (%) 51.1% 54.6% 51.0% 57.3% ASSETS UNDER MANAGEMENT (AUM R$millions) 21,352 21,041 - 1% 21,352 21,041 - 1% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$ millions) 19,336 19,192 - 1% 19,336 19,192 - 1% AVERAGE MANAGEMENT FEE RATE (%) 0.98% 0.92% 0.98% 0.96% FULL TIME EMPLOYEES 50 50 0% 50 50 0% Private Markets R$21 bn AUM

 

 

23 (R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%) Net revenue from management fees 19,983 20,573 3% 64,679 87,376 35% Net revenue from advisory fees - - N/A - - N/A Total Fee Related Revenues 19,983 20,573 3% 77,324 87,376 13% Segment personnel expenses (1,293) (1,384) 7% (4,850) (5,659) 17% Other G&A expenses (624) (676) 8% (2,812) (2,858) 2% Corporate center expenses (4,492) (4,203) - 6% (16,173) (17,396) 8% Bonus compensation related to management and advisory (3,420) (3,948) 15% (16,703) (18,559) 11% Total Fee Related Expenses (9,829) (10,212) 4% (40,538) (44,472) 10% FEE RELATED EARNINGS (FRE) 10,154 10,361 2% 36,786 42,904 17% FRE Margin (%) 50.8% 50.4% 47.6% 49.1% Net revenue from performance fees 2,009 2,325 16% 7,610 10,730 41% Realized performance fees 2,009 2,325 16% 7,610 10,730 41% Unrealized performance fees - - N/A - - N/A Performance based compensation (703) (722) 3% (2,591) (5,531) 113% PERFORMANCE RELATED EARNINGS (PRE) 1,306 1,603 23% 5,019 5,199 4% PRE Margin (%) 65.0% 68.9% 66.0% 48.5% ( - ) Unrealized performance fees - - N/A - - N/A (+) Unrealized performance compensation - - N/A - - N/A SEGMENT DISTRIBUTABLE EARNINGS 11,460 11,963 4% 41,806 48,103 15% Segment DE Margin (%) 52.1% 52.2% 49.2% 49.0% ASSETS UNDER MANAGEMENT (AUM R$millions) 12,962 12,243 - 6% 12,962 12,243 - 6% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 12,840 12,104 - 6% 12,840 12,104 - 6% AVERAGE MANAGEMENT FEE RATE (%) 0.65% 0.74% 0.50% 0.74% FULL TIME EMPLOYEES 24 21 - 13% 24 21 - 13% Liquid Strategies ▪ Fee related earnings (FRE) of R$10.4 million in the quarter, up 2% year - over - year. FRE was R$42.9 million over the last twelve months, an increase of 17% compared to the 1Q’21 LTM, driven by the end of the revenue sharing agreement with GAS Investimentos in 2021, which impacted pos itively our average management fee rate. ▪ Performance related earnings (PRE) of R$1.6 million in the quarter, up 23% year - over - year. PRE was R$5.2 million over the last t welve months, an increase of 4% when compared to the 1Q’21 LTM. ▪ Segment Distributable Earnings of R$12.0 million in the quarter, up 4% year - over - year. ▪ AUM remained resilient, ending the 1Q'22 with R$12.2 billion, with no relevant outflows over the last twelve months, primaril y d ue to the solid performance from our flagship funds and our long - term oriented investor base, composed mainly by institutional investors. R$12 bn AUM Public Equities 76% Hedge Funds 24% Liquid Strategies' AUM

 

 

24 Separate Mandates 66% Commingled Funds 12% International 12% Pension Plans 10% IP&S AUM (R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%) Net revenue from management fees 15,280 19,897 30% 52,335 84,416 61% Net revenue from advisory fees 19 7 - 64% 96 42 - 56% Total Fee Related Revenues 15,299 19,904 30% 52,430 84,458 61% Segment personnel expenses (971) (1,827) 88% (3,491) (5,275) 51% Other G&A expenses (465) (600) 29% (1,455) (2,226) 53% Corporate center expenses (3,439) (4,065) 18% (10,892) (16,184) 49% Bonus compensation related to management and advisory (3,669) (4,156) 13% (13,432) (20,698) 54% Total Fee Related Expenses (8,544) (10,648) 25% (29,270) (44,384) 52% FEE RELATED EARNINGS (FRE) 6,755 9,255 37% 23,160 40,074 73% FRE Margin (%) 44.2% 46.5% 44.2% 47.4% Net revenue from performance fees 7,481 208 - 97% 20,837 14,964 - 28% Realized performance fees 7,481 208 - 97% 20,837 14,964 - 28% Unrealized performance fees - - N/A - - N/A Performance based compensation (2,427) (84) - 97% (6,602) (4,599) - 30% PERFORMANCE RELATED EARNINGS (PRE) 5,054 124 - 98% 14,235 10,364 - 27% PRE Margin (%) 67.6% 59.5% 68.3% 69.3% ( - ) Unrealized performance fees - - N/A - - N/A (+) Unrealized performance compensation - - N/A - - N/A SEGMENT DISTRIBUTABLE EARNINGS 11,809 9,379 - 21% 37,398 50,439 35% Segment DE Margin (%) 51.8% 46.6% 51.0% 50.7% ASSETS UNDER MANAGEMENT (AUM R$millions) 20,449 23,394 14% 20,449 23,394 14% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 20,299 23,258 15% 20,299 23,258 15% AVERAGE MANAGEMENT FEE RATE (%) 0.35% 0.37% 0.38% 0.39% FULL TIME EMPLOYEES 13 14 8% 13 14 8% Investment Products & Solutions ▪ Fee related earnings (FRE) of R$9.3 million in the quarter, up 37% year - over - year. FRE was R$40.1 million over the last twelve m onths, an increase of 73% when compared to the 1Q’21 LTM, driven by the growth in management fees following notable fundraising in separate mandates ov er the last twelve months. ▪ Performance related earnings (PRE) of R$124 thousand, down 98% year - over - year, due to higher contribution from international exc lusive mandates in the 1Q’21. PRE over the last twelve months was R$10.4 million, a decrease of 27% when compared to the 1Q’21 LTM. ▪ Segment Distributable Earnings of R$9.4 million in the quarter, down 21% year - over - year, due to a bigger contribution from PRE i n the 1Q’21. Segment DE was R$50.4 million over the last twelve months, an increase of 35% when compared to the 1Q’21 LTM. ▪ Total AUM of R$23.4 billion, up 14% year - over - year, driven by outstanding fundraising for new separate mandates in 2021. During the 1Q’22, we closed our first vintage of our new strategy Vinci Strategic Partners, or VSP, a Private Markets FoF, adding R$187 million of long - term cap ital to the platform. R$23 bn AUM

 

 

25 Financial Advisory (R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%) Net revenue from management fees - - N/A - - N/A Net revenue from advisory fees 14,541 3,201 - 78% 27,055 49,708 84% Total Fee Related Revenues 14,541 3,201 - 78% 27,055 49,708 84% Segment personnel expenses (395) (505) 28% (1,130) (1,798) 59% Other G&A expenses (181) (209) 15% (882) (1,291) 46% Corporate center expenses (975) (938) - 4% (3,190) (8,843) 177% Bonus compensation related to management and advisory (3,707) (858) - 77% (7,809) (10,116) 30% Total Fee Related Expenses (5,258) (2,510) - 52% (13,011) (22,048) 69% FEE RELATED EARNINGS (FRE) 9,283 690 - 93% 14,043 27,660 97% FRE Margin (%) 63.8% 21.6% 51.9% 55.6% SEGMENT DISTRIBUTABLE EARNINGS 9,283 690 - 93% 14,043 27,660 97% Segment DE Margin (%) 63.8% 21.6% 51.9% 55.6% ▪ Fee related earnings (FRE) of R$690 thousand in the quarter, down 93% year - over - year, due to a greater contribution from advisor y fees in the 1Q’21, when the Advisory team closed the pre - IPO advisory for B3 listed company Espaço Laser. ▪ FRE was R$27.7 million over the last twelve months, an increase of 97% when compared to the 1Q’21 LTM, a consequence of the s tro nger deal activity in 2021. ▪ Segment Distributable Earnings over the last twelve months were R$27.7 million, an increase of 97% year - over - year when compared to the 1Q’21 LTM.

 

 

26 Retirement Services (R$ thousands, unless mentioned)/ 1Q'21 1Q'22 ∆ (%) 1Q'21 LTM 1Q'22 LTM ∆ (%) Net revenue from management fees - - N/A - - N/A Net revenue from advisory fees - - N/A - - N/A Total Fee Related Revenues - - N/A - - N/A Segment personnel expenses - (97) N/A - (97) N/A Other G&A expenses - (263) N/A - (263) N/A Corporate center expenses - 0 N/A - 0 N/A Bonus compensation related to management and advisory - (1,002) N/A - (1,002) N/A Total Fee Related Expenses - (1,362) N/A - (1,362) N/A FEE RELATED EARNINGS (FRE) - (1,362) N/A - (1,362) N/A FRE Margin (%) N/A N/A N/A N/A Net revenue from performance fees - - N/A - - N/A Realized performance fees - - N/A - - N/A Unrealized performance fees - - N/A - - N/A Performance based compensation - - N/A - - N/A PERFORMANCE RELATED EARNINGS (PRE) - - N/A - - N/A PRE Margin (%) N/A N/A N/A N/A ( - ) Unrealized performance fees - - N/A - - N/A (+) Unrealized performance compensation - - N/A - - N/A SEGMENT DISTRIBUTABLE EARNINGS - (1,362) N/A - (1,362) N/A Segment DE Margin (%) N/A N/A N/A N/A ASSETS UNDER MANAGEMENT (AUM R$millions) - - N/A - - N/A FULL TIME EMPLOYEES - 3 N/A - 3 N/A ▪ We are structuring a new business vertical, Vinci Retirement Services, or VRS, focused on planning and building long - term invest ment portfolios that will assist investors to achieve their retirement goals. We are assembling a fully dedicated and specialized team to conduct this pro ject, with the leadership of Vinicius Albernaz, our partner and former CEO of Bradesco Seguros and BRAM. ▪ Fee Related Earnings (FRE) of negative R$1.4 million in the quarter.

 

 

Supplement Details

 

 

28 AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM) – R$ millions Fee - Earning Assets Under Management (FEAUM) – R$ millions For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2022 For the Twelve Months Ended March 31, 2022 For the Twelve Months Ended March 31, 2022 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 11,223 8,493 23,664 2,421 5,399 2,948 3,080 57,229 (+/ - ) Capital Subscription / (capital return) 135 - 142 (917) 110 (4) - (534) (+) Capital Subscription 136 - 142 151 215 52 - 694 ( - ) Capital Return (1) - - (1,068) (104) (55) - (1,228) (+/ - ) Net Inflow / (outflow) - (251) (541) - - 196 (279) (875) (+/ - ) Appreciation / (depreciation) (333) 1,091 128 (11) (192) 66 110 858 Ending Balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 11,442 10,016 20,449 2,455 5,125 2,330 2,946 54,763 (+/ - ) Capital Subscription / (capital return) 211 - 203 (912) 661 109 - 272 (+) Capital Subscription 218 - 203 277 889 186 - 1,772 ( - ) Capital Return (7) - - (1,188) (229) (76) - (1,500) (+/ - ) Net Inflow / (outflow) - (730) 2,478 - 107 537 (108) 2,285 (+/ - ) Appreciation / (depreciation) (628) 47 263 (50) (576) 230 72 (643) Ending Balance 11,025 9,333 23,394 1,493 5,317 3,206 2,910 56,677 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 9,299 8,427 23,528 2,362 5,399 2,948 3,013 54,975 (+/ - ) Capital Subscription / (capital return) 135 - 142 (917) 110 (4) - (534) (+) Capital Subscription 136 - 142 151 215 52 - 694 ( - ) Capital Return (1) - 0 (1,068) (104) (55) - (1,228) (+/ - ) Net Inflow / (outflow) - (251) (541) - - 196 (283) (879) (+/ - ) Appreciation / (depreciation) (197) 1,091 128 (12) (192) 66 108 991 Ending Balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 9,530 9,955 20,299 2,351 5,125 2,330 2,884 52,474 (+/ - ) Capital Subscription / (capital return) 211 - 203 (861) 661 109 - 322 (+) Capital Subscription 218 - 203 277 889 186 - 1,772 ( - ) Capital Return (7) - - (1,138) (229) (76) - (1,450) (+/ - ) Net Inflow / (outflow) - (728) 2,488 - 107 537 (114) 2,290 (+/ - ) Appreciation / (depreciation) (505) 39 268 (57) (576) 230 68 (533) Ending Balance 9,236 9,267 23,258 1,433 5,317 3,206 2,838 54,553

 

 

29 Investment records – IP&S, Liquid Strategies, Credit and Listed Funds Fund Segment NAV¹ (R$ millions) 1Q22 YTD 12 M 24 M Market Comparison Index Rate Vinci Multiestratégia FIM Hedge Funds 503.1 3.1% 3.1% 5.9% 8.1% CDI4 CDI4 Atlas Strategy² Hedge Funds 542.4 4.2% 4.2% 1.4% 3.2% CDI4 CDI4 Vinci Total Return Hedge Funds 282.3 8.8% 8.8% 19.4% 88.0% IPCA5 + Yield IMA - B7 IPCA5 + Yield IMA - B7 Mosaico Strategy Public Equities 1,205.6 11.0% 11.0% - 1.0% 52.3% IBOV5 IBOV5 Vinci Gas Dividendos FIA Public Equities 574.2 15.4% 15.4% 6.3% 50.8% IBOV5 IBOV5 Vinci Valorem FIM IP&S 2,376.3 4.2% 4.2% 7.6% 15.5% IMA - B 57 IMA - B 57 Equilibrio Strategy³ IP&S 2,223.5 4.5% 4.5% 7.8% 16.1% IPCA6 - Vinci Selection Equities FIA IP&S 581.6 9.1% 9.1% - 0.9% 49.9% IBOV5 IBOV5 Vinci Crédito Imobiliário I Credit 255.1 4.5% 4.5% 4.6% 18.1% IPCA6 IPCA6 +7.785% Vinci Crédito Imobiliário II Credit 560.5 3.1% 3.1% 4.5% 14.4% IPCA6 IPCA6+ 6% Vinci Crédito Estruturado Multiestrategia Plus FIC FIM Credit 121.3 2.7% 2.7% 9.5% 13.9% CDI4 CDI4 Vinci Energia Sustentável Credit 600.0 - 1.0% - 1.0% 4.6% 16.5% IPCA6 IPCA6 + 6% VISC11 Real Estate (listed REIT) 1,755.5 - 1.4% - 1.4% - 3.6% 12.4% IFIX8 IPCA6 + 6% VILG11 Real Estate (listed REIT) 1,483.2 - 3.7% - 3.7% - 9.5% 8.0% IFIX8 IPCA6 + 6% VINO11 Real Estate (listed REIT) 822.8 - 9.8% - 9.8% - 9.9% 13.5% IFIX8 IPCA6 + 6% VIFI11 Real Estate (listed REIT) 202.0 - 2.8% - 2.8% - 9.6% - IFIX8 IFIX8 VIUR11 Real Estate (listed REIT) 196.2 - 3.1% - 20.8% - - IFIX8 IPCA6 + 6% VIGT11 Infrastructure (listed) 645.0 - 1.8% - 1.8% - 3.1% 2.7% - - Benchmark 1Q22 YTD 12 M 24 M IBOV 5 14.5% 14.5% 2.9% 64.3% CDI 4 2.4% 2.4% 6.4% 8.8% IMA - B 5 7 3.8% 3.8% 8.7% 18.0% IPCA 6 + Yield IMA - B 7 2.8% 2.8% 14.1% 23.4% IPCA 6 2.9% 2.9% 10.9% 17.7% IFIX 8 - 0.9% - 0.9% - 2.3% 11.5%

 

 

30 Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Investment records – Closed End Private Markets funds 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 MOIC (BRL) Gross MOIC (USD) Gross IRR (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 Strategy² 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 0 26 2.1x 2.6x 22.0% 30.5% Nordeste III Private Equity 2017 240 134 75 139 213 1.6x 1.3x 22.0% 9.8% VIR IV Private Equity 2020 1,000 189 2 203 205 1.1x 1.0x 23.8% 14.2% VIR Strategy³ Private Equity 1,276 336 103 342 445 1.3x 1.2x 22.1% 27.8% FIP Transmissão 4 Infrastructure 2017 211 104 241 161 401 3.9x 3.0x 69.4% 53.5% VIAS Infrastructure - 384 - - - - - - - - VFDL 5 Real Estate 2021 422 79 0 99 99 1.2x 1.4x 70.5% 107.4%

 

 

31 Shareholder Dividends ($ in thousands) 1H21 3Q ' 21 4Q'21 1Q'22 Distributable Earnings (R$) 101,976 61,743 68,515 53,255 Distributable Earnings (US$)³ 19,397 11,377 13,637 10,615 DE per Common Share (US$)¹ 0.34 0.20 0.24 0.19 Actual Dividend per Common Share² 0.30 0.16 0.20 0.17 Record Date September 01,2021 December 01,2021 March 10, 2022 May 24, 2022 Payable Date September 16, 2021 December 16,2021 March 24, 2022 June 08, 2022 ▪ Vinci Partners generated R$0.95 or US$0.19¹ of Distributable Earnings per common share for the first quarter of 2022. ▪ The company declared a quarterly dividend of US$0.17² per common share to record holders as of May 24, 2022; payable on June 08 , 2022 .

 

 

32 Share Summary ▪ Common Shares Outstanding as of quarter end of 55,829,316 shares. x Repurchased 326,261 common shares in the quarter, with an average share price of US$12.3. x Repurchased 1,084,272 common shares since the announcement of the share repurchase plan, with an average share price of US$12 .7. x Available authorization remaining was R$11.2 million on March 31, 2022. VINP Shares 4Q ' 20 (Pre IPO) 1Q ' 21 2Q ' 21 3Q ' 21 4Q'21 1Q'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 N/A 15,271,488 15,094,833 14,921,318 14,513,477 14,187,216 Common Shares Outstanding 41,642,100 56,913,588 56,736,933 56,563,418 56,155,577 55,829,316

 

 

33 GP Commitment in Private Market funds ▪ As of March 31, 2022, the company had R$451.4 million in capital commitments signed to proprietary Private Markets funds. ▪ During the first quarter of 2022, the company signed R$269.0 million in capital commitments to proprietary Private Markets fu nds . ▪ Total GP Investments marked at fair value of R$258.7 million as of March 31, 2022. ▪ Total capital returned in the quarter of R$2.1 million, coming from dividends paid by our REITs. (R$ millions, unless mentioned) Fund Segment 1Q'22 Total Capital 1Q'22 Total Capital Capital Returned/ Accumulated Capital Fair value Commitments Committed Capital Called Called Dividends Payed Returned/ of investments (1Q'22) Dividends Payed Nordeste III Private Equity 0.0 5.0 0.0 3.1 0.0 1.3 2.7 VCP III Private Equity 0.0 3.1 0.6 1.7 0.0 0.0 2.5 VIR IV Private Equity 0.0 11.1 0.8 2.9 0.0 0.1 2.7 FIP Infra Transmissão ( co - investment )¹ Infrastructure 0.0 29.5 0.0 8.9 0.0 19.7 12.7 FIP Infra Transmissão¹ Infrastructure 0.0 10.5 0.0 3.4 0.0 6.2 4.0 VIAS Infrastructure 0.0 50.0 26.5 27.8 0.0 0.0 27.0 VFDL Real Estate 0.0 70.0 0.0 14.0 0.0 0.0 16.9 VIUR Real Estate 0.0 67.3 0.0 67.3 1.4 4.6 49.5 VCS Credit 22.0 80.0 22.0 80.0 0.0 0.0 84.4 Vinci FOF Imobiliário Real Estate 0.0 10.0 0.0 10.0 0.0 0.0 10.8 VSP IP&S 45.0 50.0 0.0 0.0 0.0 0.0 0.0 VINO Real Estate 50.0 50.0 50.0 50.0 0.6 0.6 45.3 Vinci Transporte e Logística II Infrastructure 15.0 15.0 0.0 0.0 0.0 0.0 0.0 Total 132.0 451.4 99.8 269.0 2.1 32.5 258.7

 

 

Reconciliations and Disclosures

 

 

35 (R$ thousands, unless mentioned) 1Q'21 1Q'22 ∆ (%) 1Q’21 LTM 1Q’22 LTM ∆ (%) REVENUES Net revenue from management fees 81,843 87,229 7% 290,211 366,456 26% Net revenue from performance fees 9,951 3,172 - 68% 53,711 30,854 - 43% Realized performance fees 9,529 2,536 - 73% 38,301 38,355 0% Unrealized performance fees 422 636 51% 15,410 (7,501) N/A Net revenue from advisory 15,066 3,674 - 76% 27,936 55,363 98% Total net revenues from services rendered 106,860 94,075 - 12% 371,858 452,673 22% EXPENSES Bonus related to management and advisory¹ (18,526) (17,272) - 7% (65,167) (83,715) 28% Performance based compensation² (3,292) (1,032) - 69% (17,931) (11,741) - 35% Realized (3,142) (807) - 74% (11,972) (14,399) 20% Unrealized (150) (225) 50% (5,959) 2,658 N/A Total compensation and benefits (21,818) (18,303) - 16% (83,098) (95,455) 15% Segment personnel expenses (5,097) (6,549) 28% (16,385) (23,698) 45% Other general and administrative expenses (3,574) (4,503) 26% (15,707) (18,441) 17% Corporate center expenses (19,512) (18,761) - 4% (63,827) (79,848) 25% Total expenses (50,002) (48,116) - 4% (179,017) (217,442) 21% Operating profit 56,858 45,959 - 19% 192,841 235,231 22% OTHER ITEMS GP Investment income 1,161 (4,169) N/A 6,590 (5,250) N/A Realized gain from GP investment income 112 2,045 1,726% 140 15,784 11,174% Unrealized gain from GP investment income 1,049 (6,214) N/A 6,450 (21,034) N/A Financial income 4,497 24,708 449% 7,011 48,113 586% Realized gain from financial income 4,644 24,996 438% 6,165 49,081 696% Unrealized gain from financial income (147) (288) 96% 846 (968) N/A Leasing expenses (3,157) (2,472) - 22% (12,301) (11,596) - 6% Other items 886 (1,136) N/A 820 (2,341) N/A Stock compensation plan - (736) N/A - (4,406) N/A Non - recurring expenses³ - (5,109) N/A - (5,109) N/A Total Other Items 3,387 11,086 227% 2,120 19,411 816% Profit before income taxes 4 60,245 57,045 - 5% 194,961 254,642 31% ( - ) Income taxes 5 (13,232) (11,739) - 11% (47,048) (47,734) 1% NET INCOME 47,013 45,306 - 4% 147,913 206,908 40% (+) Non - recurring expenses including income tax related to realized expense - 4,437 N/A - 4,437 N/A ADJUSTED NET INCOME 47,013 49,742 6% 147,913 211,344 43% Financials - Income Statement (Unaudited) See notes and definitions at end of document

 

 

36 (R$ thousands, unless mentioned) 1Q'21 1Q'22 1Q'21 LTM 1Q'22 LTM OPERATING PROFIT 56,858 45,959 192,841 235,231 ( - ) Net revenue from realized performance fees (9,529) (2,536) (38,301) (38,355) ( - ) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501 (+) Compensation allocated in relation to performance fees¹ 3,292 1,032 17,931 11,741 FEE RELATED EARNINGS (FRE) 50,199 43,818 157,061 216,117 OPERATING PROFIT 56,858 45,959 192,841 235,231 ( - ) Net revenue from management fees (81,843) (87,229) (290,211) (366,456) ( - ) Net revenue from advisory (15,066) (3,674) (27,936) (55,363) (+) Bonus related to management and advisory² 18,526 17,272 65,167 83,715 (+) Personnel expenses 5,097 6,549 16,385 23,698 (+) Other general and administrative expenses 3,574 4,503 15,707 18,441 (+) Corporate center expenses 19,512 18,761 63,827 79,848 PERFORMANCE RELATED EARNINGS (PRE) 6,659 2,140 35,780 19,113 OPERATING PROFIT 56,858 45,959 192,841 235,231 ( - ) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501 (+) Compensation allocated in relation to unrealized performance fees 150 225 5,959 (2,658) (+) Realized gain from GP investment income 112 2,045 140 15,784 SEGMENT DISTRIBUTABLE EARNINGS 56,699 47,593 183,531 255,857 NET INCOME 47,013 45,306 147,913 206,908 ( - ) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501 (+) Income tax from unrealized performance fees 49 73 1,777 (866) (+) Compensation allocated in relation to unrealized performance fees 150 225 5,959 (2,658) ( - ) Unrealized gain from GP investment income (1,049) 6,214 (6,450) 21,034 (+) Income tax on unrealized gain from GP investment income 416 - 2,252 341 ( - ) Unrealized gain from financial income 147 288 (846) 968 (+) Income tax on unrealized gain from financial income (48) 65 290 (3,302) (+) Depreciation and amortization 939 984 2,032 3,962 (+) Stock compensation plan - 736 - 4,406 (+) Non - recurring expenses including income tax related to realized expense - 4,437 - 4,437 ADJUSTED DISTRIBUTABLE EARNINGS 47,195 57,692 137,518 242,730 TOTAL NET REVENUE FROM SERVICES RENDERED 106,860 94,075 371,858 452,673 ( - ) Net revenue from realized performance fees (9,529) (2,536) (38,301) (38,355) ( - ) Net revenue from unrealized performance fees (422) (636) (15,410) 7,501 NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 96,909 90,903 318,147 421,819 Financials - Non - GAAP Reconciliation See notes and definitions at end of document

 

 

37 Effective tax rate reconciliation See notes and definitions at end of document (R$ thousands, unless mentioned) 1Q'21 1Q'22 1Q’21 LTM 1Q’22 LTM Profit (loss) before income taxes, not - including Dividends to partners 60,245 57,045 225,833 254,642 Combined statutory income taxes rate - % 34% 34% 34% 34% Income tax benefit (Expense) at statutory rates (20,483) (19,395) (76,783) (86,578) Reconciliation adjustments: Expenses not deductible (52) (18) (107) (358) Tax benefits 14 35 454 846 Share based payments - (86) 0 (457) Effect of presumed profit of subsidiaries¹ 7,092 7,714 28,995 38,901 Other additions (exclusions), net 197 11 393 (88) Income taxes expenses (13,232) (11,739) (47,048) (47,734) Current (14,196) (12,671) (45,996) (55,245) Deferred 964 932 (1,052) 7,511 Effective tax rate 22% 21% 21% 19%

 

 

38 13.1 18.5 3.3 8.7 0.9 2.4 3.0 15.2 17.3 1.0 8.4 1.0 2.6 2.7 General and Administrative Expenses 1 Q 2021 (R$mm) 1 Q 2022 (R$mm) Lease and condominium Other Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A R$50.0 mm Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A Lease and condominium Other R$48.1 mm - 4%

 

 

39 Balance Sheet Results Assets 12/31/2021 3/31/2022 Current assets Cash and cash equivalents 102,569 38,516 Cash and bank deposits 21,679 9,109 Financial instruments at fair value through profit or loss 80,890 29,407 Financial instruments at fair value through profit or loss 1,372,926 1,324,292 Trade receivables 44,316 41,453 Sub - leases receivable - 1,500 Taxes recoverable 3,199 3,214 Other assets 4,193 7,136 Total current assets 1,527,203 1,416,111 Non - current assets Financial instruments at fair value through profit or loss 8,593 9,235 Trade receivables 19,368 20,042 Sub - leases receivable - 2,256 Taxes recoverable 80 61 Deferred taxes 4,970 6,057 Other receivables 2,011 1,851 35,022 39,502 Property and equipment 14,294 13,591 Right of use - Leases 69,329 63,159 Intangible assets 1,157 1,156 Total non - current assets 119,802 117,408 TOTAL 1,647,005 1,533,519 Liabilities and equity 12/31/2021 3/31/2022 Current liabilities Trade payables 831 366 Deferred Revenue - 17,504 Leases 22,304 22,755 Accounts payable 10,677 6,909 Labor and social security obligations 106,299 25,023 Taxes and contributions payable 23,762 14,838 Total current liabilities 163,873 87,395 Non - current liabilities Accounts payable - - Leases 63,240 59,581 Deferred taxes 5,016 5,209 68,256 64,790 Equity Share capital 15 15 Additional paid - in capital 1,382,038 1,382,038 Treasury shares (52,585) (73,815) Retained Earnings 70,183 59,315 Other reserves 15,182 13,747 1,414,833 1,381,300 Non - controlling interests in the equity of subsidiaries 43 34 Total equity 1,414,876 1,381,334 Total liabilities and equity 1,647,005 1,533,519

 

 

 

 

40 Notes and Definitions ▪ Notes to page 5 (1) AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ´ s eliminated on consolidation and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities. (2) Source Anbima. (3) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding extraordinary expenses. ▪ Notes to page 7 (1) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (2) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve m ont hs values are calculated as the sum of the last four quarters. (3) 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. (4) DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Las twelve mon ths are calculated as the sum of the last four quarters. (5) Non - recurring expenses are composed mostly by expenses related to professional services to matters related to our internatio nal corporate organization. ▪ Notes to page 9 (1) Long - term AUM includes funds with lockups for at least five years to quasi - perpetual capital commitments. ▪ Notes to page 10 (1) Long term products include funds with former lockups superior to five years. (2) Private markets strategies include Private Equity, Real Estate, Credit and Infrastructure. ▪ Notes to page 11 (1) Accrued performance fees for the VCP offshore are as of 4Q’21. This occurs due to the 60 days timeline of the quarterly m ark up to be disclosed by the fund’s administrator. ▪ Notes to page 12 (1) International mandates have several different benchmarks across its vehicles. (2) The preferred return w/ catch - up rule applies to funds for which the vehicle must pay back its limited partners 100% of the invested capital corrected by the preferred return rate so it can charge performance fees. Once the preferred return rate is achieved, due to the catch - up clause, performance fees are charged over the absolute return of the fund instead of the excess return over the preferred rate.

 

 

41 Notes and Definitions (cont’d.) (3) Hurdle Rate is the minimum return the fund must achieve before it can charge performance fees. In most cases, funds with hur dle rate also are under a high - water mark clause . (4) Funds with preferred return must return 100% of invested capital corrected by the preferred return rate to its limited pa rtn ers in order to charge performance fees. (5) IPCA is a broad consumer price index measured by the IBGE. (6) IMAB 5 is composed by government bonds indexed to IPCA with up to 5 years in duration. (7) IBOV is the Brazilian stock market's most relevant index; (8) FTSE is London's stock market most relevant index. (9) IFIX is an index composed by listed REITs in the brazilian stock exchange. (10) The CDI rate is a result of the average interbank overnight rates in Brazil (daily average for the period). (11) IMAB is composed by government bonds indexed to IPCA(inflation rate) plus a fixed interest rate. ▪ Notes to page 14 (1) Public company new recurring costs include personnel expenses such as changes made in the company’s compensation structur e a fter the IPO, new hirings for our board of directors, support teams such as Investor Relations and Financial Reporting, and other expenses such as audit and Nasdaq fees. ▪ Notes to page 15 (1) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve m ont hs values are calculated as the sum of the last four quarters. ▪ Notes to page 16 (1) PRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve m ont hs values are calculated as the sum of the last four quarters. ▪ Notes to page 17 (1) GP investment income comes from proprietary investments made by Vinci Partners in its own Private Markets’ funds. (2) Financial income is income generated through investments made with our cash and cash equivalents in cash and bank deposit s, certificate of deposits and proprietary investments in Vinci Partners’ Liquid Funds, including funds from Public Equities, Hedge Funds, Real Estate and Credit. ▪ Notes to page 18 (1) Adjusted Distributable Earnings is calculated as Distributable Earnings excluding extraordinary expenses. (2) DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Last twelve mo nth s values are calculated as the sum of the last four quarters.

 

 

42 Notes and Definitions (cont’d.) ▪ Notes to page 19 (1) Cash and cash equivalents include certificate of deposits and federal bonds. Certificate of deposits are issued by Banco Bra desco (credit rating AAA evaluated by Fitch Ratings) with interest rates variable from 99.5% to 101% of CDI (interbank deposit rate). The certificates are readily convertible to known amounts of cas h a nd which are subject to an insignificant risk of changes in value. (2) Liquid funds’ value are calculated as investment at fair value as of December 31, 2021, in liquid funds from Vinci Partne rs’ public equities, hedge funds, credit segments and listed REITs. It also comprises the cash and certificate of deposits and federal bonds from Vinci Monalisa FIM. For more detail, see 4Q'21 Financia l S tatements filed within the SEC on February 24, 2022. (3) GP Fund Investments include Vinci Partners’ GP investments in private market funds, calculated at fair value as of Decemb er 31, 2021. For more detail, please see slide 35 and the Financial Statements filed within the SEC on February 24, 2021. (4) Cash and Net Investments per share were calculated considering the number of outstanding shares at the end of each quarte r. ▪ Notes to page 29 (1) NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund. (2) Atlas strategy includes the funds Atlas FIC FIM and Atlas Institucional FIC FIM. (3) Equilibrio Strategy incudes the IP&S Family of pension plans. (4) CDI is an average of interbank overnight rates in Brazil(daily average for the period). (5) Brazil stock market most relevant index. (6) IPCA is a broad consumer price index measured by the IBGE. (7) IMAB is composed by government bonds indexed to IPCA. IMAB 5 also includes government bonds indexed to IPCA with up to 5 Yea rs in duration. (8) IFIX is an index composed by listed REITs in the brazilian stock Market. ▪ Notes to page 30 (1) Track record information is presented throughout this presentation on a pro forma basis and in local currency, excluding PIP E investments, a strategy that will be discontinued in VCP III. (2) Total commitments for VCP III include R$1.3 billion in co - investments. Track record presented for the VCP strategy as of 1Q’ 22. (3) Track record for VIR strategy is presented as of 4Q’21, due to fund’s administrator timeline to disclose the quarterly ma rku p of the fund. (4) Track record for FIP Infra is presented as of 1Q’22. (5) Track record for VFDL is presented as of 1Q’22.

 

 

43 Notes and Definitions (cont’d.) ▪ Notes to page 31 (1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.0171, as of May 5, 2022, whe n d ividends were approved by our Board of Directors. (2) Per Share calculations are based on end of period Participating Common Shares. (3) Actual dividends per common share are calculated considering the share count as of the applicable record date. ▪ Notes to page 33 (1) The remaining capital committed in FIP Infra Transmissão and FIP Infra Transmissão co - investment will not be called by the f und, which is already in divestment period. ▪ Notes to page 35 (1) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (2) 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. (3) Nonrecurring expenses are composed mostly by expenses related to professional services to matters related to our internat ion al corporate organization. (4) Profit before income taxes includes Dividends to partners related to management, advisory and performance fees, distribut ed by the company to its original partners before the company turned public in 2021. (5) Income taxes are comprised of taxes calculated over 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 202 1 a re not included in actual taxable regime. ▪ Notes to page 36 (1) 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. (2) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. ▪ Notes to page 37 (1) Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000 in the prior fiscal year may ca lculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of su bsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries.

 

 

44 Notes and Definitions (cont’d.) ▪ “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manne r t hat 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 p erf ormance fees, plus (c) compensation allocated in relation to performance fees. ▪ “FRE Margin” is calculated as FRE over total net management and advisory fees. ▪ “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors for determining the amount of earni ngs 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) inc ome 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 ga in from financial income, plus (f) income taxes on unrealized gain from GP investment income, plus (g) income taxes on unrealized gain from financial income. ▪ “DE Margin” is calculated as DE over the sum of management and advisory fee related revenues, realized performance revenue, r eal ized GP investment income and realized financial income, net of revenue tax. ▪ “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from re venue 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 exp enses, such as segment personnel, G&A, corporate center and bonus related to management and advisory. ▪ “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess pe rformance across the company’s four segments (Private Markets, Liquid Strategies, Investment Products and Solutions and Financial Advisory). Segment Distributable Earnings is calc ula ted 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 inv estment income. ▪ “AUM” refers to assets under management. Our assets under management equal the sum of: (1) the fair market value of the inves tme nts 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 va lue 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 valu e o f 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 segm ent 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 inv est part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash. Such amounts are eliminated on consolidation. T he 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 anoth er 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 re ven ues in our results of operations. ▪ Net Cash and Investments include cash and cash equivalents and the fair value of investments in liquid funds and GP Fund Inve stm ents. Cash and cash equivalents include cash, certificate of deposits, which are issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates from 99.5% to 10 1% of CDI.

 

 

45 Notes and Definitions (cont’d.) ▪ “Net revenue from Fund Management and Advisory” is a performance measure that we use to assess our ability to generate profit s f rom 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 Ad vis ory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees. ▪ “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 partn ers 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, di vidends could be distributed on a non - proportional basis among quotaholders, which are comprised by the partners of Vinci Brazil. After the company’s IPO, Vinci Partners changed its compen sat ion structure, from a dividend distribution policy to a profit - sharing scheme our partners. ▪ “Segment personnel expenses” are composed of the salary - part compensation paid to employees and partners of our funds’ managemen t teams. ▪ “Corporate center expenses” are composed by the salary - compensation paid to employees and other general and administrative expen ses related to our support teams, such as research, risk, legal & compliance, investor relations, operations and ESG. ▪ “Other general and administrative expenses” is made up of third - party expenses, depreciation and amortization, travel and repres entation, marketing expenses, administrative fees, non - operating taxes, third - party consultants’ fees, such as legal and accounting, and office consumables. ▪ “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commit men ts. ▪ “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank depos its , 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. ▪ “Leasing expenses” include costs from the company’s sub - leasing activities. ▪ “Income taxes” is comprised of taxes on our corporate income tax and social contribution taxes. We are taxed on an actual tax abl e 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 in cluded in actual taxable regime. ▪ “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets ’ c losed end and listed funds. ▪ “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our liquid strategies, IP&S and cre dit segments. ▪ “Appreciation / (depreciation)” represents the net capital appreciation/depreciation from our funds, which refers to the incr eas e or decrease of the funds’ investment’s value. ▪ “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is ca lcu lated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees. ▪ “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to ze ro in a discounted cash flow analysis.

 

 

46 Funds/strategies’ descriptions ▪ Vinci Multiestratégia: The fund seeks to achieve long - term returns by investing in fixed income assets, through strategies that imply interest rates and currency risks. ▪ Vinci Atlas: The fund seeks to achieve long - term returns by investing across all strategies within fixed income, equities, curre ncy, derivatives, commodities and other investment funds with no obligation of any class concentration. ▪ Vinci Mosaico FIA: Public Equities’ long only flagship strategy. The strategy seeks to achieve long - term returns above Brazilian equities market (Ibovespa) based on a fundamental analysis. ▪ Vinci Gas Dividendos: Public Equities’ dividends flagship strategy. The strategy seeks to achieve long - term returns by investing in companies with a consistent history of paying dividends in the Brazilian stock market. ▪ Vinci Total Return: The fund seeks to achieve medium and long - term returns by investing most of its capital in the Brazilian sto ck market, through bottom up and top - down strategies. ▪ Vinci Valorem: IP&S flagship commingled fund with exposure to fixed income assets, foreign exchange currency and derivatives. ▪ Equilibrio Strategy: IP&S family of pension plan funds. The strategy seeks to achieve long - term returns by investing across all strategies within fixed income, equities, currency, derivatives, commodities and other investment funds, respecting limitations in regulation. ▪ Vinci Selection Equities: The fund seeks to beat the Brazilian stock market index by investing in other funds that invest in Bra zilian public equities. ▪ Vinci Crédito Imobiliário I: The fund seeks to achieve long - term returns by investing in real estate mortgage - backed credit secu rity bonds. ▪ Vinci Crédito Estruturado Multiestratégia PLUS FIC FIM: The fund seeks to achieve consistent returns by investing in private str uctured credit bonds. ▪ VISC11: Shopping malls listed REIT, focused on acquiring income - generating shopping malls in Brazil. ▪ VILG11: Industrial listed REIT focused on acquiring mature income - generating industrial properties in Brazil. ▪ VINO11: Listed REIT focused on acquiring mature income - generating boutique office real estate assets in Brazil. ▪ VIF11: Listed REIT that invests in other listed REITs and real estate mortgage - backed credit security bonds. ▪ VIUR11: perpetual capital listed REIT, focused on income generation to its quotaholders through the acquisition of urban comm erc ial properties in Brazil, such as street retail, grocery, healthcare, and educational focused real estate properties.

 

 

Rio de Janeiro 55 21 2159 6000 Av. Bartolomeu Mitre, 336 Leblon - 22431 - 002 São Paulo 55 11 3572 3700 Av. Brigadeiro Faria Lima, 2.277 14 o andar Jardim Paulistano - 01452 - 000 Recife 55 81 3204 6811 Av. República do Líbano, 251 - Sala 301 Torre A - Pina - 51110 - 160 Nova York 1 646 559 8000 780 Third Avenue, 25 th Floor - 10017

 

 

Exhibit 99.3

 

 

Vinci Partners Investments Ltd.

 

Interim Financial Statements as of March 31, 2022

 

 

 

 

 

 

Vinci Partners Investments Ltd.

 

Consolidated balance sheets

All amounts in thousands of reais

 

Assets  Note  03/31/2022  12/31/2021
          
Current assets         
Cash and cash equivalents  5(d)   38,516    102,569 
Cash and bank deposits  5(d)   9,109    21,679 
Financial instruments at fair value through profit or loss  5(d)   29,407    80,890 
Financial instruments at fair value through profit or loss  5(c)   1,324,292    1,372,926 
Accounts receivable  5(a)   41,453    44,316 
Sub-leases receivable  10   1,500    - 
Taxes recoverable      3,214    3,199 
Other assets  6   7,136    4,193 
Total current assets      1,416,111    1,527,203 
              
Non-current assets             
Financial instruments at fair value through profit or loss  5(c)   9,235    8,593 
Accounts receivable  5(a)   20,042    19,368 
Sub-leases receivable  10   2,256    - 
Taxes recoverable      61    80 
Deferred taxes  18   6,057    4,970 
Other assets  6   1,851    2,011 
       39,502    35,022 
              
Property and equipment  8   13,591    14,294 
Right of use - Leases  10   63,159    69,329 
Intangible assets  9   1,156    1,157 
Total non-current assets      117,408    119,802 
              
Total assets      1,533,519    1,647,005 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

 

F-2

 

 

Vinci Partners Investments Ltd.

 

Consolidated balance sheet

All amounts in thousands of reais

 

Liabilities and equity  Note  03/31/2022  12/31/2021
          
Current liabilities         
Trade payables      366    831 
Deferred revenue  23   17,504    - 
Leases  10 and 5(e)   22,755    22,304 
Accounts payable  11   6,909    10,677 
Labor and social security obligations  12   25,023    106,299 
Taxes and contributions payable  13   14,838    23,762 
Total current liabilities      87,395    163,873 
              
Non-current liabilities             
Leases  10 and 5(e)   59,581    63,240 
Deferred taxes  18   5,209    5,016 
Total non-current liabilities      64,790    68,256 
              
Total liabilities      152,185    232,129 
              
Equity  14          
Share capital      15    15 
Additional paid-in capital      1,382,038    1,382,038 
Treasury shares  14(f)   (73,815)   (52,585)
Retained earnings      59,315    70,183 
Other reserves      13,747    15,182 
       1,381,300    1,414,833 
              
Non-controlling interests in the equity of subsidiaries  7   34    43 
              
Total equity      1,381,334    1,414,876 
              
Total liabilities and equity      1,533,519    1,647,005 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

 

F-3

 

 

Vinci Partners Investments Ltd.

 

Interim consolidated statement        of income

For the three-month period ended March 31

All amounts in thousands of reais unless otherwise stated

 

Statements of Income  Note  03/31/2022  03/31/2021
          
          
Net revenue from services rendered  15   94,075    106,860 
              
General and administrative expenses  16   (53,961)   (50,002)
              
Operating profit      40,114    56,858 
              
Finance income  17   22,992    7,070 
Finance expenses  17   (6,061)   (3,683)
              
Finance profit/(loss), net      16,931    3,387 
              
Profit before income taxes      57,045    60,245 
              
Income taxes  18   (11,739)   (13,232)
              
Profit for the period      45,306    47,013 
              
Attributable to the shareholders of the parent company      45,309    47,013 
Attributable to non-controlling interests      (3)   - 
              
Basic and diluted earnings per share      0.80    0.91 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

 

F-4

 

 

Vinci Partners Investments Ltd.

 

Interim consolidated statement      of comprehensive income

For the three-month period ended March 31

All amounts in thousands of reais

 

   03/31/2022  03/31/2021
       
Profit for the period   45,306    47,013 
           
Other comprehensive income          
           
Items that may be reclassified to profit or loss:          
           
Foreign exchange variation of investee located abroad          
Vinci Capital Partners GP Limited   (38)   22 
Vinci USA LLC   (2,086)   805 
Vinci Capital Partners F III GP Limited   (29)   6 
GGN GP LLC   (19)   16 
           
           
Total comprehensive income for the period   43,134    47,862 
           
Attributable to:          
Shareholders of the parent company   43,137    47,862 
Non-controlling interests   (3)   - 
           
    43,134    47,862 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

 

F-5

 

 

Vinci Partners Investments Ltd.

 

Interim consolidated statement     of changes in equity

For the three months ended March 31

All amounts in thousands of reais

 

   Share  Additional  Retained  Other  Treasury     Non-controlling  Total
   capital  paid-in capital  earnings  reserves  shares  Total  interests  equity
                         
                         
At January 01, 2021   8,730    -    -    10,491    -    19,221    15    19,236 
                                         
Corporate reorganization   (8,719)   8,719    -    -    -    -    -    - 
Profit for the period   -    -    47,013    -    -    47,013    -    47,013 
Other comprehensive income:                                        
  Foreign exchange variation of investee located abroad   -    -    -    849    -    849    -    849 
Capital increase   4    1,392,370    -    -    -    1,392,374    29    1,392,403 
Transaction costs from capital increase   -    (10,380)                  (10,380)   -    (10,380)
Allocation of profit:                                        
Dividends   -    -    -    -    -    -    -    - 
                                         
At March 31, 2021   15    1,390,709    47,013    11,340    -    1,449,077    44    1,449,121 
                                         
                                         
At January 01, 2022   15    1,382,038    70,183    15,182    (52,585)   1,414,833    43    1,414,876 
                                         
Profit for the period   -    -    45,309    -    -    45,309    (3)   45,306 
Other comprehensive income:                                        
Foreign exchange variation of investee located abroad   -    -    -    (2,172)   -    (2,172)   (6)   (2,178)
Share based payments   -    -    -    737    -    737    -    737 
Treasury shares bought   -    -    -    -    (21,230)   (21,230)   -    (21,230)
Allocation of profit:                                        
Dividends   -    -    (56,177)   -    -    (56,177)   -    (56,177)
                                         
                                         
At March 31, 2022   15    1,382,038    59,315    13,747    (73,815)   1,381,300    34    1,381,334 

 

The accompanying notes are an integral part of these interim consolidated financial statements.

 

F-6

 

 

Vinci Partners Investments Ltd.

 

Interim consolidated statements of cash flows

Three-month period ended March 31

All amounts in thousands of reais unless otherwise stated

 

   03/31/2022  03/31/2021
Cash flows from operating activities          
           
Profit before taxation   57,045    60,245 
Adjustments to reconcile net income to cash flows from operations:          
Depreciation and amortization   3,544    3,312 
Investment income of financial instruments at fair value through profit or loss   (19,202)   (2,259)
Share based payments   736    - 
Financial result on lease agreements   2,362    3,077 
    44,485    64,375 
Changes in assets and liabilities          
           
Accounts receivables   2,189    4,919 
Taxes recoverable   4    (69)
Other assets   (2,780)   7,641 
Trade payables   (466)   (551)
Deferred revenue   17,504    19,678 
Accounts payable   382    (718)
Labor and social security obligations (*)   (81,258)   (12,070)
Taxes and contributions payable   (1,962)   (728)
    (66,387)   18,102 
           
Cash generated from operations   (21,902)   82,477 
Income tax paid   (19,538)   (18,272)
Net cash inflow from operating activities   (41,440)   64,205 
           
Cash flows from investing activities          
Purchases of property and equipment and additions to intangible assets   (350)   (1,438)
Purchase of financial instruments at fair value through profit or loss   (48,077)   (577,648)
Sales of financial instruments at fair value through profit or loss   115,270    23,433 
           
Net cash (outflow) from investing activities   66,843    (555,653)
           
Cash flows from financing activities          
Proceeds from the issuance of shares   -    1,392,403 
Transactions costs paid   -    (10,380)
Treasury shares acquisition paid   (22,444)   - 
Lease payments, net of sublease received   (5,687)   (4,485)
Dividends paid   (58,834)   (116,357)
Net cash (outflow) from financing activities   (86,965)   1,261,181 
           
Net increase (decrease) in cash and cash equivalents   (61,562)   769,733 
           
Cash and cash equivalents at the beginning of the period   102,569    83,449 
           
Foreign exchange variation of cash and cash equivalents in subsidiary abroad   (2,491)   820 
           
Cash and cash equivalents at the end of the period (Note 5d)   38,516    854,002 

 

Non-cash financing activities

Dividends declared and not yet paid until March 31, 2022 and 2021 were      R$ 4,363 (Note 11) and R$ 6,833, respectively.

 

(*) Since 2021 Vinci has changed      its dividends distribution policy and implemented      a profit-sharing scheme to its employees and personnel responsible for asset management services, increasing the payment in the first quarter of 2022 when compared to previous year.

 

The accompanying notes are an integral part of these interim consolidated financial statements.

 

F-7

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

1Operations

 

Vinci Partners Investments Ltd. is an exempted company incorporated in the Cayman Islands (referred to herein as "Entity", "Group" or "Vinci"). The Group started its activities in September 2009. Its objective is to hold investments in the capital of other companies as partner (shareholder). The investees are specialized in rendering alternative investment management, asset allocation and financial advisory services. The actual shareholders of the Entity are disclosed in Note 14.

 

The registered office of the Entity is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.

 

Corporate reorganization

 

Prior to the consummation of the initial public offering, on January 15, 2021, the individual partners of Vinci Partners Investimentos Ltda. (“Vinci Investimentos”) contributed the entirety of their quotas into the Entity.

 

In return for this contribution the Entity issued (1) new Class B common shares to Gilberto Sayão da Silva and (2) new Class A common shares to all other shareholders of Vinci Investimentos in exchange for the quotas of Vinci Investimentos contributed to the Entity, or the Contribution, exchanging 1 quota into 4.77 common shares. Until the Contribution, the Entity did not commence operations and had only nominal assets and liabilities and no material contingent liabilities or commitments.

 

Initial Public Offering (IPO)

 

On January 28, 2021, Vinci announced the price of its public offering of the Class A common shares being offered 13,873,474 Class A common shares. Prior to this offering, there has been no public market for our Class A common shares. The initial public offering price per Class A common share was US$18.00.

 

The Class A common shares have been approved for listing on the Nasdaq Global Select Market, or Nasdaq, under the symbol "VINP." Vinci has two classes of common shares: Class A common shares and Class B common shares.

 

Class B common shares carry rights that are identical to the Class A common shares, except that (1) holders of Class B common shares are entitled to 10 votes per share, whereas holders of our Class A common shares are entitled to one vote per share; (2) holders of Class B common shares may convert Class B common shares at any time into Class A common shares on a share-for-share basis; (3) holders of Class B common shares are entitled to preemptive rights in the event that additional Class A common shares are issued in order to maintain their proportional ownership interest; and (4) Class B common shares shall not be listed on any stock exchange and will not be publicly traded.

 

On February 1, 2021, Vinci announced the closing of its initial public offering. The net proceeds from the offering were US$ 232 million (R$ 1,266,926), after deducting underwriting discounts and commissions. The Class A common shares began trading on the Nasdaq Global Select Market on January 28, 2021, under the ticker symbol "VINP."

 

In connection with the offering, Vinci has granted the underwriters a 30-day option to purchase up to an additional 2,081,021 Class A common shares at the initial public offering price, less underwriting discounts and commissions. On February 8, 2021, Vinci received net proceeds of US$ 23 million (R$ 125,448) in respect of the additional 1,398,014 Class A common shares issued.

 

Vinci Partners Ltd used the net proceeds from the offering to fund investments in its own products alongside its investors. The Entity continues to pursue opportunities for strategic transactions and for other general corporate purposes.

 

F-8

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

Impacts of the coronavirus pandemic (COVID-19)

 

The COVID-19 pandemic has resulted in the temporary or permanent closure of many businesses and has required adjustments in how many businesses operate. For example, certain funds in our real estate segment were impacted as a result of shopping mall closures in Brazil for some months during the pandemic. In addition, there is uncertainty surrounding real estate funds with concentrated investments in office space as the real estate market adjusts to shifts in office space demand in response to changes in economic activity and remote working arrangements. Significant market fluctuations driven by the COVID-19 pandemic have resulted in fluctuations in the fair value component of our Assets Under Management and could result in additional fluctuations in our Assets Under Management depending on the severity and extent of the ongoing crisis. However, despite the adverse impact, Vinci expanded its operations during the pandemic and increased its total assets, net revenue, profits and did not record any impairment in 2022 and 2021 as result of COVID-19.

 

Brazil is at an advanced stage of vaccination, which generates security that new waves of contagion have a smaller impact on the economy.

 

2Summary of significant accounting policies

 

2.1Basis of preparation and presentation

 

The unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).

 

The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2021.

 

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

 

The unaudited interim condensed consolidated financial statements are presented in Brazilian reais (“R$”), and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.

 

The issuance of these financial statements was authorized by the Entity's management on April 30, 2022.

 

(a)Interim consolidated financial statements

 

Vinci operates as an asset management firm. The Group focuses on private markets, liquid strategies, financial advisory, and investment products and solutions, which comprise the main activity of the Group.

 

The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.

 

Also, the Entity holds interest in subsidiaries whose main purpose and activities are providing services that relate to the Entity’s activities. Therefore, the Entity consolidates these subsidiaries.

 

F-9

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

Ownership interest in subsidiaries on March 31, 2022 and December 31, 2021 are as follows:

 

   Interest - %
       
   03/31/2022  12/31/2021
       
Direct subsidiaries          
Vinci Partners Investimentos Ltda. (1)   100    100 
Vinci Assessoria financeira Ltda. (2)   100    100 
Vinci Equities Gestora de Recursos Ltda. (2)   100    100 
Vinci Gestora de Recursos Ltda. (2)   100    100 
Vinci Capital Gestora de Recursos Ltda. (2)   100    100 
Vinci Soluções de Investimentos Ltda. (3)   100    100 
Vinci Real Estate Gestora de Recursos Ltda. (2)   100    100 
Vinci Capital Partners GP Limited.   100    100 
Vinci USA LLC   100    100 
Vinci GGN Gestão de Recursos Ltda. (2)   100    100 
Vinci Infraestrutura Gestora de Recursos Ltda.   100    100 
Vinci Capital Partners GP III Limited.   100    100 
GGN GP LLC   100    100 
Amalfi Empreendimentos e Participações Ltda.   100    100 
Vinci APM Ltda. (2)   100    100 
Vinci Monalisa FIM Crédito Privado IE (4)   100    100 
Vinci Asset Allocation Ltda.   75    65 
VICC Infra GP LLC   100    - 

 

(1)Prior to the consummation of the initial public offering, on January 15, 2021, the consolidated financial statements were prepared on behalf of Vinci Partners Investimentos Ltda.

 

(2)Minority interest represents less than 0.001%.

 

(3)On February 18, 2021, Vinci Gestão de Patrimônio Ltda changed its name to Vinci Soluções de Investimentos Ltda. Minority interest represents less than 0.001%.

 

(4)Under the terms of IFRS10, the Entity does not consolidate its investment in Vinci Monalisa FIM Crédito Privado IE and measures at fair value through profit or loss in accordance with IFRS 9.

 

Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

 

Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

 

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated balance sheet respectively.

 

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in another reserve within equity attributable to owners of Entity.

 

F-10

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

When the Group ceases to consolidate an investment or account for it under equity method because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

 

2.2Segment reporting

 

During January 2021, the members of the Board of Directors of Vinci Partners Investments Ltd were appointed. Under the supervision of the Board of Directors, The CEO is responsible for the decision-making process related to executive themes, resources allocation and strategic decisions of Vinci.

 

The strategic decisions of the Group comprise four distinct business segments: (i) Private market strategies, (ii) Liquid strategies, (iii) Investment products and solutions; and (iv) Financial advisory (Note 20).

 

Strategies were sorted out within business segments following technical and strategic similarities among funds’ attributes, such as management and performance fee structures, liquidity constraints, targeted returns and investor profile.

 

3Accounting estimates and judgments

 

The Entity makes estimates and assumptions concerning the future, based on historical experience and other factors, including expectations of future events. The resulting accounting estimates will, by definition, seldom equal the related actual results. The main estimate      s and assumptions made by the Entity comprises the allowance of expected credit losses of accounts receivable, provision for profit sharing, consolidation of subsidiaries, and the fair value measurement of financial assets.

 

4Financial risk management

 

The main risks related to the financial instruments are credit risk, market risk, and liquidity risk, as defined below: The management of such risks involves various levels in the Entity and comprehends a number of policies and strategies. The Group's risk management focuses on the unpredictability of financial markets and seeks to mitigate potential adverse impacts on the Group's financial performance.

 

4.1Financial risk factors

 

This note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance. Current year profit and loss information has been included where relevant to add further context.

 

The Group's risk management is predominantly controlled by a risk assessment department under process and controls approved by the management. The management provides written process and controls for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

 

(a)Credit risk

 

Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortized cost, at fair value through profit or loss (FVTPL), and deposits with banks and financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables.

 

F-11

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

 

(i) Risk management

 

Vinci's treasury manages credit risk on a group basis. As of March 31, 2022, and 2021 the expected credit losses are considered      immaterial due to the short maturities of the deposits and the credit quality of the counterparty, which have a credit rating AAA evaluated by Fitch Ratings. The Entity has not suffered any losses from cash and cash equivalent since inception. Vinci's treasury review expected credit losses on a regular basis.

 

(ii) Impairment of financial assets

 

The group has the following types of financial assets that are subject to the expected credit loss model:

 

> accounts receivable

 

> debt investments carried at amortized cost

 

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.

 

(b)Market risk

 

(i) Foreign exchange risk

 

At the reporting date, the carrying amount value of the Group’s financial assets and liabilities held in US Dollars were as follows:

 

Balance sheet  03/31/2022  12/31/2021
       
Cash and cash equivalents   9,089    20,990 
Accounts receivable   8,981    9,477 
Other receivables   13,476    15,411 
Current assets   31,546    45,878 
           
Leases, property and equipment   2,554    3,216 
Non-current assets   2,554    3,216 
           
Trade payables   655    2,011 
Deferred revenue   1,895    - 
Lease   -    - 
Labor and social security obligations   -    9,521 
Current liabilities   2,550    11,532 
           
Payables to related parties   287    282 
Lease   2,414    3,104 
Non-current liabilities   2,701    3,386 
           
           
Net Equity   28,849    34,176 

 

F-12

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

The aggregate net foreign exchange gains/losses recognized in profit or loss were:

 

Net foreign exchange result for the period  03/31/2022  03/31/2021
       
Financial revenue   -    980 
Financial expense   (1,344)   (37)
           
Net foreign exchange result, net   (1,344)   943 

 

The group operates internationally and is exposed to foreign exchange risk, exclusively the US dollar.

 

Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the Group.

 

(ii) interest rate risk

 

The Group's profit or loss is sensitive to higher/lower interest income from cash equivalents and fixed income funds as a result of changes in interest rates.

 

(iii) Price risk

 

The Group's exposure to investment securities price risk arises from investments held by the group and classified in the balance sheet at fair value through profit or loss (note 5).

 

To manage its price risk arising from investments in investment securities, the group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

 

The majority of the Group's financial investments      that are exposed to significant      price risk are the private equity investments. Note 5(d) demonstrates the sensitivity analyses of impact for the assets held by the Group.

 

(c)Liquidity risk

 

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At the end of the reporting period the Group held bank deposits and certificates      of deposits of R$ 38,516 (12/31/2021 – R$ 102,569) that are expected to readily generate cash inflows for managing liquidity risk.

 

Net debt reconciliation

 

This section sets out an analysis of the liquidity of the Group.

 

   03/31/2021  12/31/2021
Cash and cash equivalents   38,516    102,569 
Financial instruments at fair value through profit or loss (i)   1,324,292    1,372,926 
Trade payables   (366)   (831)
Labor and social security obligations   (25,023)   (106,299)
Accounts payable   (6,909)   (10,677)
Lease liabilities   (82,336)   (85,544)
Total   1,248,174    1,272,144 
           

 

(i)Comprised of liquid and illiquid investments. Liquid investments are current assets that are traded in an active market. Illiquid investments are comprised of assets that trade infrequently.

 

F-13

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

   Financial liabilities  Other assets
   Payables  Lease liabilities  Cash and cash equivalents  Financial instruments at fair value through profit or loss
Net debt as at            
December 31, 2020   (167,591)   (106,199)   83,449    8,253 
Cash flow   49,784    21,790    15,999    1,340,393 
                     
Fair value adjustment   -    -    3,121    24,280 
Addition and finance expenses accrual
   -    (823)   -    - 
Foreign exchange adjustments
   -    -    -    - 
Other changes (ii)   -    (312)   -    - 
December 31, 2021   (117,807)   (85,544)   102,569    1,372,926 
                     
Cash flow   85,509    6,085    (65,390)   (67,635)
                     
Fair value adjustment   -    -    1,337    19,011 
Addition and finance expenses accrual
   -    (3,297)   -    - 
Foreign exchange adjustments
   -    -    -    - 
Other changes (ii)   -    420    -    - 
March 31, 2022   (32,298)   (82,336)   38,516    1,324,292 

 

(ii) Other changes include non-cash movements, including Cumulative Translation Adjustments (“CTA”) which will be presented as in other comprehensive income statements.

 

Maturities of financial liabilities

 

The tables below analyze the Group's financial liabilities into relevant maturity groupings based on their contractual maturities for significant financial liabilities.

 

Contractual maturities of
financial liabilities
at March 31, 2022
  Less than 1 year  Between 1 and 3 years  Over 3 years  Carrying amount
             
Trade payables   (366)   -    -    (366)
Labor and social security obligations   (25,023)   -    -    (25,023)
Lease liabilities   (22,755)   (39,997)   (52,261)   (82,336)
Accounts payable   (6,909)   -    -    (6,909)
Total   (55,053)   (39,997)   (52,261)   (114,634)

 

F-14

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

Contractual maturities of
financial liabilities
at December 31, 2021
  Less than 1 year  Between 1 and 3 years  Over 3 years  Total  Carrying amount
                
Trade payables   (831)   -    -    (831)   (831)
Labor and social security obligations   (106,299)   -    -    (106,299)   (106,299)
Lease liabilities   (22,304)   (41,452)   (57,008)   (120,764)   (85,544)
Accounts payable   (10,677)   -    -    (10,677)   (10,677)
Total   (140,111)   (41,452)   (57,008)   (238,571)   (203,351)

 

(d)Sensitivity analysis

 

The Group monitors and evaluates the market risk related to its financial investments portfolio periodically to assess its volatility, through changes that can significantly impact its financial results. Considering a period of one day and the historical results over the past year, the following Value at Risk (VAR) parameters were used:

 

0.27% (or R$ 3.6 million) of the financial investment portfolio for a confidence interval of 95% on March 31, 2022 (0.16% or R$ 2.26 million on December 31, 2021).

 

0.39% (or R$ 5.2 million) of the financial investment portfolio for a confidence interval of 99% on March 31, 2022 (0.23% or R$ 3.31 million on December 31, 2021).

 

Additionally, the Group evaluated the financial investment portfolio on March 31, 2022 and December 31, 2021, through stress scenarios according to the main risk factors related to its investments, as presented in the table below:

 

         Financial Impact (**)
Risk Factor  Variation in  Stress Scenario (*)  03/31/2021  12/31/2021
Current inflation  Inflation index   -100bps   20.8    15.3 
Exchange traded real estate funds  Share prices   -10%   (11.9)   (10.9)
Brazilian stock prices  Share prices   -10%   (7.1)   (7.4)
Fixed-rate offshore rates  US yield curve   -100bps   (6.3)   (7.7)
Foreign exchange rate  Foreign exchange rates   10%(***)   3.4    5.0 
Domestic base overnight rate  Domestic base overnight rate   -100bps   (5.8)   (8.0)

 

(*) bps - basis point (1bps = 0,01%)

(**) In millions of Brazilian reais

(***) Brazilian reais devaluation against US Dollars

 

An equal change in the opposite direction of the stress scenario would have affected the financial investment portfolio by a similar amount, on the basis that all other variables remain constant.

 

F-15

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

5Financial instruments

 

This note provides information about the group's financial instruments, including:

 

- an overview of all financial instruments held by the Group

- specific information about each type of financial instrument

- accounting policies

- information about determining the fair value of the instruments, including judgements and estimation uncertainty involved.

 

The Group classifies its financial assets in the following measurement categories:

 

those measured at fair value or through profit or loss, and

 

those measured at amortized cost.

 

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

 

For assets measured at fair value, gains and losses will be recorded in profit or loss.

 

Recognition and derecognition

 

Regular way purchases and sales of financial assets are recognized on trade date, being the date on which the group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.

 

Measurement

 

At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

 

The Group holds the following financial instruments:

 

Financial assets  Section  03/31/2022  12/31/2021
          
Accounts receivable   (a)    61,495    63,684 
Other financial assets at amortized cost   (b)    309    638 
Cash and cash equivalents   (d)    38,516    102,569 
Financial assets at fair value through profit or loss (FVPL)   (c)    1,333,527    1,381,519 
         1,433,847    1,548,410 
                
Financial liabilities               
                
Liabilities at amortized cost   (e)    32,298    117,807 
Lease liabilities   (e)    82,336    85,544 
         114,634    203,351 

 

The Group's exposure to risks associated with the financial instruments is discussed in note 4. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.

 

F-16

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

 

a)Accounts receivable

 

Current assets

  03/31/2022  12/31/2021
Accounts receivable from contracts with customers   41,623    44,486 
Loss allowance   (170)   (170)
           
Non-current assets          
Accounts receivable from contracts with customers   20,042    19,368 
    61,495    63,684 

 

Accounts receivables are recognized initially at the amount of consideration that is unconditional and are not submitted to any financial components. They are subsequently measured at amortized cost, less loss allowance.

 

Current accounts receivable are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.

 

Non-current accounts receivable are unrealized performance fees that management, with accumulated experience, estimate that it is highly probable that a significant reversal will not occur.

 

The Entity uses      a provision matrix to calculate expected credit losses and the exposure to credit risk from receivables are reviewed on a regular basis. Accounts receivable allowance are presented in general and administrative expense.

 

The loss allowances for accounts receivable as of March 31, 2022 and December 31, 2021 reconcile to the opening loss allowances as follows:

 

   03/31/2021  12/31/2020
Opening loss allowance on January 1   (170)   (149)
Increase in accounts receivable allowance recognized in profit or loss   -    (21)
Closing loss allowance on March 31 / December 31   (170)   (170)

 

Accounts receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments. The Entity has      not written any amount of accounts receivable during 2022 and 2021. Subsequent recoveries of amounts previously written off are credited against the same line item.

 

b)Other financial assets at amortized cost

 

Financial assets at amortized cost include the following debt instruments:

 

   03/31/2022  12/31/2021
       
Prepayments to employees (Note 6 (i))   309    638 

 

These amounts generally arise from transactions outside the usual operating activities of the group. Interest is charged at commercial rates and collateral is not normally obtained.

 

F-17

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

All the financial assets at amortized cost are denominated in Brazilian currency units. As a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity.

 

See note 6 for more details.

 

c)Financial assets at fair value through profit or loss

 

The group classifies the following financial assets at fair value through profit or loss (FVPL):

 

-Mutual funds;

 

-Private markets funds.

 

Financial assets measured at FVPL include the following categories:

 

   03/31/2022  12/31/2021
       
Current assets   1,324,292    1,372,926 
Mutual funds   1,324,292    1,372,926 
           
Non-current assets   9,235    8,593 
Private markets funds   9,235    8,593 

 

The following tables demonstrate the funds invested included in each category mentioned above.

 

Mutual funds      
   03/31/2022  12/31/2021
       
Vinci Monalisa FIM Crédito Privado IE (1)   1,251,206    1,233,828 
Vinci Multiestratégia FIM   58,525    109,717 
Vinci International Master Portfolio SPC - Reflation SP   10,628    11,161 
FI Vinci Renda Fixa CP   3,933    18,220 
    1,324,292    1,372,926 

 

Private markets      
   03/31/2022  12/31/2021
       
Vinci Capital Partners III Feeder FIP Multiestratégia   2,503    1,891 
Nordeste III FIP Multiestratégia   2,745    2,848 
Vinci Infra Transmissão FIP - Infraestrutura (i)   3,987    3,854 
Total Private markets funds   9,235    8,593 

 

F-18

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

1)Vinci Monalisa FIM Crédito Privado IE (“Vinci Monalisa”) is a mutual fund incorporated in Brazil and wholly owned by the Company. Vinci Monalisa’s balances are the following:

 

   03/31/2022  12/31/2021
Net Asset Value   1,251,206    1,233,828 
Real estate funds   201,810    137,519 
Mutual funds   987,897    1,080,108 
Private equity funds   45,071    18,768 
Other assets/liabilities   16,428    (2,567)
           

 

The Vinci Monalisa’s portfolio is comprised of liquid and illiquid investee funds with different redemption criteria. Over 88% of its investments are liquid and may be redeemed and 12% are non-redeemable investments. The following tables demonstrate the funds invested by Vinci Monalisa:

 

Mutual funds

 

Vinci Monalisa holds investments in several mutual funds to seek profitability through investments in various classes of financial assets such as fixed income assets, Brazilian government bonds, public equities, derivatives financial instruments, investment funds and other short-term liquid securities. As of March 31, 2022, and December 31, 2021, Vinci Monalisa holds R$ 987,897 and R$ 1,080,108 of investments in mutual funds, respectively, which are distributed in the following classification:

 

   03/31/2022  12/31/2021
Mutual Funds’ classification      
Interest and foreign Exchange (a)   57.40%   46.20%
Multistrategy (b)   35.94%   46.69%
Foreign investments (c)   4.56%   5.23%
Macro (d)   2.10%   1.88%
    100%   100.00%

 

(a)Funds that seek long-term returns via investments in fixed-income assets, admitting strategies that imply interest risk, price index risk and foreign currency risk.

 

(b)Funds without commitment to concentration in any specific strategy.

 

(c)Funds that invest in financial assets abroad in a portion greater than 40% of their net asset values.

 

(d)Funds that operate in various asset classes (fixed income, variable income, foreign exchange, etc.), with investment strategies based on medium and long-term macroeconomic scenarios.

 

Real Estate funds      
   03/31/2022  12/31/2021
       
Vinci Imóveis Urbanos FII (i)   49,506    52,537 
Vinci Offices FII (ii)   45,348    - 
Other real estate funds (iii)   106,956    84,982 
    201,810    137,519 

 

(i) The fund’s investment strategy is to acquire properties in the retail, general markets, health and education sectors located in large urban centers that, in the Manager's view, generate long-term value;

 

(ii) The fund invests in controlling corporate buildings, mostly leased, which, in the Manager's view, generate value for the properties.

 

(iii) Comprised of funds that allocate their capital in diversified portfolios of shares of real estate funds, real estate receivable certificates, bonds, securities and other real estate assets.

 

F-19

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

Private markets funds      
   03/31/2022  12/31/2021
       
Vinci Impacto Ret IV FIP Multiestratégia   2,741    2,042 
Vinci Infra Coinvestimento I FIP - Infraestrutura (i)   12,661    13,446 
Vinci Infra Água e Saneamento Strategy FIP - Infraestrutura   27,031    1,023 
Other funds   2,638    2,257 
Total private markets funds   45,071    18,768 

 

(i) Fund focused on the acquisition of shares, share bonuses subscriptions, debentures convertible or not into shares, or other securities issued by publicly-held, publicly-traded or private corporations that develop new projects of infrastructure in the development sector and operations of electric power transmission lines, participating in the decision-making process of the investee, with effective influence. In 2021, the fund sold its investment in Linhas de Energia do Sertão Transmissora S.A. ("LEST"). As of March 31, 2022 and December 31, 2021, the fund held investment in Água Vermelha Transmissora de Energia S.A.

 

During the period, the following gains/(losses) were recognized in profit or loss:

 

   03/31/2022  03/31/2021
Fair value gains (losses) on investments at FVPL recognized in finance income   20,539    5,658 

 

d)Cash and cash equivalents

 

Current assets  03/31/2022  12/31/2021
Cash and bank deposits   9,109    21,679 
Certificate of deposit (i)   29,407    80,890 
    38,516    102,569 

 

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, bank deposits held at financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

 

(i) Comprises certificates of deposits issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates variable from 99.50% to 100.50% of CDI (interbank deposit rate). The certificates are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

 

e)Financial liabilities

 

   03/31/2022  12/31/2021
       
Current   55,053    140,111 
Trade payables   366    831 
Labor and social security obligations (Note 12)   25,023    106,299 
Lease liabilities   22,755    22,304 
Accounts payable (Note 11)   6,909    10,677 
           
Non-current   59,581    63,240 
Lease liabilities   59,581    63,240 
           
    114,634    203,351 

 

F-20

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

(a)Fair value hierarchy

 

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value through profit or loss in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

 

   On March 31, 2022
Recurring fair value measurements  Level 1  Level 2  Level 3  Total
Financial Assets            
Certificate of deposits   -    29,407    -    29,407 
Mutual funds   -    1,324,292    -    1,324,292 
Private equity funds   -    -    9,235    9,235 
Total Financial Assets   -    1,353,699    9,235    1,362,934 

 

   On December 31, 2021
Recurring fair value measurements  Level 1  Level 2  Level 3  Total
Financial Assets            
Certificate of deposits   -    80,890    -    80,890 
Mutual funds   -    1,372,926    -    1,372,926 
Private equity funds   -    -    8,593    8,593 
Total Financial Assets   -    1,453,816    8,593    1,462,409 

 

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded real estate funds) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

 

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

 

Vinci Monalisa is a financial instrument classified as level 2. Its portfolio is comprised of items that could be classified as level 1, level 2 and level 3, in the amount of R$ 121,983, R$ 988,795 and R$ 45,071, respectively (2021: R$ 57,006, R$ 1,080,108 and R$ 96,714, respectively).

 

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

 

(b)Valuation techniques used to determine fair values

 

Specific valuation techniques used to value financial instruments include:

 

- the use of quoted market prices

 

- for level 3 financial instruments – discounted cash flow analysis.

 

F-21

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

All non-listed assets fair value estimates are included in level 2, except for private equity funds, where the fair values have been determined based on fair value appraisals for fund's investments, performed by the fund's management (Vinci Capital and Vinci Infra) or a third party hired by the Administration. The most part of the level 3 financial instruments evaluation uses discount cash flows techniques to evaluate the fair value of the Fund's investments. The appraisals performed by a third party are reviewed by Vinci or its subsidiaries (fund's management).

 

(c)Fair value measurements using significant unobservable inputs (level 3)

 

The following table presents the changes in level 3 items for the period/year ended March 31, 2022 and December 31, 2021:

 

   Fair Value
Opening balance January 1, 2021   31,596 
Capital deployment   932 
Transfer (a)   (22,746)
Sales and distributions   (3,481)
Gain recognized in finance income   2,292 
Closing balance December 31, 2021   8,593 
Capital deployment   555 
Sales and distributions   (103)
Gain recognized in finance income   190 
Closing balance March 31, 2022   9,235 

 

(a) In 2021, Vinci Impacto Ret IV FIP Multiestratégia and Vinci Infra Coinvestimento I FIP - Infraestrutura were transferred to Vinci Monalisa.

 

F-22

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

(d) Valuation inputs and relationships to fair value

 

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

 

Description

 

Fair value at

Valuation Technique 

Unobservable inputs

Reasonable
possible shift +/-
 

     
03/31/2022 12/31/2021 2022 Gain / (Losses) 2021 Gain / (Losses) Possible shift in Gain and losses
Vinci Infra Coinvestimento I FIP – Infraestrutura (a) - - Discounted cash flow Discount rate 0.5% / 1% - 559 -
Vinci Infra Transmissão FIP - Infraestrutura 3,987 3,854 Discounted cash flow Discount rate 0.5% / 1% 134 703 Lower discount rate in 50 basis points would increase fair value by R$ 1,312 (R$ 1,272 – 2021) and higher discount rate in 100 basis points would decrease fair value by R$ 1,480 (R$ 1,411 – 2021)
Nordeste III FIP Multiestratégia 2,745 2,848 Discounted cash flow Discount rate 0.5% / 1% - 497 Lower discount rate in 50 basis points would increase fair value by R$ 27 (R$ 28 - 2021) and higher discount rate in 100 basis points would decrease fair value by R$ 55 (R$ 57)
Others 2,503 1,891 NAV Valuation NAV 1% / 2% 56 533 Increased NAV in 100 basis points would increase fair value by R$ 25 (R$ 19 – 2021) and lower NAV in 200 basis points would decrease fair value by R$ 50 (R$ 38 – 2021)

 

(a) In 2021, Vinci Infra Coinvestimento I FIP - Infraestrutura was transferred to Vinci Monalisa.

 

F-23

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

6Other assets

 

   03/31/2022  12/31/2021
       
Prepayments to employees (i)   309    638 
Sundry advances   296    288 
Advances to projects in progress (ii)   6,189    2,784 
Other prepayments   387    365 
Related parties receivables (iii)   287    265 
Guarantee deposits (iv)   1,349    1,525 
Sublease receivables   100    252 
Others   70    87 
           
    8,987    6,204 
           
Current   7,136    4,193 
Non-current   1,851    2,011 
           
    8,987    6,204 

 

(i)Refers to amounts receivable from employees, in which the amount is rated at the interest rate of the Interbank Deposit Certificate (CDI).

 

(ii)Refers to costs incurred by projects related to funds administered by Vinci, that are initially paid by the Group and subsequently reimbursed.

 

(iii)Refers to an intercompany transaction. See note 19 for more details.

 

(iv)Refers to the security deposit of a lease.

 

F-24

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 


7Investments

 

(a)Non-controlling interests (NCI)

 

Set out below is summarized financial information for each subsidiary that has non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company eliminations.

 

   Vinci Int'l Real Estate  Vinci Asset      Allocation  Total
   03/31/2022  12/31/2021  03/31/2022  12/31/2021  03/31/2022  12/31/2021
Summarized Balance Sheet                  
                   
Current assets   486    575    -    -    486    575 
Current liabilities   (340)   (401)   -    -    (340)   (401)
Current net assets   146    174    -    -    146    174 
                               
Non-current assets   -    -    -    -    -    - 
Non-current liabilities   -    -    (12)   -    (12)   - 
Non-current net assets   -    -    (12)   -    (12)   - 
                               
Net assets   146    174    (12)   -    134    174 
                               
Accumulated NCI   37    43    (3)   -    34    43 

 

Summarized statement  Vinci Int'l Real Estate  Vinci Asset      Allocation  Total
of comprehensive income  03/31/2022  03/31/2021  03/31/2022  03/31/2021  03/31/2022  03/31/2021
                   
Revenue   -    -    -    -    -    - 
                               
Profit for the period   (1)   -    (12)   -    (13)   - 
                               
Other comprehensive income   -    -    -    -    -    - 
                               
Total comprehensive income   (1)   -    (12)   -    (13)   - 
                               
Profit allocated to NCI before dividends   (1)   -    (12)   -    (13)   - 
                               
Disproportionate dividends distributions   -    -    -    -    -    - 
                               
Profit/(loss) allocated to NCI   (1)   -    (12)   -    (13)   - 

 

F-25

 

 

Vinci Partners Investments Ltd.

 

Notes to the interim consolidated financial statements

All amounts in thousands of reais

 

8Property and equipment

 

                  03/31/2022
   Furniture  Improvements in properties  Computers     Work of arts   
   and fittings  of third  and peripherals -  Equipaments  and others   
   stuffs  parties  improvements  and tools     Total
                   
Cost