Patria Investments acquires Igah Ventures in Latin America

Patria Investments launched a new Venture Capital strategy, anchored by the acquisition of Igah Ventures. Igah’s business complements Patria’s existing Private Equity and Growth Equity strategies, which are focused on relatively mature companies, by adding investment expertise in startups and early-stage companies. Igah Ventures has been operating since 2013 with three funds raised from local and international investors, having contributed to startups such as Infracommerce, Contabilizei, Unico, Avenue and Conexa Saude. Overall, the investment management company currently has $320M in total AUM and about $140M in fee earning AUM. Patria has acquired 100% of Igah Ventures, with the closing of the transaction also now completed. Consideration structure consists of an upfront cash payment, equity to be paid in the form of PAX Class A shares over the course of the next twelve months, as well as an earnout component contingent on meeting certain fundraising targets. Specific financial terms of the transaction are not being disclosed. Igah is expected to be profitable on an FRE basis looking forward, with the ability to scale with the raising of the upcoming fourth vintage fund.