Patria Investments announces joint venture with Bancolomobia

Patria Investments announced an agreement for the formation of a joint venture with Bancolombia, the financial conglomerate incorporated in Colombia, with more than 148 years of experience serving clients in Colombia and Central America. The partnership will leverage Patria’s extensive private markets expertise in Latin America with Bancolombia’s well-established distribution capabilities to further expand access to alternative investment products in Colombia. At its inception, the JV will manage a permanent capital real estate investment vehicle with approximately $1B of assets under management, which is the second largest fund in Colombia and focused broadly across market sectors. While specific financial details of the transaction are not being disclosed, the joint venture will be structured with 51% ownership by Patria and 49% by Bancolombia, with approximately $1B of Fee Earning AUM at inception. Patria will contribute capital to be deployed over multiple years to support joint venture operations, as well as to fund GP commitments to promote growth of the existing real estate investment vehicle and new funds within other asset classes. The transaction is expected to close during Q3 and expected to be accretive to Patria’s Fee Related Earnings and Distributable Earnings from day one.