Vinci Compass Investments Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 2026 FRE and management fees driven by Verde integration and organic growth. Strategic moves in Argentina and digital assets, plus expected BRL 100 million indemnification, position the firm for continued expansion. Effective tax rate to normalize at 21–22%.
Fiscal Year 2025
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Achieved 13% AUM growth to BRL 354 billion in 2025, driven by strong fundraising, M&A, and product launches. FRE margin improved to 32.6% in Q4, with continued momentum expected in 2026, especially in Credit and infrastructure.
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Q3 2025 saw record AUM of BRL 316 billion, a 32.3% FRE margin, and 28% YoY growth in adjusted distributable earnings. Strategic milestones included the Verde acquisition and first Brazilian pension plan commitment, with strong fundraising and product innovation driving future growth.
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The firm is targeting BRL 1.6 billion in fee-related revenues and BRL 600 million in FRE by 2028, driven by regional expansion, private credit growth, and higher-fee discretionary mandates. The Verde acquisition strengthens multi-strategy capabilities and is expected to be immediately accretive to earnings.
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Q2 2025 saw strong financial results, robust fundraising, and strategic exits, with AUM at BRL 304 billion and adjusted distributable earnings up 30% year-over-year. Credit and alternative strategies drove growth, while FX headwinds impacted revenues. FRE margin expansion and further PRE gains are expected from 2026.
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First quarter post-merger saw strong fundraising, 22% FRE growth, and robust segment performance, especially in credit and global IP&S. Despite FX-driven AUM decline, margins are expected to improve as synergies are realized and new products launch.
Fiscal Year 2024
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2024 saw record AUM, robust fundraising, and strong earnings growth, driven by the Compass merger and strategic acquisitions. Despite FX headwinds, margins and distributable earnings remained resilient, with a positive outlook for 2025 as integration synergies and new products fuel expansion.
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Vinci and Compass have merged to form Vinci Compass, creating a leading alternative asset manager in Latin America with BRL 296 billion in AUM. The combination is immediately accretive, with strong growth in fee-related earnings and a clear strategy to expand alternatives, enhance margins, and pursue M&A across the region.
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Fee-related and distributable earnings grew double digits year-over-year, with AUM up 8% to $70B. The Compass merger and Lacan acquisition expand the platform and product suite, while private markets and public equities show strong fundraising momentum.
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Fee-related earnings rose 24% per share year-over-year, driven by robust private market fundraising and margin expansion, despite a challenging macro environment. The platform is increasingly diversified, with significant progress in international fundraising, M&A, and new product launches.