Patria Investments Expands U.S. Private Markets Footprint with Strategic WP Global Partners Acquisition

Patria Investments Limited, a leading global alternative asset manager, has announced a significant strategic acquisition that marks a pivotal expansion of its U.S. private markets presence. The firm has entered into an agreement to acquire WP Global Partners, a U.S.-based private equity solutions manager specializing in the lower-middle-market segment, in a transaction that will add approximately US$1.8 billion in fee-earning assets under management to Patria’s portfolio.

The acquisition, announced on February 2, 2026, represents a calculated move by Patria to capitalize on growing institutional investor demand for middle-market private equity exposure at a time when the private markets sector is experiencing renewed momentum heading into 2026. With this deal, Patria’s Global Private Markets Solutions fee-earning assets under management will exceed $13.3 billion on a pro-forma basis as of the third quarter of 2025, with nearly 40% of investments allocated to U.S. assets.

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A Strategic Expansion into America’s Lower Middle Market

Founded in 2005 with offices in New York and Chicago, WP Global Partners has established itself as a specialized player in the U.S. lower-middle-market private equity space. The firm employs 30 professionals, including more than ten experienced investment professionals, and has deployed over six billion dollars across a variety of sectors throughout its nearly two-decade operating history.

WP Global’s investment approach centers on a hybrid strategy combining primary fund commitments, proactive direct investments, and selective secondary investments. The firm’s flagship COREalpha series targets value creation through diversified portfolios of private equity partnerships and direct co-investments, with particular focus on defensible businesses in healthcare, business services, consumer, and specialty manufacturing sectors. According to Ninepoint Partners, WP Global’s team has collectively invested over $5.7 billion across more than 450 funds and $1.6 billion in 145 portfolio companies, demonstrating a rigorous manager selection process and consistent performance across multiple market cycles.

The acquisition comes at a particularly opportune time as middle-market private equity builds momentum for 2026. Industry analysts expect stronger exit activity, with continued improvement in M&A and IPO markets generating higher distributions to limited partners. This improving environment supports the strategic rationale for Patria’s expansion into the U.S. middle-market segment.

Deal Structure and Financial Implications

The transaction involves an all-cash structure with a base price equivalent to 1.7% of fee-earning assets under management, coupled with an additional all-cash earn-out payment subject to specific performance parameters to be paid in 2029. This structure aligns incentives with WP Global’s future performance while providing certainty through the upfront cash consideration.

Patria expects the acquisition to be accretive to both Fee Related Earnings (FRE) and Distributable Earnings (DE) in the first year, immediately enhancing the firm’s middle-market primaries, secondaries, and co-investment capabilities while broadening relationships with U.S. general partners. The deal marks another step in Patria’s aggressive growth strategy through acquisitions, which has seen the firm execute at least one major acquisition annually since its 2021 initial public offering.

The transaction received advisory support from leading financial and legal institutions. Latham & Watkins LLP acted as legal advisor to Patria, while Raymond James & Associates, Inc. served as financial advisor and Hogan Lovells US LLP provided legal counsel to WP Global Partners.

Patria’s Expanding Global Footprint

For Patria Investments, the WP Global acquisition represents a strategic complement to its established position as a leading alternative investment firm in Latin America with a growing presence in Europe. The São Paulo-headquartered firm has built a distinguished 37-year track record managing over $51 billion in assets across five core asset classes: private equity, infrastructure, credit, real estate, and global private markets solutions.

The firm has evolved from a traditional product provider to a comprehensive solutions provider, currently managing more than 35 investment strategies across over 100 products. With offices in 10 cities across four continents, including locations in Grand Cayman, São Paulo, Santiago, Montevideo, New York, Luxembourg, Edinburgh, and Dubai, Patria combines local market knowledge with global reach.

Marco D’Ippolito, Managing Partner at Patria, emphasized the significance of the transaction: “This is an important step forward in bringing to Patria a talented team with a proven track record and strong reputation. This transaction immediately broadens the universe of GPs in our ecosystem and strengthens our product offering across private equity primaries, secondaries and co-investments in the U.S. lower middle market.”

Donald Phillips, Chairman and CEO of WP Global Partners, expressed confidence in the partnership: “After carefully evaluating potential partners for WP’s next chapter, Patria stood out for its entrepreneurial culture, diversified global platform and strong focus on mid-market private equity. I feel confident that Patria will provide our team and clients with an excellent home to continue serving our clients effectively.”

Recent Acquisition Momentum

The WP Global transaction continues Patria’s active acquisition strategy throughout 2025, which has focused on expanding fee-earning assets under management across multiple asset classes and geographies. Just weeks before announcing the WP Global deal, Patria completed its acquisition of a 51% stake in Solis Investimentos, a leading Brazilian investment manager specializing in the structuring and management of collateralized loan obligations (CLOs).

The Solis acquisition, which was completed on January 2, 2026, added approximately $3.5 billion in fee-earning assets to Patria’s credit platform, increasing the firm’s total Credit FEAUM by over 40% to more than $11.7 billion on a pro-forma basis. The partnership positioned Solis for a new growth cycle by connecting its high-quality credit origination, analysis, and monitoring capabilities to Patria’s global platform. Founded in 2015 and led by partners Delano Macedo and Ricardo Binelli, Solis manages over 120 funds serving more than 30,000 investors, with fund growth at an approximate 45% compound annual growth rate since 2021, exceeding the market’s average of 35%.

In December 2025, Patria also announced the acquisition of RBR Gestão de Recursos Ltda., which holds approximately $1.5 billion in listed Real Estate Investment Trusts (REITs) after internal corporate reorganization. RBR Gestão manages 12 funds, of which 11 are listed REITs focused predominantly on Credit and Multi-Asset strategies. This acquisition added about $1.3 billion in fee-earning assets under management to Patria’s portfolio, increasing the firm’s total Real Estate FEAUM to $8.5 billion and establishing Patria as the leading REIT manager in Brazil.

Rodrigo Abbud, Patria’s Head of Real Estate in Brazil, commented on the significance: “With the acquisition of RBR Gestão and the management of these 12 funds, Patria becomes the leading REIT manager in Brazil, positioning us for continued growth in a market where, in addition to investment performance, scale is key.”

These three acquisitions collectively demonstrate Patria’s systematic approach to scaling fee-earning assets across credit, real estate, and now U.S. private equity solutions—all executed within a span of just two months and all expected to be accretive to both FRE and DE in their first year.

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Market Context and Industry Trends

The timing of Patria’s WP Global acquisition aligns with broader trends reshaping the private equity landscape in 2026. According to EY’s private equity trends analysis, the sector is entering a phase of strategic growth, with firms leveraging technology, data, and innovative deal structures to drive performance. The sector focus is shifting toward technology, industrials, and insurance, while investor profiles diversify and IPO activity rebounds.

PwC’s private equity outlook for 2026 notes that while the deal market is reopening, it is doing so in a more demanding form. Lower interest rates and improving sentiment are creating space for renewed activity, yet the industry faces underlying pressures including capital consolidation, tighter competition, and rising investor expectations. Private equity deal value in the first half of 2025 rose approximately 8% year-over-year to just over $195 billion, putting a significant dent in available dry powder held by U.S.-based PE funds, which dropped to about $880 billion in September 2025 from a record high of $1.3 trillion.

The middle-market segment specifically is experiencing particularly strong momentum. Morgan Stanley’s research indicates that an M&A uptrend is now firmly in place after troughing at a three-decade low relative to U.S. GDP, with private equity accounting for more than half of all M&A activity either as a buyer or seller. The financing environment is also becoming less onerous, with the average cost of funding for a PE middle-market term loan falling by three percentage points from prior peaks.

BlackRock’s 2026 Private Markets Outlook emphasizes that private markets are transforming how societies build infrastructure, how businesses finance growth, and how investors achieve portfolio diversification. With fewer public companies and slower IPO activity, private credit and secondaries are becoming core to accessing growth and liquidity. An expanding investor base—including wealth and retirement investors—is entering through evergreen, semi-liquid structures, aided by regulatory shifts that improve access and liquidity.

Patria’s Investment Philosophy and Track Record

Patria’s approach to alternative asset management centers on combining deep local market knowledge with global investment expertise. The firm specializes in key resilient and growth sectors, maintaining an on-the-ground presence that combines investment leaders, sector experts, company managers, and strategic relationships. This positioning allows Patria to identify compelling investment opportunities accessible primarily to those with local proficiency.

In its private equity operations, Patria focuses on large and resilient sectors within Latin America that present attractive investment opportunities across market cycles. The firm strives to transform portfolio companies into industry leaders by providing capital for growth, strategic guidance, and operational support. Patria’s investment approach is sustained by a disciplined due diligence process that identifies both value creation opportunities and potential risks.

The firm’s 37-year history has seen it deliver consistent returns through long-term investments while promoting inclusive and sustainable development in the regions where it operates. This track record has earned recognition from publications including African Marketing Confederation and African Capital Markets News, indicating the firm’s reach beyond its Latin American core.

Integration and Future Outlook

The integration of WP Global’s capabilities and team will expand Patria’s U.S. presence, investment capacity, and fundraising capabilities, complementing the firm’s established Private Equity Solutions business and advancing its global diversification strategy. The addition of WP’s middle-market expertise further accelerates Patria’s expansion beyond its traditional strength in Latin American private equity, infrastructure, credit, and real estate funds.

The transaction also complements Patria’s portfolio of flagship closed-end and evergreen funds in private equity primaries and co-investments in developed markets. By broadening the universe of general partners in Patria’s ecosystem, the WP Global acquisition strengthens the firm’s product offering across the entire spectrum of private equity primaries, secondaries, and co-investments in the U.S. lower middle market.

Following the closing of the transaction, which remains subject to customary closing conditions, WP Global’s team will join Patria’s global platform while maintaining their offices in New York and Chicago. The firm’s experienced investment professionals will continue to leverage their deep relationships with fund managers and operating executives across the U.S. middle market.

Patria has accelerated its earnings release date for its fourth quarter and full year 2025 financial results from February 10, 2026, to February 3, 2026, with a conference call scheduled for 9:00 a.m. ET. This timing will provide investors with updated financial information shortly after the WP Global acquisition announcement, offering insights into the firm’s performance and strategic positioning heading into the transaction.

Implications for the Private Markets Industry

The Patria-WP Global transaction reflects several broader themes shaping the private markets industry in 2026. First, it demonstrates the ongoing consolidation among alternative asset managers, with larger platforms acquiring specialized boutique firms to expand geographic reach and asset class coverage. Second, it highlights the strategic importance of the U.S. middle market, which continues to attract investor capital due to its combination of growth potential and relative valuation efficiency compared to large-cap private equity.

Third, the deal underscores the growing importance of scale and diversification in alternative asset management. As Partners Group notes in its 2026 outlook, private markets face a landscape defined by elevated valuations, policy shifts, and transformative secular trends. Maintaining discipline through rigorous valuation, scenario analysis, and focus on long-term value creation remains essential in this environment.

The transaction also reflects the evolution of investor preferences, with institutional allocators increasingly seeking managers who can provide comprehensive solutions across the risk-return spectrum rather than single-product offerings. Patria’s expansion into U.S. middle-market private equity through WP Global complements its existing strengths in Latin American private equity, global infrastructure, credit, real estate, and public equities, creating a more diversified platform for serving institutional investor needs.

Conclusion

Patria Investments’ acquisition of WP Global Partners represents a strategic milestone in the firm’s evolution from a Latin America-focused alternative asset manager to a truly global private markets platform. By adding WP Global’s $1.8 billion in fee-earning assets and its specialized expertise in U.S. lower-middle-market private equity, Patria strengthens its competitive position in one of the most dynamic segments of the private markets industry.

The transaction, expected to close in the coming months subject to customary conditions, will enhance Patria’s scale, broaden its general partner relationships, and deepen its investment capabilities in middle-market primaries, secondaries, and co-investments. Combined with the firm’s recent acquisitions of Solis Investimentos and RBR Gestão, the WP Global deal demonstrates Patria’s commitment to disciplined, accretive growth across multiple asset classes and geographies.

As the private markets industry enters what many observers characterize as a period of selective recovery and renewed momentum, Patria’s expanded platform positions the firm to capitalize on improving deal activity, evolving investor preferences, and the structural growth of alternative assets within institutional portfolios. The integration of WP Global’s talented team and proven track record into Patria’s global ecosystem creates a compelling value proposition for investors seeking exposure to resilient, growth-oriented sectors across both developed and emerging markets.

Additional information about the transaction will be posted to the Shareholders section of Patria’s website at ir.patria.com. The firm continues to trade on NASDAQ under the ticker symbol PAX.

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By: Montel Kamau

Serrari Financial Analyst

3rd February, 2026