Good day and thank you for standing by. Welcome to the Patria Fourth Quarter and Full-Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question and answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I will now like to hand the conference over to your speaker today, Josh Wood, Head of Shareholder Relations. Please go ahead.

Thank you. Good morning, everyone, and welcome to Patria's Fourth Quarter 2021 Earnings Call. Joining today are our Chief Executive Officer, Alex Saigh, and our Chief Financial Officer. Marco D'Ippolito. Earlier this morning, we issued a press release and earnings presentation detailing our results for the fourth quarter and the full year, which you can find posted on our Investor Relations website at ir.patria.com or on Form 6-K filed with the Securities and Exchange Commission. Any forward-looking statements made on this call are uncertain, do not guarantee future performance and undue reliance should not be placed on them. Patria assumes no obligation and does not intend to update any such forward-looking statements. Such statements are based on current management expectations and involve inherent risks, including those discussed in the risk factors section of our latest form 20F annual report, with our 2021 filing to be completed in the coming weeks. Also note that no statements on this call constitute an offer to sell or a solicitation of an offer to purchase an interest in any Patria fund. As a foreign private issuer, Patria reports financial results using International Financial Reporting Standards or IFRS as opposed to U.S. GAAP. Additionally, we will report and refer to certain non-GAAP industry measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with IFRS. Reconciliations of these measures to the most comparable measures calculated in accordance with IFRS are included in our earnings presentation. As a quick overview of the results Patria generated fee related earnings of $29.3 million in 4Q '21 and $86 million for the full year, including performance-related earnings of $58 million [Indiscernible] earnings for the full year 2021 were $141.3 million or $1.02 per share in line with our guidance, distributable earnings for the fourth quarter were $27.7 million or $18.8 per share, and we declared a dividend of $0.16 per share payable on March 16 to shareholders of record as of March 2, bringing our full year 2021 dividends to $86.9 per share. Note that Patria's combination with Moneda Asset Management closed on December 1, 2021, and our P&L reflects the proportional impact from Moneda only for the month of December. Marco will provide more detail on this in his commentary. Our reporting for total AUM and fee earning AUM reflects the year-end levels for Moneda. And we have enhanced our reporting on these metrics to provide a breakout along asset class lines. With that, I'll now turn the call over to our Chief Executive Officer, Alex Saigh.

Thank you. Josh. Good morning, everyone. We hope that you are all well and safe and it's great to be here with you again today. Just a few weeks ago, Patria celebrated the one-year anniversary of our IPO on Nasdaq, and it has been an incredible year of growth for our firm. Our investment platform is significantly larger and more diverse than it was a year ago. Our earnings have grown impressively, which of course accrues to our shareholders. And we have also grown in maturity as a firm, adding new talent in key areas and making significant advances in our corporate governance, as we navigate this journey as a public company. I'm honored with the privilege of leading such a dedicated group of people and excited for what we can accomplish moving forward. Just to put a finer point on what we have accomplished in this first year. Our 2021 fee revenue grew by 27% year-over-year, driven by a record phase of deployments with more than $2.5 billion deployed from our drawdown funds. We delivered $86 million of fee-related earnings in 2021, which represents year-over-year growth of more than 50% on a comparative basis. With continued value creation across the portfolio, our net accrued performance fees increased by $348 million, up 26% from one year ago even after realizing $58 million of performance fees during the year. As we guided you last quarter, we deliver just over $1 per share of distributable earnings, of which 85% is distributed to our shareholders. This equates to a yield of 5% on our IPO price, which we believe is among the best use in our sector for 2021. And it's four times the dividend yield on the SAP 500. Finally, with platform expansion as a major goal, we completed our first M&A…

Thank you, Alex, and good morning, everyone. Patria's results for 2021 demonstrate our attractive earnings growth trajectory. And we move into 2022 with strong momentum looking forward. Fee related earnings for the full year 2021 were $86 million, comfortably exceeding our guidance of more than $75 million. And we generated a margin of 59% for the full year. FRE is up 21% from 2020 as reported, or up 52% when adjusting the prior year for a comparable compensation structure, a more apples-to-apples comparison. For the fourth quarter, we generated $29.3 million of fee-related earnings, at a 63% margin compared to $20.2 million in 4Q '20. We announced the closing of our combination with Moneda on December 01, 2021, and Moneda contributed $6.5 million to our fee related earnings in the final month of the year. Adding the $58 million of performance-related earnings from earlier in the year, we generated $141.3 million of distributable earnings of more than 150% in a comparable basis from 2020, an equivalent to $1.02 per share. Distributable earnings for 4Q '21 were $27.7 million or nearly $0.19 per share, which results in a dividend of $0.16 per share for the quarter. This brings our total 2021 dividend to nearly $0.87 per share, which is 85% of distributable earnings per share per our policy and results in more than $120 million of earnings distributed to shareholders in our first year post IPO. The top line is driving our earnings growth, with fee revenues up 27% in 2021 compared to the prior year. Our fourth quarter '21 management fee were $42.1 million, up 42% compared to fourth quarter '20, which further demonstrates the baseline momentum we carry into 2022. Moneda added $9.1 million of overall fee revenue in December, including the incentive fee of $4.9 million. Personal expenses…

[Operator Instructions]. Please stand by while we compile the Q&A roster. Our first question comes from the line of Robert Lee from KBW. Your line is now open. Pardon me, Robert Lee from KBW. Your line is now open. Please check your mute button.

Sorry. Sorry about that. Thanks so much for taking my questions. I appreciate it. Wondered maybe focus initially on fundraising. So we talked about having a first close, I guess, in the first quarter and the next PE Fund. But I guess my first question is, you've talked previously about 50% upsizing on the PE fund and hopefully when you start on the infrastructure fund. Any reason to think that's not kind of where you're headed? And I'm also curious about your LP mix. Any kind of color on what you're seeing so far on re-ups from existing clients versus how much of the fund you think could come from new investors with the Patria.

Hi, Rob. This is Alex here. Thanks for your question and hope you are well and safe. I think everything that you said is as in -- on line with our expectations. I have to be a little careful here because as we are fundraising for our next flagship Private Equity Fund, I was invited to give a lot of details because we in fundraising [Indiscernible] and we have [Indiscernible] filed our prospectus. But it's -- everything that you've said is on -- is basically in line with what we expect. Josh, should we give any more color here or are we fine here?

I think that's good Alex, mean that's -- everything is in line with what we said, relative to prior expectations, Rob. And as you said, we're having first closings here in the first quarter, I would just add that with our first quarter earnings report, which will be in May, you'll be able to see the amount that was raised as of the end of the first quarter.

I'm sorry, I didn't mean to cut you off.

Sorry. Last comment on the client profile that you ask. Again, I think pretty much in line with prior funds, where we have around 70% to 80% coming from re-ups and 23% coming from new clients. As in the past, I see that this time around, we're going to be able to see the same kind of breakdown that I just described. That was the second part of your question.

Yes, it was, thank you so much. And maybe just as a quick follow-up, and you're sticking with the fund raising theme. Could you update us possibly on your thoughts around fund raising around listed permanent capital vehicles, how do you feel about it, at least maybe over the first half of the year?

Yeah, I think this is a strategy that we are pursuing aggressively. As you know, we're thinking of pursuing permanent capital vehicles in general for the four asset classes here that we do manage: private equity, infrastructure, credit, and real estate. I think we can do it basically both ways, through listings in the local stock exchanges and, for example, in the case of real estate, we do have to list the funds in the Brazilian Stock Exchange, B3. We also can do it through listing of infrastructure investment trust, as we have one also listed in the Brazilian Stock Exchange, and we are also looking to list some of these vehicles in international stock exchanges I mean, Nasdaq are also looking at the London Stock Exchange to do a listing there. As you probably know, we have already talked to you guys about this. So yes, I think it's a very interesting structure fund. And we are pursuing, we already have three funds of I mentioned down there in Brazil, in India, in the Brazilian Stock Exchange. And we also look for buying these permanent capital structure funds through acquisition, through M&A. And if we do pursue M&A opportunities in the real estate arena within real estate, there is several permanent capital structured funds in the region that were listed in the main stock exchanges in the region, Mexico, Colombia, Chile, and Brazil. So we can also add these kind of funds, not only organically, as I mentioned, but also through M&A.

Great, that's very helpful. Thanks for taking my questions.

Thank you.

Thank you. Our next question comes from the line of Craig Siegenthaler from Bank of America. Your line is now open.

Good morning, Alex, Marco. Hope you both doing well.

Good morning, Craig. We're all well, thank you. JMarco D’Ippolito : Yeah. Nice to talk to you. Hope you are well and safe as well.

Nice to talk to you guys too. On the macroeconomic front, we're actually seeing a divergence here, where the U.S. economy inflation, the [Indiscernible] there has been deteriorating over last few months, while in Brazil has started to rebound. So I know this is just a few months, but can you remind us how your business will be impacted if these trends continue? And I'm especially thinking that a lot of your LPs are in the U.S. and Western Europe, and they might be possibly positioned for the rebound in Brazil here.

Oh, Craig, thanks for the answer. And we do have also Liz Fernando, [Indiscernible] head economist with here -- with us here today so he can help me answer this question. But in summary, straight to the points, now diversification space. And I think our investors are really sure about that and you can see exactly what you're saying. Last year, we had some economies in the developed world performing well, very well, some economies in the developed side of the world or developing side of the world now suffering here or there, but I think more from headline news, negative headline news than actual data. When you cut into the data, you can see that these economies have actually done their homework. They were responsible on the fiscal side. If you look at the main economy, the region which is Brazil, what a year on the fiscal side, right? We had first in the last 15 years, and Luis Fernando here, my -- our Head Economist can correct me if I'm wrong, but we have actually a surplus federal and state, and we reduced our gross debt to GDP to 80% and several economist are predicting that we're going to hit a 100% gross debt to GDP in Brazil. In Chile, economy grew 12% last year, and now predicted to grow if things are right here, fleets of 4% this year. And again, for projections, were that Chile would grow a lot less than the 12% last year. And so no fiscally responsible governments monetarily straight to the point central banks raising rates before the main economies in the developed side of the world. So I think we are heading to a more controlled inflationary environment and you can see that looking at the yield curve. The yield curve's…

Of course, I Alex. Hi, Craig, Luis Fernando here. Just a couple of ideas that are not very intuitive, but they're important to understand the investment environment. So the business cycle in Latin America with the exception of Mexico, is not highly correlated to U.S. or Europe, it's a business cycle on its own, so correlations are pretty low. So what you're seeing here as I'd like to explain is that, the region start to get rid of the COVID thing faster than people expected outside Latin America, because the vaccination program is a very remarkable success and people want to get the vaccine down in Latin America. So the economies start to reopen fast, and that's allowed the central banks to start moving and not become about coming behind the curve. So the central makes start to tighten monetary policy in Latin America back in March, last year, March, nearly a year ago. Now we have some countries with double-digit rates like Brazil, other countries are raised interest rates 150 [Indiscernible] per meeting of the monetary policy committee [Indiscernible] are very solid. That's the flip side of having higher commodity price and the global inflation plays also in favor of Latin America because Latin America export most of the oil and some grains and minerals, etc. that are putting pressure on inflation. And then last but not the least, we have this environment in which the currencies are appreciating right now. They were remarkably undervalued. That's a point that we made several times. Now they are not getting fairly valued or overvalued. It's becoming less depreciated than they were one, two years ago. So very benign environment, but then, of course, you have to benefit or to explore this. When the cycle didn't look that good and people are still a little bit scarier, I'm talking about Latin America, that's what we did pretty much over the past couple of years. Now, maybe we are getting different environment in which we may considering some realization because obviously, asset price are going up. Why not speed up the fund raising?

All right guys, that was very comprehensive. I have one follow-up on M&A, just after the Moneda acquisition and the growth capital partnership. But how would you rank or list the product gaps, and also underpenetrated geographies that you're most attracted to. I heard your earlier comments in Q&A and it sounds like real estate's probably at the top of the list. And then in terms of geographies, Brazil, Mexico, and Colombia on the geography side.

Yes, Craig. This is Alex again. I think you're right. Yes, I think if you look at our breakdown of our AUM, I think we need to -- it would be good. We don't need to, but it would be good to beef up real estate, diversifying our product offering. And I think it's a good moment actually to come in as the asset prices and other prices for general partners in this field have actually gone down because interest rates have gone up. So we shied from actually looking at these assets, these general partners that actually manage real estate funds last year because of the year before as interest rates were lower and so, these assets would be more expensive as interest rates rise. I think we benefit from actually then looking into this asset class more closely. In addition, is an asset class that would be very good for us to add more AUM to our portfolio. Mexico is a place that we're not there yet. So and I think it's a fine economy in a macro sense. I think the, everything that is going on and then no gel political side, I think it favors on shoring to Mexico serving the U.S. as you guys know this theme very well. I've been in Mexico a couple of times last year and now, if you do, as most of you probably did, whatever fly to the north of Mexico, prices in real estate there are just going crazy because of no warehouses been built and the lack of electricity to actually supply the power for all these factories that are now serving the U.S. and more and more so, again, with these geopolitical issues going on around the world, it favors Mexico. It's a different driver as Luis Fernando just explained, Mexico is driven by difference forces, it's the Mexican economy, I mean, which is good for our -- enough for us in diversifying the portfolio. So real estate, yes, Mexico, yes. Also, I think in Colombia, we're doing so well in private equity and infrastructure and I think we're known already there in the market as the number 1 alternative asset manager. So you'd be -- it would be also good to expand geographically there. So that's where we are looking into and that's what is the mission here of our M&A team. So hopefully, I answered your question.

Great. Thank you, Alex.

Thank you.

Thank you. Our next question comes from the line of Tito Labarta from Goldman Sachs. Your line is now open.

Hi, good morning. Alex, Marco and Josh. Thank you for the call and taking my questions. A couple of questions. First on your FRE margin, good performance in the quarter. You're still guiding for low 50% FRE margin. Just help us think about that, because you are above 60% last quarter also, around at 60% level. So what's going to pressure the margin this year is that just more investments, and is there any seasonality to that? Do you expect the margin next in the second half of next year to be higher than the first half? Similar to what we saw in 2021? That's my first question. Then I'm going to ask a second question after that. JMarco D’Ippolito : Hi Tito. This is Marco. So margins, there's no really relevant pressure in margin. What happens and how -- the way we tie our guidance is when we add up Moneda for the last year, you get only one month of Moneda. And Moneda does have a smaller margin. So when you blend it up, we're going to land it in the lows 50s, but actually we've seen the business stilling up. We are not providing any relevant guidance in terms of blended margin increase. But pressure of costs has not been a significant point of concern for us.

And [Indiscernible] Josh, just one thing I would add there to your point on seasonality. One thing to consider there we mentioned this in the remarks is that generally the incentive fees for Moneda will crystallize in the fourth quarter and those incentive fees are part of fee-related earnings because they are measured and realized on a regular basis without the need for the actual investment exits or realizations. And so what that can cause as a pop in the margin in the fourth quarter, that would be the big element of seasonality to think about. JMarco D’Ippolito : And just to add one more point, if you look at our financials and you compare the admin expenses, the progression over time has about being significant and even the personal expenses when adjusted for the compensation from 2020, there's also not a significant increase in expenses.

Great. Thanks for that. So just one question to clarify on the Moneda. I know you'd mention that incentive fee. And if we back out trying to get in the management fees, I'm estimating around 8, 9 million from Moneda. I guess that was in one month if he had about 2 million in total expenses coming from Moneda in the quarter or [Indiscernible], how much were the management piece from Moneda in 4Q? JMarco D’Ippolito : What you get is about total net revenues for Moneda in December 9.1, and that translates into a 6.5 of FRE and you get a little -- around 50% of this amount being management fees and 50% incentive fees.

Okay. That's clear. And then that's how we should think about the margin for Moneda. And yeah, you'll get, as Josh mentioned, that pop in 4Q next year. JMarco D’Ippolito : We indicated a guidance of margin. Our previous call for Moneda, we actually laid down a page where Moneda was at around 40%. So there is a slight increment of scale, but you can generally think of 40% plus some scale.

Okay. That's great. Thank you. That's helpful. And then the other second question is on the performance fees revenue and we saw a good increase in the performance accrual fee. How do you think about the environment from potentially realizing some of those fees in 2022?

Well, I think here -- this is Alex here. My view is that the scenario, the macro scenario is getting more benign or better for us to realize investments. I think if we go back a year from now, there were several question mark from the region. Now, will the region be able to be fiscally responsible? Will the region can suffer from inflation? Will the central banks be responsive to inflation? Will the region be able to comply with the vaccination programs and/or accelerate them? If the answers for all of these were yeses and at least Fernando, our head economist said couple of minutes ago. So I think we've come out of 2021, the region as a whole I'm generalizing better than expectations. Even though you saw that the data was going into the right direction on what I said, it was very negative headline news and there was, of course, some political uncertainty on the Chilean side because of the election there, and our [Indiscernible] the Brazilian President doesn't help much because of his relation with the media is not very good. So on that side, so we had very no negative headline news, but the data is -- says by itself and I think media started actually turning their heads to a more positive view on the economies. And then the numbers came out earlier this year. Some of the numbers I've mentioned were very, very positive. So you go into 2022 with a better background, economic background, monetary background. And on the currency side, because of the high interest rates, it's more expensive to bet against these currencies now, about 7 something percentage. Chile trades are heading to that direction. Over 10% in Brazil heading to that direction. Well, so betting against these currencies is…

Okay. Great. Thank you very much.

I think here also, I think if we look at the also the Moneda's incentive fees here, that's also a big contributor for us in 2022. And again, I think if you look at where the region is, and of course on the Moneda side, on the currency side is also important for the [Indiscernible] equity strategies and some local debt strategies. So you needed, as you know, 880 Pesos to buy a dollar, today you need 800. Now you needed [Indiscernible] 60 to buy a dollar today you need 520, so that actually know pushes also the performance fees of these local funds in the right direction as well.

Thank you. Our next question comes from the line of Marcelo Telles from Credit Suisse. Your line is now open.

Hi, good morning, everyone, and congratulations on the results. Hi, Alex, hi, Marco. I have two questions. The first one, with regards to your capital deployment, clearly 2021 was a very good year for you with more than $2.5 billion in deployments So how should we think about your capacity to deploy into 2022? Do you think it can keep more or less at the same pace? And my second question is more of a -- it's a top-down question. Of course, you have elections in Brazil this year. The candidate that is leading the polls, I think clearly has a more of agenda of higher participation of the government in the -- in potential and infrastructure and in investments. And how -- and most likely, you could expect a bigger role off the BNDS, Brazilian National Development Bank down the road. How do you think an increased role of the BNDS can impact your business, either your ability to deploy or your ability to find new assets in Brazil? Thank you.

On the deployment front. And again, thank you for your question. This is Marcelo, this is Alex here, and I hope you are well and safe as well. On your deployment question here, we still have a lot of room, what -- which I call now, we renamed it. Capsule that is to be called, which will then know January fees as shown by Marco here in this presentation. So we have room to continue investing now for Private Equity Fund VI or Infrastructure Fund IV. Our other strategies in real estate and credit, and of course, in public equities there. In addition to that, as far as revenues goals for 2022, we did deploy a substantial amount of capital for our standards in the second half of '21, which will only generate revenues in 2022. So these two movements, with this last one that I'm going to describe, as we do fund raise, we will then continue investing not only in the prior funds, but we will begin investing the new funds. As mentioned, we are currently raising our next flagship private equity fund. And we can invest while we fund raise. So if we raise a $100 and I aim to raise $200 for this fund, I can start investing this $100 that I already raised. So as mentioned, we expect to have a first closing of Private Equity Fund VII for example, in this quarter. For my example, a $100, I can start investing that $100. I don't have to wait to raise the whole fund, the $200 in my example, to start investing. So I can only sell -- not only, will my revenues in that 2020. 2022 first half be impacted positively by the investments that we did in the second half of '21, number…

Axon [Indiscernible]

Sorry Marcelo, just to compliment [Indiscernible], macroeconomic [Indiscernible], [Indiscernible] question about us being concerned with the crowding out by the BNDS. I need to reemphasize Alex points. So corporate governance in Brazil, especially for state-owned and companies changes, the government cannot do what he did during the 2000 Petrobras BNDS Eletrobras, etc. So there's a first thing, but even if it could, our business model does not depend on what the BNDS does or doesn't. So we did money, we create the new areas we did investment, it's very different kind of government. So we had central government or leftist government, right -- harder, right government. So there are plenty of opportunities for us to explore in Brazil or outside Brazil, so think that the model of being just crowding out to private sector is going to work because there are now many more institutional restrictions. But independent of that, there is no lack of opportunities. The problem we don't have in the region, specially Brazil, lack of opportunity to invest. So if the government becomes more active or little bit more active in one area, there are several other industry that we can target and explore. So not really a major concern for us.

Very good. Thank you so much for the answers. Appreciate it.

Thank You. Our next question comes from the line of Riccardo Buchpiguel from BTG Pactual. Your line is now open.

Morning everyone and congrats on the results. Good you please help us understand a little bit your January expectations on a couple of details from the new PE Fund VII. I know a lot has been said about that, but if you can comment, I want to understand and get a sense on what is the fund raising schedule after the first closing, in the next quarter than you mentioned. And how much AUM is expected for the new fund, after it's fully raised. Thank you.

Thank you again. And this is Alex here. Fundraising for these kind of closed-end funds, they normally take 12 to 18 months. That's the natural, the historical average, not only for Patria funds, but in general, in the industry. What has -- we've been seeing a lot of interest, but we're also seeing that COVID and due diligence and meetings as we did mention in our last call, did interfere a little bit in the pace. Because investors are -- some of them are -- they want to come down to Brazil and to visit some of the companies and then they had to of course change their minds and redo their processes because some of their processes did include local visits. And of course, not only us, but they have to redo their process for all the funds around the globe and they couldn't travel. So that was a -- now, there were some adaptation last year to the new reality, which is the COVID reality, where traveling is more restricted. But I think we overcame that, and that's what we mentioned in our last call, and things started heading away to the right direction and we expect of mentioned first close in this first quarter. So I can mention what happened in the past and it's hard to predict the future. So looking at the past, all of the KPI's that we have, have conversion rates, right? Which is knowing that you generate needs and then convert them to indication of interest. And then you convert them to what we call in the industry here, soft circle, which are very more clear indication of industry, [Indiscernible], all the way to signing a subscription document, right? And we do have a process, we follow the process. We have gates…

Very clear. Finished. Thank you.

Thank you. Our next question comes from the line of Guilherme Grespan from JPMorgan. Your line is now open.

Hi, Alex, Marco, Josh. Thank you for the call. Just two quick questions for you from my side. The first one, it's more of a technical question. We had $2 million expenses in line that you guys called default consideration. I just want to make sure we got correctly that this is retention bonus for Moneda's actives and if we're going to see this $2 million repeated going forward every quarter. And then the second question is related to incentive fees from Patria itself. We have been seeing a very good 2019, 2020, a little bit more modest, but we still saw collection. Of course, last year was a little bit more challenging, but just want to touch base on the outlook for this year. We have been seeing markets rebounding, FX doing well. Just want to get an idea if those ones have high watermark, how close you guys are to this performance collection, and the outlook for this year for this line. Thank you. JMarco D’Ippolito : For the first one on your statement is correct. So this is deferred compensation for Moneda. What you're going to see over time because as we indicated in the third quarter on the reports and acquisition of Moneda, third and second quarter, we indicated that there is a deferred compensation of $59 million. And the way this flows through into our financials is every month, you're going to see this amount being accrued through our balance sheet. And that's the amount that you know, so too is the pace, if you will, of increase that you see basically every month for the upcoming period of time. On the second one, and I can speak a little bit about some of the technical perspective, Alex will jump in and talk a little bit about the performance, what you're going to see is the incentive fee that has been accrued for our full-year. It's coming mostly from Moneda. It's coming from -- it's high yield funds that has outperformed the market very well. The equities fund, both in Patria and Moneda has not contributed with incentive fees significantly through this year. And as you can tie to the performance of the equity market in the region, we, of course, have a positive view. And as we can see from the beginning for this year, that has already been a significant bounce back. Hard to tell where we're going to land over the year, the prospects for equities for this year are better than last year. Most of our funds respect the high watermark, so there's a big way to go before we start kicking in with incentive fees, but directionally, that's the explanation that I would think of.

And just complementing here, Marco, I think. Most of our credit that funds on our listed equity funds, we charge incentive fees against the benchmark. So even though -- if our fund did not perform as we expected, for example, let's say that our fund was down 2% for the year but the benchmark, relatively benchmark be it a Chilean benchmark, a Brazilian's benchmark was minus 8 and our fund again, in my example, was minus two. We performed better than a benchmark and we still collect for incentive fees. So that's also an interesting dynamic of our listed equity funds, most of our listed equity funds, and most of our credit funds. That's what I wanted to add here. Thank you.

Thank you. At this time, I'm showing no further questions. I would like to turn the call back over to CEO Alex Saigh for closing remarks.

Well, thank you, Operator, and thank you all for participating. It's been a real pleasure to be the CEO of this company in 2021. Now, thank you as for your support. Thank you, all shareholders, for your support and thanks the team and our limited partners for also the support and the stamina and their competence for delivering such great results. Very proud of Patria, the team. I'm very proud of our '21 results. Now heading to '22, again, guidance of 50% growth in fee-related earnings. And we had a good January and steaming ahead to deliver the results again. Very excited to be here. Thanks for your support. Be well, be safe. Hope to see you guys in-person, and that means that we are over with this COVID craziness. And again, be well, be safe, hope to see guys soon, and thank you very much.

This concludes today's conference call. Thank you for participating. You may now disconnect.