Good afternoon I'm Anna Castro Investor Relations Manager. On behalf of the company I'd like to welcome you all to Vinci Partners' First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we’ll conduct a question-and-answer session. As a reminder this call will be recorded. Joining today are Alessandro Horta, Chief Executive Officer; Bruno Zaremba, Private Equity Chairman and Head of Investor Relations; and Sergio Passos, Chief Financial Officer. Earlier today, we issued a press release, slide presentation and our financial statements for the quarter, which are available on our website at ir.vincipartners.com. I'd like to remind you that today's call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 20-F. We will also refer some non-GAAP measures and you'll find reconciliations in the release. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Vinci Partners fund. With that, I'll turn the call over to Alessandro.

Thank you, Anna. Good afternoon, and thank you all for joining our call. We are extremely pleased to join you all today as we announce results for the first quarter of 2022. Adjusted distributable earnings totaled BRL57.7 million in the first quarter or BRL1.03 per common share, when adjusted for non-recurring expenses incurred in the quarter. This represented an increase of 22% year-over-year. Vinci announced a quarterly dividend of $0.17 on the dollar per common share, totaling $0.83 per common share distributed as dividends since our IPO. We continue to deliver solid results, thanks to our asset-light and diversified business model translating into substantial amounts of free cash flow and an attractive dividend distribution to our shareholders. We ended the first quarter with BRL57 billion in AUM, a solid result compared to the end of the fourth quarter of 2021 with no relevant outflows in the quarter, despite the challenging macroeconomic scenario in Brazil. During the quarter, we also had the effect of capital returns, totaling BRL1 billion in our infrastructure strategy. In our liquid strategy AUM, we continue to display strong resilience as we have been discussing in the last few earnings calls. During the first quarter, we continued to face extremely challenging local markets. Public equities and hedge fund managers in Brazil have been impacted by approximately BRL70 billion in outflow only in the first three months of the year more than double the amount seen in outflows during the whole second half of 2021, when interest rates started its current tightening cycle. Vinci on the other hand has increased AUM for liquid strategies quarter-over-quarter in our segments margins for liquid funds remained stable on a year-over-year basis. Considering the last 12 months, FRE for liquid strategies has grown 17%, an outstanding expansion considering the increasingly tougher market…

Thank you, Alessandro and good afternoon, everyone. Starting on Slide nine, we ended the quarter with BRL 57 billion in AUM, up 3% year-over-year. During the first quarter, we had BRL 1.1 billion in capital return from FIP Energia PCH after a successful run of the mandate won for this fund in 2015 by our infrastructure team. The objective was to restructure the fund's portfolio and return capital to LPs which was successfully completed this quarter. The excellent performance in this restructure, adds to the already stellar track record of our infrastructure team. We closed in the first quarter a follow-on offering for one of our listed REITs VINO11 in the office sector which contributed with BRL 215 million in perpetual capital commitments for real estate AUM. The offering was done through a pay-in-kind transaction such as the one we did in our shopping mall REIT recently as local markets have not been favorable for primary issuances so far in the REIT segment. Our real estate team has been extremely active in a pioneer in the REIT market for this type of stock transaction being able to raise AUM even in a tougher market environment for primary offerings. We continue to see additional opportunities to raise capital through such structures in coming quarters. Moving on to Slide 11, we go over accrued performance fees in our private market funds. Performance fee receivable increased to BRL 104.6 million in the first quarter a 3% increase quarter-over-quarter driven primarily by appreciation in our VCP III strategy that currently totals BRL 84.6 million in performance fees or 81% of total fees. As a reminder Vinci had BRL 8 billion at the end of the quarter in performance eligible AUM coming from private market funds still in investment period that can further contribute to…

Thank you, Bruno. Turning to our segment highlights. As you can see in Slide 21, our platform remains highly diversified, which we believe to be main contributor to the resilience of our business. 49% of our FRE in the last 12 months, came from our private market strategies followed by liquid strategies with 20%, IP&S with 18% and financial advisory contributing with 13%. The same level of diversification is reflected in our segment distributable earnings. Moving on to each of the segments, starting with our private market strategies on Slide 22, FRE totaled BRL 106.8 million in the last 12 months, up 21% over the prior period, following a strong fund raising over the last 12 months across real estate, credit and infrastructure. Total AUM was flat year-over-year. As previously mentioned, this quarter we had BRL 1.1 billion in capital return coming from Energia PCH, after a successful run of the mandate won in 2015 by our Infrastructure team. This quarter we also had the sixth issue of quotas for our office REIT VINO11, adding BRL 215 million in perpetual capital to our platform through a pay-in-kind transaction. While the markets are still struggling, pay-in-kind transactions has been an important contributor to our REIT business as it presents an alternative to raise capital other than primary issuances. As mentioned by Alessandro in his prepared remarks, we are on track for our fund-raising pipeline in private market funds over the course of the next four to six quarters which should impact substantial growth for private markets FRE as these funds carry higher fees than our average management fee rate. Moving on to slide 23, we posted solid returns in our liquid strategies. FRE for the first quarter was up 2% year-over-year and AUM was resilient in the last 12 months considering…

Thank you, Sergio. Our first question comes from Tito Labarta with Goldman Sachs. Please go ahead.

Thank you, Anna. Good evening, Alessandro, Bruno and Sergio. Thank you for the call. I guess, my question following-up on you mentioned, you have a nice pipeline of fund-raising for private markets of around BRL10 billion over the next four to eight quarters. Just any – just more color in terms of when that can begin to contribute to the AUM? Do you think it's closer to the four quarters like will you – would that benefit AUM at any point this year do you think? And then on the back of that, how do you think about your ability to deploy that capital particularly given sort of the current market environment? And just where do you think you can see opportunities in this current environment? Thank you.

Okay, Tito, this is Bruno. Thank you for the question. So the practical private market funds, it has a characteristic of being very backward weighted in regards to the fee structure of the fund at least in our case right. Most of our products, we charge on committed capital. So we tend to have the impact being more felt towards the end of the process, because we charge retroactive management fees right from people that entered towards the end of the fundraising process. So the main products that are online today that are in the market are the simpler ones that we mentioned in the last call, so we continue to have the expectation, obviously, before in the next few months during its first close. We have our Climate Change Fund, which is getting very good reviews in the market that we expect to have closes towards the second half of the year. We have a couple of credit funds. One of them, we just announced that we did the listing of the fund, and we will come back eventually will follow-ons. We have another one, which is a bigger one, which we are negotiating to put online either in the second or the third quarter of this year, which also has very strong anchor in that process. We have other products in the real estate side one that's related to agriculture and crops. We have other pay-in-kind transactions in real estate that are under negotiation. So the pipeline is really very full. The big products, they have longer fund-raising cycles and they should impact more 2023. So although, we should see some impact in 2022, we would expect the bulk of the revenue impact to be felt in 2023, as we charge those retroactive management fees backing up to the first close of these funds, which should happen in the next few months.

Great. Thank you, Bruno. That's helpful. And maybe if I can ask –

On the – yes, sorry, on the deployment side, you had a second question on deployment. Yeah, we are – I mean, we are in an excellent environment for capital deployment. So capital availability in Brazil continues to be very scarce. So the amount of capital being raised in Brazil, this hasn't really changed over the past 10 years or so. I think we had a peak year in 2010, 2011 perhaps, but after that the fund-raising was very, very disciplined overall – across the board, I would say, probably in all the verticals. So the capital allocation opportunities that we see in the market today are exceptional. I think the market correction is to an even more alternatives we are structuring additional products that we should come online in the second half different strategy that we don't have today, to take advantage of the market displacements, some of them in the liquid side of the business. So we see very strong opportunity to deploy this capital as it becomes available to the platform.

Great. Thank you, Bruno. That's helpful. And maybe just any color you can provide on the new retirement strategy. When can that begin to be contributed to fees, if you can quantify that a little bit more it would be super helpful?

Thank you, Tito. It's Alessandro. If you ask a vertical now, we are in a level in a moment of a problem and probably discover together some clients. We are trying to validate the hypothesis and making the prototype of the products right now. So as soon as it's validated, we are already building there the technical, I would say, side of the products together, with the technology embedded. So probably, we'll see that impacting more next year than this year, but probably already launching as soon as possible the products. Of course, we start with a few clients and channels, because that will use both the distribution channels that we have today and new ones, but we'll see this impacting more in terms of AUM and revenues, I believe next years and so on. But that is a very scalable business, so we can start slowly with a more cheap, I would say, type of access and then scaling-up as soon as we get more AUM and more products and et cetera.

Yes, I think, just to compliment -- it's Bruno again, so just compliment, Alessandro, we feel that this market is still very -- when compared to the rest of the market in Brazil generally is still very early -- in the cycle of going for alternate, but we believe the private pension is even before from a cycle standpoint. So it's a BRL 1 trillion addressable market when you think about the open private plans in Brazil, which is still almost 90% in the hands of incumbents the top five banks in the country. So there is really a lot of opportunity for us to add value to the clients to generate alternative solutions for their long-term retirement plans, and as Alessandro mentioned, we want to do this from a tax standpoint. So, allow the clients to work alongside with us in their asset allocation, contribute with different products that are currently available to them. It's still a very, very immature market, mostly fixed income hedge fund type of allocation, and we believe we as a content provider in the alternative space, we can add value to the clients in the medium to long-term basis. And it's really a very, very mature market and with a big addressable market to us.

Great. Thank you, Bruno. Thank you, Alessandro.

Our next question comes from Ricardo Buchpiguel with BTG Pactual. Please go ahead.

Hi. Good afternoon everyone, and thank you for the opportunity of making questions. I have here on my side. Given the more challenging market scenario as seen for asset managers, especially smaller asset managers, do you believe this creates a good opportunity to buy a new asset manager of a different expertise in a different asset class, or perhaps with a price in different region? Thank you.

Thank you, Ricardo. It's Alessandro. And that's completely true your observation. With the market a little bit more difficult, we are seeing our pipeline for M&A being populated strongly in recent months. We are evolving with this analysis and we are probably seeing very good possibility of completing M&A in the next few months, especially on private markets, where we are looking for, as we mentioned before, additional capabilities under our already very comprehensive private market business lines. And this is of course, new, I'd say, strategies or even regions, and et cetera, but now we are more interested in looking for new strategies inside private markets. And as you mentioned, the current scenario in Brazil, it's helping us to really populate our M&A pipeline. So we are very optimistic that we would find probably in the next few months some interesting opportunities for us.

Thank you. Very clear.

We are showing no further questions at this time. I'd like to turn the conference back over to Alessandro for final remarks.

So thank you very much for your continued support and even with a very challenging scenario, we are very happy with the performance of the company and the perspectives and opportunities for the rest of the year. So, I'd like to thank you again and thank you for attending our call.

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