Patria Cements LatAm Lead with $3.5B Solis Credit Acquisition

NEW YORK, NY – January 02, 2026 – Patria Investments, a global alternative asset manager with deep roots in Latin America, has finalized its acquisition of a 51% controlling stake in Solis Investimentos, a premier Brazilian manager of Collateralized Loan Obligations (CLOs). The move, confirmed today, significantly amplifies Patria’s footprint in the burgeoning regional credit market, underscoring a powerful strategic bet on the future of alternative financing in the region.

The transaction injects approximately US$3.5 billion in Fee-Earning Assets Under Management (FEAUM) from Solis into Patria’s portfolio. This boosts Patria’s total Credit FEAUM by over 40% to more than US$11.7 billion, solidifying its status as a dominant force in Latin American credit. For Patria, a firm with over $51 billion in total AUM, this deal is more than just an expansion; it's a calculated deepening of its specialization in a high-growth, resilient sector.

A Strategic Play for Regional Dominance

This acquisition is a cornerstone of Patria's long-term strategy to expand its credit platform and diversify revenue through high-conviction asset classes. By bringing Solis into its fold, Patria not only gains significant assets but also acquires market-leading expertise in the complex and lucrative world of CLOs. The deal is widely seen as a tactical maneuver to consolidate power in a competitive landscape that includes players like Vinci Partners and other regional asset managers.

Patria has long differentiated itself with a “boots-on-the-ground” approach, leveraging local knowledge to identify and execute deals that larger global firms might overlook. This acquisition is a prime example of that strategy in action. It combines Patria's extensive distribution network and access to global capital with Solis's specialized origination and management capabilities, creating a formidable entity in the Latin American credit space. According to industry analysts, the deal is expected to be accretive within its first year, offering a tangible return on investment that will be closely watched by shareholders.

The move aligns perfectly with Patria’s history of strategic inorganic growth. The firm has completed eight acquisitions and joint ventures since going public, using M&A as a primary engine for asset growth and market penetration. This latest transaction reinforces its commitment to being the preeminent alternative asset manager in Latin America, with a platform that is now significantly stronger in one of the most dynamic sectors of the financial market.

Riding the Wave of Private Credit

The Patria-Solis deal is not happening in a vacuum. It is a bellwether for a fundamental shift occurring across Latin America's financial landscape: the explosive growth of private credit. As traditional banks face tighter regulations and capital constraints, companies and individuals are increasingly turning to non-bank, asset-backed instruments like CLOs to satisfy their financing needs. This has created a fertile ground for specialized managers like Solis.

The Brazilian CLO market alone has witnessed a compound annual growth rate (CAGR) of 35% over the last five years. Solis Investimentos has outpaced even this impressive trend, with its funds growing at an approximate 45% CAGR since 2021. Founded in 2015, Solis has established itself as a leader by serving a diversified base of over 30,000 investors across more than 120 funds, catering to asset managers, bank treasuries, and wealthy family offices.

This trend extends beyond Brazil. Across Latin America, institutional investors such as pension funds are showing a greater appetite for alternative assets to achieve higher returns in a high-interest-rate environment. Private credit deployments in emerging markets, including Latin America, reached $18 billion in the first three quarters of 2025 alone, surpassing previous annual records. The region has absorbed nearly half of all private credit capital deployed in these markets since 2021, signaling a profound and durable shift in capital allocation. Patria’s acquisition positions it at the forefront of this secular trend, ready to capitalize on the increasing demand for sophisticated credit products.

The Integration Blueprint: Merging Expertise, Retaining Talent

For any acquisition in the specialized world of asset management, success hinges on the seamless integration of people and processes. Patria appears to have adopted a strategy centered on continuity and empowerment. A critical component of the deal is the retention of Solis Investimentos’ leadership and core team. Founders Delano Macedo and Ricardo Binelli will continue to lead the company, and its entire team of over 100 professionals will remain in their roles at their offices in Fortaleza and São Paulo.

This approach is designed to preserve the unique expertise and entrepreneurial culture that made Solis a market leader. Rather than a disruptive takeover, the partnership is structured to connect Solis's high-quality credit origination, analysis, and monitoring capabilities to Patria's much larger platform. The primary synergy is clear: Solis gains unprecedented access to local and global capital through Patria's distribution channels, while Patria gains a best-in-class CLO engine to enhance its product offerings.

This focus on talent retention aligns with established best practices for successful M&A in financial services, where human capital is the most valuable asset. By keeping the leadership and operational structure of Solis intact, Patria mitigates integration risk and ensures that the firm can continue its growth trajectory without disruption. Investors will be looking for evidence that this combined platform can deliver superior performance while maintaining the operational stability that clients expect.

Market Reaction and Future Outlook

Initial market reaction to the deal's completion was measured, with Patria’s stock (NASDAQ: PAX) trading near its 52-week high. The earlier announcement of the impending acquisition in November 2025 had prompted a more noticeable positive response. Analyst sentiment is cautiously optimistic, acknowledging the strong strategic rationale while also pointing to potential risks.

Some analysts have assigned a 'Hold' rating, suggesting that the stock's current valuation already reflects much of the positive news and that integration challenges, though mitigated, remain a factor to watch. Conversely, other analyses rate the stock as an 'Outperform,' citing Patria's strong financial performance, impressive fundraising, and healthy balance sheet as key strengths that will support the integration of Solis.

The path forward will be defined by execution. The acquisition positions Patria to capture significant growth in Latin America's private credit market, but the firm must now deliver on the promised synergies. The market will be closely monitoring the performance of the newly expanded credit division, its ability to attract new capital, and the overall profitability of the combined entity. With this bold move, Patria has not only expanded its empire but has also firmly tied its future growth to the dynamic and evolving credit landscape of Latin America.