The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Guilherme Grespan - J.P. Morgan CCVM SA - Analyst
: Congratulations on the results. Two questions on my side. The first one is related to fundraising, strong numbers this quarter. I tried to adjust here
for the upfront TPD in my math was even stronger adjusting for that. But my question is more looking towards second half. What level do you think
it's reasonable to assume in terms of net inflow if we can continue to see those levels of net inflow into the second half?
Basically, if you can remind us well, I think you have some money -- relevant money to be deployed from VCP IV, from VICC. If you have a rough
number of how much AUM you still have to be deployed into fee-earned AUM? And then my second question is related to GP commitments and
financial income. You put some light on this discussion. When I do my math, you have a little bit more than BRL1 billion in gross cash.
If you apply SELIC, you were supposed to be generating, I think, even more than you printed this quarter, which was already strong. So my question,
how should we think about forecasting this line? Is there kind of a timeline or a trajectory you think we can forecast GP income and financial results?
Because as you said, there is a J curve but for us, it's hard to know when those investments are going to mature. So if you can help us just how to
think about this line going forward.
Question: Lindsey Shema - Goldman Sachs Salt Lake City - Analyst
: We saw the FRE margin fall in this quarter. So my main question here is just at what point should we start to see the FRE margin expand to that low
30s percent run rate that you had mentioned previously? Do you expect that by the end of this year? And then what kind of levers do you expect
to pull? Is it all going to be the cost control initiatives that you've recently enacted?
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AUGUST 12, 2025 / 9:00PM, VINP.OQ - Q2 2025 Vinci Partners Investments Ltd Earnings Call
And how much of an impact should we see from those? And then my second question is just a quick follow-up on Guilherme's question. I was
wondering when it comes to the PRE realizations that you were mentioning, I know it's kind of hard to have visibility into that. But how should we
think about the path of those going into 2027? Is it not going to happen until 2027 or do you still expect some realizations up until then?
Question: Ricardo Buchpiguel - BTG Pactual - Analyst
: Only one question here. During the quarter, we saw that management fees stood flat quarter-over-quarter, pretty much in line with the AUM,
which was also flat. And when we look at the bridge of the AUM expansion, the main drag was related to the FX variation. So my question, is it fair
to say that the flattish management fees also related to this FX change? And if so, do you have an estimate of how much the FRE or management
fee would have grown if it wasn't for this effect?
Question: Pedro Leduc - Itau Corretora de Valores S.A. - Analyst
: Two quick ones, please. On credit, again, you mentioned some optimism there. We saw some nice inflows. Could you elaborate a little bit how this
portfolio that we're seeing today is spread out to regions, if it's new products or new geographies that you're getting new business in? And if that's
a pace indeed that we should see accelerating. You still got little market share in this big market. And then second question, you briefly mentioned
Argentina. Just trying to get a little more detail on what opportunities you're seeing there and how you're seeing it playing out for the next few
quarters?
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AUGUST 12, 2025 / 9:00PM, VINP.OQ - Q2 2025 Vinci Partners Investments Ltd Earnings Call
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