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: Pedro Leduc - Itau - Analyst
: Good evening, everybody and congrats on the quarter. Thank you for taking the question. First, on the Lacan, congrats on the acquisition there.
Can you talk us a little bit more about the ambitions that you have for this vertical mid, long-term, perhaps in AUM or geographies or the sub-products
within that can be explored?
And then the second question, more on the numbers itself, the personnel expense and other G&A line went up a little bit. It's gone up a bit
year-to-date as well. I know there's some non-organic effects there, but if you can talk us a little bit more about the expense line, especially for the
mid long -- at least fourth quarter and year ahead?
Question: Ricardo Buchpiguel - BTG - Analyst
: Hi, everyone and thank you for the opportunity here to make questions. I have two here on my side. So first, can you please update us on the
fundraising for VCP IV and how has been the demand picking up, especially foreign investors, as I mentioned, was a little bit more of the focus now
in this particular product.
And also, we noticed the first time we saw in the quarter for a few quarters that we have like positive net inflows in the public equity segment. So
I just wanted to hear your thoughts if you believe this could mark like an inflection point or the recent market duration, we saw in the following
months could eventually put this vertical back on the negative territory in terms of inflows? Thank you.
Question: Beatriz Abreu - Goldman Sachs - Analyst
: Hi, Alessando, Bruno and Sergio, good evening. Thanks for the call. I have a couple of questions. The first one on management fees. What was the
amount this quarter of retroactive fees, if you could share that?
And also, I know that Bruno just talked about the expected additional closings in VCP IV, but if you also could comment about expected closings
and the timeline for the other flagship funds that you're fundraising for, that would be great. I'm just trying to get a sense here for how many
quarters more should we expect retroactive fees to be kicking in or not in management fees, right?
And then my second question is a follow-up on Lacan. So you mentioned that you're looking to raise the fourth vintage already. What are your
expectations regarding timing for this? And if you could share maybe the sizes of the last vintages for Lacan, just to get a sense of how big that
new vintage can get? Thank you.
Question: Guilherme Grespan - JPMorgan - Analyst
: Hey, good evening, everyone. Thank you for the presentation and congratulations on the results especially given the market conditions. Just one
question on IP&S. We saw again a little bit of outflow there, BRL1.2 billion outflows. I think it's the same product that continues to see the outflows
is the pension strategy, right? If I recall correctly, it's mostly retail-driven.
Just want to get your thoughts going ahead, we should have Selic going up again probably. I tend to imagine it's a headwind to the strategy. So
how you guys are seeing the evolution of the AUM of this strategy, if we should continue to see some outflows going forward or if you see at some
point a stabilization or even a growth in AUM here? Thank you.
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