EX-99.1 2 dp162818_ex9901.htm EXHIBIT 99.1

 

 

Investor Presentation November 2021 Exhibit 99.1

 

 

Disclaimer This presentation contains forward - looking statements that can be identified by the use of words such as “anticipate,” “believe, ” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward - looking statements are necessarily subject to a hig h degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances tha t w ill occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those ex pre ssed or implied by such forward - looking statements and there can be no assurance that such forward - looking statements will prove to be correct. Accordingly, you should not place undue reliance on forward - looking statements. The forward - looking statements included herein speak only as at the date of this presentation and we do not undertake any obligation to update these forward - looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affi liates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward - looki ng statements to reflect events that occur or circumstances that arise in relation to the content of the presentation. Further information on these and other factors that cou ld affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission (the “SEC”) from time to time, including in the section titled “Risk Factors” in our most recent form F - 1 and 424(b) prospectus and form 20 - F. These documents are available on the SEC Filings section of the inves tor relations section of our website at: https://ir.vincipartners.com/financials/sec - filings. We have prepared this presentation solely for informational purposes. The information in this presentation does not constitut e o r form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subs idi aries or affiliates, not should it or any part of it form the basis of, or be relied on, in connection with any contract to purchase or subscribe for any of our securities or sec uri ties of any of our subsidiaries or affiliates, nor shall it or any part of it form the basis of, or be relied on, in connection w ith any contract or commitment whatsoever. This presentation also includes certain non - GAAP financial information. We believe that such information is meaningful and usefu l in understanding the activities and business metrics of our operations. We also believe that these non - GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our International Financial Reporting Standards (“IFRS”) results, as issued by the International Accounting Standards Bo ard , provide a more complete understanding of factors and trends affecting our business. Further, investors regularly rely on non - GAAP financial measures to assess operati ng performance and such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordan ce with IFRS. We also believe that certain non - GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in our industry, many of which present these measures when reporting their results. The non - GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements. The non - GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results. As other companies may determine or calculate this non - GAAP financial information differently, the us efulness of these measures for comparative purposes is limited. A reconciliation of such non - GAAP financial measures to the nearest GAAP measure is included in this presen tation. 2

 

 

Business Overview

 

 

We are a leading, full - service alternative asset manager in Brazil We have a high visibility and integrated recurring revenues business model 77% Of you net revenues come from mgmt. Fees 4 Our business is profitable and growing , with strong operating leverage FRE Margin 53.5% 3Q’21 +310 bps YoY After - tax DE CAGR 104% 2018 - 2020 R$58bn AUM¹ See notes and definitions at end of document 8 Business Strategies Vinci Partners has a proven fundraising track record with a broad fund base ~50% Capital committed for 5+ years We have gained significant market share over the years operating in a highly attractive growth market Vinci Partners has ~243 full time employees in 4 offices and a global LP footprint New York Recife Rio de Janeiro São Paulo Vinci Partners is a PRI signatory since 2012 33% CAGR 2009 – September’21² 25 37 50 58 2018 2019 2020 3Q'21 4

 

 

2 6 11 15 17 18 20 19 21 24 35 48 54 50 58 39 61 76 88 76 95 142 121 145 137 196 221 224 - 50 100 150 200 250 0 10 20 30 40 50 60 70 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3Q'21 AUM (R$bn) AUM DC¹ (R$bn) Brazil Interest Rates AUM/FTE Vinci Partners was founded in October 2009 by a group of seasoned and respected managers in the financial market We have scaled our platform significantly since our inception in 2009… 2010 Association with “Gas” (Equities) 2012 Company becomes a signatory to PRI. 2012 - 2013 Real Estate, Credit, and Receivables strategy 2011 Inception of Vinci Infrastructure & International strategy PE: Fundraising VCP II (R$2.2bn) 2018 Launch of Vinci Logística & Vinci Energia Sustentável Real Estate : IPO VILG Public Equities : Acquisition of Mosaico Capital Credit : FIDC Energia Sustentavel funded by BNDES 2009 Establishment of Vinci Partners 2014 - 2016 Vinci begins heavily investing in governance to set a growth platform for the exit of the recessionary market Credit: Fundraising of Vinci Credito Imobiliario I (VCI I) 2017 Launch of VIR strategy Public Equities : Acquisition of Mosaico Capital Real Estate: IPO VISC PE: Fundraising VCP III Infra: Fundraising Vinci Infra II 2020 Private Equity: First closing of VIR IV Real Estate: IPO of VIFI Follow Ons realized for VILG, VISC and VINO Public Equities: Dissociation with “Gas Investimentos” 2019 INFRA: IPO VIGT Real Estate: IPO of VINO Follow Ons realized for VILG, VISC Credit: Fundraising of VCI II 2.0% 4.5% 6.5% 7.0% 13.8% 14.3% 11.8% 10.0% 7.3% 11.0% 10.8% 8.8% 2021 Vinci ´ s IPO at Nasdaq Private Equity: Final Closing of VIR IV Real Estate and Infra: Fundraising of VFDL and VIAS Follow Ons for VILG, VIGT and VISC IPO of VIUR IP&S: First Closing of VSP 6.25% See notes and definitions at end of document 5

 

 

Proven ability to invest proprietary and third - party capital through different products yielding sustainable profitability acros s multiple verticals We offer a complete portfolio of alternative investment products and solutions to both retail and institutional clients Investor Relations, Support, Operations, and ESG Research Risk Legal & Compliance Investor Relations Operations ESG Public Equities Long - term positions based on fundamental analysis of Brazilian publicly - traded companies Financial Advisory High value - added financial and strategic advisory services, focusing primarily on middle market and M&A transactions Credit Tailor - made credit solutions developed to meet needs of both mature and growing businesses Infrastructure Exposure to real assets through equity and debt instruments Private Equity Strategies focused on growth equity transactions in Brazil, working towards transformational growth in collaboration with management teams and founders Investment Products & Solutions Financial products offering on open platform, providing portfolio and risk management services Real Estate Real estate investment funds that focus on returns from investments in various segments Hedge Funds Multi - strategy approach focused on Brazilian and international highly liquid financial instruments 6

 

 

Our platform is built on four key pillars: people, diversification, performance and distribution Strong “Partnership Culture” reinforcing our mission, vision, and values with partners having worked together for over 20 years People Well - established robust “One - stop Shop” AAM platform diversified across products and services puts us in a privileged position to capture expected transformational savings migration in Brazil Diversification Outsized Leading Performance across asset classes consistently outperforming benchmarks Performance Robust multi - channel distribution capacity at scale across investor classes proprietarily developed since our foundation Distribution 7

 

 

First - class management team with proven execution capabilities and long - term alignment of interests Our long - standing partnership model drives our success Strong Fundraising Capabilities Unique Expertise in Capital Allocation Solid Execution Translating into Returns + + 28 years experience 28 at Vinci and predecessors Chairman Julya Wellisch 19 years experience 4 at Vinci and predecessors CLO 28 years experience 20 at Vinci and predecessors Alessandro Horta CEO 28 years experience 28 at Vinci and predecessors Michel Cukierman CRO 27 years experience 23 at Vinci and predecessors Sergio Passos COO/CFO 30 years experience 19 at Vinci and predecessors Olavo Tortelli Head of Equities 18 years experience 9 at Vinci and predecessors Andre Simões Investment Products And Solutions 22 years experience 13 at Vinci and predecessors Financial Advisory Head Felipe Bittencourt 27 years experience 26 at Vinci and predecessors Marcello Almeida Head of Credit 22 years experience 13 at Vinci and predecessors Pedro Quintella Head of International Distribution 28 years experience 21 at Vinci and predecessors Luiz Otavio Laydner Head of Research 32 years experience 24 at Vinci and predecessors Ronaldo Boruchovitch Head of Allocation and Distribution 32 years experience 11 at Vinci and predecessors Marcelo Rabbat Head of Institutional Distribution Leandro Bousquet Head of Real Estate 27 years experience 11 at Vinci and predecessors 27 years experience 16 at Vinci and predecessors Jose Guilherme Souza Head of Infrastructure 27 years experience 12 at Vinci and predecessors Roberto Leuzinger CHRO 25 years experience 25 at Vinci and predecessors Bruno Zaremba Head of PE & IR 24 years experience 11 at Vinci and predecessors CIO, Head of Liquid Strat. Fernando Lovisotto 21 years experience 9 at Vinci and predecessors Patricia Amorim Human Resources Gilberto Sayão 33 years experience 4 at Vinci and predecessors José Carlos Carvalho Economic Department 20 years experience 14 at Vinci and predecessors Gabriel Felzenszwalb Private Equity 17 years experience 13 at Vinci and predecessors Carlos Eduardo Martins Private Equity 35 years experience 18 at Vinci and predecessors José Luis Pano Impact Investing 8

 

 

24% 10% 4% 6% 23% 16% 6% 12% Private Equity Real Estate Credit Infrastructure IP&S Public Equities Hedge Funds Advisory 19% 9% 5% 4% 41% 17% 5% AUM 3Q ' 21 Our AUM base favors alpha - driven strategies, while our revenue profile is management fee - centric … and is highly diversified across different strategies and clients 43 % of net revenues come from private market strategies ² 46 % of AUM is in long term products ¹ AUM diversified across five different distribution channels 36% 23% 22% 10% 9% Local Institutional HNWI Institutional Offshore Allocators & Distributors Public market vehicles AUM 3Q ' 21 Net Revenues 3Q'21 YTD See notes and definitions at end of document 9

 

 

Allocators & Distributors 36% 25% 21% 14% 4% HNWI Institutional Offshore 45% 39% 16% Our AUM funding base is mostly built upon our proprietary distribution channels Private Markets 3Q'21 AUM Liquid Strategies 3Q'21 AUM IP&S 3Q'21 AUM Private Markets’ AUM base favors long - term to perpetual capital commitments 90% of Liquid Strategies’ AUM is distributed across proprietary relationships with institutional and HNWI clients 45% of IP&S’ AUM comes from local institutional investors 10 44% 39% 10% 7% Local Institutional Public Market Vehicles

 

 

Our ESG approach is a fundamental value that permeates throughout our investment strategies We are pioneers among Brazilian firms in our commitment to ESG Vinci Energia Sustentavel (VES) - Credit Fund focused on private debt related to green energy funded by BNDES VIR IV - launched with dual mandate of targeting measurable ESG impact and achieving market returns Impact monitoring KPIs Innovative ESG related products  Growth of Average Salary and Number of Employees  Gender Equality  Employees Covered by Healthcare Benefits  Policies Against Discrimination Based on Sexual Preference and Persons with Disabilities  Implementation of Governance Practices  Taxes Paid per Investment  Revenue Growth Vinci foundation: We believe in ethics as the best value in a relationship 2009 2011 New ESG Model and new Governance and Compliance models 2017 ESG Policy for Private Equity 2014 NE III ( GIIN metrics) VES Win public auction from BNDES 2018 Vinci PE granted PRI A Score ESG Policy for Public Equity and Credit Development of the Impact Framework (VIR IV) 2019 NE Empreendedor Raised and invested by Vinci’s team (at Banco Pactual) 2003 Vinci as a PRI signatory 2012 VCP II US$1.4 billion fund closed 2017 Vinci assumes NE II and NE III 1 management NE II 4 investments valued at zero NE III R$240mm Dry Powder 2019 VCP III US$1.0bn fund closed 2 VIR IV BNDES approved anchor commitment 2004 Fund I US$608 million of invested capital by Vinci’s team (at Banco Pactual) Vinci engaged with the IDB to apply the WEPs tool First ESG Annual Report for VCP III 2020 2020 VIR IV in the process of becoming a OPIM signatory 2021 VIR IV (largest impact fund in Brazil) final closing of R$ 1 billion VES was the first Brazilian fund to receive the “European Standard” label 2021 VIR IV won the Private Equity ESG Fund of the Year Award from Environmental Finance Vinci received the WOB – Women on B oard seal See notes and definitions at end of document 11

 

 

Risk management committee composed and supervised by senior executives including the addition of Julya Wellish as a partner and head of Legal & Compliance (Previously Chief Prosecutor at CVM 1 ) We place a strong emphasis on risk management, taking the utmost care of our clients ’ capital ▪ Mandatory annual compliance training programs to all of Vinci Partners’ employees ▪ Mandatory annual information security policy awareness training to all employees ▪ Vinci Partners practices top - notch risk management strategies, including but not limited to restriction list systems, Chinese Wall, anti - bribery and corruption practices and restriction on securities trading ▪ Risk & compliance committee composed by CCO, CRO, CFO and CHRO ▪ Biannual and ad - hoc meetings ensuring proactive supervision ▪ Anti - money laundering & countering financing of terrorism committee composed by the CCO, CRO, CFO, CHRO and CEO ▪ Annual and ad - hoc meetings ensuring proactive supervision ▪ Cyber security systems and procedures to prevent, monitor and combat cyber threats and risks ▪ Contingency response plans that allow continuity of business in case of incidents Compliance Training Programs Risk & Compliance Committee AML & CFT Committee Cyber Security Program Risk Management Best Practices See notes and definitions at end of document 12

 

 

We are a leader in Brazilian alternative asset management with strong competitive advantages AUM CAGR 2018 – September ‘21 ~35% 43% of Net Revenues come from Private Market Strategies ~50% of AUM committed for over 5 years Diversified business model 8 business units Partnership model: 34 partners Vinci Partners differentiators Vinci Partners Competitive Advantage Product offering Capabilities Company Private markets Liquid Strategies Investment Products & Solutions Distribution Platform Integration PE RE Infra Credit Other Alternative Local Asset Managers² Other Independent Asset Managers 3 Hedge funds 4 Incumbent banks 5 In development Well developed Developed Independent asset manager 1 See notes and definitions at end of document 13

 

 

Financial Highlights

 

 

Third Quarter and Year - to - Date 2021 Highlights R$58bn AUM 3Q'21 +19% YoY R$2.9bn Private Markets Fundraising YTD 2021 R$6.2bn IP&S Net inflows YTD 2021 R$63.1mm FRE 3Q ' 21 +74% YoY 53.5% FRE Margin 3Q ' 21 +310 bps YoY R$61.7mm DE 3Q ' 21 +137% YoY 46.6% DE Margin 3Q ' 21 +1,200 bps YoY US$0.46 dividend per share YTD 2021 4.9% annualized dividend yield¹ 83% FRE as % DE YTD 2021 In the year - to - date of 2021 we grew AUM by R$8 billion, driven primarily by strong fundraising in our Private Market and IP&S segments Distributable Earnings continues to grow as the business scales We continue to deliver strong results across the board backed by management fees Which translates into substantial amounts of free cash flow See notes and definitions at end of document 15

 

 

▪ Net Inflows of R$2.0 billion in the quarter , with highlights to our IP&S and Credit strategies. ▪ R$1.9 billion raised in IP&S, coming primarily from new exclusive mandates. ▪ R$223 million raised in Private Credit funds. ▪ Net Inflows accounted for R$5.7 billion in the year - to - date , with highlights to IP&S and Hedge Funds strategies. ▪ AUM was impacted by negative R$1.6 billion from funds' depreciation, coming mostly from Public Equities, due to a 12% decline in the Brazilian stock market index (Ibovespa) during the quarter. Strong fundraising of R$2.6 billion outweighed AUM depreciation derived from volatile markets in the quarter Resilient AUM growth in the quarter 2Q ' 21 3Q ' 21 Net Capital Subscriptions Net Inflows Appreciation/ Depreciation 56.9 0.6 2.0 (1.6) 58.0 AUM Rollforward – Quarter - to - date (R$bn) AUM Rollforward – Year - to - date (R$bn) 3Q ' 21 Net Capital Subscriptions Net Inflows Appreciation/ Depreciation 4Q ' 20 58.0 49.8 2.6 5.7 (0.1) Net Capital Subscriptions Net Inflows AUM Appreciation/ Depreciation ▪ During the 3Q'21 we raised R$638 million in net capital subscriptions within Private Markets and a new strategy within IP&S. ▪ VISC11, our listed shopping mall REIT, raised R$364 million through a pay in kind stock transaction. ▪ VIAS, our Infrastructure fund for Water and Sewage, raised R$128 million in its second closing. ▪ VSP, or Vinci Strategic Partners, IP&S’ new fund of funds focused on private markets allocation, raised R$61 million in its first closing. ▪ Private Markets strategies raised R$2.6 billion in additional long - term capital for the platform in the year - to - date. 16

 

 

195 269 17 34 23 47 235 350 3Q'20 YTD 3Q'21 YTD 72 93 2 6 25 74 124 3Q'20 3Q'21 We have a resilient business model with high management fee centricity and embedded operating leverage… 147 224 271 6 62 40 20 11 29 173 297 340 2018 2019 2020 Management Performance Advisory Vinci’s revenue is primarily derived from management fees (R$ mm) Total Expenses 3Q ' 21 vs. 3Q ' 20 (R$mm) 85% % Mgmt. fees 75% 80% ▪ Revenues are expanding alongside AUM growth, with total net revenues in the 3Q'21 representing a 68% increase year - over - year. ▪ Management fees continue to be the main contributors to net revenues, accounting for 77% of total revenues over the 3Q'21 YTD . ▪ Total operating expenses were R$56.7 million in the 3Q'21, up 57% year - over - year. This increase was in part driven by new recur ring costs related to becoming a public company¹ in January 2021, which accounted for R$2.9 million of expenses in the quarter. On a comparable bas is, excluding costs related to being a public company, expenses were up 49% year - over - year. ▪ Revenues are growing at a faster pace than our operating expenses, showcasing our platform operating leverage. +68% 97 % 75% +49% 83 % 77% 16 28 14 17 3 5 2 5 3 36 57 3Q'20 3Q'21 Bonus compensation Corporate center Segment Personnel expenses Other G&A Public company new recurring costs +49% ex - Public company costs +57% YoY See notes and definitions at end of document 17

 

 

Vinci holds a strong position for future realization of performance fees with over R$7 billion in PEAUM coming from preferred return funds with carried interest With significant exposure to performance fee - eligible AUM... PERFORMANCE FEE ELIGIBLE AUM (PEAUM) Strategy/Fund AUM R$mm Index type Index Rate Status Offshore Vehicles 3,012 Preferred Return w/ Catch - Up² USD + 8% Within investment period Onshore Vehicles 1,844 Preferred Return w/ Catch - Up² IPCA 5 + 8% Within investment period Nordeste III 224 Preferred Return w/ Catch - Up² IPCA 5 + 8.5% Currently generating performance Others 3,915 Not expected to pay performance Total Private Equity 8,995 Vinci Valorem 3,062 Hurdle³ IMAB 5 6 Currently generating performance Separate Mandates 2,209 Hurdle³ IBOV 7 + alpha Currently generating performance International¹ 1,413 Currently generating performance Commingled Funds 776 Hurdle³ IBOV 7 + alpha Currently generating performance Others 1,158 Currently generating performance Total IP&S 8,618 SWF 4,917 Hurdle³ FTSE 8 Currently generating performance Mosaico Strategy 1,628 Hurdle³ IBOV 7 Currently generating performance Vinci Gas Dividendos 619 Hurdle³ IBOV 7 Currently generating performance Others 424 Currently generating performance Total Public Equities 7,588 Listed REITs 2,580 Hurdle³ IPCA 5 + 6% Currently generating performance Listed REITs 212 Hurdle³ IFIX 9 Currently generating performance VFDL 379 Preferred Return 4 IPCA 5 + 6% Within investment period Others 10 Hurdle³ IFIX 9 Currently generating performance Total Real Estate 3,181 Vinci Multiestratégia 929 Hurdle³ CDI 10 Currently generating performance Atlas Strategy 636 Hurdle³ CDI 10 Currently generating performance Vinci Total Return 224 Hurdle³ IPCA 5 + Yield IMAB 11 Currently generating performance Others 921 Currently generating performance Total Hedge Funds 2,709 VCI II 690 Preferred Return 4 IPCA 5 + 6% Within investment period VES 591 Preferred Return 4 IPCA 5 + 6% Within investment period VCM FIM 291 Preferred Return 4 IPCA 5 + 5% Within investment period VCS 52 Hurdle³ IPCA 5 + 5% Within investment period Energia FIM 251 Hurdle³ CDI 10 Currently generating performance VCI I 304 Not expected to pay performance Others 588 Currently generating performance Total Credit 2,767 VIAS 379 Preferred Return 4 IPCA 5 + 6% Within investment period FIP Infra Transmissão 125 Preferred Return 4 IPCA 5 + 8% Currently generating performance Others 1,186 Not expected to pay performance Total Infrastructure 1,690 PEAUM TOTAL 35,548 ▪ Total Performance fee eligible AUM (PEAUM) of R$35.5 billion. ▪ Hurdle rate funds charge performance based on the fund’s return over its benchmark, generally with a high - watermark clause, except for the SWF mandate in Public Equities. ▪ Within our Private Market strategies, R$7 billion in AUM comes from “preferred return” funds with carried interest, that are still in investment period. 25% 24% 21% 9% 8% 8% 5% Private Equity IP&S Public Equities Real Estate Hedge Funds Credit Infrastructure PEAUM R$36 bn See notes and definitions at end of document 18

 

 

▪ Realized GP Investment¹ and Financial income² of R$1.7 million in the 3Q ' 21, up 3,443% year - over - year, driven by realized gains from our liquid funds’ portfolio. ▪ Our liquid funds' portfolio underperformed the CDI quarterly return by 1.1 percentage point, due to the significant market vo lat ility in the quarter. ▪ In addition, the portfolio’s exposure to fixed rate bonds (35% of all cash allocations as of quarter end) suffered negative M TM as interest rates begin their rising cycle in Brazil. Even with this impact, our liquid funds' portfolio outperformed the IMA - B³ index by 1.7 percentage point in the third quarter. ▪ We expect financial income to benefit from the recent increase in interest rates in the medium and long - term, as over 85% of our cash allocations are directed towards fixed income products. Proceeds from the IPO will continue to be gradually shifted from cash allocation into Private Mar ket funds’ GP commitments. Realized GP Investment¹ and Financial income² 3Q ' 21 vs 3Q ' 20 (R$mm) …and additional gains from our GP Investments and financial income 1.4 0.3 0.0 1.7 3Q'20 3Q'21 Realized GP Investment Income Realized Financial Income Liquid funds allocation track record 4 Quarter Return (+/ - ) CDI 1Q19 2.2% 0.7% 2Q19 3.3% 1.7% 3Q19 2.1% 0.6% 4Q19 3.3% 2.0% 1Q20 0.2% - 0.8% 2Q20 3.9% 3.1% 3Q20 0.4% - 0.1% 4Q20 1.9% 1.5% 1Q21 1.0% 0.5% 2Q21 1.2% 0.4% 3Q21 0.1% - 1.1% See notes and definitions at end of document 19

 

 

114 169 3Q'20 YTD 3Q'21 YTD 87 164 3Q'20 YTD 3Q'21 YTD 26 62 3Q'20 3Q'21 36 63 3Q'20 3Q'21 Which translates to a highly visible growth and profitability profile 54 98 151 2018 2019 2020 Fee - Related Earnings (FRE) – R$mm After - tax Distributable Earnings (DE) – R$mm 42% FRE Margin 50% 34% 38% DE Margin 33% 18% ▪ Fee - Related Earnings (FRE) has been growing at a 67% CAGR in the past two years, and we expect to continue going forward as we e xpand AUM with new product launches in our private market strategies and inflows into our IP&S segment. ▪ Distributable Earnings (DE) has been growing at a 104% CAGR in the past two years as the business benefits from the platform’ s g rowth and profitability profile. 31 98 127 2018 2019 2020 +74% 50% 53% + 48 % 52% 53% +137% 35% 47% +89% 37% 44% 20

 

 

Valuation Framework – SOTP (Sum - of - the - parts) Vinci brand recognition The standard valuation framework for asset management firms is SOTP Fee - Related Earnings (“FRE”) Cash and Net Investments Performance - Related Earnings (“PRE”) Apply a Target Multiple to Earnings on FRE that represents the business growth profile Value performance fee earnings and future upside through a discounted cash flow model Value cash and net investments at a target to cash multiple SOTP 21

 

 

VINP Sum - of - the - Parts Valuation Market data as of November 17, 2021. See notes and definitions at end of document Current Valuation 3Q’21 @ November 17, 2021 Cash and Net Investments (R$ mm) 1,467.2 Cash and Net Investments/share (US$) 4.69 Consensus NPV Performance fees¹ (R$ mm) 359.4 Performance fees/share (US$) 1.15 VINP Stock Price (US$) 12.40 Implied FRE/share @ Current Price (US$) 6.56 Implied Multiple on FRE'21 13x Implied Multiple on FRE'22 9x Consensus (Post - tax)² Fee Related Earnings FRE’21 FRE’22 R$ millions 163.7 216.6 Sharecount (mm) 56.6 USD to BRL @ November 17, 2021 5.5 Implied Price - to - FRE at Current Stock Price 22

 

 

VINP 10x 20x 30x 40x 20% 50% 80% P/DE¹ (2022E) DE CAGR (20 - 22E) VINP 0x 15x 30x 45x 10% 20% 30% 40% Implied P/FRE³ 22E FRE CAGR (20 - 22E) VINP vs. Peer alternative asset managers Market data as of November 17, 2021. Source: Goldman Sachs Research See notes and definitions at end of document Higher P/DE Multiple Higher DE Growth Lower P/DE Multiple Higher DE Growth Lower P/DE Multiple Lower DE Growth Higher P/DE Multiple Lower DE Growth Higher P/FRE Multiple Higher FRE Growth Lower P/FRE Multiple Higher FRE Growth Lower P/FRE Multiple Lower FRE Growth Higher P/FRE Multiple Lower FRE Growth VINP 10x 20x 30x 40x 40% 50% 60% 70% 80% 90% P/DE¹ (2022E) FRE % DE (20 - 22E Avg.)² VINP 0x 20x 40x 60x 5% 15% 25% 35% 45% Implied P/FRE³ 22E AUM CAGR (20 - 22E) 23

 

 

Key Takeaways 83% FRE as % DE 3 Q ' 21 YTD We operate a highly predictable business model with recurring revenues coming primarily from management fees 1 We see a relevant upside coming from potential future realization of performance fees R$7 billion in PEAUM from Private Market funds still in investment period 2 We believe the current stock valuation presents an attractive opportunity for investors VINP is trading at ~ 9x FRE ’22 a substantial discount to peer group’s average P/FRE² 5 3 We believe Vinci is one of the best positioned AAM’s in Brazil to capture the shift in asset allocation, due to its highly diversified and robust platform 8 business strategies 5 distribution channels 4 We are committed to generating strong growth combined with capital distributions to our shareholders 4.9% Annualized dividend yield¹ ~50% AUM +5 years lockup See notes and definitions at end of document 24

 

 

Appendix – I Segment summaries

 

 

▪ Fee Related Earnings (FRE) were R$168.5 million in the 3Q'21 YTD, with 47% of FRE coming from Private Markets, followed by Li qui d Strategies accounting for 21%, IP&S for 17% and Financial Advisory for 15%. ▪ Segment Distributable Earnings were R$190.1 million in the 3Q'21 YTD, with 43% coming from Private Markets’ strategies, follo wed by IP&S accounting for 23%, Liquid Strategies for 21% and Financial Advisory for 13%. 43% 21% 23% 13% Private Markets Liquid Strategies IP&S Financial Advisory 47% 21% 17% 15% Segment Distributable Earnings 3Q ' 21 YTD by Segment Fee Related Earnings (FRE) 3Q ' 21 YTD by Segment R$168.5 mm R$190.1 mm Financials by segment 26

 

 

We offer a complete and diversified platform for alternative investments The private equity strategy invests through two sub - strategies : Vinci Capital Partners : VCP focuses on control and co - control investments, executing across growth equity transactions, greenfield investments, buyouts and turnarounds . The VCP strategy is currently within investment period for its third vintage, Vinci Capital Partners III . Vinci Impact and Return : VIR focuses on minority investments in small - to - medium enterprises with a dual mandate of generating ESG impact as well as market returns . The VIR strategy is currently within investment period for its fourth vintage, Vinci Impact and Return IV, the largest impact oriented private equity fund in Latin America . Private Equity – R$11.0bn AUM (51%) Real Estate – R$5.4bn AUM (25%) PRIVATE MARKETS R$22 BILLION AUM The real estate strategy invests through two subs - strategies : Public listed REITs : The real estate strategy currently manages five public REITs, listed on the Brazilian stock exchange, with more than 350 , 000 retail investors . The REIT strategy consists of perpetual capital funds, focused on the acquisition of core, income generating real estate assets, and invests through five sub - strategies : shopping malls, industrial assets, offices, financial instruments and urban commercial properties . Opportunistic Development : The real estate team has extended experience in the development of real estate properties and currently manages a fund focused on the development of industrial properties in Brazil . The Infrastructure strategy invests across two core sub - strategies : Sector - focused funds: The Infrastructure team manages closed - end funds as its flagship strategy, seeking exposure to real assets related to physical infrastructure, through investments in the privatization of state - owned companies and concessions that provide water and sewage services, development of greenfield projects, and core transmission assets. The team also manages a public market vehicle, listed on the Brazilian stock exchange, VIGT, focused on the acquisition of yield - generating power transmission assets. Structured Credit : The team also has exposure to fixed assets through debt investments in infrastructure projects across different sectors . Infrastructure – R$2.5bn AUM (11%) Credit – R$2.8bn AUM (13%) The credit strategy invests across three core sub - strategies : Infrastructure Debt : The team manages a credit fund, Vinci Energia Sustentável, or VES, dedicated to investments in debentures to finance greenfield and brownfield projects with a focus on renewable energy following ESG guidelines . Real Estate Debt : Investment opportunities in senior secured loans/securities in the form of debentures or MBS, backed by underlying real estate loans and/or receivables . Structured Credit : Comprises a group funds, including open - ended funds and managed accounts, investing in senior secured loans and short - term receivables . 27

 

 

(R$ thousands, unless mentioned) 3Q'20 3Q'21 ∆ (%) 3Q'20 YTD 3Q'21 YTD ∆ (%) Net revenue from management fees 43,339 49,057 13% 117,552 145,045 23% Net revenue from advisory fees 92 823 798% 909 3,969 337% Total Fee Related Revenues 43,431 49,880 15% 118,460 149,014 26% Segment personnel expenses (1,768) (2,739) 55% (5,404) (7,899) 46% Other G&A expenses (540) (3,671) 580% (4,823) (8,903) 85% Corporate center expenses (8,242) (7,441) - 10% (23,499) (27,817) 18% Bonus compensation related to management and advisory (8,582) (10,053) 17% (21,477) (25,351) 18% Total Fee Related Expenses (19,132) (23,904) 25% (55,202) (69,971) 27% FEE RELATED EARNINGS (FRE) 24,299 25,976 7% 63,258 79,043 25% FRE Margin (%) 55.9% 52.1% 53.4% 53.0% Net revenue from performance fees (1,677) 962 N/A 9,107 3,216 - 65% Realized performance fees 1 10 1,054% 2,107 765 - 64% Unrealized performance fees (1,678) 952 N/A 6,999 2,451 - 65% Performance based compensation 609 (340) N/A (3,175) (1,071) - 66% PERFORMANCE RELATED EARNINGS (PRE) (1,068) 622 N/A 5,932 2,145 - 64% PRE Margin (%) 63.7% 64.7% 65.1% 66.7% ( - ) Unrealized performance fees 1,678 (952) N/A (6,999) (2,451) - 65% (+) Unrealized performance compensation (609) 337 N/A 2,542 869 - 66% (+) Realized GP investment income (9) 1,421 N/A 30 1,878 6160% SEGMENT DISTRIBUTABLE EARNINGS 24,291 27,405 13% 64,763 81,484 26% Segment DE Margin (%) 55.9% 53.4% 53.7% 53.7% ASSETS UNDER MANAGEMENT (AUM R$millions) 18,649 21,657 16% 18,649 21,657 16% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 16,542 19,680 19% 16,542 19,680 19% AVERAGE MANAGEMENT FEE RATE (%) 1.03% 0.98% 0.94% 0.98% FULL TIME EMPLOYEES 43 50 16% 43 50 16% Private Markets ▪ Fee related earnings (FRE) of R$26.0 million in the quarter, up 7% year - over - year, driven by the growth in fee - earning AUM. FRE was R$79.0 million in the 3Q'21 YTD, an increase of 25% when compared to the 3Q'20 YTD. ▪ Segment Distributable Earnings of R$27.4 million, up 13% year - over - year. Segment DE was R$81.5 million in the 3Q'21 YTD, an incr ease of 26% when compared to the 3Q'20 YTD. ▪ Total AUM of R$21.7 billion at the end of the quarter, an increase of 16% year - over - year, with R$3.4 billion in new capital comm itments raised across all the strategies over the last twelve months. ▪ Net capital subscriptions of R$577 million in the quarter, with highlights for the second closing of VIAS in Infrastructure a nd the follow - on offering for VISC, in Real Estate. Private Equity 51% Real Estate 25% Credit 13% Infrastructure 11% Private Markets' AUM R$22 bn AUM 28

 

 

We have an established and widely recognized liquid strategies platform LIQUID STRATEGIES R$13 BILLION AUM Vinci Partners has a long track record and deep experience investing in public equities in Brazil . We focus on holding positions in companies for three to five years following deep analysis and review by our various investment committees, taking into consideration our internal controls . Our public equities strategy invests according to two key sub - strategies : All Caps : The all - caps sub - strategy focuses on long term performance through a concentrated portfolio and deep fundamental analysis without any market capitalization constraints . Our all caps flagship strategy is Vinci Mosaico , that seeks to achieve long - term results above the Brazilian stock market . The team also manages a sovereign wealth exclusive mandate under the all caps strategy . Dividends : The dividends sub - strategy focuses on well - managed companies with a strong presence in their segments that are generating significant cash returns through dividends . Our flagship strategy is Vinci Gas Dividendos , that seeks to achieve long - term returns by investing in companies with a consistent history of dividends’ payment . Public Equities – R$9.5bn AUM (76%) Our hedge funds team operates under a multi - manager strategy with several portfolio managers each pursuing independent strategies . The portfolio managers have access to both our macro and equities research dedicated teams . It helps creating a very robust analysis of the markets and developed markets currencies, government bonds and derivatives . We have strong overarching risk monitoring practices in order to generate superior Sharpe ratio and alpha for our investors . Our hedge funds strategy invests through two key sub - strategies : Vinci Atlas : Our hedge funds flagship strategy invests across five principal sub - strategies : nominal interest, inflation, commodities, currencies and equities . Total Return : The total return strategy focuses on high absolute risk - adjusted returns through fundamental analysis, diversification and use of derivatives . Hedge Funds – R$3.1bn AUM (24%) 29

 

 

Public Equities 76% Hedge Funds 24% Liquid Strategies' AUM (R$ thousands, unless mentioned) 3Q'20 3Q'21 ∆ (%) 3Q’20 YTD 3Q’21 YTD ∆ (%) Net revenue from management fees 15,766 23,273 48% 46,072 66,276 44% Net revenue from advisory fees - - N/A - - N/A Total Fee Related Revenues 15,766 23,273 48% 46,072 66,276 44% Segment personnel expenses (604) (1,431) 137% (1,932) (4,111) 113% Other G&A expenses (1,264) (598) - 53% (2,611) (1,903) - 27% Corporate center expenses (2,992) (3,085) 3% (9,170) (11,774) 28% Bonus compensation related to management and advisory (3,244) (5,864) 81% (8,691) (13,176) 52% Total Fee Related Expenses (8,104) (10,978) 35% (22,403) (30,964) 38% FEE RELATED EARNINGS (FRE) 7,662 12,295 60% 23,669 35,312 49% FRE Margin (%) 48.6% 52.8% 51.4% 53.3% Net revenue from performance fees 2,709 1,689 - 38% 5,187 10,149 96% Realized performance fees 2,709 1,689 - 38% 7,083 10,149 43% Unrealized performance fees - - N/A (1,896) - N/A Performance based compensation (804) (569) - 29% (1,475) (5,287) 258% PERFORMANCE RELATED EARNINGS (PRE) 1,905 1,120 - 41% 3,712 4,862 31% PRE Margin (%) 70.3% 66.3% 71.6% 47.9% ( - ) Unrealized performance fees - - N/A 1,896 - N/A (+) Unrealized performance compensation - - N/A (689) - N/A SEGMENT DISTRIBUTABLE EARNINGS 9,567 13,415 40% 28,588 40,174 41% Segment DE Margin (%) 51.8% 53.7% 53.8% 52.6% ASSETS UNDER MANAGEMENT (AUM R$millions) 15,138 12,600 - 17% 15,138 12,600 - 17% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 15,004 12,466 - 17% 15,004 12,466 - 17% AVERAGE MANAGEMENT FEE RATE (%) 0.50% 0.76% 0.53% 0.72% FULL TIME EMPLOYEES 17 24 41% 17 24 41% Liquid Strategies R$13 bn AUM ▪ Fee related earnings (FRE) of R$12.3 million in the quarter, up 60% year - over - year, driven by the end of the revenue sharing ag reement with GAS Investimentos in 2021, which impacted positively our average management fee rate. FRE was R$35.3 million in the 3Q'21 YTD, an in crease of 49% compared to the 3Q'20 YTD. ▪ Performance related earnings (PRE) of R$1.1 million in the quarter, down 41% year - over - year, due to local markets' depreciation and volatility in the quarter. PRE was R$4.9 million in the 3Q'21 YTD, an increase of 31% when compared to the 3Q'20 YTD. ▪ Segment Distributable Earnings of R$13.4 million in the quarter, up 40% year - over - year, driven by a robust growth in management fees. ▪ Total AUM of R$12.6 billion in the quarter, a decrease of 17% year - over - year, driven by local markets’ depreciation in the quart er. 30

 

 

We are market leaders in providing investment solutions to our clients In our separate exclusive mandates, we provide investment solutions to institutional investors, such as small to medium - sized foundations, pension funds and financial institutions in Brazil, and high net worth individuals . Our asset allocation team seeks tailored made and distinctive portfolio construction solutions, addressing the clients’ specific portfolio objectives and restraints regarding targeted return, risk tolerance, diversification, asset class and liquidity . Separate Exclusive Mandates – R$15.3bn AUM (64%) International – R$3.0bn AUM (13%) INVESTMENT PRODUCTS & SOLUTIONS R$24 BILLION AUM Commingled Funds – R$3.3bn AUM (14%) Pension Plans – R$2.1bn AUM (9%) Our focused commingled funds are owned by multiple clients, from retail to institutional investors, and deploy capital in specific asset classes within defined investment strategies . Our flagship strategies are Vinci Valorem, focusing on fixed income assets, foreign exchange currency and derivatives, and Vinci Selection Equities, which invests in other public equities funds seeking to beat the Ibovespa . Within our IP&S segment we have an offshore allocation service, or international exclusive mandates, managed by a team in our New York office . We provide tailored made investment solutions for local institutional investors and nigh net worth individuals that are seeking risk diversification by allocating part of their portfolios outside Brazil . Within our IP&S segment, we manage PGBL and VGBL pension plan funds, owned by retail clients, which provide tax and succession benefits . Our flagship strategy, “Vinci Equilíbrio”, seeks investments in specific asset classes, such as fixed income, foreign exchange currency, public equities, derivatives and other funds. 31

 

 

Separate Mandates 64% Commingled Funds 14% International 13% Pension Plans 9% IP&S' AUM (R$ thousands, unless mentioned) 3Q'20 3Q'21 ∆ (%) 3Q’20 YTD 3Q’21 YTD ∆ (%) Net revenue from management fees 12,422 20,525 65% 31,627 58,154 84% Net revenue from advisory fees 25 8 - 68% 96 47 - 51% Total Fee Related Revenues 12,447 20,533 65% 31,724 58,201 83% Segment personnel expenses (863) (1,032) 20% (2,323) (3,011) 30% Other G&A expenses (299) (491) 64% (1,078) (1,300) 21% Corporate center expenses (2,362) (3,993) 69% (6,206) (11,775) 90% Bonus compensation related to management and advisory (3,409) (5,377) 58% (8,105) (12,972) 60% Total Fee Related Expenses (6,934) (10,893) 57% (17,712) (29,059) 64% FEE RELATED EARNINGS (FRE) 5,513 9,640 75% 14,012 29,142 108% FRE Margin (%) 44.3% 47.0% 44.2% 50.1% Net revenue from performance fees 659 2,959 349% 2,958 20,822 604% Realized performance fees 659 10,947 1,560% 3,015 20,822 591% Unrealized performance fees - (7,988) N/A (57) - N/A Performance based compensation (196) (889) 354% (1,011) (6,549) 548% PERFORMANCE RELATED EARNINGS (PRE) 464 2,070 346% 1,947 14,273 633% PRE Margin (%) 70.3% 69.9% 65.8% 68.5% ( - ) Unrealized performance fees - 7,988 N/A 57 - N/A (+) Unrealized performance compensation - (2,596) N/A (21) 3 N/A SEGMENT DISTRIBUTABLE EARNINGS 5,977 17,102 186% 15,995 43,418 171% Segment DE Margin (%) 45.6% 54.3% 46.0% 54.9% ASSETS UNDER MANAGEMENT (AUM R$millions) 14,892 23,695 59% 14,892 23,695 59% FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) 14,426 23,540 63% 14,426 23,540 63% AVERAGE MANAGEMENT FEE RATE (%) 0.42% 0.39% 0.38% 0.39% FULL TIME EMPLOYEES 12 16 33% 12 16 33% Investment Products & Solutions ▪ Fee related earnings (FRE) of R$9.6 million in the quarter, up 75% year - over - year, driven by the growth in management fees follo wing notable fundraising over the last twelve months. FRE was R$29.1 million in the 3Q'21 YTD, an increase of 108% when compared to the 3Q’20 YTD. ▪ Performance related earnings (PRE) of R$2.1 million, up 346% year - over - year, primarily due to the realization of performance fee s coming from international mandates. PRE in the 3Q'21 YTD was R$14.3 million, an increase of 633% when compared to the 3Q'20 YTD. ▪ Segment Distributable Earnings in 3Q'21 of R$17.1 million in the quarter, up 186% year - over - year, following the growth in manage ment and performance revenues. Segment DE was R$43.4 million in the 3Q'21 YTD, an increase of 171% when compared to the 3Q'20 YTD. ▪ Total AUM of R$23.7 billion, up 59% year - over - year, driven by strong net inflows in our separate local and international mandate s. R$24 bn AUM 32

 

 

We have a leading financial advisory business About our Financial Advisory team Our financial advisory services team provides financial and strategic services to business owners, senior corporate management teams and boards of directors, focusing mostly on pre - IPO and M&A advisory services for Brazilian middle - market companies . We believe our financial advisory services team serves as trusted advisors to clients seeking local and/or product expertise in the Brazilian marketplace . As an independent boutique, Vinci Partners has the flexibility to engage in transactions that often require complex solutions, long - term relationships, and alignment of interests with clients . About the Services provided Outstanding position in the Brazilian market FINANCIAL ADVISORY The Financial Advisory platform provides conflict - free advice with senior focus for value creation and long - term support . The platform focuses on two main sub - strategies : Merges and Acquisitions (M&A) : advisory in acquisitions, sales, joint ventures and merges, private placements, fundraising, capital and corporate structure analysis and valuation reports . Capital Markets : conflict - free advisory for IPO and pre - IPO, block trades, debt restructuring and market/investor communication . Sale to Grupo Rede D’or June - 2019 Healthcare Sale to Grupo ISEC Brasil July - 2019 Financial Services Capitalization of Matera by Kinea February - 2020 Core banking solutions IPO Jan - 2021 Capitalization of Espaçolaser by L Catterton Dec - 2016 Beauty & Aesthetic IPO of CVC December - 2013 Tourism Vinci Financial Advisory is consolidated as the most relevant independent financial advisor in Brazil, having being recognized in several awards for M&A transactions, such as : The M&A Atlas Awards : - Best Independent Advisors for M&A - 2022 - Best Investment Bank (Brazil, “Middle Market”) – 2020 & 2019 - Transaction of the Year (Brazil) – 2020 & 2019 # 1 in Ranking of independent financial advisors in Brazil in number of deals closed – Bloomberg ( 2017 - 2019 / 2020 / YTD 2021 ) Sale to Apex Group June - 2021 Financial Services 33

 

 

Financial Advisory ▪ Fee related earnings (FRE) of R$15.2 million in the quarter, up R$16.5 million year - over - year. FRE was R$25.0 million in the 3Q ' 21 YTD, an increase of 95% when compared to the 3Q'20 YTD, a consequence of the stronger deal activity in 2021. ▪ Segment Distributable Earnings in the 3Q'21 YTD were R$25.0 million, an increase of 95% year - over - year when compared to the 3Q’2 0 YTD. (R$ thousands, unless mentioned) 3Q'20 3Q'21 ∆ (%) 3Q’20 YTD 3Q’21 YTD ∆ (%) Net revenue from management fees 0 0 N/A 0 0 N/A Net revenue from advisory fees 210 24,332 11,487% 21,774 42,591 96% Total Fee Related Revenues 210 24,332 11,487% 21,774 42,591 96% Segment personnel expenses (221) (398) 80% (636) (1,204) 89% Other G&A expenses (49) (403) 725% (174) (710) 307% Corporate center expenses (716) (3,630) 407% (2,046) (5,569) 172% Bonus compensation related to management and advisory (505) (4,701) 830% (6,064) (10,102) 67% Total Fee Related Expenses (1,491) (9,132) 512% (8,921) (17,585) 97% FEE RELATED EARNINGS (FRE) (1,281) 15,200 N/A 12,853 25,006 95% FRE Margin (%) N/A 62.5% 59.0% 58.7% SEGMENT DISTRIBUTABLE EARNINGS (1,281) 15,200 N/A 12,853 25,006 95% Segment DE Margin (%) N/A 62.5% 59.0% 58.7% 34

 

 

Appendix – II Financial statements

 

 

How to analyze Vinci Partners’ financial model Fee Related Earnings (FRE) (+) Management fees: our main source of revenues, derived from fees charged over our Fee - Earning AUM (+) Advisory fees: fees charged over advisory services provided by our financial advisory and management teams ( - ) Operating expenses: includes all G&A, personnel and profit - sharing expenses (related to mgmt. and adv. fees) Performance Related Earnings (PRE) (+) Performance fees: derived from fees charged over our Performance - Eligible AUM. In most of our LS and IP&S segments, performance fees are charged over a hurdle rate once the fund’s return exceeds its benchmark. In our Private Market strategies most of the funds charge performance over the fund’s absolute return once it surpasses its preferred rate. ( - ) Performance compensation: compensation allocated to the management teams linked to generated performance fees Distributable Earnings (DE) (+) FRE (+) Cash PRE: PRE less unrealized performance fees and unrealized performance compensation (+) Realized GP Investment Income: realized income derived from our GP Investments in our Private Market funds (+) Realized Financial Income: realized income derived from the company’s cash allocations (+) D&A: non - cash expense that is added back to our Distributable Earnings calculation ( - ) Cash Income taxes: income taxes calculated over realized revenues 36

 

 

Quarterly Year - to - date (R$ thousands, unless mentioned) 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 YTD 3Q'20 YTD 3Q'21 Net revenue from management fees 62,898 60,826 71,517 76,025 81,843 94,778 92,855 195,241 269,476 Net revenue from advisory fees 15,972 6,479 330 6,061 15,066 6,378 25,163 22,781 46,607 Total Fee Related Revenues 78,870 67,305 71,847 82,086 96,909 101,156 118,018 218,022 316,083 Personnel expenses (3,240) (3,600) (3,456) (4,232) (5,097) (5,528) (5,600) (10,296) (16,225) Other G&A expenses (2,098) (4,436) (2,152) (5,545) (3,574) (4,058) (5,163) (8,686) (12,795) Corporate center expenses (13,974) (12,632) (14,312) (17,372) (19,512) (19,296) (18,149) (40,918) (56,957) Bonus compensation related to management and advisory¹ (14,990) (13,607) (15,740) (17,294) (18,526) (17,082) (25,994) (44,337) (61,602) Total Fee Related Expenses (34,302) (34,275) (35,659) (44,442) (46,710) (45,964) (54,906) (104,236) (147,580) FEE RELATED EARNINGS (FRE) 44,568 33,030 36,188 37,644 50,199 55,192 63,112 113,786 168,503 FRE Margin (%) 56.5% 49.1% 50.4% 45.9% 51.8% 54.6% 53.5% 52.2% 53.3% FRE per share²(R$/share) 0.78 0.58 0.64 0.66 0.88 0.97 1.12 2.00 2.97 Net revenue from performance fees (3,976) 19,537 1,697 22,526 9,951 18,624 5,610 17,258 34,185 Performance based compensation³ 1,442 (6,712) (391) (7,536) (3,292) (7,817) (1,798) (5,661) (12,907) PERFORMANCE RELATED EARNINGS (PRE) (2,534) 12,825 1,306 14,990 6,659 10,807 3,812 11,597 21,278 PRE Margin (%) 63.7% 65.6% 77.0% 66.5% 66.9% 58.0% 68.0% 67.2% 62.2% ( - ) Unrealized performance fees 5,070 (11,794) 1,678 (4,872) (422) (9,065) 7,036 (5,046) (2,451) (+) Unrealized performance compensation (1,842) 4,284 (609) 2,134 150 2,980 (2,258) 1,833 872 (+) Realized GP investment income 38 1 (9) 36 112 345 1,421 30 1,878 SEGMENT DISTRIBUTABLE EARNINGS 45,300 38,346 38,554 49,932 56,699 60,259 73,123 122,200 190,081 Segment DE Margin (%) 56.9% 51.1% 51.3% 50.0% 57.5% 54.3% 55.4% 53.1% 54.4% (+) Depreciation and amortization 4 - - - 1,093 939 926 925 - 2,790 (+) Realized financial income 1,036 933 49 539 4,644 14,239 315 2,018 19,198 ( - ) Leasing expenses (3,065) (3,047) (3,004) (3,093) (3,157) (3,106) (3,065) (9,116) (9,328) ( - ) Other items 396 207 (62) (211) 886 (2,120) 775 541 (459) ( - ) Income taxes (excluding related to unrealized fees and income) (10,278) (9,016) (9,533) (11,364) (12,815) (15,417) (10,330) (28,827) (38,562) DISTRIBUTABLE EARNINGS (DE) 33,389 27,423 26,004 36,896 47,195 54,781 61,743 86,816 163,719 DE Margin (%) 41.2% 36.1% 34.6% 36.8% 42.4% 43.7% 46.6% 37.4% 44.4% DE per share (R$/share) 5 0.59 0.48 0.46 0.65 0.83 0.97 1.09 1.53 2.89 Segment Earnings (Unaudited) For comparison purposes only, FRE and DE per share indicated for 2020 quarters and 3Q’20 YTD are calculated considering Vinci Pa rtners’ post - IPO share count of 56,913,588. See notes and definitions at end of document 37

 

 

Quarterly Year - to - date (R$ thousands, unless mentioned) 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 YTD 3Q'20 YTD 3Q'21 REVENUES Net revenue from management fees 62,898 60,826 71,517 76,025 81,843 94,778 92,855 195,241 269,476 Net revenue from performance fees (3,976) 19,537 1,697 22,526 9,951 18,624 5,610 17,258 34,185 Realized performance fees 1,094 7,743 3,375 17,654 9,529 9,559 12,646 12,212 31,734 Unrealized performance fees (5,070) 11,794 (1,678) 4,872 422 9,065 (7,036) 5,046 2,451 Net revenue from advisory 15,972 6,479 330 6,061 15,066 6,378 25,163 22,781 46,607 Total net revenues from services rendered 74,894 86,842 73,544 104,612 106,860 119,780 123,628 235,280 350,268 EXPENSES Bonus related to management and advisory¹ (14,990) (13,607) (15,740) (17,294) (18,526) (17,082) (25,994) (44,337) (61,602) Performance based compensation² 1,442 (6,712) (391) (7,536) (3,292) (7,817) (1,798) (5,661) (12,907) Realized (400) (2,428) (1,000) (5,402) (3,142) (4,837) (4,056) (3,828) (12,035) Unrealized 1,842 (4,284) 609 (2,134) (150) (2,980) 2,258 (1,833) (872) Total compensation and benefits (13,548) (20,319) (16,131) (24,830) (21,818) (24,899) (27,792) (49,998) (74,509) Personnel expenses (3,240) (3,600) (3,456) (4,232) (5,097) (5,528) (5,600) (10,296) (16,225) Other general and administrative expenses (2,098) (4,436) (2,152) (5,545) (3,574) (4,058) (5,163) (8,686) (12,795) Corporate center expenses (13,974) (12,632) (14,312) (17,372) (19,512) (19,296) (18,149) (40,918) (56,957) Total expenses (32,860) (40,987) (36,050) (51,978) (50,002) (53,781) (56,704) (109,897) (160,487) Operating profit 42,034 45,855 37,494 52,634 56,858 65,999 66,924 125,383 189,781 OTHER ITEMS GP Investment income 825 1,591 470 3,368 1,161 (5,206) (290) 2,886 (4,335) Realized gain from GP investment income 38 1 (9) 36 112 345 1,421 30 1,878 Unrealized gain from GP investment income 787 1,590 479 3,332 1,049 (5,551) (1,711) 2,856 (6,213) Financial income 64 1,386 491 637 4,497 14,152 (326) 1,941 18,323 Realized gain from financial income 1,036 933 49 539 4,644 14,239 315 2,018 19,198 Unrealized gain from financial income (972) 453 442 98 (147) (87) (641) (77) (875) Leasing expenses (3,065) (3,047) (3,004) (3,093) (3,157) (3,106) (3,065) (9,116) (9,328) Other items 396 207 (62) (211) 886 (2,120) 775 541 (459) Stock compensation plan 0 0 0 0 0 (1,642) (1,014) 0 (2,656) Total Other Items (1,780) 137 (2,105) 701 3,387 2,078 (3,920) (3,748) 1,545 Profit before income taxes³ 40,254 45,992 35,389 53,335 60,245 68,077 63,004 121,635 191,326 ( - ) Income taxes 4 (9,630) (11,071) (9,653) (13,092) (13,232) (14,671) (11,401) (30,354) (39,304) NET INCOME 30,624 34,921 25,736 40,243 47,013 53,406 51,603 91,281 152,022 Financials - Income Statement (Unaudited) See notes and definitions at end of document 38

 

 

Financials - Non - GAAP Reconciliation See notes and definitions at end of document 39 Quarterly Year - to - date (R$ thousands, unless mentioned) 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 YTD 3Q'20 YTD 3Q'21 OPERATING PROFIT 42,034 45,855 37,494 52,634 56,858 65,999 66,924 125,383 189,781 ( - ) Net revenue from realized performance fees (1,094) (7,743) (3,375) (17,654) (9,529) (9,559) (12,646) (12,212) (31,734) ( - ) Net revenue from unrealized performance fees 5,070 (11,794) 1,678 (4,872) (422) (9,065) 7,036 (5,046) (2,451) (+) Compensation allocated in relation to performance fees¹ (1,442) 6,712 391 7,536 3,292 7,817 1,798 5,661 12,907 FEE RELATED EARNINGS (FRE) 44,568 33,030 36,188 37,644 50,199 55,192 63,112 113,786 168,503 OPERATING PROFIT 42,034 45,855 37,494 52,634 56,858 65,999 66,924 125,383 189,781 ( - ) Net revenue from management fees (62,898) (60,826) (71,517) (76,025) (81,843) (94,778) (92,855) (195,241) (269,476) ( - ) Net revenue from advisory (15,972) (6,479) (330) (6,061) (15,066) (6,378) (25,163) (22,781) (46,607) (+) Bonus related to management and advisory² 14,990 13,607 15,740 17,294 18,526 17,082 25,994 44,337 61,602 (+) Personnel expenses 3,240 3,600 3,456 4,232 5,097 5,528 5,600 10,296 16,225 (+) Other general and administrative expenses 2,098 4,436 2,152 5,545 3,574 4,058 5,163 8,686 12,795 (+) Corporate center expenses 13,974 12,632 14,312 17,372 19,512 19,296 18,149 40,918 56,957 PERFORMANCE RELATED EARNINGS (PRE) (2,534) 12,825 1,306 14,990 6,659 10,807 3,812 11,597 21,278 OPERATING PROFIT 42,034 45,855 37,494 52,634 56,858 65,999 66,924 125,383 189,781 ( - ) Net revenue from unrealized performance fees 5,070 (11,794) 1,678 (4,872) (422) (9,065) 7,036 (5,046) (2,451) (+) Compensation allocated in relation to unrealized performance fees (1,842) 4,284 (609) 2,134 150 2,980 (2,258) 1,833 872 (+) Realized gain from GP investment income 38 1 (9) 36 112 345 1,421 30 1,878 SEGMENT DISTRIBUTABLE EARNINGS 45,300 38,346 38,554 49,932 56,699 60,259 73,123 122,200 190,081 NET INCOME 30,624 34,921 25,736 40,243 47,013 53,406 51,603 91,281 152,022 ( - ) Net revenue from unrealized performance fees 5,070 (11,794) 1,678 (4,872) (422) (9,065) 7,036 (5,046) (2,451) (+) Income tax from unrealized performance fees (585) 1,360 (193) 562 49 124 110 582 283 (+) Compensation allocated in relation to unrealized performance fees (1,842) 4,284 (609) 2,134 150 2,980 (2,258) 1,833 872 ( - ) Unrealized gain from GP investment income (787) (1,590) (479) (3,332) (1,049) 5,551 1,711 (2,856) 6,213 (+) Income tax on unrealized gain from GP investment income 268 541 163 1,133 416 (838) 1,179 971 757 ( - ) Unrealized gain from financial income 972 (453) (442) (98) 147 87 641 77 875 (+) Income tax on unrealized gain from financial income (330) 154 150 33 (48) (32) (218) (26) (298) (+) Depreciation and amortization³ - - - 1,093 939 926 925 - 2,790 (+) Stock compensation plan - - - - - 1,642 1,014 - 2,656 DISTRIBUTABLE EARNINGS 33,389 27,422 26,004 36,896 47,195 54,781 61,743 86,816 163,719 TOTAL NET REVENUE FROM SERVICES RENDERED 74,894 86,842 73,544 104,612 106,860 119,780 123,628 235,280 350,268 ( - ) Net revenue from realized performance fees (1,094) (7,743) (3,375) (17,654) (9,529) (9,559) (12,646) (12,212) (31,734) ( - ) Net revenue from unrealized performance fees 5,070 (11,794) 1,678 (4,872) (422) (9,065) 7,036 (5,046) (2,451) NET REVENUE FROM MANAGEMENT FEES AND ADVISORY 78,870 67,305 71,847 82,086 96,909 101,156 118,018 218,022 316,083

 

 

Effective tax rate reconciliation (R$ thousands, unless mentioned) 3Q'20 3Q'21 Profit (loss) before income taxes, including Dividends to partners 35,389 63,004 (+) Dividends to Partners, related to management, advisory and performance fees 7,301 - Profit (loss) before income taxes, not - including Dividends to partners 42,690 63,004 Combined statutory income taxes rate - % 34% 34% Income tax benefit (Expense) at statutory rates (14,515) (21,422) Reconciliation adjustments: Expenses not deductible 263 (6) Tax benefits - 333 Share based payments - (103) Effect of presumed profit of subsidiaries¹ 4,826 9,859 Other additions (exclusions), net (227) (62) Income taxes expenses (9,653) (11,401) Current (11,775) (13,619) Deferred 2,122 2,218 Effective tax rate 23% 18% See notes and definitions at end of document 40

 

 

General and Administrative Expenses 3 Q 2020 (R$mm) 3 Q 2021 (R$mm) 8.8 15.7 0.4 5.7 1.1 2.8 1.6 Lease and condominium Other Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A R$36.1 mm 11.1 26.0 1.8 6.6 0.9 3.3 2.2 2.9 1.9 Personnel Bonus related to Mgmt. and Adv. fees Performance based compensation Third party expenses D&A Lease and condominium Branding project Public company new costs Other R$56.7 mm +57% 41

 

 

Balance Sheet Results Assets 12/31/2020 9/30/2021 Current assets Cash and cash equivalents 83,449 105,499 Cash and bank deposits 13,096 26,218 Financial instruments at fair value through profit or loss 70,353 79,281 Financial instruments at fair value through profit or loss 8,253 1,361,674 Trade receivables 47,978 47,165 Sub - leases receivable 2,963 801 Taxes recoverable 1,153 666 Other assets 12,383 10,810 Total current assets 156,179 1,526,615 Non - current assets Financial instruments at fair value through profit or loss 31,596 10,707 Trade receivables 27,545 30,143 Sub - leases receivable - - Taxes recoverable 134 79 Deferred taxes 4,568 4,401 Other receivables 1,540 2,825 65,383 48,155 Property and equipment 15,043 15,040 Right of use - Leases 90,478 84,534 Intangible assets 1,441 1,025 Total non - current assets 172,345 148,754 TOTAL 328,524 1,675,369 Liabilities and equity 12/31/2020 9/30/2021 Current liabilities Trade payables 1,039 459 Deferred Revenue - 18,512 Leases 19,828 20,552 Accounts payable 125,795 10,719 Labor and social security obligations 40,724 82,629 Taxes and contributions payable 22,878 22,069 Total current liabilities 210,264 154,940 Non - current liabilities Accounts payable 33 33 Leases 86,371 80,281 Deferred taxes 12,620 7,385 99,024 87,699 Equity Share capital 8,730 15 Additional paid - in capital - 1,382,038 Treasury shares - (25,802) Retained Earnings - 62,540 Other reserves 10,491 13,902 19,221 1,432,693 Non - controlling interests in the equity of subsidiaries 15 37 Total equity 19,236 1,432,730 Total liabilities and equity 328,524 1,675,369 42

 

 

Supplement Details

 

 

AUM and Fee - Earning AUM Rollforward Assets Under Management (AUM) – R$ millions Fee - Earning Assets Under Management (FEAUM) – R$ millions Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 10,851 10,861 21,966 2,363 5,087 2,461 3,263 56,852 (+/ - ) Capital Subscription / (capital return) (2) 0 61 126 355 98 0 638 (+/ - ) Net Inflow / (outflow) 0 13 1,853 0 107 223 (167) 2,029 (+/ - ) Appreciation / (depreciation) 112 (1,360) (184) (22) (138) 36 (10) (1,568) Ending Balance 10,962 9,514 23,695 2,466 5,411 2,818 3,086 57,952 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 10,591 12,759 14,892 1,579 4,274 2,205 2,379 48,679 (+/ - ) Capital Subscription / (capital return) 859 0 61 773 1,490 238 0 3,421 (+/ - ) Net Inflow / (outflow) 0 (4,983) 7,007 0 110 260 566 2,961 (+/ - ) Appreciation / (depreciation) (487) 1,738 1,735 114 (463) 114 141 2,891 Ending Balance 10,962 9,514 23,695 2,466 5,411 2,818 3,086 57,952 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 9,066 10,765 21,812 2,259 5,087 2,461 3,200 54,650 (+/ - ) Capital Subscription / (capital return) (2) 0 61 126 355 98 0 638 (+/ - ) Net Inflow / (outflow) 0 13 1,853 0 107 223 (167) 2,029 (+/ - ) Appreciation / (depreciation) 25 (1,336) (185) (22) (138) 36 (11) (1,632) Ending Balance 9,089 9,443 23,540 2,363 5,411 2,818 3,023 55,686 Private Public IP&S Infrastructure Real Estate Credit Hedge Total Equity Equities Funds Beginning balance 8,568 12,686 14,426 1,495 4,274 2,205 2,318 45,972 (+/ - ) Capital Subscription / (capital return) 859 0 61 773 1,489 238 0 3,421 (+/ - ) Net Inflow / (outflow) 0 (4,978) 7,021 0 110 260 566 2,979 (+/ - ) Appreciation / (depreciation) (338) 1,734 2,033 94 (463) 114 139 3,314 Ending Balance 9,089 9,443 23,540 2,363 5,411 2,818 3,023 55,686 For the Three Months Ended September 30, 2021 For the Three Months Ended September 30, 2021 For the Twelve Months Ended September 30, 2021 For the Twelve Months Ended September 30, 2021 44

 

 

Investment records – IP&S, Liquid Strategies, Credit and Listed Funds Fund Segment NAV¹ (R$ millions) 3Q21 YTD 12 M 24 M Market Comparison Index Rate Vinci Multiestratégia FIM Hedge Funds 928.7 0.8% 1.2% 1.9% 6.2% CDI 4 CDI 4 Atlas Strategy² Hedge Funds 635.7 - 3.7% - 4.0% - 3.1% 7.5% CDI 4 CDI 4 Vinci Total Return Hedge Funds 221.0 - 7.2% 15.9% 31.3% - IPCA 5 + Yield IMA - B 7 IPCA 5 + Yield IMA - B 7 Mosaico Strategy Public Equities 1,627.6 - 11.4% - 8.2% 11.2% 13.2% IBOV 5 IBOV 5 Vinci Gas Dividendos FIA Public Equities 619.1 - 11.3% - 8.9% 13.7% 7.7% IBOV 5 IBOV 5 Vinci Valorem FIM IP&S 2,889.6 1.9% 3.3% 5.5% 13.2% IMA - B 5 7 IMA - B 5 7 Equilibrio Strategy³ IP&S 2,070.7 1.4% 3.3% 6.5% 10.8% IPCA 6 - Vinci Selection Equities FIA IP&S 590.8 - 11.4% - 5.6% 11.8% 15.2% IBOV 5 IBOV 5 Vinci Crédito Imobiliário I Credit 304.4 0.3% 1.1% 3.6% 12.3% IPCA 6 IPCA 6 +7.785% Vinci Crédito Imobiliário II Credit 380.1 - 0.7% - 1.4% 4.9% - IPCA 6 IPCA 6 + 6% Vinci Crédito Estruturado Multiestrategia Plus FIC FIM Credit 71.3 2.0% 4.8% 5.9% 11.2% CDI 4 CDI 4 Vinci Energia Sustentável Credit 590.9 - 0.3% 0.6% 8.5% 13.7% IPCA 6 IPCA 6 + 6% VISC11 Real Estate (listed REIT) 1,455.9 - 2.6% - 8.0% - 1.9% - 7.5% IFIX 8 IPCA 6 + 6% VILG11 Real Estate (listed REIT) 1,574.3 - 1.5% - 12.0% - 13.8% 8.9% IFIX 8 IPCA 6 + 6% VINO11 Real Estate (listed REIT) 760.9 4.6% 2.7% 11.4% - IFIX 8 IPCA 6 + 6% VIFI11 Real Estate (listed REIT) 210.3 - 8.7% - 16.0% - 15.2% - IFIX 8 IFIX 8 VIUR11 Real Estate (listed REIT) 225.0 - 5.6% - 14.0% - - IFIX 8 IPCA 6 + 6% VIGT11 Infrastructure (listed) 672.3 - 1.0% - 15.1% - 18.5% - - - Benchmark 3Q21 YTD 12 M 24 M IBOV 5 - 12.5% - 6.8% 17.3% 6.0% CDI 4 1.2% 2.5% 3.0% 6.7% IMA - B 5 7 1.2% 2.5% 5.9% 13.6% IPCA 6 + Yield IMA - B 7 3.2% 9.5% 13.2% 19.4% IPCA 6 3.1% 6.9% 10.2% 13.7% IFIX 8 - 1.4% - 5.4% - 2.8% 1.2% See notes and definitions at end of document 45

 

 

Pro Forma Historical Portfolio Performance - Excluding PIPE Investments¹ Investment records – Closed End Private Markets funds Fund Segment Vintage year Committed Capital Invested Capital Realized or Unrealized Total Value Gross MOIC Gross MOIC Gross IRR Gross IRR Partially Realized (R$mm) (R$mm) (R$mm) (R$mm) (R$mm) (BRL) (USD) (BRL) (USD) Fund 1 Private Equity 2004 1,415 1,206 5,058 276.4 5,334 4.4x 4.1x 71.5% 77.2% VCP II Private Equity 2011 2,200 1,805 1,959 2,596 4,555 2.5x 1.3x 14.5% 3.5% VCP III Private Equity 2018 4,000 1,080 18.90 1,799 1,818 1.7x 1.5x 51.2% 36.1% VCP Strategy² Private Equity 7,615 4,091 7,035 4,672 11,707 2.9x 2.3x 64.9% 70.3% NE Empreendedor Private Equity 2003 36 13 26 0 26 2.1x 2.6x 22.0% 30.5% Nordeste III Private Equity 2017 240 134 65 132 197 1.5x 1.2x 21.3% 11.0% VIR IV Private Equity 2020 1,000 61 0 62 62 1.0x 1.1x 5.6% 24.2% VIR Strategy Private Equity 1,276 208 91 194 285 1.4x 1.4x 21.6% 28.4% FIP Transmissão Infrastructure 2017 211 104 117 261 377 3.6x 2.8x 78.5% 59.7% VIAS Infrastructure - 384 - - - - - - - - VFDL Real Estate 2021 381 - - - - - - - - See notes and definitions at end of document 46

 

 

Shareholder Dividends ▪ Vinci Partners’ generated R$1.09 or US$0.20¹ of Distributable Earnings per common share for the third quarter of 2021. ▪ The company declared a quarterly dividend of US$0.16² per common share to record holders as of December 01, 2021; payable on Dec ember 16 , 2021 . ($ in thousands) 1H21 3Q ' 21 Distributable Earnings (R$) 101,976 61,743 Distributable Earnings (US$)³ 19,397 11,377 DE per Common Share (US$)¹ 0.34 0.20 Actual Dividend per Common Share² 0.30 0.16 Record Date September 01, 2021 December 01, 2021 Payable Date September 16, 2021 December 16, 2021 See notes and definitions at end of document 47

 

 

Share Summary VINP Shares 4Q ' 20 (Pre IPO) 1Q ' 21 2Q ' 21 3Q ' 21 Class B 14,466,239 14,466,239 14,466,239 14,466,239 Class A – Partnership Units 27,175,861 27,175,861 27,175,861 27,175,861 Class A - Public Float N/A 15,271,488 15,094,833 14,921,318 Common Shares 41,642,100 56,913,588 56,736,933 56,563,418 ▪ Common Shares Outstanding as of quarter end of 56,563,418 shares. x Repurchased 173,515 common shares in the quarter, with an average share price of US$13.8. x Available authorization remaining was R$59.2 million at September 30, 2021. 48

 

 

GP Commitment in Private Market funds (R$ millions, unless mentioned) Segment 3Q ' 21 Total Capital 3Q ’ 21 Total Capital Capital Returned/ Accumulated Capital Fair value Fund Commitments Committed Capital Called Called Dividends Payed Returned/ of investments (3Q ' 21) Dividends Payed Nordeste III Private Equity 0.0 5.0 0.0 3.1 0.0 1.3 2.6 VCP III Private Equity 0.0 3.1 0.3 1.1 0.0 0.0 1.3 VIR IV Private Equity 0.0 11.1 0.0 1.3 0.0 0.0 1.2 FIP Infra Transmissão (co - investment)¹ Infrastructure 0.0 29.5 0.0 8.9 0.0 9.2 23.6 FIP Infra Transmissão¹ Infrastructure 0.0 10.5 0.0 3.4 0.0 3.3 6.8 VIAS Infrastructure 0.0 50.0 1.3 1.3 0.0 0.0 1.2 VFDL Real Estate 0.0 70.0 7.0 14.0 0.0 0.0 13.4 VIUR Real Estate 1.1 68.0 1.1 68.0 1.8 2.2 56.7 VCS Credit 30.0 50.0 30.0 50.0 0.0 0.0 51.5 VSP IP&S 5.0 5.0 0.0 0.0 0.0 0.0 0.0 Total 36.1 302.2 39.6 151.0 1.8 16.0 158.4 ▪ As of September 30, 2021, the company had R$302.2 million in capital commitments signed to proprietary Private Markets funds. ▪ Total GP Investments marked at fair value of R$158.4 million as of September 30,2021. 49 See notes and definitions at end of document

 

 

▪ Notes to page 4 (1) AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ´ s eliminated on consolidation and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities. (2) CAGR is calculated considering AUM without double counting. (3) Source Anbima. (4) As of YTD 2021 ▪ Notes to page 5 (1) AUM is calculated as consolidated with double counting, due to funds from one segment investing in other segments and it ´ s eliminated on consolidation and excluding VIFI from Credit and Pension Products Co - managed with IP&S from Equities. ▪ Notes to page 9 (1) Long term products include funds with former lockups superior to five years. (2) Private markets strategies include Private Equity, Real Estate, Credit and Infrastructure. ▪ Notes to page 11 (1) Previously managed by Rio Bravo. (2) Fund commitment and related co - investments. ▪ Notes to page 12 (1) CVM (Comissão de Valores Mobiliários) is the Brazilian equivalent to the SEC. ▪ Notes to page 13 (1) Independent asset manager classification excludes any managers that are either affiliated with a bank franchise, global a sse t manager franchise, or a FoFs. (2) Other alternative local asset managers include Patria and Kinea. (3) Other independent asset managers include Gavea and SPX. (4) Hedge funds include JPG, Bahia, Verde and others. (5) Incumbent banks include Banco do Brasil, ITAU Unibanco, Bradesco, Santander, and Caixa. Notes and Definitions

 

 

Notes and Definitions (cont’d) ▪ Notes to page 15 (1) Annualized dividend yield is calculated considering the company ´ s stock price on November 17, 2021, of US$ 12 .40, and the annualized year - to - date dividend of US$0.46/share. ▪ Notes to page 17 (1) Public company new recurring costs include personnel expenses such as changes made in the company’s compensation structur e a fter the IPO, new hirings for our board of directors, support teams such as Investor Relations and Financial Reporting, and other expenses such as audit and Nasdaq fees. ▪ Notes to page 18 (1) International mandates have several different benchmarks across its vehicles. (2) The preferred return w/ catch - up rule applies to funds for which the vehicle must pay back its limited partners 100% of the invested capital corrected by the preferred return rate so it can charge performance fees. Once the preferred return rate is achieved, due to the catch - up clause, performance fees are charged over the absolute return of the fund instead of the excess return over the preferred rate. (3) Hurdle Rate is the minimum return the fund must achieve before it can charge performance fees. In most cases, funds with hur dle rate also are under a high - water mark clause. (4) Funds with preferred return must return 100% of invested capital corrected by the preferred return rate to its limited pa rtn ers in order to charge performance fees. (5) IPCA is a broad consumer price index measured by the IBGE. (6) IMAB 5 is composed by government bonds indexed to IPCA ( inflation rate) plus a fixed interest rate, with up to 5 years in duration. (7) IBOV is the Brazilian stock market's most relevant index; (8) FTSE is London's stock market most relevant index. (9) IFIX is an index composed by listed REITs in the brazilian stock exchange. (10) The CDI rate is a result of the average interbank overnight rates in Brazil (daily average for the period). (11) IMAB is composed by government bonds indexed to IPCA (inflation rate) plus a fixed interest rate. ▪ Notes to page 19 (1) GP investment income comes from proprietary investments made by Vinci Partners in its own Private Markets’ funds. (2) Financial income is income generated through investments made with our cash and cash equivalents in cash and bank deposit s, certificate of deposits and proprietary investments in Vinci Partners’ Liquid Funds, including funds from Public Equities, Hedge Funds, Real Estate and Credit.

 

 

Notes and Definitions (cont’d) (3) IMAB is composed by government bonds indexed to IPCA (inflation rate) plus a fixed interest rate. (4) Back test result between January 2016 and March 2021. The result from the 2Q’21 onwards is the effective return of the ca sh allocation ▪ Notes to page 22 (1) Represents median of available research analysts’ reports that use sum - of - the - parts as its valuation methodology (JP Morgan, Goldman Sachs and Itaú BBA). (2) Represents median of available research analysts’ reports (JP Morgan, Goldman Sachs, Itaú BBA, UBS BB and BTG Pactual). ▪ Notes to page 23 Estimates for peer group and Vinci Partners were sourced from Goldman Sachs Research reports as of November 17, 2021. Peer gr oup is comprised of Blackstone, KKR, Carlyle, Ares, Stepstone and Pátria. (1) Price to Distributable Earnings ratio (P/DE 2021) is calculated considering the company’s stock price on November 17, 202 1 a nd estimates for Distributable Earnings for the full year 2021. (2) Represents the average percentage, from 2020 to 2022 estimates, of which Pre - tax Distributable Earnings is represented by Fe e related Earnings. (3) Implied Price to FRE is calculated as the company’s stock price on November 17, 2021, less cash and balance sheet invest men ts, less estimates for net present value of performance fees post - tax, divided by estimates for Fee related earnings for the full year 2021, post - tax. ▪ Notes to page 24 (1) Annualized dividend yield is calculated considering the company’s year - to - date dividend of US$0.46/share, and VINP’s stock price on November 17, 2021, of US$ 12.40/share. (2) Implied price to FRE for Vinci Partners and peer group is calculated considering estimates from Goldman Sachs Research re por ts on November 17, 2021. Peer group is comprised of Blackstone, KKR, Carlyle, Ares, Stepstone and Pátria. ▪ Notes to page 37 (1) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (2) FRE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year to date val ues are calculated as the sum of the last three quarters. (3) Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to itsoriginal partners before the company turned public in 2021. (4) Depreciation and amortization is a non - cash expense that is being added back for our calculation of Distributable Earnings f or the year ended December 31, 2020, and future periods. Our Distributable Earnings for the quarter and nine months ended September 30, 2020, would have been R$27.1 million and R$90.4 mi lli on, respectively, if we did add back depreciation and amortization to our calculation of Distributable Earnings. (5) DE per share is calculated considering the number of outstanding shares at the end of the current quarter. Year to date v alu es are calculated as the sum of the last three quarters.

 

 

Notes and Definitions (cont’d) ▪ Notes to page 38 (1) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (2) Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021. (3) Profit before income taxes includes Dividends to partners related to management, advisory and performance fees, distribut ed by the company to its original partners before the company turned public in 2021. (4) Income taxes are comprised of taxes calculated over our corporate income tax and social contribution taxes. We are taxed on an actual taxable profit regime, while our subsidiaries are taxed based on deemed profit. Dividends to partners distributed by the company to its original partners before turned public in 202 1 a re not included in actual taxable regime. ▪ Notes to page 39 (1) Performance based compensation includes Dividends to Partners related to performance fees, distributed by the company to its original partners before the company turned public in 2021. (2) Bonus compensation related to management and advisory includes Dividends to Partners related to management and advisory, dis tributed by the company to its original partners before the company turned public in 2021. (3) Depreciation and amortization is a non - cash expense that is being added back for our calculation of Distributable Earnings f or the year ended December 31, 2020, and future periods. ▪ Notes to page 40 (1) Brazilian tax law establishes that companies that generate gross revenues of up to R$ 78,000 in the prior fiscal year may ca lculate income taxes as a percentage of gross revenue, using the presumed profit income tax regime. The Entity's subsidiaries adopted this tax regime and the effect of the presumed profit of su bsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. ▪ Notes to page 45 (1) NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund. (2) Atlas strategy includes the funds Atlas FIC FIM and Atlas Institucional FIC FIM. (3) Equilibrio Strategy incudes the IP&S Family of pension plans. (4) CDI is an average of interbank overnight rates in Brazil(daily average for the period). (5) Brazil stock market most relevant index. (6) IPCA is a broad consumer price index measured by the IBGE.

 

 

Notes and Definitions (cont’d) (7) IMAB is composed by government bonds indexed to IPCA (inflation rate) plus a fixed interest rate. IMAB 5 also includes go ver nment bonds indexed to IPCA with up to 5 Years in duration. (8) IFIX is an index composed by listed REITs in the brazilian stock Market. ▪ Notes to page 46 (1) Track record information is presented throughout this presentation on a pro forma basis and in local currency, excluding PIP E investments, a strategy that will be discontinued in VCP III. Past performance of investments described herein is provided for illustrative purposes only and is not necessarily indicative of VCP II or VCP III’s future investment results. (2) Total commitments for VCP III include R$1.3 billion in co - investments. ▪ Notes to page 47 (1) US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.4271, as of November 11, 202 1, when dividends were approved by our Board of Directors. (2) Per Share calculations are based on end of period Participating Common Shares. (3) Actual dividends per common share are calculated considering the share count as of the applicable record date. ▪ Notes to page 49 (1) The remaining capital committed in FIP Infra Transmissão and FIP Infra Transmissão co - investment will not be called by the f und, which is already in divestment period.

 

 

Notes and Definitions (cont’d) ▪ “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manne r t hat does not include performance fees or investment income. We calculate FRE as operating profit less (a) net revenue from realized performance fees, less (b) net revenue from unrealized p erf ormance fees, plus (c) compensation allocated in relation to performance fees. ▪ “FRE Margin” is calculated as FRE over total net management and advisory fees. ▪ “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors for determining the amount of earni ngs available to distribute to shareholders as dividends. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) inc ome taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from GP investment income, less (e) unrealized ga in from financial income, plus (f) income taxes on unrealized gain from GP investment income, plus (g) income taxes on unrealized gain from financial income. ▪ “DE Margin” is calculated as DE over the sum of management and advisory fee related revenues, realized performance revenue, r eal ized GP investment income and realized financial income, net of revenue tax. ▪ “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from re venue that relies on outcome from funds above their respective benchmarks. We calculate PRE as operating profit, less (a) net revenue from fund management and advisory, less (b) op erating expenses, such as segment personnel, G&A, corporate center and bonus related to management and advisory.. ▪ “Segment Distributable Earnings” is Vinci Partners’ segment profitability measure used to make operating decisions and assess pe rformance across the company’s four segments (Private Markets, Liquid Strategies, Investment Products and Solutions and Financial Advisory). Segment Distributable Earnings is calc ula ted as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP inv estment income. ▪ “AUM” refers to assets under management. Our assets under management equal the sum of: (1) the fair market value of the inves tme nts held by funds plus the capital that we are entitled to call from investors in those funds pursuant to the terms of their capital commitments to those funds (plus the fair market va lue of co - investments arranged by us that were made or could be made by limited partners of our corporate private equity funds and portfolio companies of such funds); (2) the net asset valu e o f our public equity funds, hedge funds and closed - end mutual funds; and (3) the amount of capital raised for our credit funds. AUM includes double counting related to funds from one segm ent that invest in funds from another segment. Those cases occur mainly due to (a) fund of funds of investment products and solutions segment, and (b) investment funds in general that inv est part of their cash in credit segment and hedge fund segment funds in order to maintain liquidity and provide for returns on cash. Such amounts are eliminated on consolidation. T he bylaws of the relevant funds prohibit double - charging fees on AUM across segments. Therefore, while our AUM by segment may double - count funds from one segment that invest in funds from an other segment, the revenues for any given segment do not include revenue in respect of assets managed by another segment, which means there are no intercompany eliminations on re venues in our results of operations.

 

 

Notes and Definitions (cont’d) ▪ Net Cash and Investments include cash and cash equivalents and the fair value of investments in liquid funds and GP Fund Inve stm ents. Cash and cash equivalents include cash, certificate of deposits, which are issued by Banco Bradesco (credit rating AAA evaluated by Fitch Ratings) with interest rates from 99.5% to 10 1% of CDI. ▪ “Net revenue from Fund Management and Advisory” is a performance measure that we use to assess our ability to generate profit s f rom our fund management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Ad vis ory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees. ▪ “Total compensation and benefits” is the result of the profit sharing paid to our employees as (a) bonus compensation related to management advisory and (b) performance based compensation. Total compensation and benefits include Dividends to Partners, distributed by the company to its original partn ers before the public turned public in 2021. In accordance with the by - laws of Vinci Brazil, dividends have historically been distributed based on the resolution of the partners. Therefore, di vidends could be distributed on a non - proportional basis among quotaholders, which are comprised by the partners of Vinci Brazil. After the company’s IPO, Vinci Partners changed its compen sat ion structure, from a dividend distribution policy to a profit - sharing scheme our partners. ▪ “Segment personnel expenses” are composed of the salary - part compensation paid to employees and partners of our funds’ managemen t teams. ▪ “Corporate center expenses” are composed by the salary - compensation paid to employees and other general and administrative expen ses related to our support teams, such as research, risk, legal & compliance, investor relations, operations and ESG. ▪ “Other general and administrative expenses” is made up of third - party expenses, depreciation and amortization, travel and repres entation, marketing expenses, administrative fees, non - operating taxes, third - party consultants’ fees, such as legal and accounting, and office consumables. ▪ “GP investment income” is income from proprietary investments made by us in our own Private Markets’ funds, used as GP Commit men ts. ▪ “Financial income” is income generated through the investments made with our cash and cash equivalents in cash and bank depos its , certificate of deposits and proprietary investments in our Liquid Funds from our public equities and hedge funds’ segments and listed REITs from our real estate segment. ▪ “Leasing expenses” include costs from the company’s sub - leasing activities. ▪ “Income taxes” is comprised of taxes on our corporate income tax and social contribution taxes. We are taxed on an actual tax abl e profit regime, while our subsidiaries are taxed based on deemed profit. Dividends to partners distributed by the company to its original partners before turned public in 2021 are not in cluded in actual taxable regime.

 

 

Notes and Definitions (cont’d) ▪ “Capital Subscription / (capital return)” represents the net capital commitments and capital returns from our Private Markets ’ c losed end and listed funds. ▪ “Net Inflows / (outflows)” represent the net inflows and outflows from our liquid funds from our liquid strategies, IP&S and cre dit segments. ▪ “Appreciation / (depreciation)” represents the net capital appreciation/depreciation from our funds, which refers to the incr eas e or decrease of the funds’ investment’s value. ▪ “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is ca lcu lated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees. ▪ “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to ze ro in a discounted cash flow analysis.

 

 

Notes and Definitions (cont’d) ▪ Vinci Multiestratégia : The fund seeks to achieve long - term returns by investing in fixed income assets, through strategies that imply interest rates and currency risks. ▪ Vinci Atlas: The fund seeks to achieve long - term returns by investing across all strategies within fixed income, equities, curre ncy, derivatives, commodities and other investment funds with no obligation of any class concentration. ▪ Vinci Mosaico FIA: Public Equities’ long only flagship strategy. The strategy seeks to achieve long - term returns above Brazilian equities mar ket ( Ibovespa ) based on a fundamental analysis. ▪ Vinci Gas Dividendos : Public Equities’ dividends flagship strategy. The strategy seeks to achieve long - term returns by investing in companies with a consistent history of paying dividends in the Brazilian stock market. ▪ Vinci Total Return: The fund seeks to achieve medium and long - term returns by investing most of its capital in the Brazilian sto ck market, through bottom up and top - down strategies. ▪ Vinci Valorem: IP&S flagship commingled fund with exposure to fixed income assets, foreign exchange currency and derivatives. ▪ Equilibrio Strategy: IP&S family of pension plan funds. The strategy seeks to achieve long - term returns by investing across all strategies within fixed income, equities, currency, derivatives, commodities and other investment funds, respecting limitations in regulation. ▪ Vinci Selection Equities: The fund seeks to beat the Brazilian stock market index by investing in other funds that invest in Bra zilian public equities. ▪ Vinci Crédito Imobiliário I: The fund seeks to achieve long - term returns by investing in real estate mortgage - backed credit security bonds. ▪ Vinci Crédito Estruturado Multiestratégia PLUS FIC FIM: The fund seeks to achieve consistent returns by investing in private structured credit bonds. ▪ VISC11: Shopping malls listed REIT, focused on acquiring income - generating shopping malls in Brazil. ▪ VILG11: Industrial listed REIT focused on acquiring mature income - generating industrial properties in Brazil. ▪ VINO11: Listed REIT focused on acquiring mature income - generating boutique office real estate assets in Brazil. ▪ VIF11: Listed REIT that invests in other listed REITs and real estate mortgage - backed credit security bonds. ▪ VIUR11: perpetual capital listed REIT, focused on income generation to its quotaholders through the acquisition of urban comm erc ial properties in Brazil, such as street retail, grocery, healthcare, and educational focused real estate properties.