Asked about the portion of BRL 5.7 billion net outflow from IP&S related to capital returns and the expected recirculation rate/timing for future inflows.

Bruno Zaremba stated approximately one-third of the outflows were due to capital returns from alternative TPD funds. He explained that institutional investors in Chile and Mexico are typically fully allocated, leading to rebalancing fluctuations. Alessandro Horta added that the majority of outflows came from the liquid side, representing profit-taking in a benign market, and investors are expected to rebalance. “I would say approximately 1/3 of the outflows were due to capital returns from the alternative TPD funds.”

Inquired about the expected impact of BACS and Navi acquisitions on management fee revenues, FRE margins, and expenses, specifically asking for quantification of BACS's higher margin.

Bruno Zaremba stated BACS contributed BRL 4 million in revenue in June, with a margin closer to 50%, providing a 50 basis points tailwind to FRE margins in H2. Navi, though smaller (BRL 750 million AUM), has fees around 1% and a very high incremental FRE margin (60-70%) as no original team members are retained. “The margin for BACS is higher than the average of the company. It's closer to 50%. So if you do the math between the 2 and the FRE that we have, the positive impact to us should be around 50 basis points, more or less in terms of the tailwind for the second half.”

Asked for qualitative views on BACS integration, cross-selling opportunities, and KPIs for Argentina, and whether the M&A focus is shifting towards organic growth or if inorganic growth remains a priority.

Alessandro Horta highlighted the synergistic nature of BACS due to its retail/wealth distribution complementing Vinci's institutional focus, enabling introduction of more sophisticated products in Argentina. On M&A, he stated a strong pipeline for inorganic growth outside Brazil, focusing on reinforcing local capabilities, while Brazilian opportunities like Navi are more opportunistic. Bruno Zaremba added that the BRL 90-100 million Galeao indemnification will increase M&A flexibility. “Our main focus would be to grow inorganic if the opportunity arise outside Brazil. It's more on the other countries in Latin America to reinforce our capabilities on the local markets.”

VINP

Vinci Compass (VINP) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Financials· Aug 11, 2026

Source: earnings call transcript

Executive summary

Vinci Compass Q2 FY26 — Strategic Acquisitions Drive AUM Growth and Margin Expansion

Vinci Compass delivered a strong second quarter, marked by significant AUM growth driven by strategic acquisitions of BACS and Navi's Real Estate funds, alongside robust organic expansion in Credit and Real Assets. The firm demonstrated operating leverage with substantial FRE margin expansion, despite headwinds from lower advisory fees and reduced financial income due to capital deployment. Management remains confident in achieving its long-term FRE margin target, supported by a strong fundraising pipeline and the compounding benefits of its scaled platform across Latin America.

Highlights

Fee-related earnings (FRE) increased 36% year-over-year to BRL 88.7 million, with FRE margin expanding 450 basis points to 32.5%.
Total AUM reached $70 billion, growing 5% quarter-over-quarter and 19% year-over-year, driven by strategic acquisitions and portfolio appreciation.
Successfully closed the BACS asset management combination, adding BRL 4 billion in AUM, and signed an agreement to acquire Navi's Real Estate funds, adding BRL 800 million in AUM.
Credit AUM grew 40% year-over-year to BRL 42 billion, supported by BACS acquisition and strong capital formation.
Strong fundraising pipeline for H2 2026, including COPCO, VIR V, Credit Infra, and high probability of Lacan IV hitting its hard cap.

Concerns

Advisory fees decreased 65% year-over-year to BRL 9 million due to slower deal activity and longer capital-raising periods for global alternatives.
Realized financial income declined 63% year-over-year as capital calls into proprietary funds reduced cash positions, impacting distributable earnings in the near term.
Net outflows in Third-Party Distribution (TPD) due to capital returns from alternative funds and rebalancing in TPD Liquid, partially offsetting AUM growth.
Elevated real interest rates and election-related fiscal uncertainty in Brazil continue to impact risk appetite, M&A activity, and liquidity events.

Guidance & targets

Category	Target	Timeline	Confidence
FRE margin	38% high materiality	FY28	High
Full year FRE margins	mid 30s range high materiality	FY26	High
Corporate Advisory revenue	low teens million medium materiality	H2 FY26	Medium
Galeao airport indemnification recognition	BRL 90 million and BRL 100 million, net of taxes and associated expenses high materiality	H2 FY26	High
Alternatives flows	no meaningful alternatives flows medium materiality	Q3 · FY26	High
FAE II launch	launch by year-end low materiality	FY26	High
COPCO fund closing	closing to happen in the second half, with a few hundred million dollars in commitment medium materiality	H2 FY26	High
Verde equities strategy inflows	inflows to begin materializing by the fourth quarter low materiality	Q4 · FY26	Medium
Lacan IV final closing	by the end of the year medium materiality	FY26	High
SPS IV final closing	later this year medium materiality	FY26	High
VIR V first close	in the next several weeks medium materiality	Q3 · FY26	High
VSP V launch	later next year low materiality	FY27	Medium
Initial capital returns from closed-end funds	start returning capital this year medium materiality	FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Credit Strong growth driven by BACS acquisition and capital formation, with continued diversification across local-to-local and cross-border strategies. AUM: BRL 42 billionBACS contribution: BRL 4 billionCapital formation and appreciation: BRL 2 billion	—	40%	15%	—
Global IP&S Experienced continued inflows into TPD Alternative, primarily from Chilean and Mexican institutional/HNW investors, offset by capital returned from funds and rebalancing in TPD Liquid. Organic AUM growth (YoY): almost 20%	—	—	—	—
Real Assets Saw capital subscriptions across Lacan IV and opportunistic warehouse sector fund. Lacan IV is seeing strong engagement from new and European institutional investors. Organic AUM growth (YoY): about 40%	—	—	—	—
Corporate Advisory Reflected a slower environment for deal activity due to elevated interest rates and election-related uncertainty in Brazil. A meaningful pipeline is expected for H2, with revenue expected to improve.	BRL 9 million	down 65%	—	—
Multi-strategy Real Estate Will be significantly expanded by the Navi acquisition, which adds scale and relevance in the market. Pro forma AUM: BRL 750 million	—	—	—	—

Product announcements

Product	Type	Timeline	Details
VCCL	launch	Q2 FY26

Deals & partnerships

Navi Acquisition of Navi's Real Estate platform, spanning 6 funds across multi-strategy and residential strategies. BRL 800 million in assets under management

Deepens presence in Multi-strategy Real Estate segment, broadens solutions, and strengthens ability to compete. Reinforces Vinci Compass' role as a consolidator.

BACS Combination with BACS asset management.

Combined asset management capabilities with BACS' extensive corporate and retail distribution network in Argentina, building a scaled and relevant platform. Expected to translate into inflows over coming quarters.

Faro Energy Acquisition of a stake in Faro Energy, one of Brazil's leading distributed generation solar platforms, by the VICC Infrastructure fund.

Gives the fund exposure to a scaled and highly contracted portfolio with operations across multiple Brazilian states and a meaningful pipeline for future expansion. Aligns with VICC's strategy of building exposure to essential infrastructure assets.

Risks & headwinds

Slower deal activity in Corporate Advisory Q2 FY26

Advisory fees decreased 65% YoY to BRL 9 million.

Mitigation:Meaningful pipeline of opportunities for H2 FY26; gradual pickup in deal activity expected by year-end, with H2 revenue expected to be in low teens million.

Reduced short-term financial income due to capital calls Near term

Realized financial income declined 63% YoY. BRL 56 million called in Q2, total BRL 960 million (65% of BRL 1.5 billion commitments).

Mitigation:This is an intended feature of the model; capital invested now is expected to generate significant future management fees, carry, and capital gains as funds mature. BRL 890 million in long-term proprietary funds on balance sheet.

Impact of elevated real interest rates and election-related fiscal uncertainty Ongoing

Continues to impact risk appetite, broader M&A activity, and liquidity events.

Mitigation:High rates support compelling entry valuations and downside protection structures in private markets. External fundamentals (trade flows, commodity exports, stable currency) remain supportive.

Extended capital-raising periods for global funds Q3 FY26

No meaningful alternatives flows expected in Q3.

Mitigation:Firm is broadening client base and diversifying funding geographies within TPD business; strong pipeline for H2.

Net outflows in TPD Liquid Q2 FY26

Partially offset AUM growth; approximately 1/3 of BRL 5.7 billion IP&S outflow related to capital returns from alternative TPD funds.

Mitigation:Mainly due to Chilean regulatory limits on offshore exposure and rebalancing by fully allocated institutional investors; expected to be increasingly mitigated over time as client base diversifies. Capital returned is expected to be reinvested and recycled.

Capital rotation from other markets to US AI/technology offerings Past quarter, easing going forward

Temporarily drew capital away from other sectors, including Brazilian Equities.

Mitigation:The pressure appears less intense, with recent offerings not carrying the same extraordinary volumes, suggesting easing. Equities segment could be a beneficiary of this rotation.

What to watch in Q3 FY26

Corporate Advisory revenue

H2 FY26

Current BRL 9 million (down 65% YoY)

Target low teens million for H2

Why it matters

Improvement in Corporate Advisory revenue is crucial for diluting fixed costs and supporting FRE margin expansion.

Looking ahead, we have a meaningful pipeline of opportunities for the second half of the year and we expect a gradual pickup in deal activity by year-end. At this point, we expect a stronger second half of the year than first half for the Corporate Advisory business.

Find out whether VINP delivers this. Inve re-checks your case every morning.

Q&A highlights

Inquired about the drivers of the 5% growth in fee-related expenses, the portion related to one-off investments, and how the company plans to achieve mid-30s FRE margins.

Bruno Zaremba explained that Q2 is seasonally stronger for expenses due to service payments, and this quarter also included severance costs from cost reductions. He reiterated the full-year FRE margin guidance in the mid-30s, noting a tailwind from BACS consolidation.

“the second quarter tends to be seasonally stronger for us in terms of expenses. We have some of the payments that fall into the second quarter, some of the service payments mainly so service providers. And in the second quarter, this time, as we continue to improve the productivity of the platform and try to see whether there is opportunity for us to improve the productivity, we had some cost reduction regarding to people as well this quarter, which we do not adjust as we had not adjusted in '25.”

asked by Ricardo Buchpiguel · answered by Bruno Sacchi Zaremba

3 min read 6 chapters

Detailed narrative

Strategic Acquisitions and Platform Expansion

Vinci Compass significantly expanded its platform in Q2 FY26 through two key transactions. The acquisition of Navi's Real Estate funds, expected to close in Q4, will add BRL 800 million in AUM, primarily in perpetual and long-term lock-up vehicles, bringing pro forma Real Estate AUM to BRL 7 billion.

This deal deepens the firm's presence in the multi-strategy Real Estate segment and reinforces its role as a consolidator. Additionally, the successful combination with BACS Asset Management in early June added BRL 4 billion in AUM across Credit and Equities, providing access to extensive corporate and retail distribution networks in Argentina and positioning the firm to benefit from the country's financial system transformation.

Robust Fundraising and AUM Growth

The firm achieved a milestone of $70 billion in AUM, representing a 5% quarter-over-quarter and 19% year-over-year increase, reaching BRL 361 billion. This growth was driven by portfolio appreciation and the BACS acquisition. Vinci Compass secured BRL 13 billion in capital formation and appreciation, including BRL 1 billion in new commitments across its newest vintages.

The firm highlighted a strong and diversified fundraising pipeline for H2 2026, spanning Credit, Real Assets, Private Equity, and Global IP&S, with specific mention of COPCO, VIR V, Credit Infra, and strong engagement for Lacan IV.

Operating Leverage and Margin Expansion

Fee-related earnings (FRE) grew 36% year-over-year to BRL 88.7 million, with the FRE margin expanding by 450 basis points to 32.5%. Year-to-date, the FRE margin reached 34%, up 580 basis points. This profitability expansion reflects the operating leverage of the platform, where revenue growth from recent acquisitions and organic fundraising outpaced cost growth.

Management reiterated its target of a 38% FRE margin by 2028 and expects full-year FRE margins in the mid-30s, supported by the full contribution of BACS in the second half.

Credit Segment Outperformance

The Credit segment continued its strong growth trajectory, with AUM surpassing BRL 42 billion, marking a 15% quarter-over-quarter and 40% year-over-year increase. This was bolstered by BRL 4 billion from the BACS acquisition and BRL 2 billion from capital formation and appreciation.

The firm is expanding its credit platform through new fund formats, including the launch of VCCL, its first proprietary semi-liquid credit fund in Chile, and expects significant closings for COPCO in Colombia and continued fundraising for PEPCO II and Credit Infra.

Impact of Capital Deployment on Distributable Earnings

While FRE showed strong growth, adjusted distributable earnings (DE) were BRL 63.3 million, impacted by a 63% year-over-year decline in realized financial income. This decline is a direct result of accelerating capital calls into proprietary funds, with BRL 56 million called this quarter, bringing the total to BRL 960 million (65% of BRL 1.5 billion commitments).

Management emphasized that this is an intended feature of their model, as capital invested now into their own funds is expected to generate significant future management fees, carry, and capital gains, with BRL 890 million in long-term proprietary funds currently on the balance sheet.

Macro Environment and Sector Dynamics

The Latin American macro environment remains constructive, with easing political uncertainty in some markets and Mexico presenting a significant structural opportunity due to pension reform and nearshoring trends. In Brazil, elevated interest rates create attractive conditions for private market deployment but temper M&A and liquidity events.

The firm noted that the intense capital absorption by US AI/tech IPOs, which previously pressured other markets, appears to be easing, potentially benefiting its Equities segment.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.