Patria Investments targets growth in LatAm, Asia following IPO

Asset manager Patria Investments Ltd. is evaluating acquisitions in Mexico, Colombia, Peru, Chile and Brazil and may subsequently target growth in Asia, Reuters reported, citing CEO Alexandre Saigh.

The company recently generated $326 million through an initial public offering in which certain selling shareholders also sold stakes worth $262 million. The Blackstone Group Inc., which acquired a 40% stake in Patria a decade ago, is cutting its stake to 14%.

The offering was priced at $17 per class A share, slightly above the initial price range. The company's stock closed 17% higher Jan. 22, the first day of trading, after it was valued at $2.3 billion in the IPO.

In addition to the planned expansion in Latin America and Asia, Patria will use part of the IPO proceeds to invest in its own funds and to purchase portfolios and distribution channels.

"We want to be the leading alternative investment fund manager for emerging countries," Saigh said. "Alternative assets have attracted a lot of money with global low interest rates."