Patria Investments (NASDAQ:PAX) reached a deal to acquire WP Global Partners on Monday, a move that significantly bolsters the firm’s presence in the U.S. lower-middle market.
The all-cash transaction includes a base price set at 1.7% of fee-earning assets under management (FEAUM) and an additional cash earnout scheduled for 2029.
The acquisition adds approximately $1.8 billion in FEAUM to Patria’s portfolio, bringing its pro-forma Global Private Markets Solutions (GPMS) FEAUM to more than $13.3 billion.
Beyond the raw assets, the deal is designed to enhance Patria’s U.S. scale by integrating WP Global’s expertise in middle-market primaries, co-investment capabilities, and established relationships with general partners.
The announcement comes as Patria continues an aggressive expansion beyond its traditional Latin American stronghold.
The firm, which managed more than $51 billion in total assets as of late 2025, has been active in the M&A space to diversify its product offerings and geographic reach.
While the firm is scheduled to release its formal fourth-quarter and full-year 2025 financial results on February 10, this latest deal underscores a strategy of using its robust balance sheet to capture specialized investment platforms in resilient global markets.