Vinci Compass Investments NASDAQ: VINP reported second-quarter 2026 fee-related earnings of BRL 88.7 million, or BRL 1.35 per share, as management fees increased and the firm benefited from acquisitions and organic fundraising. The alternative asset manager’s fee-related earnings margin reached 32.5%, while adjusted distributable earnings were BRL 63.3 million, or BRL 0.96 per share.
The company declared a quarterly dividend of $0.17 per common share, payable Sept. 9 to shareholders of record as of Aug. 23.
Assets under management ended June at BRL 361 billion, up 19% from a year earlier and 4% sequentially, according to Chief Financial Officer Sergio Passos. Growth reflected portfolio appreciation in the Global IP&S and credit businesses and the June closing of the BACS Asset Management combination, partly offset by foreign-exchange movements and net outflows in third-party distribution operations.
Management fees rise as margins expand
Management fees increased 29% year over year to BRL 252 million. Passos said the increase reflected a full-quarter contribution from the Verde acquisition, one month of BACS results, and organic growth tied to fundraising over the previous 12 months.
Fee-related revenue rose 17% to BRL 272 million. Fee-related earnings increased 36% year over year to BRL 89 million, with the margin expanding by about 450 basis points from the prior-year period to roughly 33%.
Passos attributed the margin expansion to acquisitions, operating leverage and cost-efficiency initiatives, though he noted that second-quarter expenses typically include seasonal legal, consulting and other third-party service costs. The company expects full-period BACS contributions beginning in the third quarter to support management-fee growth and operating leverage.
Advisory fees fell 65% year over year to BRL 9 million, reflecting both longer fundraising periods for global alternative funds and a slower corporate-advisory environment in Brazil. Management said it expects corporate advisory revenue to improve during the second half as mandates potentially close and deal activity picks up.
Adjusted distributable earnings totaled BRL 63 million, or BRL 0.96 per share, bringing the first-half total to BRL 126 million. The year-over-year comparison was affected by lower realized financial income as Vinci Compass deployed capital into proprietary funds, as well as softer advisory and performance-related earnings.
BACS integration and Navi transaction
Chief Executive Officer Alessandro Horta said Vinci Compass completed its combination with BACS Asset Management in early June, adding BRL 4 billion of assets under management across credit and equities in Argentina. The combination adds BACS’ corporate and retail distribution network, including ties to Banco Hipotecario, to Vinci Compass’ local investment-management operations.
Bruno Zaremba, president of finance and operations, said BACS contributed about BRL 4 million of revenue during June and has a margin closer to 50%, above the company average. He estimated that BACS could provide approximately a 50-basis-point tailwind to consolidated fee-related earnings margins in the second half.
The company also announced an agreement to acquire the Navi Real Estate platform, a transaction expected to close in the fourth quarter. Navi operates six funds spanning multi-strategy and residential real estate, including four vehicles listed on the Brazilian stock exchange and/or CETIP.
Following the expected closing, Navi would add approximately BRL 800 million of assets under management, primarily in perpetual and long-term lockup vehicles. Vinci Compass said its pro forma real estate assets under management would be about BRL 7 billion, including approximately BRL 750 million in multi-strategy real estate.
Zaremba said Navi’s fees are around 1% and the business is expected to carry a fee-related earnings margin of roughly 60% to 70%, because Vinci Compass will manage the assets through its existing real estate team rather than bringing over the original team. He said the transaction is smaller than BACS and is not expected to have the same impact on companywide results.
Credit and fundraising pipeline
Credit assets under management surpassed BRL 42 billion, up 15% from the prior quarter and 40% from a year earlier. The increase included BRL 4 billion from BACS and BRL 2 billion from capital formation and appreciation.
During the quarter, Vinci Compass raised close to BRL 550 million across SPS IV, its opportunistic capital-solutions strategy; MAV IV, its agribusiness fund; and FAI Peru, a private-credit strategy focused on factoring and trade receivables. The company said MAV IV reached its fundraising target through Brazilian intermediaries.
Management also highlighted COPCO, its first Colombian private-credit strategy focused on senior secured lending. Zaremba said the firm expects a second-half closing with a few hundred million dollars in commitments. In Chile, Vinci Compass launched VCCL, a proprietary semi-liquid credit fund that received its first commitments in July.
In real assets, management said Lacan IV continued to attract interest ahead of a planned year-end final close. Zaremba said there is a “high probability” the strategy will reach its hard cap, citing coordinated due diligence by a group of European development finance institutions.
Private-equity fundraising is in a different phase, management said. Vinci Compass expects a first close for VIR V in the coming weeks or early in the fourth quarter, while a future VCP V launch depends on additional investment progress in VCP IV.
Second-half outlook and proprietary investments
Horta said the company called approximately BRL 56 million of capital during the quarter for its proprietary fund commitments, bringing total capital called to more than BRL 960 million, or roughly 65% of its BRL 1.5 billion in commitments. The calls reduced short-term financial income by lowering cash balances, but management described the deployment as intended to generate future management fees, carried interest and capital gains.
Vinci Compass holds approximately BRL 890 million in long-term proprietary funds on its balance sheet. Management expects capital returns from some earlier investments to begin this year, potentially improving realized investment income and allowing capital to be recycled into new commitments.
The company also expects to recognize BRL 90 million to BRL 100 million, net of taxes and associated expenses, during the second half from indemnification connected to the Rio de Janeiro/Galeão airport concession process. Management said the amount would affect distributable earnings.
Looking ahead, executives reiterated expectations for fee-related earnings margins in the mid-30% range for the full year and said Vinci Compass remains on track toward its 38% margin target by 2028. They cited acquisition contributions, fundraising activity, potential corporate-advisory improvement and the anticipated Galeão payment as factors supporting the second-half outlook.
About Vinci Compass Investments (NASDAQ:VINP)
Vinci Partners Investments Ltd. operates as an asset management firm in Brazil. The company focuses on private markets, liquid strategies, investment products and solutions, and retirement services. It offers private equity, infrastructure, real estate, credit, special situations, equities, hedge funds, and investment products and solutions comprising portfolio and management services. In addition, the company financial and strategic advisory services, focusing on IPO advisory and mergers and acquisition transactions to entrepreneurs, corporate senior management teams, and boards of directors.
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