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Latham & Watkins Represents Patria Investments on Joint Venture With Bancolombia

July 7, 2023
Multidisciplinary team from the firm’s Mergers & Acquisitions and Latin America Practices advises the alternative investment firm on joint venture to expand its real estate capabilities into Colombia adding US$1 billion of AUM.

Patria Investments (Patria) (NASDAQ: PAX), a global alternative asset manager, announced an agreement for the formation of a joint venture with Bancolombia, the leading full-service financial conglomerate incorporated in Colombia, with more than 148 years of experience serving clients in Colombia and Central America. The partnership will leverage Patria’s extensive private markets expertise in Latin America with Bancolombia’s well-established distribution capabilities to further expand access to alternative investment products in Colombia. At its inception, the JV will manage a permanent capital real estate investment vehicle with approximately US$1 billion of assets under management, which is the second largest fund in Colombia and focused broadly across market sectors.

Patria will contribute capital to be deployed over multiple years to support joint venture operations, as well as to fund general partner commitments to promote growth of the existing real estate investment vehicle and new funds within other asset classes. The transaction is expected to close during the third quarter of 2023.

Latham represents Patria Investments in the transaction with a deal team led by partner and Global Chair of the Latin America Practice Tony Del Pino, with associates Daniel Chor, Aubrey Steiger, and Valentina Oliver. Advice on international arbitration matters was provided by counsel Santiago Bejarano.