By Brazil Stock Guide – Patria Investimentos (NASDAQ: PAX) agreed to acquire 51% of Solis Investimentos, adding about US$3.5 billion in fee-earning assets and lifting its Credit platform to more than US$11.7 billion pro forma for 3Q25 — an increase of over 40%. The move strengthens Patria’s leadership in Latin America’s market for structured credit, a segment expanding rapidly as companies seek financing outside traditional banks.
Solis is widely known as Brazil’s “home of CLOs.” In the local context, CLOs (Collateralized Loan Obligations) are credit funds backed by diversified pools of receivables — similar to U.S. CLOs in structure, but often tied to Brazilian corporate cash flows. In Brazil, these vehicles are usually regulated as FIDCs, or Receivables Investment Funds, a structure that channels investor capital into credit operations backed by invoices, consumer loans or commercial contracts. Solis manages both closed-end CLOs for institutional investors and evergreen fund-of-funds versions designed for broader allocation.
Founded in 2015 and led by Delano Macêdo and Ricardo Binelli, Solis manages more than 120 funds, serves over 30,000 investors, e and has grown at an approximate 45% annual rate since 2021, outpacing the broader CLO/FIDC market’s 35% yearly expansion. More than 100 professionals will remain in their roles across São Paulo and Fortaleza, with full integration by Patria expected in three years.
For Patria — which has US$51 billion in total assets under management and R$44.6 billion in credit strategies in Brazil — the acquisition fits a clear strategic shift. Demand for asset-backed credit has grown as companies look for alternatives to bank lending and investors search for yield with stronger collateral. Solis’s origination network, analytical tools and risk-monitoring systems complement Patria’s sector expertise, proprietary technology and local-to-global distribution channels.
The founders of Solis emphasized that the firm’s DNA will remain intact, while gaining the scale and capital depth of Patria. For borrowers, the combined platform offers faster structuring, broader funding options and more competitive credit programs. Patria said the transaction is expected to be accretive in the first year, reinforcing its long-term plan to expand high-governance credit vehicles across Latin America.
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