Vinci Partners Investments Ltd. Files 20-F Annual Report

TL;DR

<b>Vinci Partners Investments Ltd. has submitted its 2023 annual report on Form 20-F, detailing financial performance and business operations.</b>

AI Summary

Vinci Partners Investments Ltd. (VINP) filed a Foreign Annual Report (20-F) with the SEC on April 18, 2024. Vinci Partners Investments Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at Av. Bartolomeu Mitre, 336, Leblon-Rio de Janeiro, Brazil. The report includes financial data for the fiscal years 2023, 2022, and 2021. Key terms and definitions relevant to the financial statements are provided, including 'bps' (basis point) and descriptions of various fund types.

Why It Matters

For investors and stakeholders tracking Vinci Partners Investments Ltd., this filing contains several important signals. This 20-F filing provides a comprehensive overview of Vinci Partners' financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data and definitions within the report are essential for understanding the company's investment strategies, risk exposures, and overall market standing.

Risk Assessment

Risk Level: medium — Vinci Partners Investments Ltd. shows moderate risk based on this filing. The company operates in the financial services sector, which is subject to significant regulatory oversight and market volatility, as indicated by the various fund types and financial instruments mentioned in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F to understand Vinci Partners' performance and potential risks.

Key Numbers

• 2023 — Fiscal Year End (Reported fiscal year)
• 2022 — Previous Fiscal Year (Comparative fiscal year)
• 2021 — Prior Fiscal Year (Comparative fiscal year)

Key Players & Entities

• Vinci Partners Investments Ltd. (company) — Filer of the 20-F
• 2024-04-18 (date) — Filing date of the 20-F
• 2023-12-31 (date) — Fiscal year end
• 0001193125-24-100785 (filing_id) — Accession number for the filing
• Av. Bartolomeu Mitre, 336, Leblon-Rio de Janeiro (address) — Company's business and mailing address
• 55-21-2159-6600 (phone) — Company's business phone number

FAQ

Risk Factors

• Fair Value Measurement [medium — financial]: The valuation technique used for measuring the fair value of Management contracts as intangible assets was MEEM (Multi-Period Excess Earnings).
• Deferred Taxes [medium — financial]: Comprises deferred taxes related to interest expense on obligation for ownership acquisition, amortization on management contracts, and contingent consideration.
• Fund Investment Risks [medium — market]: Funds managed by Vinci Partners are exposed to various risks including interest rate risk, price index risk, and foreign currency risk.

Key Dates

• 2024-04-18: Filing Date — Submission of the annual 20-F report
• 2023-12-31: Fiscal Year End — Period covered by the financial statements
• 2022-12-31: Prior Year End — Comparative financial period
• 2021-12-31: Prior Year End — Comparative financial period

Glossary

bps

basis point (1bps = 0.01%) (Used to express small changes in financial rates or percentages.)

MEEM

Multi-Period Excess Earnings (Valuation technique for management contracts as intangible assets.)

Key Financial Figures

• $0.00005 — ed Class A common shares , par value US$0.00005 per share VINP Nasdaq Global Select
• $4.8413 — unts into U.S. dollars using a rate of R$4.8413 to US$1.00, the commercial selling rate
• $1 — . dollars using a rate of R$4.8413 to US$1.00, the commercial selling rate for U.S

Filing Documents

• d806661d20f.htm (20-F) — 4813KB
• d806661dex21.htm (EX-2.1) — 81KB
• d806661dex81.htm (EX-8.1) — 12KB
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• d806661dex132.htm (EX-13.2) — 4KB
• d806661dex231.htm (EX-23.1) — 2KB
• d806661dex971.htm (EX-97.1) — 29KB
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• g806661g23a01.jpg (GRAPHIC) — 141KB
• 0001193125-24-100785.txt (&nbsp;) — 22702KB
• vinp-20231231.xsd (EX-101.SCH) — 168KB
• vinp-20231231_cal.xml (EX-101.CAL) — 101KB
• vinp-20231231_def.xml (EX-101.DEF) — 512KB
• vinp-20231231_lab.xml (EX-101.LAB) — 834KB
• vinp-20231231_pre.xml (EX-101.PRE) — 749KB
• d806661d20f_htm.xml (XML) — 4338KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 7 A. Directors and Senior Management 7 B. Advisers 7 C. Auditors 7

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 7 A. Offer Statistics 7 B. Method and Expected Timetable 7

KEY INFORMATION

ITEM 3. KEY INFORMATION 7 A. [Reserved] 7 B. Capitalization and Indebtedness 7 C. Reasons for the Offer and Use of Proceeds 7 D. Risk Factors 7

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 63 A. History and Development of the Company 63 B. Business Overview 67 C. Organizational Structure 109 D. Property, Plant and Equipment 110

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 111

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 111 A. Operating Results 111 B. Liquidity and Capital Resources 130 C. Research and Development, Patents and Licenses, Etc. 133 D. Trend Information 133 E. Critical Accounting Estimates 134

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 134 A. Directors and Senior Management 134 B. Compensation 137 C. Board Practices 138 D. Employees 140 E. Share Ownership 141 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation. 141

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 141 A. Major Shareholders 141 B. Related Party Transactions 144 C. Interests of Experts and Counsel 145

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 145 A. Consolidated Statements and Other Financial Information 145 B. Significant Changes 147

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 147 A. Offering and Listing Details 147 B. Plan of Distribution 147 C. Markets 147 D. Selling Shareholders 147 E. Dilution 147 F. Expenses of the Issue 147 i Table of Contents

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 147 A. Share Capital 147 B. Memorandum and Articles of Association 148 C. Material Contracts 163 D. Exchange Controls 163 E. Taxation 163 F. Dividends and Paying Agents 167 G. Statement by Experts 167 H. Documents on Display 168 I. Subsidiary Information 168 J. Annual Report to Security Holders 168

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 168

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 169 A. Debt Securities 169 B. Warrants and Rights 169 C. Other Securities 169 D. American Depositary Shares 169 PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 170

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 170 A. Material modifications to instruments 170 B. Material modifications to rights 170 C. Withdrawal or substitution of assets 170 D. Change in trustees or paying agents 170 E. Use of proceeds 170

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 170 A. Disclosure controls and procedures 170 B. Management's annual report on internal control over financial reporting 170 C. Attestation report of the registered public accounting firm 171 D. Changes in internal control over financial reporting 171

RESERVED

ITEM 16. RESERVED 172

Audit committee financial expert

ITEM 16A. Audit committee financial expert 172

Code of ethics

ITEM 16B. Code of ethics 172

Principal accountant fees and services

ITEM 16C. Principal accountant fees and services 172

Exemptions from the listing standards for audit committees

ITEM 16D. Exemptions from the listing standards for audit committees 173

Purchases of equity securities by the issuer and affiliated purchasers

ITEM 16E. Purchases of equity securities by the issuer and affiliated purchasers 173

Change in registrant's certifying accountant

ITEM 16F. Change in registrant's certifying accountant 174

Corporate governance

ITEM 16G. Corporate governance 175

Mine safety disclosure

ITEM 16H. Mine safety disclosure 175

Disclosure regarding foreign jurisdictions that prevent inspections

ITEM 16I. Disclosure regarding foreign jurisdictions that prevent inspections 175

Insider trading policies

ITEM 16J. Insider trading policies 175

Cybersecurity

ITEM 16K. Cybersecurity 175 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 178

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 178

EXHIBITS

ITEM 19. EXHIBITS 178 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 ii Table of Contents PRESENTATION OF FINANCIAL AND OTHER INFORMATION All references to "U.S. dollars," "dollars" or "

Financial Statements

Financial Statements Vinci Partners Investments Ltd., which we refer to in this annual report as "Vinci Partners," was incorporated on September 21, 2020 as a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies. Vinci Partners was incorporated to become the holding entity of Vinci Partners Investimentos Ltda., which we refer to in this annual report as "Vinci Partners Brazil." Until the contribution of Vinci Partners Brazil's quotas to us by Vinci Partners Brazil's quotaholders prior to the consummation of our initial public offering on February 1, 2021, or our IPO, Vinci Partners had not commenced its operations and had only nominal assets and liabilities and no material contingent liabilities or commitments. Please refer to "Item 4. Information on the Company—C. Organizational Structure" for a description of the operations of our material operating subsidiaries. We present in this annual report the audited consolidated financial statements of Vinci Partners for the years ended December 31, 2023, 2022 and 2021. The audited consolidated financial statements of Vinci Partners were prepared in accordance with IFRS Accounting Standards, as issued by the IASB. Vinci Partners maintains their books and records in Brazilian reais , the presentation currency for their financial statements and also the functional currency of our operations in Brazil. Unless otherwise noted, the financial information presented herein as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021, is stated in Brazilian reais , our reporting currency. The consolidated financial information of Vinci Partners contained in this annual report is derived from Vinci Partners' audited consolidated financial statements as of December 31, 2023, 2022 and 2021, and for the years ended December 31, 2023, 2022 and 2021, together with the notes thereto. All references herein to "our financial statements," "ou

Risk Factors

Risk Factors This section is intended to be a summary of more detailed discussions contained elsewhere in this annual report. You should carefully read and consider the following risks, along with the other information included in this annual report. The risks described below are not the only ones we face. Additional risks that we do not presently consider material, or of which we are not currently aware, may also affect us. Our business, results of operations or financial condition could be impacted if any of these risks materialize and, as a result, the market price of our common shares could be affected. The risks described below are organized by r

View Full Filing

View this 20-F filing on SEC EDGAR