Patria Investments Limited announced it has agreed to acquire WP Global Partners, a U.S.-based private equity solutions manager focused on the lower middle market, in a deal designed to deepen Patria’s North American presence and expand its middle-market primaries and co-investment capabilities.
Patria said the transaction will broaden its U.S. general partner relationships and client reach, and that, pro forma for the deal, Patria’s Global Private Markets Solutions fee-earning assets under management would exceed $13.3 billion as of the third quarter of 2025, with nearly 40% of investments in U.S. assets.
Founded in 2005 with offices in New York and Chicago, WP has 30 employees, including more than 10 investment professionals, and has deployed more than $6 billion across a variety of sectors, according to the announcement. Patria said integrating WP’s team and capabilities will enhance its local presence, investment capacity, and fundraising reach in North America, complementing its existing private equity solutions business and supporting growing global investor demand for middle-market private equity exposure.
Patria said it manages more than $51 billion of assets under management across five core asset classes and more than 35 strategies across more than 100 products, and it framed the acquisition as another step in its global diversification strategy. The firm said WP’s capabilities would strengthen its U.S. private equity offering across primaries, secondaries, and co-investments in the lower middle market, while also complementing Patria’s broader suite of infrastructure, credit, and real estate funds alongside its flagship closed-end and evergreen strategies in developed markets.
Financial terms include an all-cash base price equivalent to 1.7% of fee-earning assets under management and an all-cash earnout tied to specific performance parameters, payable in 2029, Patria said.
The company said the deal is expected to be accretive to both fee-related earnings and distributable earnings in the first year, and that adding WP’s approximately $1.8 billion of fee-earning assets under management would increase Patria’s pro forma total Global Private Markets Solutions fee-earning assets under management to more than $13.3 billion.
Support: Latham & Watkins served as legal advisor to Patria, while Raymond James acted as financial advisor to WP, and Hogan Lovells served as legal advisor to WP.
KEY QUOTES:
“This is an important step forward in bringing to Patria a talented team with a proven track record and strong reputation. This transaction immediately broadens the universe of GPs in our ecosystem and strengthens our product offering across private equity primaries, secondaries and co-investments in the U.S. lower middle market.”
Marco D’Ippolito, Managing Partner, Patria Investments
“After carefully evaluating potential partners for WP’s next chapter, Patria stood out for its entrepreneurial culture, diversified global platform and strong focus on mid-market private equity. I feel confident that Patria will provide our team and clients with an excellent home to continue serving our clients effectively.”
Donald Phillips, Chairman And Chief Executive Officer, WP Global Partners
