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As notably in the third quarter, we took a major first step in our M&A growth strategy with the announcement of our combination with Moneda Asset management, which will be further additive to earnings in 2022 as it provides the foundation for a leading alternative credit platform in the region.įor our flagship private equity and infrastructure strategies, we have raised each new vintage on consistent time intervals, raising the majority of capital from sophisticated international limited partners and with the commitments denominated in US dollars. Our strong investment performance is the backbone of everything we do, driving loyalty and larger capital flows allocations from our limited partners, as well as a substantial performance fee of $314 million, which will benefit shareholders as distributable earnings in future periods. Our flagship strategy time lines have accelerated with our next-generation private equity fund in the market as we speak, putting us roughly one year ahead of schedule. We see that momentum continuing in 2022, where we expect, based on current factors, to see our fee-related earnings increase by more than 50% compared to 2021, including Moneda's fee-related earnings to Patria's stand-alone. And our 2021 results are purely organic, without the contribution of any acquisition, but diluted for the cash raised in our IPO. This outcome will represent fee-related earnings growth of 30%-plus and distributable earnings growth of more than 140% compared to 2020 when adjusting the prior year for comparable compensation structure. Year to date, we have generated $0.83 of distributable earnings per share, of it $0.17 of distributable earnings per share in this last quarter, in the third quarter, meaning we just need to deliver the same results from third quarter again in the fourth quarter to reach our target. We remain on track for last quarter's guidance of at least $75 million of fee-related earnings and $1.00 per share of distributable earnings, which would generate a 5% dividend yield for an investor in our IPO. I want to reiterate upfront that we greatly value your support, and I think our results continue to demonstrate that we are delivering on the targets we put forward for this year and positioning ourselves well for strong growth in 2022. We now find ourselves nearing the end of 2021, Patria's first year as a public company, and it has been a privilege getting to know many of our shareholders in these past months.
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Good morning to you all, and thank you for joining us today.