Patria Investments’ (PAX) Transformative Growth From Private Equity to Diverse Verticals

Zeno Equity Partners, an investment management firm, released its first quarter 2026 investor letter. A copy of the letter is available to download here. The firm owns companies that benefit from AI trends, although they are not primarily driven by them. The portfolio has been underexposed to AI and related industries, except Amazon, which constitutes 9% of our fund. This underexposure has affected the fund’s performance compared to the major benchmark. The emergence of large language models...