Snowcap Research announces short position in Patria Investments

Snowcap Research says in a new research note that it is short Patria Investments (PAX) because its investigation suggests it may be overstating performance and concealing losses within its flagship private equity and infrastructure funds. Major holdings appear distressed and valued at huge premiums to peers, Snowcap says, adding that performance fees have been sustained by internal transfers, recent fundraising looks “fragile,” and the dividend may be at risk.