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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on February 26, 2024&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;</B></P>


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<P STYLE="margin: 0">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>



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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patria Investments Limited&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as specified in its
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center; font-weight: bold">The Cayman Islands</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center; font-weight: bold">N/A</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>18 Forum Lane,
3rd floor,&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Camana Bay, PO
Box 757,&nbsp;KY1-9006&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Grand Cayman,
Cayman Islands&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>+1 345 640 4900&nbsp;</B></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;(Address, including zip code, and telephone number, including area code, of Principal Executive Offices)</P>




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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patria Investments Limited Bonus Share Plan&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center">(Full title of the plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Patria Investments
US LLC &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>601 Lexington Avenue,
55th floor&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>New York, NY 10022&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>+1 (646) 313 6222</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including
area code, of agent for service)</P>




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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center"><B>Copies to</B>:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Manuel Garciadiaz&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Davis Polk &amp; Wardwell LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">450 Lexington Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10017&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 450-4000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; width: 63%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Large accelerated filer </B></FONT>&#9746;</TD>
    <TD STYLE="padding-top: 1pt; width: 37%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Accelerated filer </B></FONT>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Non-accelerated filer </B></FONT> &#9744; <FONT STYLE="font-size: 10pt"><B>(Do not check if a
    smaller reporting company)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Smaller reporting company </B></FONT>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Emerging Growth Company </B></FONT>&#9744;</TD></TR>
  </TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. </B></FONT>&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item&nbsp;1. Plan Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;Omitted
pursuant to the instructions and provisions of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item&nbsp;2. Registrant Information and
Employee Plan Annual Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;Omitted
pursuant to the instructions and provisions of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents are
incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">Annual
Report of the Registrant for the year ended December 31, 2022 (Registration No. 001-39911), filed with the Commission on April 28, 2023</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;All
reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since
December 31, 2022; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s share capital, contained in the Registrant&rsquo;s Registration Statement on Form 8-A (Registration
No. 001-39911), dated January 19, 2021, including any amendments or supplements thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, all documents
subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the&nbsp;Exchange Act, prior to the filing of
the post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining
unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted during such period (or portion thereof) that is identified
in such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in the
Registration Statement and to be part thereof from the date of filing of such documents. The Registrant is not incorporating by reference
any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with
the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any statement contained in
a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 38.1 of the Registrant&rsquo;s Amended
and Restated Articles of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<FONT STYLE="background-color: white">Every
Indemnified Person<SUP>1</SUP> for the time being and from
time to time of the Company and the personal representatives of the same shall be indemnified and secured harmless out of the assets and
funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements
and other amounts (including reasonable attorneys&rsquo; fees and expenses and amounts paid in settlement and costs of investigation (collectively
&ldquo;Losses&rdquo;) incurred or sustained by him otherwise than by reason of his own dishonesty, willful default or fraud in or about
the conduct of the Company&rsquo;s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge
of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any Losses incurred
by him in defending or investigating (whether successfully or otherwise) any civil, criminal, investigative and administrative proceedings
concerning or in any way related to the Company or its affairs in any court whether in the Islands or elsewhere. Such Losses incurred
in defending or investigating any such proceeding shall be paid by the Company as they are incurred upon receipt, in each case, of an
undertaking by or on behalf of the Indemnified Person to repay such amounts if it is ultimately determined by a&nbsp;non-appealable&nbsp;order
of a court of competent jurisdiction that such Indemnified Person is not entitled to indemnification hereunder with respect thereto.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Article 38.2 of the Registrant&rsquo;s
Amended and Restated Articles of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<FONT STYLE="background-color: white">No
such Indemnified Person of the Company and the personal representatives of the same shall be liable (i)&nbsp;for the acts, receipts, neglects,
defaults or omissions of any other Director or officer or agent of the Company or (ii)&nbsp;by reason of his having joined in any receipt
for money not received by him personally or in any other act to which he was not a direct party for conformity or (iii)&nbsp;for any loss
on account of defect of title to any property of the Company or (iv)&nbsp;on account of the insufficiency of any security in or upon which
any money of the Company shall be invested or (v)&nbsp;for any loss incurred through any bank, broker or other agent or any other party
with whom any of the Company&rsquo;s property may be deposited or (vi)&nbsp;for any loss, damage or misfortune whatsoever which may happen
in or arise from the execution or discharge of the duties, powers, authorities or discretions of his office or in relation thereto or
(vii)&nbsp;for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such
Person&rsquo;s part, unless he has acted dishonestly, with willful default or through fraud.</FONT>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Article 38.3 of the Registrant&rsquo;s
Amended and Restated Articles of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<FONT STYLE="background-color: white">The
Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification, advancement of expenses and/or
insurance from or against (other than directors&rsquo; and officers&rsquo; or similar insurance obtained or maintained by or on behalf
of the Company or any of its subsidiaries, including any such insurance obtained or maintained pursuant to Article 38.4 hereof) Other
Indemnitors. The Company hereby agrees that: (i)&nbsp;it is the indemnitor of first resort (i.e., its obligations to an Indemnified Person
are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full amount of expenses incurred by an Indemnified
Person and shall be liable for the full amount of all Losses to the extent legally permitted and as required by the terms of these&nbsp;</FONT></FONT>Articles<FONT STYLE="font-size: 10pt; background-color: white">&nbsp;(or
any other agreement between the Company and an Indemnified Person) without regard to any rights an Indemnified Person may have against
any Other Indemnitors; and (iii)&nbsp;it irrevocably waives, relinquishes and releases any Other Indemnitors from any and all claims against
the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect to any claim for which such Indemnified
Person has sought indemnification from the Company shall affect the foregoing, and without prejudice to Article 39 below, Other Indemnitors
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity providing Directors&rsquo; or officers&rsquo;
or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries, including any Person providing
such insurance obtained or maintained pursuant to Article 38.4 hereof, shall be an Other Indemnitor.</FONT><FONT STYLE="font-size: 10pt">&rdquo;</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &ldquo;Indemnified Person&rdquo; means <FONT STYLE="background-color: white">every
Director, alternate Director, Secretary or other officer for the time being or from time to time of the Company.&nbsp;</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Article 38.4 of the Registrant&rsquo;s
Amended and Restated Articles of Association provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<FONT STYLE="background-color: white">The
Directors may exercise all the powers of the Company to purchase and maintain insurance for the benefit of a Person who is or was (whether
or not the Company would have the power to indemnify such Person against such liability under the provisions of this Article 38 or under
applicable law): (a) a Director, alternate Director, Secretary or auditor of the Company or of a company which is or was a subsidiary
of the Company or in which the Company has or had an interest (whether direct or indirect); or (b)&nbsp;the trustee of a retirement benefits
scheme or other trust in which a person referred to in Article 38.1 is or has been interested, indemnifying him against any liability
which may lawfully be insured against by the Company.</FONT>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 10%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 90%; font-size: 12pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1825570/000119312521008530/d105401dex31.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1825570/000119312521008530/d105401dex31.htm"><FONT STYLE="font-size: 10pt; background-color: white">Amended and Restated Memorandum and Articles of Association of Patria Investments Limited (incorporated by reference to Exhibit 3.1 of the Registrant&rsquo;s </FONT><FONT STYLE="font-size: 10pt">Registration Statement on Form F-1, Amendment No. 3, filed with the Commission of January 19, 2021 (Registration No. <FONT STYLE="background-color: white">333-251823)).</FONT></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: center"><A HREF="dp206765_ex0501.htm"><FONT STYLE="font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: justify"><A HREF="dp206765_ex0501.htm"><FONT STYLE="font-size: 10pt; background-color: white">Opinion of Walkers (Cayman) LLP, Cayman Islands Counsel of Patria, as to the validity of the securities being registered.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: center"><A HREF="dp206765_ex2301.htm"><FONT STYLE="font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="padding: 4pt; font-size: 12pt"><A HREF="dp206765_ex2301.htm"><FONT STYLE="font-size: 10pt">Consent of Deloitte Touche Tohmatsu Auditores Independentes Ltda.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: center"><A HREF="dp206765_ex0501.htm"><FONT STYLE="font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: justify"><A HREF="dp206765_ex0501.htm"><FONT STYLE="font-size: 10pt; background-color: white">Consent of Walkers (Cayman) LLP, Cayman Islands Counsel of Patria (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; font-size: 12pt; text-align: center"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">24*</FONT></A></TD>
        <TD STYLE="padding: 4pt; font-size: 10pt; text-align: justify"><A HREF="#a_001">Power of Attorney (included on signature page).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; font-size: 10pt; text-align: center"><A HREF="dp206765_ex99.htm"><FONT STYLE="font-size: 10pt">99*</FONT></A></TD>
        <TD STYLE="padding: 4pt; font-size: 10pt; text-align: justify"><A HREF="dp206765_ex99.htm">Patria Investments Limited Bonus Share Plan.</A></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; font-size: 11pt; text-align: center"><A HREF="dp206765_exfilingfees.htm"><FONT STYLE="font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="padding: 4pt; font-size: 11pt"><A HREF="dp206765_exfilingfees.htm"><FONT STYLE="font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in this registration statement;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><I>provided</I>,
<I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item&nbsp;6 of this Registration Statement, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the Registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing this Registration Statement and has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized on this 26th day of February, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Patria Investments Limited &nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Alexandre T. de A. Saigh</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Alexandre T. de A. Saigh</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001" TITLE="POA"></A><BR STYLE="clear: both">
POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#9;KNOW ALL PEOPLE BY THESE
PRESENTS, that each person whose signature appears below, constitutes and appoints Alexandre T. de A. Saigh and Ana Cristina Russo, and
each of them, our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all
acts and things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem
necessary or advisable in order to enable Patria Investments Limited to comply with the Securities Act of 1933, as amended, and any requirements
of the Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission
of one or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without
limitation, power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any such
registration statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, to sign any and all applications, registration statements, notices or other documents
necessary or advisable to comply with applicable state securities laws, and to file the same, together with other documents in connection
therewith with the appropriate state securities authorities, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and to perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
and to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, and any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Alexandre T. de A. Saigh</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Senior Managing Partner, Director &amp; Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February 26, 2024&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Alexandre T. de A. Saigh</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Ana Cristina Russo</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Ana Cristina Russo</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;(Principal Financial and Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Olimpio Matarazzo Neto</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Olimpio Matarazzo Neto</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Sabrina Bridgett Foster</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Sabrina Bridgett Foster</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Pablo Echeverr&iacute;a Ben&iacute;tez</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Pablo Echeverr&iacute;a Ben&iacute;tez</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jennifer Anne Collins</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Jennifer Anne Collins</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Paul Louren&ccedil;o Estermann</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Peter Paul Louren&ccedil;o Estermann</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Glen George Wigney</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">February 26, 2024&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Glen George Wigney</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Ana Cristina Russo</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">U.S. Duly Authorized Representative</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February 26, 2024&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Ana Cristina Russo&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-align: center">SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE
OF THE REGISTRANT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-weight: normal">Pursuant
to the Securities Act, the undersigned, the duly authorized representative in the United States of the Registrant has signed this Registration
Statement or amendment thereto on the 26th day of February, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Ana Cristina Russo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authorized U.S. Representative&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>&nbsp;/s/ Ana Cristina Russo </U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Ana Cristina Russo</FONT></TD></TR>
  </TABLE>


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[{"type": "S-8", "sequence": "1", "filename": "dp206765_s8-bsp.htm", "description": "FORM S-8", "secsgml_size_bytes": 57933}]
{"company-data": {"conformed-name": "Patria Investments Ltd", "cik": "0001825570", "assigned-sic": "6282", "organization-name": "02 Finance", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-277376", "film-number": "24680587"}, "business-address": {"street1": "18 FORUM LANE - CAMANA BAY, 3RD FLOOR", "street2": "PO BOX 1111", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1 1102", "phone": "1 345 640 4900"}, "mail-address": {"street1": "18 FORUM LANE - CAMANA BAY, 3RD FLOOR", "street2": "PO BOX 1111", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1 1102"}}
As filed with the Securities and Exchange Commission
on February 26, 2024
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Patria Investments Limited
(Exact Name of Registrant as specified in its
charter)
The Cayman Islands
N/A
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
18 Forum Lane,
3rd floor,
Camana Bay, PO
Box 757, KY1-9006
Grand Cayman,
Cayman Islands
+1 345 640 4900
(Address, including zip code, and telephone number, including area code, of Principal Executive Offices)
Patria Investments Limited Bonus Share Plan
(Full title of the plans)
Patria Investments
US LLC
601 Lexington Avenue,
55th floor
New York, NY 10022
+1 (646) 313 6222
(Name, address and telephone number, including
area code, of agent for service)
Copies to
:
Manuel Garciadiaz
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
(212) 450-4000
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
(Do not check if a
    smaller reporting company)
Smaller reporting company
☐
Emerging Growth Company
☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Item 1. Plan Information
Omitted
pursuant to the instructions and provisions of Form S-8.
Item 2. Registrant Information and
Employee Plan Annual Information
Omitted
pursuant to the instructions and provisions of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are
incorporated herein by reference:
(a)
Annual
Report of the Registrant for the year ended December 31, 2022 (Registration No. 001-39911), filed with the Commission on April 28, 2023
;
(b)   All
reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since
December 31, 2022; and
(c)   The
description of the Registrant's share capital, contained in the Registrant's Registration Statement on Form 8-A (Registration
No. 001-39911), dated January 19, 2021, including any amendments or supplements thereto.
In addition, all documents
subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
the post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining
unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted during such period (or portion thereof) that is identified
in such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in the
Registration Statement and to be part thereof from the date of filing of such documents. The Registrant is not incorporating by reference
any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed "filed" with
the Commission.
Any statement contained in
a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Article 38.1 of the Registrant's Amended
and Restated Articles of Association provides:
"
Every
Indemnified Person
1
for the time being and from
time to time of the Company and the personal representatives of the same shall be indemnified and secured harmless out of the assets and
funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements
and other amounts (including reasonable attorneys' fees and expenses and amounts paid in settlement and costs of investigation (collectively
"Losses") incurred or sustained by him otherwise than by reason of his own dishonesty, willful default or fraud in or about
the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge
of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any Losses incurred
by him in defending or investigating (whether successfully or otherwise) any civil, criminal, investigative and administrative proceedings
concerning or in any way related to the Company or its affairs in any court whether in the Islands or elsewhere. Such Losses incurred
in defending or investigating any such proceeding shall be paid by the Company as they are incurred upon receipt, in each case, of an
undertaking by or on behalf of the Indemnified Person to repay such amounts if it is ultimately determined by a non-appealable order
of a court of competent jurisdiction that such Indemnified Person is not entitled to indemnification hereunder with respect thereto."
Article 38.2 of the Registrant's
Amended and Restated Articles of Association provides:
"
No
such Indemnified Person of the Company and the personal representatives of the same shall be liable (i) for the acts, receipts, neglects,
defaults or omissions of any other Director or officer or agent of the Company or (ii) by reason of his having joined in any receipt
for money not received by him personally or in any other act to which he was not a direct party for conformity or (iii) for any loss
on account of defect of title to any property of the Company or (iv) on account of the insufficiency of any security in or upon which
any money of the Company shall be invested or (v) for any loss incurred through any bank, broker or other agent or any other party
with whom any of the Company's property may be deposited or (vi) for any loss, damage or misfortune whatsoever which may happen
in or arise from the execution or discharge of the duties, powers, authorities or discretions of his office or in relation thereto or
(vii) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such
Person's part, unless he has acted dishonestly, with willful default or through fraud.
"
Article 38.3 of the Registrant's
Amended and Restated Articles of Association provides:
"
The
Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification, advancement of expenses and/or
insurance from or against (other than directors' and officers' or similar insurance obtained or maintained by or on behalf
of the Company or any of its subsidiaries, including any such insurance obtained or maintained pursuant to Article 38.4 hereof) Other
Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first resort (i.e., its obligations to an Indemnified Person
are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full amount of expenses incurred by an Indemnified
Person and shall be liable for the full amount of all Losses to the extent legally permitted and as required by the terms of these
Articles
(or
any other agreement between the Company and an Indemnified Person) without regard to any rights an Indemnified Person may have against
any Other Indemnitors; and (iii) it irrevocably waives, relinquishes and releases any Other Indemnitors from any and all claims against
the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect to any claim for which such Indemnified
Person has sought indemnification from the Company shall affect the foregoing, and without prejudice to Article 39 below, Other Indemnitors
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity providing Directors' or officers'
or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries, including any Person providing
such insurance obtained or maintained pursuant to Article 38.4 hereof, shall be an Other Indemnitor.
"
1
"Indemnified Person" means
every
Director, alternate Director, Secretary or other officer for the time being or from time to time of the Company.
Article 38.4 of the Registrant's
Amended and Restated Articles of Association provides:
"
The
Directors may exercise all the powers of the Company to purchase and maintain insurance for the benefit of a Person who is or was (whether
or not the Company would have the power to indemnify such Person against such liability under the provisions of this Article 38 or under
applicable law): (a) a Director, alternate Director, Secretary or auditor of the Company or of a company which is or was a subsidiary
of the Company or in which the Company has or had an interest (whether direct or indirect); or (b) the trustee of a retirement benefits
scheme or other trust in which a person referred to in Article 38.1 is or has been interested, indemnifying him against any liability
which may lawfully be insured against by the Company.
"
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
Number
4.1
Amended and Restated Memorandum and Articles of Association of Patria Investments Limited (incorporated by reference to Exhibit 3.1 of the Registrant's
Registration Statement on Form F-1, Amendment No. 3, filed with the Commission of January 19, 2021 (Registration No.
333-251823)).
5.1*
Opinion of Walkers (Cayman) LLP, Cayman Islands Counsel of Patria, as to the validity of the securities being registered.
23.1*
Consent of Deloitte Touche Tohmatsu Auditores Independentes Ltda.
23.2*
Consent of Walkers (Cayman) LLP, Cayman Islands Counsel of Patria (included in Exhibit 5.1)
24*
Power of Attorney (included on signature page).
99*
Patria Investments Limited Bonus Share Plan.
107*
Filing Fee Table
*Filed herewith.
Item 9. Undertakings.
(a)   The
undersigned Registrant hereby undertakes:
(1)   To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)   To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)   To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the
form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in this registration statement;
and
(iii)   To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2)   That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial
bona fide
offering thereof.
(3)   To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b)   The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)    Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, as amended (the "Securities Act"), the Registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing this Registration Statement and has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized on this 26th day of February, 2024.
Patria Investments Limited
By:
/s/ Alexandre T. de A. Saigh
Name:
Alexandre T. de A. Saigh
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PEOPLE BY THESE
PRESENTS, that each person whose signature appears below, constitutes and appoints Alexandre T. de A. Saigh and Ana Cristina Russo, and
each of them, our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all
acts and things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem
necessary or advisable in order to enable Patria Investments Limited to comply with the Securities Act of 1933, as amended, and any requirements
of the Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission
of one or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without
limitation, power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any such
registration statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, to sign any and all applications, registration statements, notices or other documents
necessary or advisable to comply with applicable state securities laws, and to file the same, together with other documents in connection
therewith with the appropriate state securities authorities, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and to perform each and every act and thing requisite or necessary to be done in and about the premises, as fully
and to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, and any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated.
Signature
Title
Date
/s/ Alexandre T. de A. Saigh
Senior Managing Partner, Director & Chief Executive Officer
February 26, 2024
Alexandre T. de A. Saigh
(Principal Executive Officer)
/s/ Ana Cristina Russo
Chief Financial Officer
February 26, 2024
Ana Cristina Russo
(Principal Financial and Accounting Officer)
/s/ Olimpio Matarazzo Neto
Director
February 26, 2024
Olimpio Matarazzo Neto
/s/ Sabrina Bridgett Foster
Director
February 26, 2024
Sabrina Bridgett Foster
/s/ Pablo Echeverría Benítez
Director
February 26, 2024
Pablo Echeverría Benítez
/s/ Jennifer Anne Collins
Director
February 26, 2024
Jennifer Anne Collins
/s/ Peter Paul Lourenço Estermann
Director
February 26, 2024
Peter Paul Lourenço Estermann
Glen George Wigney
Director
February 26, 2024
Glen George Wigney
/s/ Ana Cristina Russo
U.S. Duly Authorized Representative
February 26, 2024
Ana Cristina Russo
SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE
OF THE REGISTRANT
Pursuant
to the Securities Act, the undersigned, the duly authorized representative in the United States of the Registrant has signed this Registration
Statement or amendment thereto on the 26th day of February, 2024.
Ana Cristina Russo
Authorized U.S. Representative
By:
/s/ Ana Cristina Russo
Name:
Ana Cristina Russo