Patria Investments announced an agreement for the formation of a joint venture with Bancolombia, the leading full-service financial conglomerate incorporated in Colombia, with more than 148 years of experience serving clients in Colombia and Central America. The partnership will leverage Patria’s extensive private markets expertise in Latin America with Bancolombia’s well-established distribution capabilities to further expand access to alternative investment products in Colombia. At its inception, the JV will manage a permanent capital real estate investment vehicle with approximately US$1 billion of assets under management, which is the second largest fund in Colombia and focused broadly across market sectors.

The Colombian long-term savings market totals approximately US$145 billion, which has supported the growth and evolution of a US$10+ billion alternative asset management industry providing investment solutions for mandatory & voluntary pensions, life insurance companies, and private investors. Patria’s 35-year expertise in identifying, designing, and managing long-term investment solutions for institutional and private investors, together with Bancolombia’s leading position in the financial industry and developed distribution network, will allow this joint venture to provide innovative solutions to foster the local alternative asset management industry and drive long-term growth for clients.