AQS Patrimonio Holdings Ltd.
A Global Financial & Merchant Banking Group bridging institutional capital between Europe, the United States, and Latin America
About AQS Patrimonio Holdings
AQS Patrimonio Holdings Ltd. consolidates Aquasphere and Patrimonio Merchant Trust under one integrated platform, creating a comprehensive financial ecosystem spanning merchant banking, investment advisory, fund management, and custody services.
Integrated Platform
Unified financial services across merchant banking, investment advisory, and fund management
Global Reach
Strategic presence in Miami, London, Luxembourg, Puerto Rico, and the Netherlands
Proven Expertise
25+ years of senior experience from leading global investment banks and asset managers
Corporate Structure
An integrated ecosystem of financial services companies
- 10+ Portfolio Companies
- Structured Finance & Advisory
- Private Equity & Real Estate
- $900M+ Assets Under Advisory
- Luxembourg Fund Platform
- Custody & Banking Services
Patrimonio Merchant Trust & Co.
Investor Information
A compelling investment opportunity in the future of Latin American capital markets
Investment Highlights
Key metrics and projections
Deployed over 18 months
10-20x EBITDA multiple
55% EBITDA margin
Total value locked
5-Year Financial Projections
Revenue and profitability trajectory
| Year | Revenue | EBITDA | Margin |
|---|---|---|---|
| Year 1 | $5M | ($7.5M) | -150% |
| Year 2 | $22M | $1M | 5% |
| Year 3 | $68M | $20M | 33% |
| Year 4 | $125M | $60M | 48% |
| Year 5 | $210M | $112M | 55% |
Revenue Streams
Key Milestones
Exit Strategy
Capital Deployment Strategy
How the $50M initial capitalization will be deployed over 18 months
Comprehensive Financial Services
Merchant Bank 2.0 combines traditional merchant banking expertise with cutting-edge technology to deliver unprecedented value.
Proprietary AI models assess risk based on real-time operational and ESG data, enabling dynamic credit scoring and continuous monitoring.
Programmable instruments with automated coupons, conversions, and compliance. Bringing liquidity to private markets through blockchain technology.
Cross-border capital marketplace connecting institutional investors with verified deals through smart-contract-based syndication platforms.
Blockchain-based sovereign bonds tied to specific projects with transparent tracking, eliminating corruption and ensuring accountability.
Tokenized tranches for renewable energy, logistics, and digital infrastructure projects with milestone-based disbursements.
Embedded financial services for regulated payments, KYC, custody, and settlements. Modular banking infrastructure for rapid deployment.
Flagship Product
Step-Down Coupons
Interest rates decrease as projects progress and metrics improve
Complete Transparency
Real-time tracking of every transaction on blockchain
Corruption Prevention
Smart contracts ensure funds only release upon verified milestones
Verified Impact
AI and oracle networks validate project completion
Strategic Market Presence
Operating across Latin America's most dynamic economies with tailored Solidus™ bond solutions for each market.
PATRIMONIO MERCHANT
TRUST & CO.
Indicative Term Sheet
AQS Patrimonio Holdings Convertible Note Facility
Date: October 2025
TRANSACTION OVERVIEW
KEY ECONOMIC TERMS
CONVERSION & LIQUIDITY SCENARIOS (ILLUSTRATIVE)
| Scenario | Valuation at Exit | Investor Outcome | Return Profile |
|---|---|---|---|
| Redemption (No Conversion) | N/A | 8% coupon + principal | ~8% yield |
| Conversion @ $300M | $300M | 15% stake → $45M value | ~0.9× MOIC |
| Conversion @ $500M | $500M | 15% stake → $75M value | ~1.5× MOIC |
| Conversion @ $800M | $800M | 15% stake → $120M value | ~2.4× MOIC |
GOVERNING TERMS
- Completion of legal and financial diligence
- Execution of definitive agreements
- Board and regulatory approvals as required
SUMMARY
This structure provides a secured yield via fixed 8% coupon with upside participation through equity conversion into the holding platform owning both Patrimonio Merchant Trust & Co. and AquaSphere Asset Management. Expected total return for the convertible note: 16–18% IRR with 1.8×–2.0× MOIC, with full security and cross-collateral linkage.
NON-BINDING PROVISION
This term sheet is for discussion purposes only and does not constitute a commitment to lend or invest. All terms are subject to final credit approval and documentation.
PATRIMONIO MERCHANT TRUST & CO. | Confidential & Proprietary
Aquasphere Investment Management & RIA
Boutique registered investment advisor managing $400 million AUM with institutional-grade portfolio management and lean operational structure
| Metric | Low Case | Base Case | High Case |
|---|---|---|---|
| Assets Under Management | $400,000,000 | $400,000,000 | $400,000,000 |
| Average Advisory Fee | 0.70% | 0.75% | 0.80% |
| Annual Gross Revenue | $2.8M | $3.0M | $3.2M |
| Operating Margin (EBITDA) | 55% | 60% | 65% |
| EBITDA (annual) | $1.54M | $1.80M | $2.08M |
| EBITDA Multiple (market) | 8× | 10× | 12× |
| Enterprise Value (EBITDA × multiple) | $12.3M | $18.0M | $25.0M |
| Revenue Multiple (check) | 2.5× | 3.0× | 3.5× |
| Implied EV (by revenue mult.) | $7.0M | $9.0M | $11.2M |
| Net Cash / Investments | +$0.5M | +$0.5M | +$0.5M |
| Equity Value (rounded) | $12–25M | ≈ $18M | base case |
| AUM ($M) | Fee (%) | Revenue ($M) | EBITDA @ 60% | EV @ 10× EBITDA |
|---|---|---|---|---|
| 300 | 0.75 | 2.25 | 1.35 | 13.5M |
| 400 | 0.75 | 3.00 | 1.80 | 18.0M |
| 500 | 0.75 | 3.75 | 2.25 | 22.5M |
| 600 | 0.75 | 4.50 | 2.70 | 27.0M |
| 400 | 1.00 | 4.00 | 2.40 | 24.0M |
RIAs with over $1B AUM command 12×–16× EBITDA multiples. Doubling AUM to $800M could push valuation to $30–35M, representing significant upside potential for strategic growth.
Integration with Puerto Rico banking and Luxembourg fund platform (cross-border custody + fund distribution) could justify a strategic premium of approximately 20%.
Every 0.10% (10 bps) fee change adds approximately $400K in revenue, translating to ~$4M valuation impact at 10× EBITDA multiple.
Typical EBITDA multiples for profitable boutique RIAs range from 7×–14×, with strategic acquirers sometimes paying 15×+ for firms exceeding $1B AUM.
Aquasphere Investment Management & RIA currently oversees approximately $400 million AUM across institutional and family-office mandates. With an average advisory fee of 0.75%, the firm generates roughly $3 million in annual gross revenue and maintains lean operations with a 60% EBITDA margin.
Applying conservative industry multiples, the implied enterprise value ranges from $12 million to $25 million, with a base-case valuation near $18 million USD.
Strategic consolidation with Aquasphere's Luxembourg fund platform and Puerto Rico custody bank could elevate the combined group valuation toward $25–30 million on a synergized basis.
Global Presence
Strategic locations connecting the Americas and Europe
Miami
United States
Investment Advisory & Merchant Banking
London
United Kingdom
Investment Banking & Corporate
Luxembourg
Luxembourg
Fund Management & AIFM
San Juan
Puerto Rico
Custody & Banking Services
Amsterdam
Netherlands
European Operations
Legal Disclaimer
PRIVATE AND CONFIDENTIAL
The information contained in this website ("Website") has been prepared by AQS Patrimonio Holdings Ltd. and its subsidiaries (the "Company") and contains numerous forward-looking statements, illustrative financial and operational assumptions, and estimates of the Directors, that involve substantial risks and uncertainties. Actual results and developments will inevitably differ materially from those expressed or implied by these statements and assumptions. The information has not been verified and may be subject to material updating, revision and further amendment.
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The forward-looking statements refer to the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements and assumptions speak only as of the date of this Website.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Website. To the fullest extent permitted by law, none of the Company, its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Website or its contents or otherwise arising in connection with this Website.
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Professional Advice Required
The information on this Website is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the matters discussed herein.
© 2025 AQS Patrimonio Holdings Ltd. All rights reserved. Offices in Miami, London, Luxembourg, Puerto Rico, and the Netherlands.