Patria Investimentos announced on Monday (23) that it has completely sold its stake in the Smart Fit gym network, part of a private equity fund transaction totaling R$ 890 million. Smart Fit is the largest gym network in Latin America, operating in over 16 countries with more than 2,000 active units and 5.2 million customers. The fund first invested in Smart Fit in 2010 and had been reducing its stake since last year, dropping from 13.5% to 6.9% earlier this year. The decision for the divestment was described by Luis Felipe Cruz, a partner at Patria Investimentos, as more aligned with the fund's allocation strategy rather than reacting to market trends or issues within the company. He emphasized that the medium and long-term outlook for Smart Fit remains very positive, indicating confidence in the company's future performance despite the divestiture. This move could signal a strategic shift in how Patria invests, highlighting their evolving investment priorities amid changes in the private equity landscape. Overall, the divestment from Smart Fit reflects a tactical decision by Patria Investimentos in its pursuit of better allocation strategies, showcasing how investment firms must adapt to market dynamics while still identifying promising opportunities for growth in their portfolios. Patria's long-term positive outlook for Smart Fit further suggests that the company is likely to remain a significant player in the exuberant fitness market of Latin America.