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RIO DE JANEIRO, BRAZIL - Brazilian asset manager Patria Investments Ltd, whose shareholders include Blackstone Group Inc, plans to use part of the proceeds of its US$588 million initial public offering to expand in new emerging markets, executives said on Friday, January 24th.

Patria raised US$326 million in the IPO and shareholders selling stakes will receive US$262 million. Blackstone, which acquired a 40% stake in Patria ten years ago, will reduce its stake to 14%.

Shares of Patria - which manages more than $14 billion in private equity, credit, real estate and infrastructure funds - closed 17% higher in their . . .

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