| SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. | 3,965,683 | $159,301,000 | 64.90% |
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| Truxt Investmentos Ltda. | 7,955,508 | $319,572,756 | 44.45% |
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| Constellation Investimentos e Participacoes Ltda | 3,749,528 | $150,619,000 | 41.46% |
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| Kiron Capital Gestao de Recursos Ltda. | 820,547 | $32,962,000 | 36.88% |
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| BC Gestao de Recursos Ltda. | 635,408 | $25,524,000 | 25.06% |
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| Sharp Capital Gestora de Recursos Ltda. | 1,558,690 | $62,613,000 | 23.94% |
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| Absoluto Partners Gestao de Recursos Ltda | 2,059,005 | $82,710,000 | 16.16% |
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| VELT Partners Investimentos Ltda. | 695,605 | $27,942,000 | 15.14% |
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| ATMOS CAPITAL GESTAO DE RECURSOS LTDA. | 2,754,001 | $110,628,000 | 13.76% |
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| Dynamo Administracao de Recursos Ltda. | 1,000,628 | $40,195,000 | 13.14% |
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| GENERAL ATLANTIC, L.P. | 46,202,650 | $1,855,960,000 | 10.87% |
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| JGP Global Gestao de Recursos Ltda. | 755,185 | $25,819,000 | 9.37% |
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| Cartica Management, LLC | 977,717 | $39,275,000 | 7.48% |
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| GAVEA INVESTIMENTOS LTDA | 231,768 | $9,310,000 | 6.34% |
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| Verde Servicos Internacionais S.A. | 1,083,574 | $43,527,000 | 4.79% |
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| ThornTree Capital Partners LP | 615,563 | $24,727,000 | 3.49% |
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| DYNAMO INTERNACIONAL GESTAO DE RECURSOS LTDA. | 865,117 | $34,752,000 | 3.47% |
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| Old Well Partners, LLC | 138,559 | $5,566,000 | 2.87% |
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| Two Creeks Capital Management, LP | 1,341,371 | $53,883,000 | 2.85% |
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| Coronation Fund Managers Ltd. | 1,534,069 | $61,624,000 | 2.32% |
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