Next make a Matrix object. Use its RotateAt method to make it represent rotation around the point (150, 150).

Call the GraphicsPath object's Transform method to apply the Matrix to the path.

Use the form's CreateGraphics method to make a Graphics object. Finally, use that object's methods to clear the form and draw the transformed GraphicsPath.

Private Sub btnDrawText_Click(ByVal sender As _
    System.Object, ByVal e As System.EventArgs) Handles _
    btnDrawText.Click
    Static angle As Long    ' Angle in degrees.

    ' Make a GraphicsPath that draws the text
    ' at (150, 150).
    Dim graphics_path As New _
        GraphicsPath(Drawing.Drawing2D.FillMode.Winding)
    graphics_path.AddString("Hello", _
        New FontFamily("Times New Roman"), _
        FontStyle.Bold, 40, _
        New Point(150, 150), _
        StringFormat.GenericDefault)

    ' Make a rotation matrix representing 
    ' rotation around the point (150, 150).
    Dim rotation_matrix As New Matrix()
    angle += 20
    rotation_matrix.RotateAt(angle, New PointF(150, 150))

    ' Transform the GraphicsPath.
    graphics_path.Transform(rotation_matrix)

    ' Draw the text.
    With Me.CreateGraphics
        .Clear(Me.BackColor)
        .FillPath(Brushes.Black, graphics_path)
    End With
End Sub