P10, Inc. operates as a multi-asset class private market solutions provider in the alternative asset management industry.
The company structures, manages, and monitors portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments (collectively, ‘specialized investment vehicles’) across highly attractive asset classes and geographies in the middle and lower...
P10, Inc. operates as a multi-asset class private market solutions provider in the alternative asset management industry.
The company structures, manages, and monitors portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments (collectively, ‘specialized investment vehicles’) across highly attractive asset classes and geographies in the middle and lower middle markets that generate superior risk-adjusted returns. The company's existing portfolio of private solutions includes Private Equity, Venture Capital, and Private Credit. The company’s deep industry relationships differentiated investment access and structure, proprietary data analytics, and its portfolio monitoring and reporting capabilities provide its investors the ability to navigate the increasingly complex and difficult-to-access private market investments.
The company markets its solutions under well-established brands within the specialized markets in which the company operates. These include RCP Advisors, Bonaccord Capital, and P10 Advisors, its Private Equity solutions; TrueBridge, the company’s Venture Capital solution; and Enhanced, Five Points, Hark Capital, and WTI, the company’s Private Credit solutions (of which Five Points also offers certain private equity solutions).
The company's global investor base includes some of the world’s largest institutional investors, including pension funds, endowments, foundations, corporate pensions, and financial institutions. In addition, the company has a strong footprint within some of the most prominent family offices and high net worth individuals. The company has a significant presence within the middle and lower middle-market private markets industry in North America, where the majority of its capital is being deployed, as it leverages its differentiated solutions to serve its global investors.
Solutions
The company operates and invests across private markets through a number of specialized investment solutions. The company offers the following solutions to the company’s investors:
Private Equity Solutions ‘PES’
Under PES, the company makes direct and indirect investments in middle and lower-middle market private equity primarily across North America and Europe. PES also makes minority equity investments in a diversified portfolio of mid-sized managers across private equity, private credit, real estate, and real assets. The PES investment team, which comprises 42 investment professionals with an average of 26+ years of experience, has deep and long-standing investor and fund manager relationships in the middle and lower-middle market, which it has cultivated over the past 20 years, including over 2,280+ investors, 285+ fund managers, 560+ private market funds, and 5,100+ portfolio companies. The company has 57 active investment vehicles. The company is further differentiated by the scale, depth, diversity, and accuracy of its constantly expanding proprietary private markets database, which contains comprehensive information on more than 6,000 investment firms, 11,100 funds, 49,000 individual transactions, 32,600 private companies, and 458,000 financial metrics.
Venture Capital Solutions ‘VCS’
Under VCS, the company makes investments in venture capital funds across North America and specializes in targeting high-performing, access-constrained opportunities. The VCS investment team, which comprises 16 investment professionals with an average of 24+ years of experience, has deep and long-standing investor and fund manager relationships in the venture market, which it has cultivated over the past 14+ years, including over 1,980+ investors, 110+ fund managers, 100+ direct investments, 415+ private market funds, and 14,700+ portfolio companies. The company has 20 active investment vehicles. VCS is differentiated by its innovative strategic partnerships and its vantage point within the venture capital and technology ecosystems, maximizing advantages for its investors. In addition, since 2011, the company has partnered with Forbes to publish the Midas List, a ranking of the top value-creating venture capitalists.
Private Credit Solutions ‘PCS’
Under PCS, the company primarily makes debt investments across North America, targeting lower middle market companies owned by leading financial sponsors and also offer certain private equity solutions. PCS also provides loans to mid-life, growth equity, venture and other funds backed by the unrealized investments at the fund level and provide financing for companies that would otherwise require equity. The PCS investment team, which is consisted of 54 investment professionals with an average of 25+ years of experience, has deep and long-standing relationships in the private credit market which it has cultivated over the past 22 years, including 440+ investors across 49 active investment vehicles and 1,800+ portfolio companies with $9.8+ billion capital deployed. The company’s PCS is differentiated by its relationship-driven sourcing approach providing capital solutions for growth-oriented companies. The company is further synergistically strengthened by its PES network of fund managers, characterized by more than 630 credit opportunities annually. The company maintains 125+ active sponsor relationships and has 80+ platform investments.
Vehicles
The company has a flexible business model whereby its investors engage it across multiple specialized private market solutions through different specialized investment vehicles.
Primary Investment Funds
Primary investment funds refer to investment vehicles that target investments in new private markets funds, which in turn invest directly in portfolio companies. P10’s primary investment funds include both commingled investment vehicles with multiple investors, as well as its customized separate accounts, which typically include one investor. Primary investments are made during a fundraising period in the form of capital commitments, which are called upon by the fund manager and utilized to finance its investments in portfolio companies during a predefined investment period. The company receives a fee stream that is typically based on its investors’ committed, locked-in capital. Capital commitments typically average ten to fifteen years, though they may vary by fund and strategy. The company offers primary investment funds across its private equity and venture capital solutions.
Direct and Co-Investment Funds
Direct and co-investments involve acquiring an equity interest in or making a loan to an operating company, project, property, alternative asset manager, or asset, typically by co-investing alongside an investment by a fund manager or by investing directly in the underlying asset. P10’s direct and co-investment funds include both commingled investment vehicles with multiple investors, as well as its customized separate accounts, which typically include one investor. Capital committed to direct investments and co-investments is typically invested immediately, thereby advancing the timing of expected returns on investment. The company typically receives fees from investors based upon committed capital, with some funds receiving fees based on invested capital; capital commitments which typically average ten to fifteen years, though they may vary by fund. The company offers direct and co-investment funds across its private equity, venture capital, and private credit solutions.
Secondaries
Secondaries refer to investments in existing private markets funds through the acquisition of an existing interest in a private markets fund by one investor from another in a negotiated transaction. In so doing, the buyer agrees to take on future funding obligations in exchange for future returns and distributions. Because secondary investments are generally made when a primary investment fund is three to seven years into its investment period and has deployed a significant portion of its capital into portfolio companies, these investments are viewed as more mature. The company typically receives fees from investors on committed capital for a decade, which is the typical life of the fund. The company offers secondaries funds across its private equity solutions.
Investors
The company’s comprehensive value proposition across its private market solutions, vehicles offering, data analytics, portfolio monitoring and reporting has enabled the company to build strong relationships with its existing investors and to attract new high-quality investors.
The company leverages its differentiated approach to serve a broad set of investors across multiple geographies. As of December 31, 2024, the company had a global investor base of over 3,800 investors, across 50 states, 60 countries, and 6 continents – including some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. In addition, the company has a strong footprint within some of the most prominent family offices and high net worth individuals.
Distribution and Marketing
The company continuously seeks to strengthen and expand its relationships with its investors. It has a dedicated team of business development and investor relations professionals who maintain an active and transparent dialogue with an expansive list of existing and prospective investors and while the company has a significant presence in North America, it has cultivated relationships with a number of international investors.
The company's business development and investor relations professionals frequently dialogue with existing and prospective investors, enabling it to monitor investor preferences and tailor future product offerings to meet investor demand. Prospective investors that desire to learn more about the company often visit its offices to conduct in-depth due diligence. The company's business development and investor relations professionals lead this process, coordinate meetings, and continue to be the prospective investor’s principal point of contact throughout their decision-making process. The company’s business development and investor relations professionals are also responsible for being the principal points of contact for the company’s existing investors, and for the company’s customized separate accounts, the company works with each investor to design and implement a specific strategic plan in accordance with the investment guidelines agreed to by the company and the investor.
Regulatory and Compliance Matters
Certain subsidiaries of P10 are registered as an investment adviser with the SEC. As a registered investment adviser, each is subject to the requirements of the Investment Advisers Act, and the rules promulgated thereunder, as well as to examination by the SEC’s staff. The Investment Advisers Act imposes substantive regulation on virtually all aspects of the company’s business and its relationships with the company’s investors and funds.
Some of the company’s funds are treated as holding ‘plan assets’ as defined under the Employee Retirement Income Security Act of 1974, as amended (‘ERISA’), as a result of investments in those funds by benefit plan investors.
The company provides investment advisory and other services and raise funds in a number of countries and jurisdictions outside the United States. In many of these countries and jurisdictions, which include the European Union (‘EU’), the European Economic Area (‘EEA’), the individual member states of each of the EU and EEA, Central and South America, Australia and other countries in the South Pacific, the company and its operations, and in some cases the company’s personnel, are subject to regulatory oversight and requirements. In general, these requirements relate to registration, licenses for the company’s personnel, periodic inspections, the provision and filing of periodic reports, and obtaining certifications and other approvals. Across the EU, the company is subject to the Alternative Investment Fund Managers Directive (‘AIFMD’) requirements regarding, among other things, registration for marketing activities, the structure of remuneration for certain of the company’s personnel and reporting obligations.
Several of the company’s Advisers provide investment advisory and other services to funds, which operate as Small Business Investment Companies (‘SBICs’) and are licensed by the Small Business Administration (‘SBA’).
Certain of the company's businesses are subject to laws and regulations enacted by U.S. federal and state governments, the E.U., or other non-U.S. jurisdictions, and/or enacted by various regulatory organizations or exchanges relating to the privacy and data security of the information of clients, employees, or others, or to its cybersecurity measures in general including the U.S. Gramm-Leach-Bliley Act of 1999, the European Union’s General Data Protection Regulation (EU GDPR), the U.K. GDPR, China’s Personal Information Protection Law (PIPL), Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), and territorial Canadian privacy laws, as well as the Privacy Acts of Australia and New Zealand.
History
P10, Inc. was founded in 1992. The company was incorporated in 2021.