Company Overview - RCP Advisors is a private equity investment firm focused on North American small buyout fund managers, providing access through primary funds, secondary funds, and co-investment funds, along with customized solutions and research services [1][4] - The firm has approximately $17.0 billion in committed capital and employs 55 full-time professionals as of May 27, 2025 [4] Fund Details - RCP Fund XIX, LP has closed with approximately $314 million in capital commitments, supported by a diverse base of investors including family offices, public pension plans, endowments, foundations, and high-net-worth individuals [1][2] - The investment strategy of Fund XIX will mirror that of RCP's previous primary funds, targeting buyout fund managers with less than $1 billion in committed capital [3] - Fund XIX aims to invest in established small to mid-sized companies with an enterprise value ranging from $10 million to $250 million [3]

David A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as hedge funds and private credit. With over 30 years’ experience in investing, David holds a Master of Science (MS) Degree in Finance, with a concentration in Investment Analysis, from Boston University, a Certificate in Financial Planning, and ...

Fundraising and Assets Under Management - As of March 31, 2025, the Company has raised a total of $21.7 billion in assets under management (AUM) for Private Equity Solutions, with $15.0 billion classified as Fee-Paying Assets Under Management (FPAUM) [219] - Venture Capital Solutions has raised a total of $9.8 billion in AUM, with $6.5 billion as FPAUM as of March 31, 2025 [219] - Private Credit Solutions has raised a total of $6.8 billion in AUM, with $4.8 billion as FPAUM, including $4.3 billion in impact assets supporting over 1,000 projects across 40 states, Washington DC, and Puerto Rico [220] - The Company operates with approximately $14.6 billion in FPAUM from Primary Investment Funds, $10.1 billion from Direct and Co-Investment Funds, and $1.6 billion from Secondary Investment Funds as of March 31, 2025 [223] - FPAUM increased by $0.6 billion, or 3%, to $26.3 billion as of March 31, 2025, driven by increased capital raised and deployed [256] - The company expects to continue expanding fundraising efforts and grow FPAUM with the launch of new specialized investment vehicles and asset class solutions [256] Revenue and Income - Total revenues increased by $1.6 million, or 2%, to $67.7 million for the three months ended March 31, 2025, driven by higher management and advisory fees [243] - Management and advisory fees rose by $1.6 million, or 2%, to $66.7 million for the same period, supported by a 10% growth in average Fee-Paying Assets Under Management (FPAUM) [245] - Other revenue decreased by $0.1 million, or 6%, to $0.9 million, primarily due to a reduction in interest income from certain funds [246] - Total revenues for the three months ended March 31, 2025, were $67.67 million, up from $66.11 million in the same period of 2024, reflecting a growth of approximately 2.35% [263] - Adjusted net income for the three months ended March 31, 2025, was $23.46 million, compared to $25.40 million for the same period in 2024, indicating a decrease of 7.63% [263] - Net income decreased by $547,000, or 10%, to $4.7 million for the three months ended March 31, 2025, compared to the same period in 2024 [243] Operating Expenses - Total operating expenses increased by $2.4 million, or 4%, to $56.4 million, mainly due to higher professional fees and general administrative costs [248] - Professional fees surged by $2.7 million, or 73%, to $6.5 million, largely due to increased legal and professional services related to the Qualitas acquisition [249] - Interest expense increased by $0.6 million, or 11%, to $6.4 million, attributed to a larger outstanding balance on the term loan [252] - Income tax expense was $0.3 million for the three months ended March 31, 2025, a decrease of $1.5 million from $1.8 million in the prior year [253] Financial Position and Cash Flow - Cash and cash equivalents increased by $7.3 million, or 11%, to $75.41 million as of March 31, 2025, primarily due to drawing on the revolver [265] - Debt obligations rose by $37.37 million, or 12%, to $357.15 million as of March 31, 2025, driven by revolver activity related to the Qualitas acquisition [265] - Net cash used in operating activities was $(4.73) million for the three months ended March 31, 2025, a decrease of $15.69 million compared to $10.96 million provided in the same period of 2024 [273] - Cash from financing activities was $13.29 million for the three months ended March 31, 2025, compared to $(12.73) million used in financing activities in the same period of 2024, reflecting a significant change [276] Strategic Initiatives and Market Outlook - The Company anticipates continued growth driven by increasing demand for private market solutions and a shift in investor allocations towards alternative investments [227] - The Company has identified favorable dynamics in the lower and lower-middle market, which is expected to provide a larger pool of investment opportunities at attractive valuations [227] - The Company is focused on expanding its geographic reach and asset class solutions to enhance its integrated network effect across private markets [227] - The company expects continued growth in management and advisory fees due to ongoing fundraising and capital deployment efforts [244] - The company aims to leverage its data advantage and proprietary databases to differentiate its products and services in the competitive landscape [232] Compliance and Regulatory Environment - The complex regulatory environment poses potential challenges to the Company's operations and growth, necessitating careful navigation of compliance and administrative burdens [228] - As of March 31, 2025, the company was in compliance with all financial covenants required under its credit facilities [272] Risk Management - The company is exposed to various market risks, including price risk, interest-rate risk, and liquidity risk, which may impact its financial performance [299] - The company has established reserves for estimated credit losses on loans and receivables, recognizing credit losses before actual events of default [284] - The company’s management fees and advisory fee revenue are generally not significantly impacted by changes in investment values, but unfavorable changes could affect investor retention [300] Contingent Liabilities and Compensation - The company has accrued contingent liabilities related to a revenue share agreement with ECG and third parties, which will be amortized against revenue over the estimated term of the management contract [297] - The company recognizes management and advisory fees as deferred revenues until performance obligations are satisfied, with fees based on various contractual terms [286] - The company evaluates stock-based compensation expenses based on the fair market value on the grant date, with certain performance metrics affecting vesting [293] - The company has an earnout payment of up to $70.0 million related to the acquisition of WTI, contingent on achieving specific EBITDA milestones [294] Database and Investment Team - The investment team for Private Equity Solutions consists of 45 professionals with an average of over 26 years of experience, managing relationships with over 2,390 investors and 295 fund managers [219] - The Company has a proprietary database containing comprehensive information on over 6,000 investment firms, 11,200 funds, and 462,000 financial metrics, enhancing its investment decision-making capabilities [219]

Core Insights - P10, Inc. reported revenue of $67.67 million for the quarter ended March 2025, reflecting a year-over-year increase of 2.3% but a revenue surprise of -1.65% compared to the Zacks Consensus Estimate of $68.8 million [1] - The company's EPS for the quarter was $0.20, down from $0.21 in the same quarter last year, resulting in an EPS surprise of -4.76% against the consensus estimate of $0.21 [1] - P10's Fee Paying Assets Under Management (FPAUM) reached $26.30 billion, exceeding the average estimate of $26.11 billion from three analysts [4] Financial Performance Metrics - Management and advisory fees amounted to $66.74 million, slightly below the average estimate of $67.36 million, but showing a year-over-year increase of 2.5% [4] - Other revenue was reported at $0.93 million, significantly lower than the average estimate of $1.44 million, indicating a year-over-year decline of 6.1% [4] - Over the past month, P10's shares returned +7.6%, while the Zacks S&P 500 composite saw a +11.3% change [3]

P10 (PX) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Company Participants Mark Hood - EVP & Chief Administrative OfficerLuke Sarsfield - Chairman of Board, Director & CEOAmanda Coussens - EVP and CFOChris Kotowski - Managing DirectorSarita Narson Jairath - EVP, Global Head of Client SolutionsBenjamin Rubin - Director, Equity Research Conference Call Participants Alexander Bernstein - Equity Research AnalystStephanie Ma - Analyst Operator Hello and welcome to the PTEN First Quarter twenty twenty five Conf ...

P10 (PX) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Company Participants Mark Hood - EVP & Chief Administrative OfficerLuke Sarsfield - Chairman of Board, Director & CEOAmanda Coussens - EVP and CFOChris Kotowski - Managing DirectorSarita Narson Jairath - EVP, Global Head of Client SolutionsBenjamin Rubin - Director, Equity Research Conference Call Participants Alexander Bernstein - Equity Research AnalystStephanie Ma - Analyst Operator Hello and welcome to the PTEN First Quarter twenty twenty five Conf ...

Financial Data and Key Metrics Changes - The company raised and deployed over $1.4 billion in gross new fee-paying AUM, marking a record fundraising quarter [5] - Revenue for the first quarter was $67.7 million, a 2% increase year-over-year [18] - Fee-paying assets under management increased by 10% year-over-year to $26.3 billion [18] - GAAP net income decreased to $4.7 million from $5.2 million year-over-year [21] - Adjusted net income (ANI) was $23.5 million, representing an 8% decrease from the previous year [21] - The FRE margin was 45% in the first quarter [22] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1.2 billion, while venture capital solutions raised $82 million and private credit strategies added $162 million to fee-paying AUM [19] - The average fee rate in the first quarter was 102 basis points, with expectations to average 103 basis points for the year [19] Market Data and Key Metrics Changes - The company closed the acquisition of Qualitas Funds, adding $1 billion to fee-paying AUM and expanding its global LP base [7][12] - The company expects to have more than 15 funds in the market throughout the year, indicating strong demand for its investment strategies [6] Company Strategy and Development Direction - The strategic plan focuses on optimizing organizational structure, driving organic growth, and enhancing transparency [8] - The company aims to deepen its engagement with larger institutional investors, such as insurance companies and pension funds [11] - The acquisition of Qualitas Funds is seen as a strategic fit to expand geographic footprint and asset class exposure [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential market volatility due to a robust strategic roadmap [9] - The company anticipates at least $4 billion in organic gross fundraising for 2025 and double-digit revenue growth [7] - Management highlighted the resilience of the middle and lower middle market, which is less affected by public market fluctuations [14] Other Important Information - The company announced a 7% increase in its quarterly dividend to $3.75 per share [22] - The cash tax rate for 2025 is expected to be in the low single digits, benefiting from tax assets [26] Q&A Session Summary Question: Clarification on catch-up fees related to RCP Direct fund - Management clarified that the April 10 date was the announcement date, not the close date [30] Question: Insights on cross-marketing with 5,000 LPs - Management discussed efforts to optimize data and capitalize on synergies with the Qualitas Funds team [34] Question: Guidance on step downs and expirations - Management confirmed that guidance on step downs and expirations remains unchanged [38] Question: Impact of Qualitas on tax and M&A - Management noted that the acquisition structure will not change tax amortization and highlighted a robust M&A market [44][45] Question: Sentiment from endowments and foundations - Management reported little to no impact from recent volatility on their LP base and sees opportunities for liquidity solutions [56] Question: Fund contributions to the $4 billion target - Management expressed excitement about various funds, particularly in NAV lending and secondaries, contributing to the fundraising target [58]

P10, Inc. (PX) came out with quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.76%. A quarter ago, it was expected that this company would post earnings of $0.26 per share when it actually produced earnings of $0.30, delivering a surprise of 15.38%.Over the last four quarters, the company has surp ...

First Quarter 2025 Results Earnings Presentation Important Disclosures CAUTIONARY STATEMENT REGARDING FINANCIAL AND OPERATING PROJECTIONS All financial and operating projections, forecasts or estimates about or relating to the Company included in this document, including statements regarding pro-forma valuation and ownership, have been prepared based on various estimates, assumptions and hypothetical scenarios. Forecasts and projections of financial performance, valuation and operating results are, by natur ...

First Quarter 2025 Results Earnings Presentation ?10 Important Disclosures IMPORTANT NOTICES CAUTIONARY STATEMENT REGARDING FINANCIAL AND OPERATING PROJECTIONS All financial and operating projections, forecasts or estimates about or relating to the Company included in this document, including statements regarding pro-forma valuation and ownership, have been prepared based on various estimates, assumptions and hypothetical scenarios. Forecasts and projections of financial performance, valuation and operating ...