Core Insights - P10, Inc. announced the closing of its latest primary fund-of-funds, RCP Fund XIX, LP, with approximately $314 million in capital commitments [2][3] - The fund targets investments in North American small buyout fund managers focusing on less than $1 billion in committed capital, aiming for control-oriented investments in small to mid-sized companies with enterprise values between $10 million and $250 million [3][4] Company Overview - P10 is a leading multi-asset class private markets solutions provider, with a global investor base of over 3,800 investors across 50 states and 60 countries as of March 31, 2025 [5] - RCP Advisors, a subsidiary of P10, focuses on providing access to North American small buyout fund managers and has approximately $17 billion in committed capital as of May 27, 2025 [7]

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]

Financial Data and Key Metrics Changes - The company raised and deployed over $1,400,000,000 in gross new fee-paying AUM, marking a record fundraising quarter [6] - Revenue for the first quarter was $67,700,000, a 2% increase year-over-year [20] - Fee-paying assets under management increased to $26,300,000,000, reflecting a 10% year-over-year growth [20] - GAAP net income decreased to $4,700,000 from $5,200,000 in the prior year quarter [23] - Adjusted net income (ANI) was $23,500,000, representing an 8% decrease year-over-year [23] - FRE margin was 45% in the first quarter [24] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1,200,000,000 [21] - Venture capital solutions raised and deployed $82,000,000 [21] - Private credit strategies added $162,000,000 to fee-paying assets under management [21] - Total catch-up fees in the quarter were $2,800,000, with direct and secondary catch-up fees totaling $2,200,000 [22] Market Data and Key Metrics Changes - The company closed RCP Direct V with nearly $1,000,000,000 in commitments, a record for RCP [6] - The acquisition of Qualitas Funds added 1,300 LPs to the platform, significantly expanding the global LP base [8] - The company expects to have more than 15 funds in the market throughout the year [7] Company Strategy and Development Direction - The strategic plan focuses on optimizing organizational structure, driving organic growth, and enhancing transparency [10] - The company aims to deepen and expand its LP base through new investment vehicles and distribution channels [12] - The acquisition of Qualitas Funds aligns with the company's strategy to expand geographic footprint and asset class exposure [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the macroeconomic environment but believes the company is well-positioned to navigate it [14] - The company expects at least $4,000,000,000 of organic gross fundraising in 2025 and double-digit revenue growth [9] - Management remains optimistic about the M&A market, noting an increase in potential opportunities [46] Other Important Information - The company raised its quarterly dividend to $3.75 per share, marking a 7% increase [24] - Cash and cash equivalents at the end of the first quarter were approximately $74,000,000 [25] - The company introduced a new KPI, assets under management (AUM), which amounted to over $38,000,000,000 across the platform as of March 31, 2025 [27] Q&A Session Summary Question: Clarification on catch-up fees related to RCP Direct fund - The April 10 date was the announcement date, not the close date [30][31] Question: Early results of cross-marketing with 5,000 LPs - The focus is on client cultivation and optimizing data analytics to capitalize on synergies [32][34] Question: Guidance on step downs and expirations - The company is not changing its guidance on step downs and expirations at this time [39] Question: Impact of Qualitas on tax benefits and M&A opportunities - The acquisition will not change tax amortization, and there is an increase in potential M&A opportunities [45][46] Question: Contribution from SMAs in fundraising numbers - There was a strong contribution from the SMA pipeline this quarter, with a focus on larger allocators [67][70] Question: Core FRE margins and expense uplift in Q2 - The company expects core organic FRE margins to remain in the mid-40s, including Qualitas [74]

Financial Data and Key Metrics Changes - The company raised and deployed over $1,400,000,000 in gross new fee-paying AUM, marking a record fundraising quarter [6] - Revenue for the first quarter was $67,700,000, a 2% increase year-over-year [20] - Fee-paying assets under management increased to $26,300,000,000, reflecting a 10% year-over-year growth [20] - GAAP net income decreased to $4,700,000 from $5,200,000 in the prior year quarter [23] - Adjusted net income (ANI) was $23,500,000, representing an 8% decrease year-over-year [23] - FRE margin was 45% in the first quarter, holding flat year-over-year [24] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1,200,000,000 [21] - Venture capital solutions raised and deployed $82,000,000 [21] - Private credit strategies added $162,000,000 to fee-paying assets under management [21] - Total catch-up fees in the quarter were $2,800,000, with direct and secondary catch-up fees totaling $2,200,000 [22] Market Data and Key Metrics Changes - The company closed RCP Direct five with nearly $1,000,000,000 in commitments, a record for RCP [6] - The acquisition of Qualitas Funds added 1,300 LPs to the platform, significantly expanding the global LP base [8] - The company expects to have more than 15 funds in the market throughout the year [7] Company Strategy and Development Direction - The strategic plan focuses on optimizing organizational structure, driving organic growth, and enhancing transparency [10] - The company aims to deepen and expand its LP base through new investment vehicles and distribution channels [12] - The acquisition of Qualitas Funds is seen as a strategic fit to expand geographic footprint and asset class exposure [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current operating environment despite potential market volatility [10] - The company anticipates at least $4,000,000,000 of organic gross fundraising in 2025 and double-digit revenue growth [9] - Management highlighted the resilience of strategies in the middle and lower middle market, which are less affected by market fluctuations [15] Other Important Information - The company announced a 7% increase in quarterly dividend to $3.75 per share [24] - Approximately $15,000,000 of stock was repurchased in the first quarter, with $28,500,000 remaining in the share repurchase program [18][25] - The company expects a low single-digit cash tax rate in 2025 due to tax assets [28] Q&A Session Summary Question: Clarification on catch-up fees related to RCP Direct fund - The April 10 date mentioned was the announcement date, not the close date [30][31] Question: Early results of cross-marketing with 5,000 LPs - The focus is on optimizing data and capitalizing on synergies with the Qualitas Funds team [32][34] Question: Guidance on step downs and expirations - The company is not changing its guidance on step downs and expirations at this time [39] Question: Impact of Qualitas on tax and M&A - The acquisition structure will not change tax amortization, and there is an increase in potential M&A opportunities [46][49] Question: Sentiment from endowments and foundations - There has been little to no impact from recent volatility, and the company is positioned to provide liquidity solutions [57] Question: Contribution from SMAs in fundraising - There was a strong contribution from the SMA pipeline, and the company is focused on providing customized solutions [70][72]

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 ...

Financial Performance Highlights - P10's Fee-Paying Assets Under Management (FPAUM) reached $263 billion, a 10% increase compared to Q1 2024's $238 billion[11, 17] - Revenue increased by 2% year-over-year, reaching $677 million compared to $661 million in Q1 2024[11] - Fee-Related Revenue (FRR) grew by 4% year-over-year, amounting to $676 million versus $650 million in the same period last year[11] - Adjusted Net Income (ANI) decreased by 8% year-over-year, totaling $235 million compared to $254 million in Q1 2024[11] - Fully Diluted ANI per share decreased by 5% year-over-year, standing at $020 compared to $021 in the previous year[11] FPAUM Growth and Composition - Private Equity Solutions accounted for $150 billion of FPAUM[14] - Venture Capital Solutions held $65 billion in FPAUM[14] - Private Credit Solutions managed $48 billion in FPAUM[14] - The company experienced a record fundraise and deployment of over $14 billion in FPAUM for the first three months of 2025, which is 36% of the annual organic gross fundraising guidance of $4B[16] Capital Allocation and Recent Developments - A quarterly cash dividend of $00375 per share was declared for Class A and Class B stock, representing a 7% increase[19] - 1215106 shares were repurchased in the quarter at a weighted average per share price of $1231, representing nearly $15 million[19] - The company completed the acquisition of Qualitas Funds in April, which had $10 billion in FPAUM and $13 billion in AUM as of March 31, 2025[15, 19]