Financial Highlights - Fee-paying assets under management (FPAUM) reached $28.9 billion, a 21% increase year-over-year[7, 13] - Fee-Related Revenue was $72.7 million, representing a 6% year-over-year growth[7, 13] - Fee-Related Earnings totaled $35.4 million, a 5% increase compared to the previous year, with a 48.7% FRE margin[7, 13] - Adjusted Net Income (ANI) was $26.7 million, a 7% decrease year-over-year[7, 13] - Fully Diluted ANI per share was $0.23, a $0.01 decrease year-over-year[7, 13] Business Activities - $1.93 billion in fundraising and deployment marked the second consecutive quarter of record organic growth, offset by $435 million of stepdowns and expirations[13] - Private Equity Solutions contributed $1.25 billion, Private Credit Solutions added $568 million, and Venture Capital Solutions accounted for $114 million[13] - The acquisition of Qualitas Funds added approximately $1 billion of FPAUM[13] Capital Management - The company declared a quarterly cash dividend of $0.0375 per share for Class A and Class B stock[15] - 2,501,083 shares were repurchased in the quarter at a weighted average per share price of $10.49, representing over $26 million, and an additional $25 million was authorized under the buyback program[15]

[Important Disclosures](index=2&type=section&id=Important%20Disclosures) This section outlines P10's investment advisory services, forward-looking statements, and the use of non-GAAP financial measures for performance evaluation [General Disclosures](index=2&type=section&id=General%20Disclosures) P10, Inc. is a holding company, with investment advisory services provided by its SEC-registered subsidiaries, and this presentation is for informational purposes only - P10, Inc. is a holding company; investment advisory services are provided by its US Securities and Exchange Commission (SEC) registered subsidiaries[3](index=3&type=chunk) - This presentation is for informational purposes only and does not constitute an offer by P10 to sell securities or provide investment advice[3](index=3&type=chunk) [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION](index=2&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20INFORMATION) This presentation contains forward-looking statements and financial projections subject to significant risks and uncertainties, which may cause actual results to differ materially - Forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions that may cause actual results to differ materially[4](index=4&type=chunk) - Financial and operating projections are speculative, based on estimates and assumptions, and actual results may fall significantly short of any projections[5](index=5&type=chunk) [USE OF NON-GAAP FINANCIAL MEASURES BY P10, INC](index=2&type=section&id=USE%20OF%20NON-GAAP%20FINANCIAL%20MEASURES%20BY%20P10,%20INC) P10 uses non-GAAP metrics like FRR, FRE, ANI, and FPAUM to assess operational performance and liquidity, supplementing GAAP results for better comparability - P10 uses non-GAAP metrics (FRR, FRE, FRE Margin, ANI, Fully Diluted ANI per share, FPAUM, AUM) to evaluate operational performance and liquidity[7](index=7&type=chunk) - FPAUM reflects assets on which the company earns management and advisory fees, typically based on committed capital, unaffected by market appreciation or depreciation[6](index=6&type=chunk) - Non-GAAP metrics should not be considered a substitute for GAAP net income or operating cash flow and should be evaluated with their reconciliation to GAAP measures[7](index=7&type=chunk) [Second Quarter 2025 Highlights](index=3&type=section&id=Second%20Quarter%202025%20Highlights) This section summarizes P10's Q2 2025 financial performance, key business drivers, and capital return initiatives, including FPAUM growth and dividend declarations [Second Quarter 2025 Financial Highlights](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) In Q2 2025, P10's FPAUM grew 21% year-over-year to $28.9 billion, while GAAP net income decreased 43% to $4.2 million, and non-GAAP fee-related earnings increased 5% to $35.4 million 2025年第二季度财务亮点（同比变化） | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :-------------------------- | :----------- | :----------- | :--------- | | **Actual FPAUM ($Bn)** | $28.9 | $23.8 | 21% | | **GAAP Financial Metrics** | | | | | Revenue | $72.7 | $71.1 | 2% | | Operating Expenses | $55.0 | $54.2 | 1% | | GAAP Net Income | $4.2 | $7.4 | -43% | | Fully Diluted GAAP EPS | $0.03 | $0.06 | -52% | | **Non-GAAP Financial Metrics** | | | | | Adjusted Net Income | $26.7 | $28.8 | -7% | | Fully Diluted ANI per share | $0.23 | $0.24 | -6% | | Fee-Related Revenue | $72.7 | $68.3 | 6% | | Fee-Related Earnings | $35.4 | $33.6 | 5% | | Fee-Related Earnings Margin | 49% | 49% | N/A | [Key Business Drivers](index=5&type=section&id=Key%20Business%20Drivers) P10 achieved record organic growth in Q2 2025, raising and deploying $1.93 billion, and added $1 billion in FPAUM through the Qualitas Funds acquisition - FPAUM reached **$28.9 billion**, a **21% year-over-year increase**[12](index=12&type=chunk) - Record organic growth in Q2 2025, raising and deploying **$1.93 billion**, including **$1.25 billion** in Private Equity Solutions, **$568 million** in Private Credit Solutions, and **$114 million** in Venture Capital Solutions[12](index=12&type=chunk) - Completion of the Qualitas Funds transaction added approximately **$1 billion** in FPAUM[12](index=12&type=chunk) [Second Quarter 2025 Highlights, continued](index=6&type=section&id=Second%20Quarter%202025%20Highlights,%20continued) P10 declared a quarterly cash dividend of $0.0375 per share, repurchased over $26 million in stock, and authorized an additional $25 million buyback, alongside new fund launches - Declared a quarterly cash dividend of **$0.0375 per share** for Class A and Class B common stock[14](index=14&type=chunk) - Repurchased **2,501,083 shares** during the quarter at a weighted average price of **$10.49 per share**, totaling over **$26 million**; the Board authorized an additional **$25 million** to the repurchase program[14](index=14&type=chunk) - Recent developments include TrueBridge launching its secondaries fund (April 1), completing the Qualitas Funds acquisition (April 4), RCP Advisors closing RCP Direct V (approximately **$994 million**) and Fund XIX (**$314 million**), and Secondary Fund V (nearly **$1 billion**)[14](index=14&type=chunk) [Firm Overview and Business Model](index=4&type=section&id=Firm%20Overview%20and%20Business%20Model) This section details P10's position as a leading private market solutions provider, its diverse investment strategies, and its compelling business model focused on durable fee-related earnings [Firm Overview](index=4&type=section&id=Firm%20Overview) P10 is a leading private market solutions provider managing over $40 billion in AUM, specializing in constrained strategies across private equity, private credit, and venture capital, with a focus on the lower-middle market - P10 is a leading private market solutions provider, managing over **$40 billion** in AUM[9](index=9&type=chunk) - The firm invests in constrained strategies across private equity, private credit, and venture capital, with a focus on the lower-middle market[9](index=9&type=chunk) [Investment Strategies by Asset Class](index=4&type=section&id=Investment%20Strategies%20by%20Asset%20Class) P10's diversified investment strategies span private equity (RCP/Advisors, Qualitas, Bonaccord), private credit (EnhancedCapital, Hark Capital), and venture capital (TrueBridge), each contributing significantly to FPAUM 按资产类别划分的FPAUM（截至2025年6月30日） | Asset Class | Brand | FPAUM ($B) | Inception | | :---------- | :---- | :--------- | :-------- | | Private Equity | RCP / Advisors | $16.9 | 1980 | | Private Equity | Qualitas | $5.4 | 2007 | | Private Equity | Bonaccord | $6.6 | 2001 | | Private Credit | EnhancedCapital | $6.6 | 1999 | | Private Credit | Hark Capital | $2.3 | 2013 | | Venture Capital | TrueBridge | $5.2 | 2007 | [Compelling Business Model Built on Durable Fee-Related Earnings](index=23&type=section&id=Compelling%20Business%20Model%20Built%20on%20Durable%20Fee-Related%20Earnings) P10's business model centers on fee-related earnings, with highly recurring and diversified revenue primarily from management and advisory fees based on long-term committed capital, ensuring predictable growth and strong cash flow - Business model centered on FRE, with **99% of revenue** derived from highly recurring, diversified management and advisory fees[64](index=64&type=chunk) - Fees are primarily based on long-term, contractually committed capital, leading to predictable and stable earnings growth and attractive margins[64](index=64&type=chunk) - Carried interest structures are designed to accrue overwhelmingly to investment teams, optimizing alignment with Limited Partners (LPs)[61](index=61&type=chunk) [Well-Positioned to Utilize Variety of Levers to Drive Growth](index=24&type=section&id=Well-Positioned%20to%20Utilize%20Variety%20of%20Levers%20to%20Drive%20Growth) P10 is well-positioned for growth by leveraging its world-class private market strategies, leadership in the lower-middle market, diverse global client base, and a business model built on durable fee-related earnings - P10 is well-positioned for organic and inorganic growth through world-class strategies, lower-middle market leadership, a diversified client base, and a durable FRE business model[68](index=68&type=chunk)[69](index=69&type=chunk) - Investment strategies focus on specialized and fragmented markets, particularly the attractive lower-middle market, guided by proprietary data[65](index=65&type=chunk)[67](index=67&type=chunk) [Fee Paying AUM Across Diversified Vehicles](index=29&type=section&id=Fee%20Paying%20AUM%20Across%20Diversified%20Vehicles) As of Q2 2025, P10's FPAUM totaled $28.9 billion, diversified across primary solutions (54%), direct & co-investments (37%), and secondary investments (9%), supported by over 4,900 diverse investors FPAUM构成（截至2025年第二季度） | FPAUM Category | Composition | | :------------- | :---------- | | Primary Solutions | 54% | | Direct & Co-Investments | 37% | | Secondary Investments | 9% | | **Total FPAUM** | **$28.9B** | 投资者渠道细分（截至2025年6月30日） | Investor Channel | Percentage | | :--------------- | :--------- | | Wealth Manager / HNW | 36% | | Pension Fund | 19% | | Endowment / Foundation | 18% | | Financial Institution | 12% | | Insurance Company | 8% | | Sovereign Wealth Fund | 6% | | Other | 1% | | **Total Investors** | **4,900+** | [Unique Proprietary Data Set Driving Sourcing and Evaluation](index=32&type=section&id=Unique%20Proprietary%20Data%20Set%20Driving%20Sourcing%20and%20Evaluation) P10 utilizes a unique proprietary dataset and business intelligence platform with over 20 years of granular data for systematic sourcing and due diligence, complemented by tax assets including deductible intangibles and federal NOLs - P10 leverages a unique and extensive proprietary analytics database with over **20 years of granular data** for systematic sourcing, due diligence, and monitoring[92](index=92&type=chunk)[95](index=95&type=chunk) - Tax assets include deductible intangibles and goodwill, reducing federal income taxes over **15 years**, and federal NOLs expected to be fully utilized by **2026**[96](index=96&type=chunk) [FPAUM Analysis](index=7&type=section&id=FPAUM%20Analysis) This section analyzes P10's FPAUM growth, average fee rates, and capital flows, highlighting the long-term, contractually locked nature of its funds [FPAUM and Average Fee Rate Detail](index=7&type=section&id=FPAUM%20and%20Average%20Fee%20Rate%20Detail) P10's FPAUM grew to $28.9 billion in Q2 2025, achieving a 20% CAGR since 2020, with a stable average fee rate of 109 basis points - FPAUM grew to **$28.9 billion** in Q2 2025, a **21% year-over-year increase**, and a **20% CAGR** since 2020[16](index=16&type=chunk)[19](index=19&type=chunk) - Average fee rate remained stable and attractive at **109 basis points** in Q2 2025[16](index=16&type=chunk) [Fee Paying AUM Growth Model](index=8&type=section&id=Fee%20Paying%20AUM%20Growth%20Model) P10's FPAUM increased from $26.3 billion in March 2025 to $28.9 billion in June 2025, driven by $2.6 billion in capital raised and deployed and $0.8 billion from acquisitions, partially offset by step-downs and expirations 季度FPAUM滚动（2025年第二季度，十亿美元） | Metric | Amount ($B) | | :-------------------- | :---------- | | FPAUM (Mar-25) | $26.3 | | Capital Raised & Deployed | $2.6 | | Acquisition | $0.8 | | FX | $0.1 | | Stepdowns & Expirations | $(0.4) | | **FPAUM (Jun-25)** | **$28.9** | - FPAUM is based on long-term, contractually locked funds, ensuring a highly stable base[20](index=20&type=chunk) - Year-to-date 2025, FPAUM increased from **$25.7 billion** (Dec 2024) to **$28.9 billion** (Jun 2025), with **$1.4 billion** from capital raised/deployed and **$1.0 billion** from acquisitions, offset by **$1.2 billion** in step-downs/expirations[21](index=21&type=chunk) [Financial Details (Unaudited)](index=9&type=section&id=Financial%20Details%20(Unaudited)) This section provides unaudited consolidated financial statements for P10, including statements of operations, balance sheets, cash flows, and reconciliations of non-GAAP measures [Consolidated Statements of Operations (unaudited)](index=10&type=section&id=Consolidated%20Statements%20of%20Operations%20(unaudited)) In Q2 2025, total revenues increased 2% year-over-year to $72.7 million, while operating expenses rose 1% to $55.0 million, and net income attributable to P10 decreased 52% to $3.4 million 合并经营报表（2025年第二季度 vs 2024年第二季度，千美元） | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :--------- | | **Revenues** | | | | | Management and advisory fees | $71,516 | $68,475 | 4% | | Other revenue | $1,188 | $2,601 | -54% | | **Total Revenues** | **$72,704** | **$71,076** | **2%** | | **Operating Expenses** | | | | | Compensation and benefits | $32,145 | $36,253 | -11% | | Professional fees | $6,743 | $3,535 | 91% | | General, administrative and other | $8,824 | $7,017 | 26% | | Contingent consideration expense | $1,109 | $91 | 1119% | | Amortization of intangibles | $6,150 | $6,438 | -4% | | Strategic alliance expense | $- | $903 | -100% | | **Total Operating Expenses** | **$54,971** | **$54,237** | **1%** | | Income From Operations | $17,733 | $16,839 | 5% | | Net Income Attributable to P10 | $3,383 | $6,993 | -52% | [Adjusted FRE (unaudited)](index=11&type=section&id=Adjusted%20FRE%20(unaudited)) Adjusted Fee-Related Earnings (FRE) for Q2 2025 were $35.378 million, derived from adjusted total revenues of $72.905 million and adjusted operating expenses of $38.697 million, providing a clearer view of core operational profitability 调整后FRE（2025年第二季度，千美元） | Metric | GAAP (Q2 2025) | Adjustments | Adjusted (Q2 2025) | | :-------------------------- | :------------- | :---------- | :--------------- | | Management and advisory fees | $71,516 | $201 | $71,717 | | Other revenue | $1,188 | $- | $1,188 | | **Total revenues** | **$72,704** | **$-** | **$72,905** | | Compensation and benefits | $32,145 | $5,401 | $26,490 | | Non-cash stock based comp. | $11,056 | $(11,056) | $- | | Professional fees | $6,743 | $(2,875) | $3,868 | | General, admin and other | $8,409 | $(70) | $8,339 | | Depreciation | $415 | $(415) | $- | | Contingent consideration exp. | $1,109 | $(1,109) | $- | | Amortization of intangibles | $6,150 | $(6,150) | $- | | **Total operating expenses** | **$54,971** | **$-** | **$38,697** | | Income From Operations | $17,733 | $- | $34,208 | | Total other (expense) | $(12,153) | $- | $1,170 | | **Fee-Related Earnings** | **$-** | **$-** | **$35,378** | - FRE is a non-GAAP performance measure used to monitor baseline earnings, excluding incentive fee income and related expenses[28](index=28&type=chunk) [Non-GAAP Financial Measures (unaudited)](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20(unaudited)) P10 provides reconciliations from GAAP net income to non-GAAP metrics, showing Q2 2025 GAAP net income of $4.2 million, Adjusted FRE of $35.378 million, and Adjusted Net Income (ANI) of $26.731 million 非GAAP财务指标调节表（2025年第二季度，千美元） | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :--------- | | GAAP Net Income | $4,200 | $7,390 | -43% | | **Adjustments:** | | | | | Depreciation & amortization | $6,766 | $7,075 | -4% | | Interest expense, net | $6,799 | $6,115 | 11% | | Income tax expense | $1,380 | $3,718 | -63% | | Non-recurring expenses | $11,184 | $884 | 1165% | | Non-cash stock based compensation | $6,680 | $5,771 | 16% | | Non-cash stock based comp. - acquisitions | $4,376 | $904 | 384% | | Earn out related compensation | $(6,007) | $3,558 | N/A | | Non-Fee Related Income | $- | $(1,850) | -100% | | **Fee-Related Earnings** | **$35,378** | **$33,565** | **5%** | | Plus: Non-Fee Related Income | $- | $1,850 | -100% | | Less: Strategic alliance noncontrolling interests expense | $(663) | $- | N/A | | Less: Cash interest expense | $(6,241) | $(5,636) | 11% | | Less: Cash income taxes, net of taxes related to acquisitions | $(1,743) | $(1,029) | 69% | | **Adjusted Net Income** | **$26,731** | **$28,750** | **-7%** | | Fully Diluted ANI per share | $0.23 | $0.24 | -6% | | Fee-Related Revenue | $72,704 | $68,309 | 6% | | Fee-Related Earnings Margin | 49% | 49% | N/A | - Adjusted Net Income (ANI) reflects federal and state income taxes and net cash interest expense, providing a measure of core business cash flow[30](index=30&type=chunk) [Consolidated Balance Sheets (unaudited)](index=13&type=section&id=Consolidated%20Balance%20Sheets%20(unaudited)) As of June 30, 2025, total assets increased to $932.165 million from $869.275 million at year-end 2024, driven by goodwill and intangibles, while total liabilities also rose to $543.224 million 合并资产负债表（截至2025年6月30日 vs 2024年12月31日，千美元） | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :-------------------------------- | :------------ | :----------- | :------- | | **Assets** | | | | | Cash and cash equivalents | $33,440 | $67,455 | $(34,015) | | Due from related parties | $94,393 | $81,909 | $12,484 | | Property and equipment, net | $9,228 | $6,760 | $2,468 | | Intangibles, net | $119,499 | $97,589 | $21,910 | | Goodwill | $558,150 | $506,038 | $52,112 | | **Total Assets** | **$932,165** | **$869,275** | **$62,890** | | **Liabilities** | | | | | Accrued compensation and benefits | $53,289 | $69,544 | $(16,255) | | Contingent consideration | $13,126 | $2,214 | $10,912 | | Debt obligations | $373,021 | $319,783 | $53,238 | | **Total liabilities** | **$543,224** | **$482,385** | **$60,839** | | **Total equity** | **$388,941** | **$386,890** | **$2,051** | [Consolidated Statements of Cash Flows (unaudited)](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) For the six months ended June 30, 2025, net cash from operating activities significantly decreased to $8.657 million, while net cash used in investing activities increased to $42.935 million, primarily due to acquisitions 合并现金流量表（截至2025年6月30日 vs 2024年，千美元） | Metric | YTD June 30, 2025 | YTD June 30, 2024 | | :-------------------------------- | :---------------- | :---------------- | | Net cash provided by operating activities | $8,657 | $45,786 | | Net cash used in investing activities | $(42,935) | $(1,135) | | Net cash provided by (used in) financing activities | $306 | $(44,506) | | Net change in cash, cash equivalents and restricted cash | $(33,901) | $145 | | Cash, Cash Equivalents And Restricted Cash, End of Period | $34,214 | $32,202 | - Year-to-date 2025, acquisitions (net of cash acquired) used **$40.237 million** in cash for investing activities[33](index=33&type=chunk) [Structural Advantages of the Middle and Lower-Middle Market](index=15&type=section&id=Structural%20Advantages%20of%20the%20Middle%20and%20Lower-Middle%20Market) This section highlights the long-term structural advantages of the middle and lower-middle markets, including attractive competitive dynamics, lower valuations, less financial leverage, and greater value creation opportunities [Structural Advantages of the Middle and Lower-Middle Market](index=15&type=section&id=Structural%20Advantages%20of%20the%20Middle%20and%20Lower-Middle%20Market) P10 identifies significant long-term structural advantages in the middle and lower-middle markets, offering attractive competitive dynamics, lower valuations, less financial leverage, and greater value creation opportunities - The middle and lower-middle markets offer structural advantages such as attractive competitive dynamics, lower valuations, less financial leverage, and value creation opportunities[35](index=35&type=chunk) - These advantages have historically led to better overall returns and greater outperformance potential, with reduced volatility[35](index=35&type=chunk) [(1) Attractive Competitive Dynamics in a Large Addressable Market](index=17&type=section&id=(1)%20Attractive%20Competitive%20Dynamics%20in%20a%20Large%20Addressable%20Market) The lower-middle market presents larger and less competitive investment opportunities than the large market, with over five times more General Partners (GPs) and ten times more companies covered - The lower-middle market is estimated to be larger and less competitive, with over **5x more GPs** and **10x more companies** covered than the large market[36](index=36&type=chunk)[37](index=37&type=chunk) - This market includes approximately **81,000 companies** with revenues between **$10 million and $250 million**, compared to **6,614 companies** with revenues over **$250 million**[89](index=89&type=chunk) [(2) Valuations Structurally Lower](index=18&type=section&id=(2)%20Valuations%20Structurally%20Lower) Acquisition deals in the lower-middle market historically exhibit structurally lower entry valuations, with significantly lower median EBITDA multiples compared to large private equity buyouts 按交易规模划分的进入EBITDA倍数（中位数） | Deal Size | Median Entry EBITDA Multiple | | :-------- | :--------------------------- | | <$100M | 6.3x | | $100M to $250M | 8.1x | | >$250M | 9.1x | - Lower valuations are attributed to less asset competition, more proprietary deal sourcing, and opportunities to improve and scale smaller companies[42](index=42&type=chunk) [(3) Meaningfully Less Utilization of Financial Leverage](index=19&type=section&id=(3)%20Meaningfully%20Less%20Utilization%20of%20Financial%20Leverage) Smaller deals in the lower-middle market historically utilize 2-3 times less leverage (Debt/EBITDA) than larger transactions, making them less reliant on financial engineering and more resilient to financial distress 按交易规模划分的债务/EBITDA倍数（中位数） | Deal Size | Median Debt/EBITDA Multiple | | :-------- | :-------------------------- | | <$100M | 2.9x | | $100M to $250M | 3.9x | | >$250M | 4.7x | - Historically, lower-middle market deals use **2-3x less leverage** than upper-market deals[47](index=47&type=chunk) [(4) Greater Opportunities to Create Value and Drive Growth](index=20&type=section&id=(4)%20Greater%20Opportunities%20to%20Create%20Value%20and%20Drive%20Growth) Returns in the lower-middle market are primarily generated through value creation and scaling, including professionalizing management, implementing best operational practices, and expanding through organic growth and M&A - Returns are generated through value creation and scaling, including professionalizing management, implementing best operational practices, and scaling through organic growth and M&A[50](index=50&type=chunk) 按交易规模划分的收入和EBITDA复合年增长率（中位数） | Deal Size | Revenue CAGR | EBITDA CAGR | | :-------- | :----------- | :---------- | | <$100M | 12.2% | 14.2% | | $100M to $250M | 11.7% | 11.8% | | >$250M | 8.9% | 8.9% | [(5) Historically Better Returns and Greater Potential for Outperformance](index=21&type=section&id=(5)%20Historically%20Better%20Returns%20and%20Greater%20Potential%20for%20Outperformance) Small buyout funds (under $1 billion) in the US and Canada have historically demonstrated better overall returns and greater outperformance potential, with a higher percentage achieving 2.5x-3x and 3x+ TVPI compared to large buyout funds 小型与大型收购基金的TVPI分布（美国和加拿大） | TVPI Range | Small Buyout Funds <$1B | Large Buyout Funds >$1B | | :--------- | :---------------------- | :---------------------- | | <1x | 7.2% | 12.1% | | 1x-1.5x | 10.9% | 26.0% | | 1.5x-2x | 14.8% | 19.8% | | 2x-2.5x | 18.6% | 7.3% | | 2.5x-3x | 25.7% | 4.8% | | 3x+ | 27.8% | 4.8% | - Small buyout funds demonstrate better overall returns and greater outperformance potential[51](index=51&type=chunk) [Performance Summaries by Asset Class](index=26&type=section&id=Performance%20Summaries) This section provides performance summaries for P10's private equity, private credit, and venture capital segments, showcasing strong historical returns across various funds [Performance Summary – Private Equity](index=26&type=section&id=Performance%20Summary%20%E2%80%93%20Private%20Equity) P10's private equity segment, including RCP Advisors, Bonaccord, and Qualitas Fund, demonstrates strong historical performance across various fund types, with notable Net IRRs and Net ROICs 精选私募股权基金业绩（截至2024年12月31日或2025年3月31日） | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | RCP Advisors | Direct I | 2010 | 42.7% | 2.9x | | RCP Advisors | SOF III | 2018 | 30.2% | 1.8x | | Bonaccord | Fund II | 2022 | 27.0% | 1.3x | | Qualitas Fund | Direct I | 2022 | 16.0% | 1.3x | [Performance Summary – Private Credit](index=27&type=section&id=Performance%20Summary%20%E2%80%93%20Private%20Credit) The private credit segment, encompassing VALL, Five Points, Enhanced Capital, and Hark Capital, exhibits robust performance, with VALL I achieving a 63.3% Net IRR and 5.9x Net ROIC 精选私募信贷基金业绩（截至2025年3月31日） | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | VALL | VLL I | 1994 | 63.3% | 5.9x | | Five Points | Credit Fund III | 2016 | 25.6% | 3.1x | | Enhanced Capital | Small Business Lending | 2012 | 8.7% | 1.9x | | Hark Capital | Fund IV | 2022 | 12.3% | 1.2x | [Performance Summary – Venture Capital](index=28&type=section&id=Performance%20Summary%20%E2%80%93%20Venture%20Capital) P10's venture capital segment, primarily through TrueBridge, shows strong historical returns, with TrueBridge Fund II achieving a 20.0% Net IRR and 5.3x Net ROIC 精选风险投资基金业绩（截至2025年3月31日） | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | TrueBridge | Fund II | 2010 | 20.0% | 5.3x | | TrueBridge | Fund IV | 2015 | 24.2% | 3.7x | | TrueBridge | Direct Fund I | 2015 | 30.5% | 3.0x | | TrueBridge | Secondaries I | 2022 | 44.7% | 1.3x | [Key Terms and Disclaimers](index=35&type=section&id=Key%20Terms%20and%20Disclaimers) This section defines key financial and operational terms used in the presentation and provides additional disclaimers regarding historical performance, future results, and specific fund disclosures [Key Terms & Supplemental Information](index=36&type=section&id=Key%20Terms%20%26%20Supplemental%20Information) This section defines various financial and operational terms, including FPAUM, AUM, ANI, FRE, Net IRR, and Net ROIC, clarifying their calculation and purpose within the presentation - FPAUM reflects assets generating management and advisory fees, typically based on committed capital, unaffected by market fluctuations[101](index=101&type=chunk) - ANI is a non-GAAP metric reflecting core business cash flow, calculated as FRE plus non-fee related income, less strategic alliance non-controlling interests expense, cash interest, and cash income taxes[103](index=103&type=chunk) - Net IRR and Net ROIC are performance metrics net of fees, carried interest, and expenses charged by underlying fund managers and P10 solutions[105](index=105&type=chunk) [Additional Disclaimers](index=37&type=section&id=Additional%20Disclaimers) This section explicitly states that historical performance does not guarantee future results for P10's Class A common stock or its investment vehicles, highlighting various factors that may impact future performance - Historical performance does not represent future results for investments or Class A common stock[109](index=109&type=chunk) - Future performance may be impacted by market conditions, unrealized gains, increased competition, and changes in global tax and regulatory environments[111](index=111&type=chunk) [ENHANCED CAPITAL PERFORMANCE DISCLOSURES:](index=37&type=section&id=ENHANCED%20CAPITAL%20PERFORMANCE%20DISCLOSURES:) This section provides detailed disclaimers for specific fund managers like Enhanced Capital, RCP Advisors, Hark Capital, Bonaccord, WTI, and Qualitas, explaining IRR calculations, fee structure variations, and the subjectivity of unrealized investment valuations - Enhanced Capital performance disclosures highlight risks like loan non-repayment and tax credit recapture, explaining how subscription-based credit facilities can enhance reported IRR[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - RCP Advisors disclosures detail "representative investor" performance, fund selection criteria, and the impact of subscription credit lines on fund-level net IRR calculations[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Disclaimers for Bonaccord, Hark Capital, WTI, and Qualitas address the impact of leverage on IRR, variations in fee structures, and the subjectivity of fair value estimates for illiquid securities[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)

Core Insights - P10, Inc. reported record organic fundraising and deployments exceeding $1.9 billion in gross new fee-paying assets under management (AUM) [1] - Fee-paying AUM grew by 21% year over year, reaching $28.9 billion following the acquisition of Qualitas Funds [1][4] - The company achieved a total revenue of $72.7 million, reflecting a 2% increase year over year [9] Financial Highlights - Fee-related revenue was $72.7 million, a 6% increase year over year [9] - GAAP net income decreased to $4.2 million from $7.4 million in the prior year, representing a 43% decline [9][16] - Adjusted net income was $26.7 million, down from $28.8 million in the previous year, a decrease of 7% [9][16] Shareholder Returns - The company repurchased 2,501,083 shares at an average price of $10.49 per share, with approximately $2.3 million remaining under the share repurchase authorization [5] - A quarterly cash dividend of $0.0375 per share was declared, payable on September 19, 2025 [6] Strategic Initiatives - P10's strategies focused on capital formation, global expansion, and cross-platform collaboration, resulting in nearly $3 billion increase in gross fee-paying AUM during the quarter [4] - The company emphasizes its focus on the middle and lower-middle market, which is expected to drive long-term demand for its solutions [4]

Group 1 - P10, Inc. will release its second quarter 2025 results on August 7, 2025, before U.S. markets open [1] - A conference call and live webcast will be held at 8:30 a.m. Eastern Time on the same day [1] - A replay of the call will be available on P10's investor relations page for those unable to participate live [2] Group 2 - P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry [3] - As of March 31, 2025, P10 has a global investor base of over 3,800 investors across 50 states and 60 countries [3] - The investor base includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions [3]

Core Insights - Pelangio Exploration Inc. is conducting a high-resolution UAV aeromagnetic survey covering 900 line-kilometers with 50-meter spacing, aimed at enhancing geological interpretation and target ranking for drill testing [1][2] - The survey is approximately 45% completed and is expected to significantly assist in the exploration of the Nkosuo Mining Lease and the broader Manfo project area [1][2] - The company is nearing the completion of an updated Mineral Resource Estimate for the Manfo project, with plans to release it within the current quarter [2] Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich regions, specifically in Ghana and Canada [6] - The company holds two 100% owned properties in Ghana: the 106 km² Manfo property, which has eight near-surface gold discoveries, and the 280 km² Obuasi property, adjacent to AngloGold Ashanti's high-grade Obuasi Mine [6]

Core Insights - Enhanced Capital released its 2024 Community Impact Report, showcasing its achievements in Project Finance and Small Business Lending [1][3] - The firm has raised a total of $6.5 billion since inception, with $4.3 billion in impact assets supporting over 1,000 projects across 40 states, Washington DC, and Puerto Rico [5] - In 2024, Enhanced Capital supported over 3,300 jobs and installed 219 megawatts of clean energy capacity [7] Company Focus Areas - Enhanced Capital focuses on three Impact Themes: Underserved Communities, Environmental Sustainability, and Community Development Programs [2][6] - 85% of investments in 2024 and 79% since inception were directed towards low-income, rural, or underserved communities [7] Leadership Perspective - Michael Korengold, President and CEO, emphasized the firm's commitment to innovative financing solutions for the lower middle market and aligning private capital with public initiatives [2]

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]