Core Insights - RCP Advisors has been recognized as one of the 2025 Best Places to Work in Money Management by Pensions & Investments, marking its second consecutive win in this category [1][2] - RCP Advisors has also been acknowledged by Crain's as one of the 2025 Best Places to Work in Chicago, highlighting its commitment to creating a positive workplace culture [2] Company Overview - P10, Inc. is a leading private markets solutions provider with over $40 billion in assets under management as of September 30, 2025, focusing on Private Equity, Private Credit, and Venture Capital [5] - RCP Advisors, a subsidiary of P10, specializes in North American small buyout strategies and has established itself as a significant player in this niche with 58 funds and over 560 partnership investments as of December 1, 2025 [6] Recognition Process - The Best Places to Work in Money Management award is based on a two-step process involving employer questionnaires and employee engagement surveys, with employee responses accounting for 80% of the total score [4] - Employers needed to have at least 20 employees in the U.S. and $100 million in discretionary institutional assets to qualify for the survey [4]

Core Insights - RCP Advisors successfully closed RCP Secondary Opportunity Fund V, LP with $1.26 billion in capital commitments, surpassing its initial target of $1 billion, indicating strong investor confidence in the firm's strategy and the demand for North American small buyout funds [1][2][3] Fund Overview - RCP SOF V will focus on investments primarily through secondary market purchases or other secondary transactions, targeting private equity funds that concentrate on leveraged buyouts, growth, or restructuring transactions [2][4] - The Fund attracted a diverse group of limited partners, including high net worth individuals, pension funds, endowments, foundations, and insurance companies [1] Company Background - P10, Inc. manages over $40 billion in assets as of June 30, 2025, investing across Private Equity, Private Credit, and Venture Capital, with a focus on the middle and lower-middle market [5] - RCP Advisors, a subsidiary of P10, has established itself as a significant player in the North American small buyout fund space, managing 58 funds and over 550 partnership investments as of June 30, 2025 [6]

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]

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]

Fundraising and Investment Strategy - eQ Asset Management has successfully raised USD 168 million for the eQ PE XVII US fund at the beginning of 2025, with fundraising efforts set to continue throughout the year [1] - The eQ PE XVII US fund focuses on investing in private equity funds that target equity investments in small and medium-sized companies in the United States and Canada, aiming for a diversified portfolio of 12–15 funds across more than 150 companies [2] Partnership and Historical Performance - eQ has been collaborating with RCP Advisors since 2015, and the current fund marks the sixth US fund raised in this partnership, with RCP being a well-resourced private equity manager specializing in lower middle market North American funds [3] - To date, eQ has raised a total of USD 1.2 billion for its US funds from over 200 clients, indicating a strong track record in the private equity space [3] Capital and Programmes - In late 2024 and early 2025, eQ signed private equity programmes totaling over EUR 330 million, bringing the total capital across current private equity programmes to approximately EUR 1 billion [4] - These private equity programmes typically offer 4–5 year solutions, providing clients with a comprehensive portfolio managed by eQ along with transparent reporting [4] Market Insights and Asset Management - The Head of Private Equity at eQ, Staffan Jåfs, noted that despite a less active M&A market, the small and mid-cap segment has seen more new investments and exits, presenting attractive opportunities in the lower middle market [5] - As of the end of 2024, eQ Asset Management had EUR 13.4 billion in assets under management, with EUR 3.3 billion allocated to private equity funds, demonstrating significant scale in asset management [5]

Core Viewpoint - P10, Inc. announced the successful closing of its co-investment fund, RCPDirect V, LP, with approximately $994 million in capital commitments, surpassing its target of $800 million, indicating strong investor confidence in the small buyout market [1][2]. Group 1: Fund Details - RCPDirect V closed with approximately $994 million in capital commitments, exceeding its target of $800 million [2]. - The fund has a diverse base of limited partners, including family offices, insurance companies, and high-net-worth individuals [2]. - RCP Direct V will typically invest between $7.5 million and $40 million in lower middle market companies, which generally have an enterprise value of $25 million to $500 million [3]. Group 2: Company Background - P10, Inc. 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 December 31, 2024 [6]. - RCP Advisors, a subsidiary of P10, was founded in 2001 and focuses on providing access to North American small buyout fund managers, with over $16.8 billion in committed capital as of April 7, 2025 [9]. Group 3: Leadership Insights - P10's CEO, Luke Sarsfield, emphasized the firm's market-leading position and strong track record, highlighting RCP Advisors' nearly 25 years of experience in the lower middle market [3]. - RCP Advisors' partners expressed gratitude to their global limited partners for their support, indicating confidence in the small buyout market despite challenging macroeconomic conditions [5].

Core Insights - RCP Advisors has successfully closed its RCP Small and Emerging Fund III, LP with approximately $170.3 million in capital commitments, surpassing its target fund size [1][3] - The Fund will focus on North American buyout fund managers raising their second institutional fund or earlier, targeting $300 million or less in aggregate capital commitments [3] Company Overview - RCP Advisors, founded in 2001, is a private equity investment firm that provides access to North American small buyout fund managers through various fund types and research services [4] - The firm has over $15 billion in committed capital and employs 56 professionals, positioning itself as one of the largest fund sponsors in the lower middle market buyout segment of the North American private equity market [4] Investment Strategy - The investment strategy of RCP SEF III continues the approach of previous small and emerging funds-of-funds, emphasizing support for promising new managers in the small company buyout space [2][3]