How Does P10 Company Work?

P10's P10 company operations are built on a multi-strategy platform, leveraging specialized subsidiaries to deliver value. These subsidiaries focus on distinct areas within alternative assets, ensuring specialized expertise and access to niche markets.

The company's value proposition centers on offering differentiated access to market-leading private market products. This is achieved through a deep industry network and a rigorous investment process, ultimately benefiting clients by providing unique opportunities.

In private equity, P10 provides access to lower-middle market fund managers, secondary funds, and co-investment opportunities. This segment is supported by subsidiaries like RCP Advisors and Bonaccord Capital Partners, with recent expansion into Europe via Qualitas Funds.

For private credit, P10 offers solutions such as project finance and NAV-based loans through entities like Enhanced Capital and Five Points Capital. In venture capital, TrueBridge Capital Partners facilitates investments in high-performing, access-constrained venture capital firms.

In April 2025, P10 completed the acquisition of Qualitas Funds, a notable European provider of alternative investment solutions. This move added approximately $1 billion in fee-paying assets and broadened P10's international footprint.

Bonaccord Capital Partners Fund II closed with a record $1.6 billion, surpassing the $1 billion mark for the first time. In 2024, P10 exceeded its fundraising targets, securing $3.8 billion in gross fundraising, and also closed RCP Direct V with nearly $1 billion in commitments.

To navigate market challenges, P10 strategically managed its capital by repurchasing approximately 6,641,827 shares for $59.1 million in 2024. An additional $40 million was authorized for share repurchases in February 2025, bringing the total available to around $43.5 million.

P10's competitive edge lies in its specialized focus on lower and core middle markets, its diverse multi-asset class solutions, and its strong network of fund managers and limited partners. This allows for unique access to specialized private market opportunities, a core element of the P10 investment strategy.

P10 is a leading multi-asset class private markets solutions provider, managing $26.3 billion in fee-paying assets as of March 31, 2025. This represents a 10% year-over-year increase, highlighting its strong market presence. The company serves over 3,800 investors across 50 states, 60 countries, and six continents, including major institutional investors.

Revenue dependency on management and advisory fees presents a key risk for P10. Poor investment performance could hinder capital raising efforts, and intense competition within the asset management sector poses ongoing challenges. Expansion into new markets also introduces operational and regulatory risks.

P10 anticipates sustained growth, projecting at least $4 billion in organic gross fundraising for 2025, a 60% increase from 2024 guidance. Double-digit revenue growth is expected, including contributions from acquisitions.

Strategic initiatives include expanding core service offerings, pursuing value-creating mergers and acquisitions, and broadening its client franchise. The company aims to capitalize on attractive middle market opportunities in the alternatives sector.