P10 Welcomes Bonaccord Capital Partners and Hark Capital
P10 Holdings, Inc. (OTC: PIOE) has acquired Bonaccord Capital Partners and Hark Capital from abrdn, expanding its footprint in private markets solutions. Bonaccord focuses on minority equity investments in mid-sized alternative asset managers, while Hark offers loans to private equity and growth funds, facilitating financing for companies. This acquisition is expected to add approximately $900 million in fee-paying assets under management. Co-CEOs Robert Alpert and C. Clark Webb highlighted the potential for synergies in capital raising and deployment following the acquisitions.
- Acquisition of Bonaccord and Hark enhances P10's asset management capabilities.
- Expected addition of approximately $900 million in fee-paying assets under management.
- None.
DALLAS, Sept. 30, 2021 (GLOBE NEWSWIRE) -- P10 Holdings, Inc. (OTC: PIOE) welcomes Bonaccord Capital Partners and Hark Capital.
P10 Holdings, Inc. (“P10”), a leading private markets solutions provider, has closed on the purchases of Bonaccord Capital Partners (“Bonaccord”) and Hark Capital (“Hark”) from the global investment company and asset manager abrdn.
Bonaccord acquires minority equity investments in a diversified portfolio of alternative markets asset managers with a focus on mid-sized managers across private equity, private credit and real assets. Hark provides loans to mid-life private equity, growth equity, venture and other funds. These loans are backed by the unrealized investments at the fund level and provide financing for companies that would otherwise require equity.
Robert Alpert and C. Clark Webb, Co-CEOs of P10, commented: “We are thrilled to welcome Bonaccord and Hark into the P10 family. We believe both strategies are market leaders in their respective middle market verticals and fit perfectly within P10. As our ecosystem encompasses hundreds of premier middle market managers and thousands of prospective clients and portfolio companies, we see the potential for synergies on both capital raising and capital deployment in the years ahead.”
Ajay Chitkara, Managing Partner & Founder of Bonaccord and Doug Cruikshank, Managing Partner & Founder of Hark, commented: “We are excited to join the P10 family and are confident that our new platform will provide significant benefits to our Limited Partners and all stakeholders going forward.”
P10 expects the transactions to add approximately
Ownership Limitations
P10’s Certificate of Incorporation, as amended, contains certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of P10 Holdings, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about P10's ability to implement their business strategy, and their ability to consummate the contemplated transaction. The future performance of P10 may be adversely affected by various risks and uncertainties, including, without limitation, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review P10's annual and quarterly reports. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and P10 undertakes no duty to update this information to reflect future events, information or circumstances.
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