Bonaccord Capital Partners Closes on $1.6 Billion for Fund II

Rhea-AI Summary

P10 (NYSE: PX) announced that its strategy, Bonaccord Capital Partners, has successfully closed its second GP Stakes fund, Bonaccord Capital Partners II (BCP II), with $1.6 billion in total commitments. The fund exceeded its target of $1.25 billion and closed at its revised hard cap, representing a 117% growth compared to its predecessor fund BCP I, which closed at $738.95 million in 2021.

BCP II is already 60% invested across eight investments, including Park Square Capital, Trivest Partners, Shamrock Capital, VMG Partners, Synova Capital, Revelstoke Capital Partners, Kayne Anderson Private Credit, and Lead Edge Capital. Overall, Bonaccord has invested $2.6 billion across 15 investments, including $1.0 billion of co-investment.

Positive

• Fund II closed at $1.6 billion, exceeding $1.25 billion target
• 117% growth compared to predecessor fund ($738.95M)
• Strong deployment with 60% of Fund II already invested
• Total portfolio investments of $2.6 billion across 15 deals

Negative

• None.

Insights

Private Equity Analyst

The successful closing of Bonaccord Capital Partners II at $1.6 billion represents a remarkable 117% increase from its predecessor fund, showcasing robust investor confidence in P10's GP stakes strategy. The fund's oversubscription, exceeding its $1.25 billion target, demonstrates strong market demand for middle-market private markets exposure.

The 60% deployment rate with eight completed investments across diverse sectors indicates efficient capital allocation and strong deal sourcing capabilities. With $2.6 billion invested across 15 deals, including $1.0 billion in co-investments, Bonaccord has established a track record of executing its investment strategy effectively.

For everyday investors: Think of GP stakes as buying shares in the companies that manage private investment funds, rather than investing in the funds themselves. This strategy can provide steady income streams through management fees and a share of profits, similar to owning stock in a successful business franchise.

Investment Strategist

This fundraising success carries significant implications for P10's revenue growth trajectory. Management fee income from the larger fund size will provide enhanced recurring revenue streams, while the potential for performance fees adds meaningful upside. The expansion of assets under management strengthens P10's competitive position in the middle-market GP stakes segment.

The diversified portfolio spanning credit, growth equity and sector-specific managers like Park Square Capital and VMG Partners reduces concentration risk while providing exposure to various private market strategies. This positions Bonaccord to capture value across market cycles.

Simply put: P10 has successfully raised more money than expected to invest in other investment firms, which means more stable income from fees and potential profit sharing. This is particularly positive for P10's stock as it indicates strong business momentum and future growth potential.

DALLAS, Jan. 08, 2025 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX), (“P10” or the “Company”), a leading private markets solutions provider, today announced that its strategy, Bonaccord Capital Partners (“Bonaccord”), a private equity business focused on providing growth capital and strategic support to middle-market private markets sponsors, closed on its second GP Stakes fund, Bonaccord Capital Partners II (“BCP II” or the “Fund”), with $1.6 billion in total commitments.

The Fund closed at its revised hard cap and above its target of $1.25 billion, having grown by 117% compared to its predecessor fund Bonaccord Capital Partners I (“BCP I”), a 2021 vintage that closed with $738.95 million.

“Bonaccord’s impressive fund close advances our strategic roadmap and highlights the strong demand for our attractive middle and lower middle market focus,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Looking ahead, Bonaccord will remain committed to delivering a differentiated approach to value creation for partner sponsors, while offering investors differentiated access to GP stake solutions.”

Bonaccord has invested $2.6 billion across 15 investments, including $1.0 billion of co-investment. BCP II is approximately 60% invested and has completed eight investments in Park Square Capital, Trivest Partners, Shamrock Capital, VMG Partners, Synova Capital, Revelstoke Capital Partners, Kayne Anderson Private Credit, and Lead Edge Capital. Bonaccord is continuing to invest in team and corporate resources to support this larger fund and anticipated future initiatives.

“The closing of Bonaccord Capital Partners II is a testament to the exceptional caliber of our partner sponsors, and we are grateful to share a vision of long-term growth and partnership with all of them,” said Ajay Chitkara, Managing Partner at Bonaccord. “We thank our investors for the confidence they have placed in us to execute our investment strategy, and we will continually endeavor to achieve ongoing success for all Bonaccord stakeholders.”

Fried, Frank, Harris, Shriver & Jacobson LLP served as fund counsel.

About P10
P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of September 30, 2024, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2024, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

About Bonaccord Capital Partners
Bonaccord Capital Partners ("Bonaccord") is a private equity business focused on providing growth capital and strategic support to exceptional mid-market private markets sponsors spanning private equity, private credit, and real estate and real assets. By leveraging its strategic relationships, institutional capabilities, and strategic development expertise, Bonaccord seeks to support transformative initiatives and portfolio objectives that help its partner sponsors reach their potential and establish enduring institutions. Bonaccord is a part of P10, Inc. (NYSE: PX), a leading multi-asset class private markets solutions provider in the alternative asset management industry. For more information, please visit www.bonaccordcapital.com.

P10 Investor Contact:
info@p10alts.com

P10 Media Contact:
Josh Clarkson
Taylor Donahue
pro-p10@prosek.com

FAQ

How much did P10's Bonaccord Capital Partners II fund raise in 2025?

Bonaccord Capital Partners II raised $1.6 billion in total commitments, exceeding its target of $1.25 billion and closing at its revised hard cap.

What is the size difference between Bonaccord Capital Partners I and II?

Bonaccord Capital Partners II ($1.6 billion) is 117% larger than its predecessor fund, Bonaccord Capital Partners I, which closed at $738.95 million in 2021.

How much of Bonaccord Capital Partners II fund has been invested?

BCP II is approximately 60% invested across eight investments in various private markets sponsors.

What is the total investment portfolio of Bonaccord Capital Partners under P10 (PX)?

Bonaccord has invested $2.6 billion across 15 investments, including $1.0 billion of co-investment.

Which companies has Bonaccord Capital Partners II invested in?

BCP II has invested in Park Square Capital, Trivest Partners, Shamrock Capital, VMG Partners, Synova Capital, Revelstoke Capital Partners, Kayne Anderson Private Credit, and Lead Edge Capital.