Welcome to our dedicated page for P10 news (Ticker: PX), a resource for investors and traders seeking the latest updates and insights on P10 stock.
P10, Inc. (NYSE: PX) is a leading player in the alternative asset management sector, specializing in multi-asset class private market solutions. The company offers a broad range of investment solutions designed to meet the diverse needs of its clients. These solutions include specialized funds, separate accounts, secondary investments, direct investments, and co-investments, spanning various asset classes and geographies. P10 focuses primarily on the middle and lower-middle markets, providing services in Private Equity, Venture Capital, Impact Investing, and Private Credit.
P10's revenue model is robust, primarily driven by recurring management and advisory fees on committed capital, which typically remain locked up for ten to fifteen years. This long-term commitment provides a stable financial outlook and supports the company's strategic growth initiatives.
In recent years, P10 has achieved notable milestones. The company reported substantial financial growth in 2023, with double-digit asset growth and strong revenue performance. As of December 31, 2023, P10 managed a global investor base that includes over 3,600 investors across 50 states, 60 countries, and six continents. This diverse investor base features some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions.
Recent developments include key executive appointments to strengthen P10's leadership and strategic direction. In February 2024, Arjay Jensen was appointed as EVP, Head of Strategy and M&A, bringing over 20 years of dealmaking expertise. Mark Hood was promoted to Chief Administrative Officer, overseeing various operational functions. In April 2024, Melodie Craft joined as General Counsel, providing strategic guidance on legal and regulatory matters.
P10's commitment to its investors is further underscored by its proactive corporate governance. The company’s Board of Directors has authorized a stock repurchase program and declared quarterly cash dividends, reflecting its strong financial health and commitment to shareholder value. Additionally, the company recently terminated its stockholder rights plan, indicating confidence in its tax benefits preservation strategy.
P10 continues to innovate and expand its market presence. The company is capitalizing on opportunities in the alternatives sector, especially in the middle market, and remains focused on executing strategic priorities and investing in its platform to drive long-term growth.
For more information about P10, visit their official website at www.p10alts.com.
P10, Inc. (NYSE: PX) has announced an agreement to acquire Qualitas Equity Funds SGEIC, S.A. for an initial purchase price of $63 million, with potential additional earnout consideration. Qualitas Funds, a Madrid-based private equity investing platform, manages approximately $1 billion in fee-paying assets and serves over 1,300 partners. The acquisition will establish P10's European presence and expand its global client base.
The transaction includes $42.25 million in cash and $20.75 million in P10 stock, with up to $35 million in additional earnout consideration. The deal is expected to close in Q1 2025 and be modestly accretive to fully-taxed ANI per share in 2025. Qualitas Funds' current managing partners will retain control of day-to-day operations, ensuring continuity in investment processes.
P10 (NYSE: PX) reported its Q2 2024 earnings, achieving record revenue of $71.1 million, a 14% YoY increase. Fee-related revenue grew 12% YoY to $68.3 million. The company's fee-paying assets under management (AUM) rose 8% YoY to $23.8 billion.
GAAP net income surged to $7.4 million from $2.1 million the previous year. Adjusted EBITDA slightly increased to $35.4 million. However, fee-related earnings dropped to $33.6 million from $34.7 million. Adjusted net income rose to $28.8 million, with fully diluted GAAP EPS of $0.06 and adjusted EPS of $0.24.
P10 appointed Sarita Narson Jairath as EVP and Global Head of Client Solutions, effective September 16, 2024. The company repurchased 1.5 million shares at an average of $8.12 per share and increased its share repurchase authorization to $20 million.
P10 also expanded its credit agreement, raising its borrowing capacity to $500 million, with maturities extended to August 2028. Finally, a quarterly cash dividend of $0.035 per share was declared, payable on September 20, 2024.
P10, Inc. (NYSE: PX), a leading private markets solutions provider, has announced an expanded credit agreement, increasing its total credit capacity to $500 million from new and existing lenders. The amended agreement includes a $175 million senior secured revolving credit facility and a $325 million senior secured term loan facility, with the option to increase by an additional $125 million. This refinancing, led by JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., and Texas Capital Bank, extends maturities to August 2028. The expanded facilities offer P10 enhanced financial flexibility and a diversified lending syndicate of 14 lenders. The company plans to use the proceeds to pay off existing borrowings and fund organic and inorganic growth initiatives.
P10, Inc. (NYSE: PX), a leading private markets solutions provider, has appointed Sarita Narson Jairath as EVP and Global Head of Client Solutions, effective September 16, 2024. Ms. Jairath will oversee P10's organic growth strategies, focusing on expanding global client relationships, developing new products, and enhancing market positioning. She brings over 20 years of institutional investment experience, joining from Blackstone where she was a Managing Director in Real Estate Institutional Client Solutions.
Luke Sarsfield, P10's Chairman and CEO, emphasized the importance of Ms. Jairath's role in developing an institutional framework to serve P10's growing global investor base. Her appointment is seen as a key milestone in the company's growth plan aimed at delivering long-term shareholder value.
P10, Inc. (NYSE: PX), a leading private markets solutions provider, has announced plans to host an Investor Day on September 19, 2024, in New York. The event will commence at 8:30 a.m. Eastern Time and is expected to conclude around 12:30 p.m.
During the Investor Day, P10's management team and affiliated managers will deliver comprehensive presentations covering the company's:
- Strategic vision
- Investment strategies
- Growth levers
- Financial outlook
The formal presentations will be followed by a Q&A session. A live webcast of the event, along with supporting materials, will be accessible on the Investor Relations section of P10's website. For those unable to attend, a replay will be made available after the event's conclusion.
P10, Inc. (NYSE: PX), a leading private markets solutions provider, has announced its schedule for the release of second quarter 2024 financial results. The company will disclose its Q2 2024 results on Thursday, August 8, 2024, after U.S. markets close. Following the release, P10 will host a conference call at 5:00 p.m. Eastern Time on the same day to discuss the results.
Investors and interested parties can access the webcast through a provided link. Those joining by telephone are required to register for personal dial-in and PIN numbers. For those unable to attend the live call, a replay will be made available on P10's investor relations page at ir.p10alts.com.
P10 (NYSE: PX) announced that its affiliated manager, Hark Capital, has successfully closed Hark Capital IV with $645 million in capital commitments, exceeding its $500 million target. This represents a 60% increase over Fund III and a 220% rise over Fund II. The fund, which offers Net Asset Value (NAV) credit solutions, received significant backing from existing and new partners, including U.S. insurance companies, public pension plans, and family offices. Hark Capital aims to provide non-dilutive loans to lower middle market private equity and growth equity funds, their portfolio companies, and management companies. The increased demand for NAV loans, driven by higher interest rates in the private equity market, positions Hark to achieve attractive risk-adjusted returns for its investors.
P10 (NYSE: PX) has announced the launch of a new website and refreshed brand identity for its affiliated manager, RCP Advisors. The new RCP Advisors platform is designed to enhance user experience, providing easy access to the firm's strategies, news, insights, and research library. It also includes portal links for clients, ensuring better accessibility. P10's CEO, Luke Sarsfield, emphasized that the new brand identity strengthens RCP's value proposition as it focuses on North American small buyout fund managers. Explore the new site at www.rcpadvisors.com.
P10 (NYSE: PX) announced the results of its Annual Meeting of Stockholders, where all motions were approved.
Tracey Benford was appointed as the Lead Independent Director, continuing her role on several key committees.
Stockholders elected three Class III Directors to serve until the 2027 annual meeting, approved an amendment to increase shares issuable under the 2021 Incentive Plan by 11 million, and ratified KPMG LLP as the independent auditor for the fiscal year ending December 31, 2024.
P10, a private markets solutions provider, announced the closing of RCP Fund XVIII with $285 million in capital commitments. The fund, managed by RCP Advisors, targets North American small buyout fund managers. It includes a diverse investor base: family offices, high-net-worth individuals, foundations, public pension plans, and endowments. P10's CEO, Luke Sarsfield, highlighted the milestone, emphasizing RCP Advisors' strong private equity relationships and investment team. The fund will invest in managers focusing on companies with $3 million to $25 million EBITDA, aiming for top-quartile performance.
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