P10, Inc. (PX): History, Ownership, Mission, How It Works & Makes Money

As a financial decision-maker, have you truly grasped the quiet, powerful growth story of P10, Inc. (PX), a leading private markets solutions provider that has quietly scaled its Fee-Paying Assets Under Management (FPAUM) to $29.1 billion as of Q3 2025, a 17% year-over-year jump? This firm, founded in 1992, is not a traditional asset manager; its mission is to give investors differentiated access to private equity, private credit, and venture capital, focusing on the lucrative middle and lower-middle markets where it aims to raise an impressive $5 billion in organic capital for the full 2025 fiscal year. When you look past the Q3 revenue of $75.9 million, what does the core business model-which generates nearly all its revenue from predictable, long-term fees-actually mean for your portfolio strategy and how does its diverse institutional ownership, including a stake held by BlackRock, Inc., stabilize its future? We'll map out the entire structure, from its history to its unique revenue engine, so you can see exactly where the next opportunities lie.

P10, Inc. (PX) History

You're looking for the real story behind P10, Inc., and honestly, it's less about a single garage startup and more about a smart, strategic corporate rollup. The company you see trading as PX today is built on a foundation of older firms, but its modern form was engineered for a specific financial purpose: creating a stable, fee-driven private markets platform. The key takeaway is that the modern P10 was strategically assembled starting in 2017 to aggregate management fees from high-performing, niche alternative asset managers.

Given Company's Founding Timeline

Year established

The corporate entity's history traces back to 1992, when P10 Holdings was first founded as a Texas corporation.

Original location

The company is headquartered in Dallas, Texas, which remains its primary location as of November 2025.

Founding team members

The modern P10 platform was co-founded in 2017 by Robert Alpert and C. Clark Webb, who orchestrated the acquisition strategy that created the current multi-asset class firm. In October 2023, they transitioned to Executive Chairman and Executive Vice Chairman, respectively, appointing former Goldman Sachs executive Luke A. Sarsfield III as the new Chief Executive Officer.

Initial capital/funding

The entity that became the modern P10 was initially acquired out of bankruptcy court in 2017 by 210 Capital, essentially starting as an empty shell corporation with valuable Net Operating Loss (NOL) carryforwards. The platform raised $4.65 million in a Series A funding round in May 2017 to fuel its initial acquisitions.

Given Company's Evolution Milestones

The company's growth wasn't organic, but rather a deliberate series of acquisitions of established, high-performing asset managers-a strategy that quickly scaled its Fee-Paying Assets Under Management (FPAUM).

Given Company's Transformative Moments

The most transformative moment wasn't a single product launch, but the creation of a unique business model. Here's the quick math: P10 only purchases the management and advisory fee streams from the acquired firms, leaving the performance fees (carried interest) with the original management teams. This is defintely a key differentiator.

• Strategic Alignment: This fee-split structure ensures the acquired managers stay highly motivated to outperform for their clients because their biggest payday-the performance carry-is tied directly to success, not P10's stock price.
• Revenue Stability: For P10, this model translates into a highly predictable, high-margin revenue stream almost exclusively from stable management and advisory fees, insulating shareholders from the lumpiness of carried interest.
• Scale and Growth: This strategy fueled massive growth in Fee-Paying Assets Under Management (FPAUM), which hit $29.1 billion as of the third quarter of 2025. [cite: 11 in first search, 14 in first search] The company is targeting over $5 billion in organic gross fundraising for the full year 2025. [cite: 11 in first search]
• Financial Snapshot (Q3 2025): The platform reported $75.9 million in revenue for the third quarter of 2025, demonstrating the power of this fee-based model. [cite: 11 in first search]

The shift in leadership in late 2023, bringing in a seasoned executive like Luke Sarsfield from Goldman Sachs, signaled the company's transition from an aggressive acquisition phase to a focus on maximizing organic growth and cross-platform collaboration. If you want to dive deeper into who is buying into this model, check out Exploring P10, Inc. (PX) Investor Profile: Who's Buying and Why?

P10, Inc. (PX) Ownership Structure

P10, Inc. (PX) maintains a complex ownership structure typical of a firm that transitioned from a private equity-backed model to a public one, with significant control held by institutional funds and company insiders. This dual structure-publicly traded but with a high insider stake-means that while the stock trades freely on the NYSE, strategic decisions are defintely influenced by a concentrated group of long-term stakeholders.

P10, Inc.'s Current Status

P10, Inc. is a Publicly Held company, trading on the New York Stock Exchange (NYSE) under the ticker symbol PX. As of November 2025, the company's market capitalization stands at approximately $1.14 billion, with about 110 million shares outstanding. This public listing provides liquidity for its investors, but the governance is heavily shaped by the original private markets investors and the management team, who collectively retain a substantial portion of the equity. You can read more about the company's core principles here: Mission Statement, Vision, & Core Values of P10, Inc. (PX).

P10, Inc.'s Ownership Breakdown

The company's ownership breakdown shows a clear balance of power between large financial institutions and the individuals who built the business. Here's the quick math on who controls the shares outstanding as of the 2025 fiscal year data, which is crucial for understanding who drives the long-term strategy:

The nearly 30% insider ownership is a key metric. It suggests that the leadership team has significant skin in the game, which, to be fair, can be a great signal for long-term investors looking for management alignment.

P10, Inc.'s Leadership

The company is steered by an experienced leadership team, many of whom have deep roots in the alternative asset management space. The executive team is responsible for managing the firm's multi-asset class private market solutions, which is a highly specialized field.

• Luke A. Sarsfield III: Chairman of the Board and Chief Executive Officer (CEO). He joined P10 in October 2023, bringing over two decades of experience from Goldman Sachs, where he held senior roles in asset management.
• Amanda Coussens: Executive Vice President (EVP) and Chief Financial Officer (CFO).
• Mark Hood: Executive Vice President of Operations and Chief Administrative Officer (CAO).
• Sarita Narson Jairath: Executive Vice President and Global Head of Client Solutions. She focuses on organic growth and expanding global investor relationships, coming from a Managing Director role at Blackstone.

The board was further strengthened in April 2025 with the appointment of two new independent directors, Jennifer Glassman and Stephen Blewitt, specifically to enhance governance and bring more veteran alternative asset expertise to the Audit and Compensation Committees. This is a smart move to bolster oversight as the company grows its fee-paying assets under management (FPAUM), which were approximately $29.1 billion as of late 2024.

P10, Inc. (PX) Mission and Values

P10, Inc.'s core purpose transcends pure asset gathering; it is centered on being a crucial intermediary-a bridge-that provides institutional investors with specialized, hard-to-access private market opportunities, all while upholding a strict standard of client service and investment excellence. This focus is defintely reflected in their operational scale, with Fee-Paying Assets Under Management (AUM) reaching $29.1 billion as of the third quarter of 2025.

Given Company's Core Purpose

The company's cultural DNA is built on a shared commitment to building long-term, meaningful relationships, which is essential in the private markets (private equity, venture capital, private credit) where trust drives deal flow and capital formation. They are dedicated to servicing all stakeholders: shareholders, Limited Partners (LPs), General Partners (GPs), employees, and the community.

Official mission statement

P10, Inc. is committed to expanding its capabilities and investment products across private market strategies, leveraging a deep network of relationships, proprietary data, and market intelligence to deliver compelling risk-adjusted returns and unrivaled access to the middle and lower-middle market. In the 2025 fiscal year, this commitment drove the company to raise its organic gross fundraising target to $5 billion.

• Expand investment products across private market strategies.
• Utilize relationships and data for successful investing.
• Provide clients with unrivaled access to the middle and lower-middle market.

Vision statement

The vision is to be the premier private markets solutions provider in the middle and lower middle market, creating a unified platform of world-class strategies that share a common purpose: delivering superior returns on invested capital. The company's strategy is simple: build bridges and open doors to new opportunities. The successful closing of RCP Advisors' Secondary Opportunity Fund V at $1.26 billion, exceeding its target, shows this vision in action.

• Be the premier private markets solutions provider.
• Build an unrivaled network of diverse, world-class investment strategies.
• Deliver superior returns for clients through a data-driven process.

You can find more details on their foundational principles here: Mission Statement, Vision, & Core Values of P10, Inc. (PX).

Given Company slogan/tagline

P10's tagline clearly defines its role in the complex world of alternative asset management, which is a key part of their value proposition. The company focuses on the middle and lower-middle market, which often requires a specific kind of access.

• P10 is The Bridge to Private Markets™.

Here's the quick math on their recent performance: Q3 2025 revenue was $75.93 million, which contributes to the full-year sales estimate of $302.3 million. This growth demonstrates that their mission-driven focus on the middle market is translating directly into financial results. Still, remember that analysts project Q3 2025 revenue at $76.9 million, so they slightly missed that target.

P10, Inc. (PX) How It Works

P10, Inc. operates as a diversified private markets solutions provider, essentially acting as a sophisticated matchmaker that connects institutional and high-net-worth investors with specialized, access-constrained investment strategies. The company generates revenue primarily by earning management fees on its substantial Fee-Paying Assets Under Management (FPAUM), which stood at $29.1 billion as of September 30, 2025.

P10, Inc.'s Product/Service Portfolio

P10, Inc.'s Operational Framework

The operational process at P10 is built on a decentralized platform model, which helps them acquire and scale specialized alternative asset managers while keeping their core investment teams intact. This is how they deliver value:

• Capital Formation: They focus on raising capital from a global investor base of over 3,800 clients, including some of the world's largest pension funds. Their 2025 organic gross fundraising target was recently raised to closer to $5 billion, reflecting strong momentum.
• Investment Deployment: Capital is funneled into a diverse set of access-constrained strategies-meaning they target less-efficient, smaller corners of the private market where competition is lower.
• Fee Generation: The company earns durable Fee-Related Revenue (FRR), which was $75.9 million in the third quarter of 2025. This recurring revenue stream is the lifeblood of the business.
• Platform Synergies: They actively promote cross-selling between their different strategies, like introducing a Private Equity client to a new Private Credit offering. This just makes the client relationship stickier.

The whole framework is designed to convert long-duration capital commitments into predictable, fee-based earnings. For a deeper dive into the capital sources, you should check out Exploring P10, Inc. (PX) Investor Profile: Who's Buying and Why?

P10, Inc.'s Strategic Advantages

P10's market success comes down to a few clear, defensible advantages in a crowded asset management space. Honestly, their focus on the smaller end of the market is their biggest edge.

• Middle Market Focus: By concentrating on the middle and lower-middle market, which is generally defined as companies with Enterprise Values between $50 million and $500 million, they tap into a less-efficient segment that often delivers higher risk-adjusted returns than mega-cap private equity.
• Durable Fee-Related Earnings (FRE): The business model is structured for stability. In Q3 2025, Fee-Related Earnings were $36.0 million, representing a solid 47% FRE margin, which shows disciplined cost management.
• Diversified, Yet Focused Platform: The multi-asset platform, which includes Private Equity, Credit, and Venture Capital, provides resilience. If one asset class lags, another can pick up the slack. Total Assets Under Management (AUM) stood at over $40 billion as of September 30, 2025.
• Acquisition Engine: They use strategic, disciplined mergers and acquisitions (M&A) to quickly expand their product offerings and FPAUM, such as the recent acquisition of Qualitas Funds to boost their global presence.

What this estimate hides, though, is the risk from higher-than-expected step-downs and expirations, which totaled $673 million in Q3 2025, driven by early paydowns in their credit business.

P10, Inc. (PX) How It Makes Money

P10, Inc. operates as a leading private markets solutions provider, making money primarily through management and advisory fees charged on its vast pool of fee-paying assets under management (FPAUM). This fee-driven model generates a highly predictable, recurring revenue stream, which is the backbone of the entire business.

P10, Inc.'s Revenue Breakdown

You need to know where the money comes from, and for P10, Inc., the answer is simple: fees. As of the third quarter of 2025, approximately 99% of the company's total revenue is fee-related, giving it a financial stability that is rare in the broader financial sector.

The Fee-Related Revenue stream, which totaled approximately $75.9 million in Q3 2025, is the core engine, growing 4% year-over-year. The remaining small portion comes from performance fees, also known as carried interest, which are non-recurring and realized only when an investment fund successfully exits an investment at a profit.

Business Economics

The economic fundamentals of P10, Inc. are built for durability, which is why I like this kind of model. It's not about trading; it's about long-term capital commitment. You're buying into a business where revenue is essentially locked in for years.

• Pricing Strategy: P10, Inc. charges a management fee based on a percentage of its Fee-Paying Assets Under Management (FPAUM). The average core fee rate, as of Q3 2025, is stable at around 103 to 104 basis points (1.03% to 1.04%) on FPAUM.
• Revenue Durability: The company secures long-term fee arrangements with its limited partners (investors), with an average duration that typically exceeds seven years. This structure makes revenue highly predictable, insulating the business from short-term market volatility.
• Middle-Market Focus: The firm's investment strategies target the middle and lower-middle market in Private Equity, Private Credit, and Venture Capital. This focus offers structural advantages, often leading to lower upfront valuations and higher potential for value creation compared to large-cap deals.
• Alignment of Interest: The small, but significant, Performance Fees stream (carried interest) ensures the firm's financial success is directly tied to the investment success of its clients, aligning the interests of the general partners and the limited partners.

What this estimate hides is the impact of fund step-downs and expirations, which were higher in Q3 2025 at $673 million, partially offsetting the new fundraising. That's a natural cycle in this business, but you have to keep an eye on it.

P10, Inc.'s Financial Performance

The financial health of P10, Inc. is best measured by its Fee-Paying AUM growth and its Fee-Related Earnings (FRE), not just GAAP Net Income, which can be volatile. The numbers for 2025 show continued momentum, especially in capital formation.

• Fee-Paying Assets Under Management (FPAUM): As of September 30, 2025, FPAUM reached $29.1 billion, representing a strong 17% increase year-over-year. This is the most defintely critical metric for future revenue.
• Trailing Twelve-Month (TTM) Revenue: Total revenue for the twelve months ending September 30, 2025, was approximately $301.31 million, up nearly 10% year-over-year.
• Fee-Related Earnings (FRE): In Q3 2025, FRE, which is revenue minus compensation and operating expenses, was $36.0 million, a 3% increase year-over-year. This demonstrates disciplined cost management.
• FRE Margin: The Fee-Related Earnings margin stood at 47% in Q3 2025, showing the firm's efficiency in converting recurring fees into operating profit.
• Fundraising Momentum: P10, Inc. raised its full-year 2025 organic gross fundraising target to an impressive $5 billion, having already surpassed its initial goal. This is a huge signal of investor confidence in their strategies.

For a deeper dive into the company's long-term strategic direction, you should review the Mission Statement, Vision, & Core Values of P10, Inc. (PX).

P10, Inc. (PX) Market Position & Future Outlook

P10, Inc. is strategically positioned as a premier access point to the fragmented, high-growth middle and lower-middle market segments of alternative assets, a niche that provides a buffer against the volatility seen in large-cap strategies.

The company's future outlook is underpinned by robust capital formation, with management raising its full-year 2025 organic gross fundraising guidance to an expected closer to $5 billion after exceeding earlier targets.

Competitive Landscape

P10 operates in the highly competitive alternative asset management space, where its focus on specialized, access-constrained strategies in the middle-market differentiates it from the mega-managers. To give you a sense of its standing relative to some peers, here is a look at their comparative scale and core advantages.

Here's the quick math: P10's $42.5 billion in total AUM as of Q3 2025 is smaller than its peers, but its focus is deliberately niche.

Opportunities & Challenges

The firm is actively executing on its strategic playbook, but like any asset manager, it faces macro-level headwinds that could impact fundraising and margins.

The push into Evergreen and other alternative fund structures is defintely a smart move for capturing more consistent capital.

Industry Position

P10's industry standing is defined by its specialized focus, not its sheer scale compared to giants like Blackstone or KKR. It's a multi-asset class private market solutions provider with a distinct competitive edge: deep specialization in markets that are harder for large institutional investors to access directly.

As of Q3 2025, the company manages $29.1 billion in Fee-Paying Assets Under Management (FPAUM), demonstrating the revenue durability of its model. This FPAUM grew 17% year-over-year.

• Maintain a high Fee-Related Earnings (FRE) margin of 47% in Q3 2025, underscoring cost discipline.
• Diversify revenue across Private Equity, Private Credit, and Venture Capital solutions.
• Utilize a dual listing on NYSE Texas to expand investor engagement channels.
• Focus on cross-platform collaboration to increase client penetration across its eight world-class strategies.

The market is clearly rewarding its fundraising execution, but investors should keep an eye on the cost of capital, particularly as it relates to the adjusted net income, which fell 7% year-over-year in Q3 2025. You can dive deeper into the shareholder base by Exploring P10, Inc. (PX) Investor Profile: Who's Buying and Why?