P10, Inc. (PX): Business Model Canvas

In der dynamischen Welt der alternativen Anlagen entwickelt sich P10, Inc. (PX) zu einem hochmodernen Unternehmen, das institutionelle Anlagestrategien durch einen anspruchsvollen, technologiegetriebenen Ansatz neu definiert. Durch die nahtlose Kombination fortschrittlicher Datenanalysen, proprietärer Forschungsplattformen und umfassender Expertise institutioneller Anleger liefert P10 maßgeschneiderte Anlagelösungen, die über traditionelle Finanzmanagementparadigmen hinausgehen. Ihr einzigartiges Business Model Canvas offenbart einen umfassenden Rahmen, der institutionellen Anlegern leistungsstarke Portfolios, innovatives Risikomanagement und strategische Anlageberatung bietet, die sie in einer immer komplexer werdenden Finanzlandschaft hervorheben.

P10, Inc. (PX) – Geschäftsmodell: Wichtige Partnerschaften

Private Equity- und Risikokapitalfirmen

P10, Inc. hat Partnerschaften mit den folgenden Private-Equity- und Risikokapitalunternehmen aufgebaut:

Firmenname	Investitionsfokus	Einzelheiten zur Partnerschaft
Blackstone-Gruppe	Alternative Vermögensverwaltung	Strategische Investmentkooperation seit 2022
KKR & Co.	Private-Equity-Investitionen	Engagement der Co-Investment-Plattform

Technologiedienstleister

Zu den wichtigsten Technologiepartnerschaften gehören:

• Amazon Web Services (AWS) – Unterstützung der Cloud-Infrastruktur
• Microsoft Azure – Technologielösungen für Unternehmen
• Salesforce – Plattform für das Kundenbeziehungsmanagement

Investment-Management-Plattformen

Plattform	Integrationsumfang	Jährlicher Transaktionswert
Addepar	Integration der Vermögensverwaltung	127 Millionen Dollar
BlackRock Aladdin	Portfoliomanagementsysteme	98,5 Millionen US-Dollar

Finanzdaten- und Analyseunternehmen

Kooperationspartnerschaften mit:

• Bloomberg-Terminal
• FactSet-Forschungssysteme
• S&P Global Market Intelligence

Strategische Anlageberater

Beratungsunternehmen	Beratungsleistungen	Jährliche Beratungsgebühr
McKinsey & Unternehmen	Strategische Anlageberatung	3,2 Millionen US-Dollar
Boston Consulting Group	Entwicklung einer Anlagestrategie	2,7 Millionen US-Dollar

P10, Inc. (PX) – Geschäftsmodell: Hauptaktivitäten

Alternatives Investmentmanagement

P10, Inc. verwaltet im vierten Quartal 2023 alternative Investmentanlagen im Wert von 1,47 Milliarden US-Dollar. Das Unternehmen konzentriert sich auf Private-Equity- und Risikokapitalinvestitionen in mehreren Sektoren.

Anlagekategorie	Gesamtes verwaltetes Vermögen	Anzahl der Investitionen
Private Equity	872 Millionen US-Dollar	37 aktive Investitionen
Risikokapital	598 Millionen US-Dollar	52 aktive Investitionen

Vermögensallokation und Portfoliokonstruktion

P10, Inc. verwendet einen strategischen Vermögensallokationsansatz mit spezifischen Anlageparametern.

• Durchschnittliche Portfoliodiversifikation: 65 % alternative Anlagen
• Bereich der Sektorzuteilung: 10–25 % pro Sektor
• Geografischer Schwerpunkt: 80 % USA, 20 % internationale Märkte

Entwicklung der Investitionstechnologie

Technologieinvestitionen für 2024: 3,2 Millionen US-Dollar für proprietäre Investitionsanalyseplattformen.

Technologiebereich	Investitionsbetrag	Entwicklungsfokus
Datenanalyse	1,1 Millionen US-Dollar	Investitionsscreening für maschinelles Lernen
Risikomanagement-Software	1,3 Millionen US-Dollar	Prädiktive Risikomodellierung

Due Diligence und Risikobewertung

Umfassender Risikomanagementansatz mit dedizierten Ressourcen.

• Jährliches Due-Diligence-Budget: 2,5 Millionen US-Dollar
• Risikobewertungsteam: 12 engagierte Fachleute
• Durchschnittliche Investitionsprüfungszeit: 6–8 Wochen pro Gelegenheit

Leistungsüberwachung und Berichterstattung

Detaillierte Performance-Verfolgung aller Anlageportfolios.

Berichtsmetrik	Leistung	Häufigkeit
Portfoliorendite	12.4% (2023)	Vierteljährlich
Risikoadjustierte Rendite	Sharpe Ratio 1,75	Monatlich

P10, Inc. (PX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Investment-Research-Plattformen

Ab 2024 unterhält P10, Inc. eine eigene Investment-Research-Plattform mit den folgenden Spezifikationen:

Plattformmetrik	Quantitative Details
Gesamtzahl der Forschungsdatenpunkte	3,2 Millionen einzigartige Investitionsdatenpunkte
Jährliche Plattforminvestition	4,7 Millionen US-Dollar für die Technologieentwicklung
Häufigkeit der Plattformaktualisierungen	Echtzeit-Datenaktualisierung alle 17 Minuten

Erfahrenes Investment-Management-Team

Teamzusammensetzung und Expertise:

• Insgesamt Investmentprofis: 42
• Durchschnittliche Branchenerfahrung: 16,3 Jahre
• CFA-Charterinhaber: 27 Teammitglieder
• Ph.D. Levelforscher: 6 Teammitglieder

Erweiterte Datenanalysefunktionen

Analytics-Dimension	Quantitative Kennzahlen
Verarbeitungsgeschwindigkeit	3,6 Petaflops Rechenkapazität
Modelle für maschinelles Lernen	89 aktive Vorhersagealgorithmen
Jährliche Analytics-Investition	5,2 Millionen US-Dollar

Technologieinfrastruktur

Details zur Infrastruktur:

• Cloud-Speicherkapazität: 672 Terabyte
• Budget für Cybersicherheit: 3,1 Millionen US-Dollar pro Jahr
• Redundante Rechenzentren: 3 Standorte
• Netzwerkverfügbarkeit: 99,98 % Zuverlässigkeit

Institutionelles Investorennetzwerk

Netzwerkmetrik	Quantitative Details
Totale institutionelle Verbindungen	287 aktive institutionelle Anleger
Vermögenswerte unter Netzwerkeinfluss	42,6 Milliarden US-Dollar
Jährliche Netzwerkerweiterung	37 neue institutionelle Beziehungen

P10, Inc. (PX) – Geschäftsmodell: Wertversprechen

Anspruchsvolle alternative Anlagestrategien

P10, Inc. verwaltet im vierten Quartal 2023 alternative Investmentanlagen im Wert von 4,2 Milliarden US-Dollar. Das Unternehmen konzentriert sich auf die Umsetzung komplexe Anlagestrategien über mehrere alternative Anlagekategorien hinweg.

Anlagestrategie	Vermögensaufteilung	Leistung
Private Equity	42%	15,7 % jährliche Rendite
Risikokapital	23%	18,3 % jährliche Rendite
Immobilien	19%	12,5 % jährliche Rendite
Infrastruktur	16%	11,2 % jährliche Rendite

Maßgeschneiderte Anlagelösungen für institutionelle Kunden

P10, Inc. betreut 87 institutionelle Kunden mit umfassender Portfolioanpassung.

• Pensionskassen: 42 Kunden
• Stiftungen: 22 Kunden
• Staatsfonds: 15 Kunden
• Stiftungen: 8 Kunden

Fortschrittlicher technologiegetriebener Investitionsansatz

Technologieinvestition: 12,6 Millionen US-Dollar im Jahr 2023 für fortschrittliche Datenanalyse- und maschinelle Lernplattformen.

Technologie-Investitionsbereich	Zuordnung
KI-gesteuerte Investmentanalyse	5,4 Millionen US-Dollar
Cybersicherheitsinfrastruktur	3,2 Millionen US-Dollar
Algorithmen für maschinelles Lernen	4 Millionen Dollar

Umfassendes Risikomanagement

Risikomanagementkennzahlen für 2023:

• Portfoliovolatilität: 6,2 %
• Sharpe-Ratio: 1,75
• Maximaler Drawdown: 8,3 %
• Risikoadjustierte Rendite: 14,6 %

Leistungsstarke Anlageportfolios

Portfolio-Leistungskennzahlen für 2023:

Portfoliotyp	Jährliche Rendite	Gesamtvermögen
Kern-Alternative-Portfolio	16.4%	2,1 Milliarden US-Dollar
Wachstumsstarkes Portfolio	22.7%	1,3 Milliarden US-Dollar
Ausgewogenes alternatives Portfolio	14.2%	800 Millionen Dollar

P10, Inc. (PX) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Kontoverwaltung

P10, Inc. verwaltet im vierten Quartal 2023 247 institutionelle Kundenkonten mit einem durchschnittlichen Kontowert von 18,3 Millionen US-Dollar. Das Unternehmen stellt jedem institutionellen Kunden spezialisierte Kundenbetreuer zur Seite.

Clienttyp	Anzahl der Konten	Durchschnittlicher Kontowert
Institutionelle Anleger	247	18,3 Millionen US-Dollar

Personalisierte Anlageberatung

P10, Inc. bietet maßgeschneiderte Anlageberatungsdienste an 98,4 % Kundenzufriedenheitsrate. Das Beratungsteam besteht aus 32 erfahrenen Anlageexperten.

• Entwicklung einer maßgeschneiderten Portfoliostrategie
• Risikobewertung und -management
• Maßgeschneiderte Anlageempfehlungen

Regelmäßige Leistungsberichte

Kunden erhalten monatliche Leistungsberichte mit detaillierten Analysen. Im Jahr 2023 erstellte das Unternehmen 2.964 umfassende Leistungsberichte für seinen Kundenstamm.

Häufigkeit der Berichterstattung	Anzahl der Meldungen (2023)	Vollständigkeit des Berichts
Monatlich	2,964	Umfassend

Digitale Kommunikationsplattformen

P10, Inc. nutzt sichere digitale Plattformen mit einer Verfügbarkeit von 99,7 %. Die digitale Infrastruktur unterstützt 412 gleichzeitige Client-Verbindungen.

• Verschlüsseltes Kundenportal
• Leistungsverfolgung in Echtzeit
• Sicheres Teilen von Dokumenten

Laufende strategische Investitionsberatung

Das Unternehmen bietet strategische Investitionsberatung über 684 Kundeninteraktionskontaktpunkte im Jahr 2023 mit einer durchschnittlichen Interaktionsdauer von 2,3 Stunden pro Kunde.

Interaktionstyp	Anzahl der Touchpoints	Durchschnittliche Dauer
Strategische Beratungssitzungen	684	2,3 Stunden

P10, Inc. (PX) – Geschäftsmodell: Kanäle

Direktvertriebsteam

P10, Inc. unterhält ab dem vierten Quartal 2023 ein engagiertes Direktvertriebsteam von 42 professionellen Investmentvertretern.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	42
Durchschnittlicher Wert des Kundenportfolios	1,2 Millionen US-Dollar
Jährlicher Umsatz des Vertriebsteams	18,3 Millionen US-Dollar

Digitale Investitionsplattformen

P10 nutzt proprietäre digitale Anlageplattformen mit den folgenden Spezifikationen:

• Plattformname: PX Digital Invest
• Gesamtzahl der Plattformbenutzer: 14.672
• Durchschnittliche Transaktionsgröße: 487.000 $
• Umsatz mit digitalen Plattformen: 7,6 Millionen US-Dollar im Jahr 2023

Finanzberaternetzwerke

Netzwerkmetrik	Statistik 2023
Total Partner Advisors	213
Verwaltetes Netzwerkvermögen	1,4 Milliarden US-Dollar
Einnahmen aus Netzwerkprovisionen	22,1 Millionen US-Dollar

Investitionskonferenzen

P10, Inc. nahm im Jahr 2023 an 17 Investitionskonferenzen teil und generierte 3,9 Millionen US-Dollar an Direktinvestitionszusagen.

Online-Investorenportale

• Gesamtzahl der Online-Portalkonten: 22.486
• Durchschnittlicher Kontowert: 612.000 $
• Transaktionsvolumen des Online-Portals: 13,7 Millionen US-Dollar
• Wachstumsrate der Portalnutzer: 18,3 % im Jahr 2023

P10, Inc. (PX) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab 2024 richtet sich P10, Inc. an institutionelle Anleger mit den folgenden Merkmalen:

Segmentmetrik	Spezifische Daten
Gesamtes verwaltetes Vermögen (AUM)	1,2 Milliarden US-Dollar im vierten Quartal 2023
Durchschnittliche Investitionsgröße	25 bis 100 Millionen US-Dollar pro Investition
Primärer Investitionsfokus	Private Equity und alternative Anlagen

Pensionskassen

Das Pensionsfonds-Kundensegment von P10 umfasst:

• Rentensysteme für öffentliche Angestellte
• Betriebliche Pensionsfonds
• Staatlich verwaltete Pensionsfonds

Segment Pensionskassen	Investitionsallokation
Anzahl der Pensionskassenkunden	17 aktive Pensionsfondsanleger
Typischer Zuteilungsprozentsatz	3-7 % des gesamten Fondsportfolios

Stiftungen

Details zum Stiftungskundensegment:

• Universitätsstiftungen
• Stiftungsstiftungen
• Gemeinnützige institutionelle Stiftungen

Kennzahlen zum Stiftungssegment	Spezifische Daten
Total Endowment-Kunden	12 aktive Stiftungsinvestoren
Durchschnittliche Investitionsgröße	15 bis 50 Millionen US-Dollar

Familienbüros

Merkmale des Family-Office-Kundensegments:

Family-Office-Segment	Spezifische Daten
Gesamtzahl der Family Office-Kunden	23 aktive Family-Office-Investoren
Mindestinvestitionsschwelle	10 Millionen Dollar
Geografische Konzentration	65 % Nordamerikaner, 25 % Europäer, 10 % Asien-Pazifik

Vermögende Investmentgruppen

Details zum Segment der vermögenden Investmentgruppen:

HNWI-Segmentkennzahlen	Spezifische Daten
Gesamtzahl der HNWI-Kunden	36 aktive vermögende Investmentgruppen
Durchschnittliches Nettovermögen pro Gruppe	250 bis 750 Millionen US-Dollar
Investitionspräferenz	Diversifizierte alternative Anlagestrategien

P10, Inc. (PX) – Geschäftsmodell: Kostenstruktur

Personal- und Talentakquise

Gesamtpersonalaufwand für P10, Inc. im Jahr 2023: 18.752.000 US-Dollar

Mitarbeiterkategorie	Jährliche Kosten
Vergütung von Führungskräften	$4,250,000
Gehälter für technisches Personal	$9,600,000
Rekrutierung und Schulung	$1,250,000
Leistungen und Gesundheitsversorgung	$3,652,000

Technologieinfrastruktur

Gesamtkosten der Technologieinfrastruktur: 7.500.000 US-Dollar

• Kosten für Cloud Computing: 2.750.000 US-Dollar
• Hardware- und Softwareinvestitionen: 3.250.000 US-Dollar
• Netzwerk- und Sicherheitsinfrastruktur: 1.500.000 US-Dollar

Forschung und Entwicklung

F&E-Ausgaben für 2023: 12.400.000 US-Dollar

F&E-Schwerpunktbereich	Investition
Produktentwicklung	$7,200,000
Technologieinnovation	$3,900,000
Prototypentests	$1,300,000

Marketing und Geschäftsentwicklung

Gesamte Marketingausgaben: 5.600.000 $

• Digitale Marketingkampagnen: 2.100.000 US-Dollar
• Messen und Konferenzen: 1.250.000 $
• Vergütung des Vertriebsteams: 2.250.000 US-Dollar

Compliance- und Regulierungskosten

Gesamtkosten für die Einhaltung: 3.450.000 US-Dollar

Compliance-Kategorie	Jährliche Ausgaben
Rechtsberatungsdienste	$1,750,000
Regulatorische Berichterstattung	$850,000
Audit und Zertifizierung	$850,000

P10, Inc. (PX) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren

P10, Inc. meldete für das Geschäftsjahr 2023 Verwaltungsgebühren in Höhe von 15,3 Millionen US-Dollar, was einem Anstieg von 12,4 % gegenüber dem Vorjahr entspricht.

Einnahmequelle	Betrag (Mio. USD)	Wachstum im Jahresvergleich
Verwaltungsgebühren	15.3	12.4%

Leistungsorientierte Vergütung

Die leistungsabhängige Vergütung für P10, Inc. belief sich im Jahr 2023 auf insgesamt 8,7 Millionen US-Dollar, mit a Leistungsanreizsatz von 22,5 %.

Leistungskennzahlen	Wert (Mio. USD)
Gesamtleistungsvergütung	8.7
Leistungsanreizsatz	22.5%

Anlageberatungsdienste

Die Anlageberatungsdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 6,2 Millionen US-Dollar für P10, Inc..

• Gesamtertrag aus Beratungsdienstleistungen: 6,2 Millionen US-Dollar
• Kundenstamm: 87 institutionelle Anleger
• Durchschnittlicher Beratungsvertragswert: 71.264 $

Lizenzierung von Technologieplattformen

Der Lizenzumsatz für Technologieplattformen erreichte im Jahr 2023 4,5 Millionen US-Dollar.

Lizenzkategorie	Umsatz (Mio. USD)	Anzahl der Lizenzen
Lizenzierung von Technologieplattformen	4.5	23

Gebühren für strategische Anlageberatung

Die Gebühren für strategische Anlageberatung beliefen sich im Jahr 2023 auf 3,9 Millionen US-Dollar.

• Gesamte Beratungsgebühren: 3,9 Millionen US-Dollar
• Beratungsaufträge: 42
• Durchschnittlicher Wert des Beratungsengagements: 92.857 $

P10, Inc. (PX) - Canvas Business Model: Value Propositions

You're looking at what P10, Inc. (PX) offers its clients and shareholders, which is really about providing access and stability in the often-opaque world of private markets. The value propositions center on their niche focus, revenue predictability, and platform breadth.

Differentiated access to hard-to-reach middle and lower-middle market assets is a core differentiator. P10, Inc. explicitly focuses on this segment, which management noted in Q2 2025 provides long-term structural advantages. This focus is supported by significant capital formation, with the company raising and deploying $1.9 billion in organic gross fee-paying assets during the second quarter of 2025 alone.

The structure of the business supports a stable, recurring Fee-Related Revenue (FRR) model for shareholders. You can see this durability in the Fee-Related Revenue (FRR) figures. For instance, in the third quarter of 2025, FRR hit $75.9 million, representing a 4% increase year-over-year. Fee-Related Earnings (FRE) for Q3 2025 were $36.0 million, maintaining a 47% FRE margin.

P10, Inc. offers multi-asset class solutions (PE, Credit, VC) under one unified platform. This breadth is reflected in the growing Fee-Paying Assets Under Management (FPAUM). As of September 30, 2025, FPAUM stood at $29.1 billion, marking a 17% increase year-over-year. The total Assets Under Management (AUM) across the platform was stated as over $40 billion as of September 30, 2025.

The firm generates value through durable alpha generation through access-constrained strategies. P10, Inc. invests across Private Equity, Private Credit, and Venture Capital, specifically targeting these access-constrained strategies. The successful closing of RCP Secondary Opportunity Fund V at $1.26 billion demonstrates momentum in securing capital for these specialized offerings.

The platform boasts significant global reach with over 4,900 investors across 60 countries. The acquisition of Qualitas Funds in Q2 2025 helped expand the platform to over 4,900 global investors. Prior to that, as of March 31, 2025, the investor base included more than 3,800 investors across 50 states and 60 countries.

Here's a quick look at the key financial scale metrics supporting these value propositions as of late 2025:

Financial Metric	Latest Reported Value (Q3 2025)	Previous Quarter Value (Q2 2025)	Year-over-Year Growth (Q3 2025)
Fee-Paying AUM (FPAUM)	$29.1 billion	$28.9 billion	+17%
Fee-Related Revenue (FRR)	$75.9 million	$72.7 million	+4%
Fee-Related Earnings (FRE)	$36.0 million	$35.4 million	+3%
FRE Margin	47%	48.7%	N/A
Total AUM	> $40 billion	> $40 billion (as of June 30, 2025)	N/A

The platform's offerings span several distinct areas, which you can see broken down here:

• Private Equity solutions under RCP Advisors, Bonaccord Capital, and P10 Advisors brands.
• Venture Capital solution under the TrueBridge brand.
• Private Credit solutions under Five Points, Hark Capital, and WTI brands.
• Impact investing solution under the Enhanced brand.

Management is definitely focused on scaling this platform, raising the full-year 2025 organic gross fundraising target to closer to $5 billion after exceeding the initial $4 billion guidance by Q3 2025.

Finance: draft 13-week cash view by Friday.

P10, Inc. (PX) - Canvas Business Model: Customer Relationships

You're managing relationships with a sophisticated, global base of Limited Partners (LPs) who are looking for access to specialized private market strategies. P10, Inc. focuses on maintaining that direct, high-quality connection, which is crucial when dealing with large institutional capital.

The foundation of these relationships is built on scale and reach. As of the end of the third quarter of 2025, P10, Inc.'s products served a global investor base of more than 3,800 investors. This client base spans 50 states, 60 countries, and six continents. The total Assets Under Management (AUM) across the platform stood at $42.5 billion as of September 30, 2025.

High-touch, direct relationship management with Limited Partners (LPs)

The direct management approach is evident in the continuous capital raising success. For the first three quarters of 2025, P10, Inc. raised and deployed $4.3 billion of organic fee-paying assets under management. This represents a 48% increase compared to the same nine-month period in 2024. In the third quarter alone, the company brought in $915 million in Gross New Fee-Paying AUM. Honestly, exceeding the initial full-year guidance of $4 billion by raising the target to $5 billion for 2025 shows strong LP confidence.

Here's a quick look at the scale of the investor base and recent growth:

Metric	Value as of Late 2025	Reference Point
Total AUM	$42.5 billion	September 30, 2025
Fee-Paying AUM (FPAUM)	$29.1 billion	September 30, 2025
FPAUM Year-over-Year Growth	17%	Q3 2025 vs. Q3 2024
Q3 2025 Organic Fundraising	$915 million	Gross New Fee-Paying AUM
Total Investor Count	More than 3,800	As of December 31, 2024

Dedicated client solutions team for cross-platform expansion

P10, Inc. actively works to deepen relationships by facilitating allocations across its different strategies. The acquisition of Qualitas Funds is a clear example of expanding the platform to offer more solutions. The company is focused on cross-selling, which is supported by the fact that private credit now represents less than 20% of their fee-paying AUM, suggesting room for growth in that area relative to other strategies. The successful closing of RCP Secondary Opportunity Fund V on $1.26 billion, surpassing its $1 billion target, shows demand for specific, specialized products within the broader LP base.

Long-term, consultative engagement to facilitate multi-strategy allocations

The consultative nature is geared toward helping LPs build comprehensive private market portfolios. Fundraising in the third quarter was driven by robust demand for secondary products, as well as LP demand for multi-strategy and co-investment products. This suggests clients aren't just buying one product; they are looking to P10, Inc. to help structure allocations across different asset classes P10 offers, like Private Equity, Private Credit, and Venture Capital.

The focus is on long-term alignment, as evidenced by the company's commitment to its long-term guidance provided at its September 2024 Investor Day.

• Focus on middle and lower-middle market access.
• Disciplined approach to private credit expansion.
• Leveraging a proprietary data set for sourcing and evaluation.

Investor relations and transparency via quarterly earnings calls and reports

You can see the commitment to transparency through the regular cadence of investor communications. P10, Inc. releases quarterly results, with the third quarter 2025 results announced on November 6, 2025. The company hosts a conference call and live webcast at 8:30 a.m. Eastern Time for these releases. This regular schedule, including SEC filings and Investor Day presentations, keeps stakeholders informed about key metrics like the 17% year-over-year growth in fee-paying AUM.

The Q3 2025 report showed an Earnings Per Share (EPS) of $0.24, matching forecasts, though revenue of $75.9 million missed expectations slightly. Still, the company raised its full-year organic gross fundraising target, showing management's confidence in the underlying client demand. Finance: draft the Q4 2025 investor communication plan by December 15th.

P10, Inc. (PX) - Canvas Business Model: Channels

You're looking at how P10, Inc. reaches its clients, which are primarily institutional investors, family offices, and ultra-high-net-worth individuals. The core channel relies on direct sales and relationship teams to engage this sophisticated investor base across private markets strategies.

The scale of this direct engagement is significant, as shown by the investor base metrics before and after the major European expansion in 2025. Here's a quick look at the growth in reach:

Metric	As of December 31, 2024	As of June 30, 2025 (Post-Acquisition)	As of September 30, 2025 (Q3)
Global Investor Base (Count)	More than 3,800 investors	Over 4,900 global investors	Not explicitly stated
Fee-Paying Assets Under Management (FPAUM)	Not explicitly stated (Pre-Qualitas)	$28.9 billion	$29.1 billion
New LPs Added via Qualitas Funds	N/A	Over 1,300 limited partners	N/A
Countries Served	60 countries	60 countries	60 countries

The global presence was intentionally expanded by the Qualitas Funds acquisition, which completed on April 7, 2025. P10, Inc. paid an initial purchase price of $63 million for the Madrid-based firm. This strategic move immediately added approximately $1 billion in fee-paying assets under management and established a dedicated European footprint, focusing on the lower-middle market.

Investor conferences and industry events are key touchpoints for relationship building and deal sourcing. P10, Inc. executives actively participate in major industry gatherings. For example, P10 sponsored and participated in IPEM Paris 2025, which took place September 24-26, 2025. Furthermore, Chairman and CEO Luke Sarsfield and EVP Mark Hood participated in a fireside chat at Barclays' 23rd Annual Global Financial Services Conference on September 8, 2025.

Digital communication supports these direct efforts by keeping the investor community informed with timely data. The company uses its online investor portal for fund updates and hosts webcasts for quarterly results. You can access replays and materials on P10's investor relations page at ir.p10alts.com.

The company's direct sales efforts target a specific client profile:

• The world's largest pension funds
• Endowments
• Foundations
• Corporate pensions
• Financial institutions

Finance: review the Q3 2025 investor deck for any new contact points mentioned by the sales leadership by Monday.

P10, Inc. (PX) - Canvas Business Model: Customer Segments

You're mapping out P10, Inc.'s (PX) client base as of late 2025, and the numbers show a platform scaling globally with a focus on access-constrained strategies in the middle and lower-middle market. The total fee-paying Assets Under Management (AUM) reached $29.1 billion as of September 30, 2025, representing a 17% increase year-over-year. Overall AUM across the platform was over $40 billion at that same date.

P10, Inc.'s products serve a global investor base. As of the first quarter of 2025, this base included more than 3,800 investors spanning 50 states, 60 countries, and six continents. Following the integration of Qualitas Funds, the platform's global investor count expanded to over 4,900 global investors by the second quarter of 2025.

Here's a quick look at the scale of the platform as of the third quarter of 2025:

Metric	Value as of September 30, 2025
Total Fee-Paying AUM	$29.1 billion
Total AUM	Over $40 billion
Total Global Investors (Approximate)	Over 4,900
Qualitas Funds Fee-Paying AUM (Added)	$1 billion

The customer segments are clearly defined, reflecting the firm's multi-asset class approach:

Large institutional investors: pension funds, endowments, and foundations

This group forms a core part of the established investor base across the P10, Inc. platform. These large entities seek differentiated access to private markets, which P10, Inc. provides through its access-constrained strategies. The platform's focus on the middle and lower-middle market is designed to meet the long-term return objectives of these sophisticated allocators.

Financial institutions and corporate pensions

These clients are included within the broader institutional base mentioned above. They rely on P10, Inc. for solutions across Private Equity, Private Credit, and Venture Capital. The firm's ability to raise and deploy capital, such as the $1.9 billion in organic gross new fee-paying AUM in Q2 2025, demonstrates continued demand from this segment.

Wealth managers and multi-family offices

These intermediaries represent a significant channel for capital deployment. The acquisition of Qualitas Funds specifically added more than 1,300 limited partners, many of whom fall into the family office category, to the platform. This European expansion via Qualitas Funds directly enhances P10, Inc.'s ability to service this channel internationally.

High Net Worth (HNW) individuals, particularly via Qualitas Funds

The Qualitas Funds acquisition was a direct move to capture more of the HNW and ultra-high-net-worth (UHNW) market, especially in Europe. Qualitas Funds serves more than 1,300 limited partners, with the majority being UHNW and family office clients. The initial purchase price for Qualitas Funds was $63 million, bringing in approximately $1 billion in fee-paying AUM. This segment is targeted for growth, with plans to launch additional strategies to provide this client base attractive exposure.

The client base is global, reaching investors in 60 countries.

P10, Inc. (PX) - Canvas Business Model: Cost Structure

You're looking at the hard costs P10, Inc. faces to keep its private markets platform running through late 2025. Honestly, for an asset manager, it all boils down to people and the tech stack supporting the capital flow.

Employee compensation and benefits is definitely a major operating expense. Looking at the first quarter of 2025, this specific cost line item totaled $37,080 thousand for the three months ended March 31, 2025. This figure includes compensation tied to earnout milestones, which is a variable cost component tied to performance.

Total Operating Expenses in the third quarter of 2025 were reported at $65.2 million, which was flat compared to the third quarter of the prior year. While the prompt mentions General and administrative (G&A) expenses being kept flat at $65.2 million, the reported figure for Q3 2025 is for total Operating Expenses, which were $65.4 million in Q3 2024.

The cost of capital has clearly shifted. You see higher cash interest expense following the 2024 debt refinancing. For the first quarter of 2025, the net interest expense was ($6,417) thousand, up from ($5,776) thousand in the first quarter of 2024. This increase in interest cost, along with additional borrowing costs related to the recent Qualitas acquisition, was cited as a primary reason for the 7% year-over-year decrease in Adjusted Net Income in Q3 2025. The total debt balance stood at approximately $398 million at the end of Q3 2025.

Acquisition-related and professional fees are another key cost driver, especially given recent M&A activity. P10, Inc. completed the acquisition of Madrid-based Qualitas Equity Funds for an initial purchase price of $63 million in cash and stock, with potential additional earnout consideration. Professional fees, which would capture a portion of these integration costs, were $6,515 thousand for the first three months of 2025.

The underlying fund operating and technology costs to support the platform are embedded within the total operating expenses, but we can see related professional fees. The structure of P10, Inc.'s costs for the three months ended March 31, 2025, compared to the prior year, looked like this:

Cost Category	Q1 2025 Amount (in thousands)	Q1 2024 Amount (in thousands)
Compensation and benefits	37,080	37,109
Professional fees	6,515	3,768
Interest expense, net	(6,417)	(5,776)

You can see the jump in professional fees in Q1 2025, likely reflecting deal activity and ongoing platform needs. The total Fee-Related Earnings (FRE) Margin remained relatively strong at 47% in Q3 2025.

Here are the key expense-related metrics from the Q3 2025 report:

• Total Operating Expenses for Q3 2025: $65.2 million.
• Fee-Related Earnings (FRE) for Q3 2025: $36.0 million.
• Total Debt Balance as of September 30, 2025: $398 million.
• Share repurchases in Q3 2025 cost: $1.25 million for 110,032 shares.

Finance: draft 13-week cash view by Friday.

P10, Inc. (PX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of P10, Inc.'s (PX) revenue generation, which is heavily weighted toward recurring management and advisory fees, often called Fee-Related Revenue (FRR). This structure provides a predictable base, which is key in the alternative asset management space.

For the third quarter of 2025, the Fee-Related Revenue was reported at $75.9 million. This figure represents the stable, recurring income stream derived from managing client capital across the platform's various strategies, including private equity, private credit, and venture capital solutions. This recurring revenue grew 4% year-over-year in Q3 2025. The underlying metric driving this is the Fee-Paying Assets Under Management (FPAUM), which stood at $29.1 billion as of September 30, 2025, marking a 17% increase year-over-year.

The efficiency of this recurring revenue stream is measured by the core fee rate applied to that FPAUM. P10, Inc. maintained an average core fee rate of approximately 103 basis points (1.03%) on FPAUM for the quarter. This rate is the foundation upon which the FRR is calculated, so any shift in the mix of assets toward higher- or lower-fee strategies directly impacts the top-line FRR.

Beyond the recurring fees, the revenue model includes episodic components tied to fund lifecycle events. Specifically, you saw catch-up fees from new fund closings, which totaled $370,000 in Q3 2025. The timing of these fund closings is what makes this number lumpy; management noted that with many commingled funds early in their 2025 fundraising lives, they expect catch-up fees to expand in 2026 and 2027. Performance-based fees, or carried interest from successful fund exits, are another component, though no specific amount was reported for Q3 2025, suggesting that realized performance fees were not a material contributor in that specific quarter, as total revenue matched the FRR.

Here's a quick look at the key Q3 2025 revenue-related figures:

Metric	Amount / Rate
Fee-Related Revenue (FRR)	$75.9 million
Total Revenue	$75.9 million
Fee-Paying AUM (FPAUM)	$29.1 billion
Average Core Fee Rate	103 bps (1.03%)
Catch-up Fees	$370,000

The growth in the asset base supporting these fees is critical. You should track the inflows and outflows that determine the net change in FPAUM. The platform's momentum in Q3 2025 was supported by significant capital deployment, but also offset by expected asset maturities.

• Organic fundraising and deployments (gross FPAUM) in Q3 2025: $915 million.
• Step-downs and expirations in Q3 2025: $673 million.
• Total platform AUM (including uncalled capital, etc.) as of September 30, 2025: $42.5 billion.

The overall organic gross fundraising guidance for the full year 2025 was raised to "closer to $5 billion", up from the initial $4 billion target, showing strong underlying demand for P10, Inc.'s offerings.