P10, Inc. (PX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las inversiones alternativas, P10, Inc. (PX) emerge como una empresa de vanguardia que reinventa las estrategias de inversión institucional a través de un enfoque sofisticado impulsado por la tecnología. Al combinar a la perfección el análisis de datos avanzados, las plataformas de investigación patentadas y la experiencia profunda de los inversores institucionales, P10 ofrece soluciones de inversión personalizadas que trascienden los paradigmas tradicionales de gestión financiera. Su lienzo de modelo de negocio único revela un marco integral diseñado para capacitar a los inversores institucionales con carteras de alto rendimiento, gestión de riesgos innovador y orientación estratégica de inversión que los distingue en un panorama financiero cada vez más complejo.

P10, Inc. (PX) - Modelo de negocio: asociaciones clave

Empresas de capital privado y capital de riesgo

P10, Inc. ha establecido asociaciones con las siguientes empresas de capital privado y capital de riesgo:

Nombre firme	Enfoque de inversión	Detalles de la asociación
Grupo de piedra negra	Gestión de activos alternativos	Colaboración de inversión estratégica desde 2022
KKR & Co.	Inversiones de capital privado	Compromiso de la plataforma de coinversión

Proveedores de servicios de tecnología

Las asociaciones de tecnología clave incluyen:

• Amazon Web Services (AWS) - Soporte de infraestructura en la nube
• Microsoft Azure - Enterprise Technology Solutions
• Salesforce - Plataforma de gestión de relaciones con el cliente

Plataformas de gestión de inversiones

Plataforma	Alcance de integración	Valor de transacción anual
Además	Integración de gestión de patrimonio	$ 127 millones
Blackrock Aladdin	Sistemas de gestión de cartera	$ 98.5 millones

Empresas de datos y análisis financieros

Asociaciones colaborativas con:

• Terminal de Bloomberg
• Sistemas de investigación de datos
• S&P Global Market Intelligence

Consultores de inversiones estratégicas

Consultoría	Servicios de consultoría	Tarifa de consultoría anual
McKinsey & Compañía	Aviso de inversión estratégica	$ 3.2 millones
Grupo de consultoría de Boston	Desarrollo de la estrategia de inversión	$ 2.7 millones

P10, Inc. (PX) - Modelo de negocio: actividades clave

Gestión de inversiones alternativas

P10, Inc. administra $ 1.47 mil millones en activos de inversión alternativos a partir del cuarto trimestre de 2023. La empresa se centra en las inversiones de capital privado y capital de riesgo en múltiples sectores.

Categoría de inversión	Activos totales bajo administración	Número de inversiones
Capital privado	$ 872 millones	37 inversiones activas
Capital de riesgo	$ 598 millones	52 inversiones activas

Asignación de activos y construcción de cartera

P10, Inc. emplea un enfoque de asignación de activos estratégicos con parámetros de inversión específicos.

• Diversificación promedio de la cartera: 65% de inversiones alternativas
• Rango de asignación del sector: 10-25% por sector
• Enfoque geográfico: 80% Estados Unidos, 20% de mercados internacionales

Desarrollo de tecnología de inversión

Inversión tecnológica para 2024: $ 3.2 millones asignadas a plataformas de análisis de inversión patentadas.

Área tecnológica	Monto de la inversión	Enfoque de desarrollo
Análisis de datos	$ 1.1 millones	Detección de inversión de aprendizaje automático
Software de gestión de riesgos	$ 1.3 millones	Modelado de riesgos predictivos

Diligencia debida y evaluación de riesgos

Enfoque integral de gestión de riesgos con recursos dedicados.

• Presupuesto anual de diligencia debida: $ 2.5 millones
• Equipo de evaluación de riesgos: 12 profesionales dedicados
• Tiempo promedio de detección de inversiones: 6-8 semanas por oportunidad

Monitoreo e informes del rendimiento

Seguimiento detallado de rendimiento en las carteras de inversión.

Métrica de informes	Actuación	Frecuencia
Devolución de cartera	12.4% (2023)	Trimestral
Retorno ajustado por el riesgo	Relación de Sharpe 1.75	Mensual

P10, Inc. (PX) - Modelo de negocio: recursos clave

Plataformas de investigación de inversiones propietarias

A partir de 2024, P10, Inc. mantiene una plataforma de investigación de inversión patentada con las siguientes especificaciones:

Métrica de plataforma	Detalles cuantitativos
Puntos de datos de investigación totales	3.2 millones de puntos de datos de inversión únicos
Inversión de plataforma anual	$ 4.7 millones en desarrollo de tecnología
Frecuencia de actualización de la plataforma	Los datos en tiempo real se actualizan cada 17 minutos

Equipo experimentado de gestión de inversiones

Composición y experiencia en equipo:

• Profesionales de inversión totales: 42
• Experiencia promedio de la industria: 16.3 años
• Titulares de chárter de CFA: 27 miembros del equipo
• Doctor en Filosofía. Investigadores de nivel: 6 miembros del equipo

Capacidades de análisis de datos avanzados

Dimensión analítica	Métricas cuantitativas
Velocidad de procesamiento	3.6 Capacidad computacional de Petaflops
Modelos de aprendizaje automático	89 algoritmos predictivos activos
Inversión de análisis anual	$ 5.2 millones

Infraestructura tecnológica

Detalles de la infraestructura:

• Capacidad de almacenamiento en la nube: 672 terabytes
• Presupuesto de ciberseguridad: $ 3.1 millones anuales
• Centros de datos redundantes: 3 ubicaciones
• Tiempo de actividad de la red: 99.98% de confiabilidad

Red de inversores institucionales

Métrico de red	Detalles cuantitativos
Conexiones institucionales totales	287 inversores institucionales activos
Activos bajo influencia de la red	$ 42.6 mil millones
Expansión de red anual	37 nuevas relaciones institucionales

P10, Inc. (PX) - Modelo de negocio: propuestas de valor

Estrategias de inversión alternativas sofisticadas

P10, Inc. administra $ 4.2 mil millones en activos de inversión alternativos a partir del cuarto trimestre de 2023. La empresa se enfoca en entregar Estrategias de inversión complejas en múltiples categorías de inversión alternativa.

Estrategia de inversión	Asignación de activos	Actuación
Capital privado	42%	15.7% de retorno anual
Capital de riesgo	23%	18.3% de retorno anual
Bienes raíces	19%	12.5% ​​de rendimiento anual
Infraestructura	16%	11.2% de retorno anual

Soluciones de inversión personalizadas para clientes institucionales

P10, Inc. atiende a 87 clientes institucionales con personalización total de cartera.

• Fondos de pensiones: 42 clientes
• Dotaciones: 22 clientes
• Fondos de riqueza soberana: 15 clientes
• Fundamentos: 8 clientes

Enfoque de inversión avanzado impulsado por la tecnología

Inversión en tecnología: $ 12.6 millones en 2023 para análisis de datos avanzados y plataformas de aprendizaje automático.

Área de inversión tecnológica	Asignación
Análisis de inversiones impulsado por IA	$ 5.4 millones
Infraestructura de ciberseguridad	$ 3.2 millones
Algoritmos de aprendizaje automático	$ 4 millones

Gestión integral de riesgos

Métricas de gestión de riesgos para 2023:

• Volatilidad de la cartera: 6.2%
• Relación de Sharpe: 1.75
• Deseniento máximo: 8.3%
• Retorno ajustado por el riesgo: 14.6%

Carteras de inversión de alto rendimiento

Métricas de rendimiento de la cartera para 2023:

Tipo de cartera	Retorno anual	Activos totales
Cartera alternativa de núcleo	16.4%	$ 2.1 mil millones
Cartera de alto crecimiento	22.7%	$ 1.3 mil millones
Cartera alternativa equilibrada	14.2%	$ 800 millones

P10, Inc. (PX) - Modelo de negocio: relaciones con los clientes

Gestión de cuentas dedicada

P10, Inc. administra 247 cuentas de clientes institucionales a partir del cuarto trimestre de 2023, con un valor de cuenta promedio de $ 18.3 millones. La firma asigna gerentes de cuentas especializados a cada cliente institucional.

Tipo de cliente	Número de cuentas	Valor de cuenta promedio
Inversores institucionales	247	$ 18.3 millones

Consultoría de inversión personalizada

P10, Inc. ofrece servicios de consultoría de inversiones personalizados con 98.4% Tasa de satisfacción del cliente. El equipo de consultoría incluye 32 profesionales de inversión senior.

• Desarrollo de estrategia de cartera personalizada
• Evaluación y gestión de riesgos
• Recomendaciones de inversión a medida

Informes de rendimiento regulares

Los clientes reciben informes mensuales de rendimiento con análisis detallados. En 2023, la empresa generó 2.964 informes de rendimiento integrales en su base de clientes.

Frecuencia de informes	Número de informes (2023)	Informar la amplitud
Mensual	2,964	Integral

Plataformas de comunicación digital

P10, Inc. utiliza plataformas digitales seguras con tiempo de actividad del 99.7%. La infraestructura digital admite 412 conexiones concurrentes del cliente.

• Portal de cliente encriptado
• Seguimiento de rendimiento en tiempo real
• Compartir documentos seguros

Guía de inversión estratégica continua

La firma proporciona orientación de inversión estratégica a través de 684 puntos de contacto de interacción del cliente en 2023, con una duración de interacción promedio de 2.3 horas por cliente.

Tipo de interacción	Número de puntos de contacto	Duración promedio
Sesiones de orientación estratégica	684	2.3 horas

P10, Inc. (PX) - Modelo de negocio: canales

Equipo de ventas directas

P10, Inc. mantiene un equipo de ventas directo dedicado de 42 representantes de inversión profesional a partir del cuarto trimestre de 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	42
Valor promedio de cartera de clientes	$ 1.2 millones
Ingresos anuales del equipo de ventas	$ 18.3 millones

Plataformas de inversión digital

P10 utiliza plataformas de inversión digital patentadas con las siguientes especificaciones:

• Nombre de la plataforma: PX Digital Invest
• Usuarios totales de la plataforma: 14,672
• Tamaño promedio de la transacción: $ 487,000
• Ingresos de la plataforma digital: $ 7.6 millones en 2023

Redes de asesores financieros

Métrico de red	2023 estadísticas
Asesores de socios totales	213
Activos de red bajo administración	$ 1.4 mil millones
Ingresos de la comisión de red	$ 22.1 millones

Conferencias de inversión

P10, Inc. participó en 17 conferencias de inversión en 2023, generando $ 3.9 millones en compromisos de inversión directa.

Portales de inversores en línea

• Cuentas totales del portal en línea: 22,486
• Valor de cuenta promedio: $ 612,000
• Volumen de transacción del portal en línea: $ 13.7 millones
• Tasa de crecimiento del usuario del portal: 18.3% en 2023

P10, Inc. (PX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2024, P10, Inc. se dirige a inversores institucionales con las siguientes características:

Métrico de segmento	Datos específicos
Activos totales bajo administración (AUM)	$ 1.2 mil millones a partir del cuarto trimestre 2023
Tamaño de inversión promedio	$ 25 millones a $ 100 millones por inversión
Enfoque de inversión principal	Equidad privada e inversiones alternativas

Fondos de pensiones

El segmento de clientes del fondo de pensiones de P10 incluye:

• Sistemas de jubilación de empleados públicos
• Fondos de pensiones corporativas
• Fondos de pensiones administrados por el estado

Segmento de fondos de pensiones	Asignación de inversión
Número de clientes de fondos de pensiones	17 inversores activos de fondos de pensiones
Porcentaje de asignación típico	3-7% de la cartera de fondos totales

Dotación

Detalles del segmento de clientes de dotación:

• Dotaciones universitarias
• Dotaciones de la base
• Dotaciones institucionales sin fines de lucro

Métricas de segmento de dotación	Datos específicos
Clientes de dotación total	12 inversores activos de dotación
Tamaño de inversión promedio	$ 15 millones a $ 50 millones

Oficinas familiares

Características del segmento de clientes de la oficina familiar:

Segmento de oficina familiar	Datos específicos
Total de clientes de oficina familiar	23 inversores activos de oficina familiar
Umbral mínimo de inversión	$ 10 millones
Concentración geográfica	65% norteamericano, 25% europeo, 10% Asia-Pacífico

Grupos de inversión de alto nivel de red

Detalles del segmento de grupo de inversión de alto nivel de red:

Métricas de segmento HNWI	Datos específicos
Total de clientes HNWI	36 grupos activos de inversión de alto patrimonio neto
Patrimonio neto promedio por grupo	$ 250 millones a $ 750 millones
Preferencia de inversión	Estrategias de inversión alternativas diversificadas

P10, Inc. (PX) - Modelo de negocio: Estructura de costos

Adquisición de personal y talento

Gastos totales de personal para P10, Inc. en 2023: $ 18,752,000

Categoría de empleado	Costo anual
Compensación ejecutiva	$4,250,000
Salarios técnicos del personal	$9,600,000
Reclutamiento y capacitación	$1,250,000
Beneficios y atención médica	$3,652,000

Infraestructura tecnológica

Costos de infraestructura de tecnología total: $ 7,500,000

• Gastos de computación en la nube: $ 2,750,000
• Inversiones de hardware y software: $ 3,250,000
• Infraestructura de red y seguridad: $ 1,500,000

Investigación y desarrollo

Gastos de I + D para 2023: $ 12,400,000

Área de enfoque de I + D	Inversión
Desarrollo de productos	$7,200,000
Innovación tecnológica	$3,900,000
Prueba de prototipo	$1,300,000

Marketing y desarrollo de negocios

Gastos totales de marketing: $ 5,600,000

• Campañas de marketing digital: $ 2,100,000
• Ferias comerciales y conferencias: $ 1,250,000
• Compensación del equipo de ventas: $ 2,250,000

Cumplimiento y gastos regulatorios

Costos de cumplimiento total: $ 3,450,000

Categoría de cumplimiento	Gasto anual
Servicios de asesoramiento legal	$1,750,000
Informes regulatorios	$850,000
Auditoría y certificación	$850,000

P10, Inc. (PX) - Modelo de negocio: flujos de ingresos

Tarifas de gestión

P10, Inc. reportó tarifas de gestión de $ 15.3 millones para el año fiscal 2023, que representa un aumento del 12.4% respecto al año anterior.

Flujo de ingresos	Cantidad ($ m)	Crecimiento año tras año
Tarifas de gestión	15.3	12.4%

Compensación basada en el rendimiento

La compensación basada en el rendimiento para P10, Inc. totalizó $ 8.7 millones en 2023, con un Tasa de incentivos de rendimiento del 22.5%.

Métricas de rendimiento	Valor ($ m)
Compensación de rendimiento total	8.7
Tasa de incentivos de rendimiento	22.5%

Servicios de asesoramiento de inversiones

Los servicios de asesoramiento de inversiones generaron $ 6.2 millones en ingresos para P10, Inc. en 2023.

• Ingresos totales de servicios de asesoramiento: $ 6.2 millones
• Base de clientes: 87 inversores institucionales
• Valor de contrato de asesoramiento promedio: $ 71,264

Licencias de plataforma de tecnología

Los ingresos por licencia de la plataforma de tecnología alcanzaron los $ 4.5 millones en 2023.

Categoría de licencias	Ingresos ($ M)	Número de licencias
Licencias de plataforma de tecnología	4.5	23

Tarifas de consultoría de inversiones estratégicas

Las tarifas de consultoría de inversiones estratégicas ascendieron a $ 3.9 millones en 2023.

• Tarifas de consultoría total: $ 3.9 millones
• Compromisos de consultoría: 42
• Valor promedio de compromiso de consultoría: $ 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.