P10, Inc. (PX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des investissements alternatifs, P10, Inc. (PX) émerge comme une entreprise de pointe qui réinvente les stratégies d'investissement institutionnelles grâce à une approche sophistiquée et axée sur la technologie. En mélangeant de manière transparente l'analyse avancée de données, les plateformes de recherche propriétaires et l'expertise approfondie des investisseurs institutionnels, P10 fournit des solutions d'investissement personnalisées qui transcendent les paradigmes de gestion financière traditionnels. Leur toile de modèle commercial unique révèle un cadre complet conçu pour autonomiser les investisseurs institutionnels avec des portefeuilles à haute performance, une gestion des risques innovants et des conseils d'investissement stratégiques qui les distinguent dans un paysage financier de plus en plus complexe.

P10, Inc. (PX) - Modèle d'entreprise: partenariats clés

Sociétés de capital-investissement et de capital-risque

P10, Inc. a établi des partenariats avec les sociétés de capital-investissement et de capital-risque suivantes:

Nom de l'entreprise	Focus d'investissement	Détails du partenariat
Groupe Blackstone	Gestion des actifs alternatifs	Collaboration stratégique d'investissement depuis 2022
Kkr & Co.	Investissements de capital-investissement	Engagement de la plate-forme de co-investissement

Fournisseurs de services technologiques

Les partenariats technologiques clés comprennent:

• Amazon Web Services (AWS) - Prise en charge des infrastructures cloud
• Microsoft Azure - Enterprise Technology Solutions
• Salesforce - Plateforme de gestion de la relation client

Plateformes de gestion des investissements

Plate-forme	Portée de l'intégration	Valeur de transaction annuelle
Adjoint	Intégration de la gestion de la patrimoine	127 millions de dollars
Blackrock Aladdin	Systèmes de gestion de portefeuille	98,5 millions de dollars

Données financières et sociétés d'analyse

Partenariats collaboratifs avec:

• Bloomberg Terminal
• Systèmes de recherche de faits
• S&P Global Market Intelligence

Consultants en investissement stratégique

Cabinet de conseil	Services de conseil	Frais de consultation annuels
McKinsey & Entreprise	Advisory d'investissement stratégique	3,2 millions de dollars
Groupe de conseil à Boston	Développement de stratégie d'investissement	2,7 millions de dollars

P10, Inc. (PX) - Modèle d'entreprise: activités clés

Gestion des investissements alternatifs

P10, Inc. gère 1,47 milliard de dollars d'actifs d'investissement alternatifs au quatrième trimestre 2023. L'entreprise se concentre sur les investissements en capital-investissement et en capital-risque dans plusieurs secteurs.

Catégorie d'investissement	Total des actifs sous gestion	Nombre d'investissements
Capital-investissement	872 millions de dollars	37 investissements actifs
Capital-risque	598 millions de dollars	52 investissements actifs

Attribution des actifs et construction de portefeuille

P10, Inc. utilise une approche stratégique d'allocation d'actifs avec des paramètres d'investissement spécifiques.

• Diversification moyenne du portefeuille: 65% d'investissements alternatifs
• Plage d'allocation du secteur: 10-25% par secteur
• Focus géographique: 80% des États-Unis, 20% des marchés internationaux

Développement de technologies d'investissement

Investissement technologique pour 2024: 3,2 millions de dollars alloués aux plateformes d'analyse d'investissement propriétaires.

Zone technologique	Montant d'investissement	Focus de développement
Analyse des données	1,1 million de dollars	Dépistage d'investissement d'apprentissage automatique
Logiciel de gestion des risques	1,3 million de dollars	Modélisation prédictive des risques

Diligence raisonnable et évaluation des risques

Approche complète de gestion des risques avec des ressources dédiées.

• Budget annuel de diligence raisonnable: 2,5 millions de dollars
• Équipe d'évaluation des risques: 12 professionnels dévoués
• Temps de dépistage moyen des investissements: 6 à 8 semaines par opportunité

Surveillance et rapport des performances

Suivi des performances détaillées sur les portefeuilles d'investissement.

Métrique de rapport	Performance	Fréquence
Retour de portefeuille	12.4% (2023)	Trimestriel
Rendement ajusté au risque	Ratio de Sharpe 1,75	Mensuel

P10, Inc. (PX) - Modèle d'entreprise: Ressources clés

Plateformes de recherche d'investissement propriétaires

En 2024, P10, Inc. maintient une plate-forme de recherche d'investissement propriétaire avec les spécifications suivantes:

Métrique de la plate-forme	Détails quantitatifs
Points de données de recherche totaux	3,2 millions de points de données d'investissement uniques
Investissement annuel sur la plate-forme	4,7 millions de dollars en développement technologique
Fréquence de mise à jour de la plate-forme	Rafraîchissement des données en temps réel toutes les 17 minutes

Équipe expérimentée de gestion des investissements

Composition et expertise de l'équipe:

• Total des professionnels de l'investissement: 42
• Expérience moyenne de l'industrie: 16,3 ans
• Contendeurs de charte CFA: 27 membres de l'équipe
• doctorat Rechercheurs de niveau: 6 membres de l'équipe

Capacités avancées d'analyse des données

Dimension d'analyse	Métriques quantitatives
Vitesse de traitement	3.6 Capacité de calcul de Petaflops
Modèles d'apprentissage automatique	89 algorithmes prédictifs actifs
Investissement annuel d'analyse	5,2 millions de dollars

Infrastructure technologique

Détails de l'infrastructure:

• Capacité de stockage cloud: 672 téraoctets
• Budget de cybersécurité: 3,1 millions de dollars par an
• Centres de données redondantes: 3 emplacements
• Toujours du réseau: Fiabilité de 99,98%

Réseau d'investisseurs institutionnels

Métrique du réseau	Détails quantitatifs
Connexions institutionnelles totales	287 investisseurs institutionnels actifs
Actifs sous l'influence du réseau	42,6 milliards de dollars
Extension annuelle du réseau	37 nouvelles relations institutionnelles

P10, Inc. (PX) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement alternatives sophistiquées

P10, Inc. gère 4,2 milliards de dollars d'actifs d'investissement alternatifs au quatrième trimestre 2023. L'entreprise se concentre sur la livraison Stratégies d'investissement complexes dans plusieurs catégories d'investissement alternatives.

Stratégie d'investissement	Allocation d'actifs	Performance
Capital-investissement	42%	15,7% de rendement annuel
Capital-risque	23%	18,3% de rendement annuel
Immobilier	19%	Retour annuel de 12,5%
Infrastructure	16%	11,2% de rendement annuel

Solutions d'investissement personnalisées pour les clients institutionnels

P10, Inc. dessert 87 clients institutionnels avec une personnalisation totale du portefeuille.

• Fonds de pension: 42 clients
• Dotations: 22 clients
• Fonds de richesse souveraine: 15 clients
• Fondations: 8 clients

Approche d'investissement axée sur les technologies avancées

Investissement technologique: 12,6 millions de dollars en 2023 pour les plates-formes avancées d'analyse des données et d'apprentissage automatique.

Zone d'investissement technologique	Allocation
Analyse d'investissement dirigée par l'IA	5,4 millions de dollars
Infrastructure de cybersécurité	3,2 millions de dollars
Algorithmes d'apprentissage automatique	4 millions de dollars

Gestion complète des risques

Mesures de gestion des risques pour 2023:

• Volatilité du portefeuille: 6,2%
• Ratio Sharpe: 1,75
• Rattrapage maximum: 8,3%
• Retour ajusté au risque: 14,6%

Portefeuilles d'investissement hautes performances

Métriques de performance de portefeuille pour 2023:

Type de portefeuille	Retour annuel	Actif total
Portefeuille alternatif de base	16.4%	2,1 milliards de dollars
Portefeuille à forte croissance	22.7%	1,3 milliard de dollars
Portfolio alternatif équilibré	14.2%	800 millions de dollars

P10, Inc. (PX) - Modèle d'entreprise: relations avec les clients

Gestion de compte dédiée

P10, Inc. gère 247 comptes de clients institutionnels au quatrième trimestre 2023, avec une valeur de compte moyenne de 18,3 millions de dollars. L'entreprise attribue des gestionnaires de comptes spécialisés à chaque client institutionnel.

Type de client	Nombre de comptes	Valeur moyenne du compte
Investisseurs institutionnels	247	18,3 millions de dollars

Conseil d'investissement personnalisé

P10, Inc. fournit des services de conseil en investissement personnalisés avec 98,4% Taux de satisfaction du client. L'équipe de conseil comprend 32 professionnels de l'investissement seniors.

• Développement de stratégie de portefeuille personnalisé
• Évaluation et gestion des risques
• Recommandations d'investissement sur mesure

Rapports de performances réguliers

Les clients reçoivent des rapports de performance mensuels avec des analyses détaillées. En 2023, l'entreprise a généré 2 964 rapports de performances complets dans sa clientèle.

Fréquence de rapport	Nombre de rapports (2023)	Signaler l'exhaustivité
Mensuel	2,964	Complet

Plateformes de communication numérique

P10, Inc. utilise des plates-formes numériques sécurisées avec une disponibilité de 99,7%. L'infrastructure numérique prend en charge 412 connexions clients simultanées.

• Portail client chiffré
• Suivi des performances en temps réel
• Partage de documents sécurisé

Conseils d'investissement stratégique en cours

L'entreprise fournit des conseils d'investissement stratégiques à travers 684 points de contact d'interaction client en 2023, avec une durée d'interaction moyenne de 2,3 heures par client.

Type d'interaction	Nombre de points de contact	Durée moyenne
Séances de guidage stratégiques	684	2,3 heures

P10, Inc. (PX) - Modèle d'entreprise: canaux

Équipe de vente directe

P10, Inc. maintient une équipe de vente directe dédiée de 42 représentants d'investissement professionnels au T2 2023.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	42
Valeur moyenne du portefeuille client	1,2 million de dollars
Revenus de l'équipe de vente annuelle	18,3 millions de dollars

Plates-formes d'investissement numériques

P10 utilise des plateformes d'investissement numérique propriétaires avec les spécifications suivantes:

• Nom de la plate-forme: PX Invest numérique
• Utilisateurs totaux de la plate-forme: 14 672
• Taille moyenne des transactions: 487 000 $
• Revenus de plate-forme numérique: 7,6 millions de dollars en 2023

Réseaux de conseillers financiers

Métrique du réseau	2023 statistiques
Conseillers de partenaires totaux	213
Actifs de réseau sous gestion	1,4 milliard de dollars
Revenus de la Commission du réseau	22,1 millions de dollars

Conférences d'investissement

P10, Inc. a participé à 17 conférences d'investissement en 2023, générant 3,9 millions de dollars en engagements d'investissement directs.

Portails d'investisseurs en ligne

• Comptes de portail en ligne total: 22 486
• Valeur du compte moyen: 612 000 $
• Volume de transaction de portail en ligne: 13,7 millions de dollars
• Taux de croissance des utilisateurs du portail: 18,3% en 2023

P10, Inc. (PX) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, P10, Inc. cible les investisseurs institutionnels avec les caractéristiques suivantes:

Métrique du segment	Données spécifiques
Total des actifs sous gestion (AUM)	1,2 milliard de dollars au quatrième trimestre 2023
Taille moyenne de l'investissement	25 à 100 millions de dollars par investissement
Focus d'investissement primaire	Capital-investissement et investissements alternatifs

Fonds de pension

Le segment de la clientèle du Fonds de retraite de P10 comprend:

• Systèmes de retraite des employés publics
• Fonds de retraite d'entreprise
• Fonds de pension gérés par l'État

Segment des fonds de pension	Allocation des investissements
Nombre de clients de fonds de pension	17 investisseurs de fonds de retraite actifs
Pourcentage d'allocation typique	3 à 7% du portefeuille de fonds totaux

Dotation

Détails du segment de la clientèle de dotation:

• Dotations universitaires
• Foundation Dowments
• Dotations institutionnelles à but non lucratif

Métriques du segment de dotation	Données spécifiques
Clients totaux de dotation	12 investisseurs de dotation actifs
Taille moyenne de l'investissement	15 millions à 50 millions de dollars

Familiaux

Caractéristiques du segment de la clientèle du Family Office:

Segment du bureau de la famille	Données spécifiques
Clients totaux de Family Office	23 Investisseurs de Family Office actifs
Seuil d'investissement minimum	10 millions de dollars
Concentration géographique	65% nord-américain, 25% européennes, 10% Asie-Pacifique

Groupes d'investissement à haute teneur

Détails du segment des groupes d'investissement à haute teneur::

Métriques du segment HNWI	Données spécifiques
Clients totaux HNWI	36 groupes d'investissement actifs à haute noue
Valeur nette moyenne par groupe	250 millions à 750 millions de dollars
Préférence d'investissement	Stratégies d'investissement alternatives diversifiées

P10, Inc. (PX) - Modèle d'entreprise: Structure des coûts

Acquisition du personnel et des talents

Total des dépenses de personnel pour P10, Inc. en 2023: 18 752 000 $

Catégorie des employés	Coût annuel
Rémunération des dirigeants	$4,250,000
Salaires du personnel technique	$9,600,000
Recrutement et formation	$1,250,000
Avantages et soins de santé	$3,652,000

Infrastructure technologique

Coût total d'infrastructure technologique: 7 500 000 $

• Dépenses de cloud computing: 2 750 000 $
• Investissements matériels et logiciels: 3 250 000 $
• Infrastructure de réseau et de sécurité: 1 500 000 $

Recherche et développement

Dépenses de R&D pour 2023: 12 400 000 $

Zone de focus R&D	Investissement
Développement	$7,200,000
Innovation technologique	$3,900,000
Test de prototype	$1,300,000

Marketing et développement commercial

Total des dépenses de marketing: 5 600 000 $

• Campagnes de marketing numérique: 2 100 000 $
• Salons et conférences: 1 250 000 $
• Compensation de l'équipe de vente: 2 250 000 $

Compliance et dépenses réglementaires

Coûts de conformité totaux: 3 450 000 $

Catégorie de conformité	Dépenses annuelles
Services de conseil juridique	$1,750,000
Représentation réglementaire	$850,000
Audit et certification	$850,000

P10, Inc. (PX) - Modèle d'entreprise: Strots de revenus

Frais de gestion

P10, Inc. a déclaré des frais de gestion de 15,3 millions de dollars pour l'exercice 2023, ce qui représente une augmentation de 12,4% par rapport à l'année précédente.

Flux de revenus	Montant ($ m)	Croissance d'une année à l'autre
Frais de gestion	15.3	12.4%

Compensation basée sur la performance

La rémunération basée sur la performance pour P10, Inc. a totalisé 8,7 millions de dollars en 2023, avec un Taux d'incitation de la performance de 22,5%.

Métriques de performance	Valeur ($ m)
Compensation totale de performance	8.7
Taux d'incitation à la performance	22.5%

Services de conseil en investissement

Les services de conseil en placement ont généré 6,2 millions de dollars de revenus pour P10, Inc. en 2023.

• Revenus de services consultatifs totaux: 6,2 millions de dollars
• Base de clients: 87 investisseurs institutionnels
• Valeur du contrat consultatif moyen: 71 264 $

Licence de plate-forme technologique

Les revenus de licence de plateforme technologique ont atteint 4,5 millions de dollars en 2023.

Catégorie de licence	Revenus ($ m)	Nombre de licences
Licence de plate-forme technologique	4.5	23

Frais de conseil en investissement stratégique

Les frais de conseil en investissement stratégiques s'élevaient à 3,9 millions de dollars en 2023.

• Total des frais de conseil: 3,9 millions de dollars
• Engagements de conseil: 42
• Valeur d'engagement de consultation moyen: 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.