P10, Inc. (PX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos alternativos, a P10, Inc. (PX) surge como uma empresa de ponta que reimagina estratégias de investimento institucional por meio de uma abordagem sofisticada e orientada por tecnologia. Ao misturar perfeitamente a análise de dados avançados, as plataformas de pesquisa proprietárias e a experiência em investidores institucionais profundos, o P10 fornece soluções de investimento personalizadas que transcendem os paradigmas tradicionais de gerenciamento financeiro. Seu modelo de negócios exclusivo Canvas revela uma estrutura abrangente projetada para capacitar investidores institucionais com portfólios de alto desempenho, gerenciamento inovador de riscos e orientações estratégicas de investimento que as diferencia em um cenário financeiro cada vez mais complexo.

P10, Inc. (PX) - Modelo de Negócios: Principais Parcerias

Empresas de capital de private equity e risco

A P10, Inc. estabeleceu parcerias com as seguintes empresas de capital de private equity e risco:

Nome da empresa	Foco de investimento	Detalhes da parceria
Grupo Blackstone	Gerenciamento de ativos alternativos	Colaboração de investimentos estratégicos desde 2022
KKR & Co.	Investimentos de private equity	Engajamento da plataforma de co-investimento

Provedores de serviços de tecnologia

As principais parcerias tecnológicas incluem:

• Amazon Web Services (AWS) - Suporte à infraestrutura em nuvem
• Microsoft Azure - Enterprise Technology Solutions
• Salesforce - plataforma de gerenciamento de relacionamento com o cliente

Plataformas de gerenciamento de investimentos

Plataforma	Escopo de integração	Valor anual da transação
AddEPar	Integração do gerenciamento de patrimônio	US $ 127 milhões
Blackrock Aladdin	Sistemas de gerenciamento de portfólio	US $ 98,5 milhões

Dados financeiros e empresas de análise

Parcerias colaborativas com:

• Terminal Bloomberg
• FACTSET PESQUISA SISTEMAS
• S&P Global Market Intelligence

Consultores de investimentos estratégicos

Empresa de consultoria	Serviços de consultoria	Taxa de consultoria anual
McKinsey & Empresa	Consultor de investimento estratégico	US $ 3,2 milhões
Boston Consulting Group	Desenvolvimento da estratégia de investimento	US $ 2,7 milhões

P10, Inc. (PX) - Modelo de Negócios: Atividades -chave

Gerenciamento de investimentos alternativos

A P10, Inc. gerencia US $ 1,47 bilhão em ativos alternativos de investimento a partir do quarto trimestre 2023. A empresa se concentra no patrimônio líquido e nos investimentos em capital de risco em vários setores.

Categoria de investimento	Total de ativos sob gestão	Número de investimentos
Private equity	US $ 872 milhões	37 Investimentos ativos
Capital de risco	US $ 598 milhões	52 investimentos ativos

Alocação de ativos e construção de portfólio

A P10, Inc. emprega uma abordagem estratégica de alocação de ativos com parâmetros de investimento específicos.

• Diversificação média de portfólio: 65% de investimentos alternativos
• Faixa de alocação setorial: 10-25% por setor
• Foco geográfico: 80% dos Estados Unidos, 20% de mercados internacionais

Desenvolvimento de Tecnologia de Investimento

Investimento em tecnologia para 2024: US $ 3,2 milhões alocados para plataformas de análise de investimento proprietárias.

Área de tecnologia	Valor do investimento	Foco de desenvolvimento
Análise de dados	US $ 1,1 milhão	Triagem de investimento de aprendizado de máquina
Software de gerenciamento de riscos	US $ 1,3 milhão	Modelagem de risco preditiva

Due diligence e avaliação de risco

Abordagem abrangente de gerenciamento de riscos com recursos dedicados.

• Orçamento anual de due diligence: US $ 2,5 milhões
• Equipe de avaliação de risco: 12 profissionais dedicados
• Tempo médio de triagem de investimento: 6-8 semanas por oportunidade

Monitoramento e relatório de desempenho

Rastreamento detalhado de desempenho entre portfólios de investimento.

Métrica de relatório	Desempenho	Freqüência
Retorno do portfólio	12.4% (2023)	Trimestral
Retorno ajustado ao risco	Razão Sharpe 1,75	Mensal

P10, Inc. (PX) - Modelo de negócios: Recursos -chave

Plataformas de pesquisa de investimento proprietárias

A partir de 2024, a P10, Inc. mantém uma plataforma de pesquisa de investimentos proprietária com as seguintes especificações:

Métrica da plataforma	Detalhes quantitativos
Pontos de dados totais de pesquisa	3,2 milhões de pontos de dados de investimento exclusivos
Investimento anual da plataforma	US $ 4,7 milhões em desenvolvimento de tecnologia
Frequência de atualização da plataforma	Dados em tempo real atualizam a cada 17 minutos

Equipe experiente de gerenciamento de investimentos

Composição e experiência em equipe:

• Profissionais de investimento total: 42
• Experiência média da indústria: 16,3 anos
• Titulares de fretamento da CFA: 27 membros da equipe
• Ph.D. Pesquisadores de nível: 6 membros da equipe

Recursos avançados de análise de dados

Dimensão analítica	Métricas quantitativas
Velocidade de processamento	3.6 Capacidade computacional de petaflops
Modelos de aprendizado de máquina	89 algoritmos preditivos ativos
Investimento anual de análise	US $ 5,2 milhões

Infraestrutura de tecnologia

Detalhes da infraestrutura:

• Capacidade de armazenamento em nuvem: 672 terabytes
• Orçamento de segurança cibernética: US $ 3,1 milhões anualmente
• Data centers redundantes: 3 locais
• Tempo de atividade da rede: 99,98% de confiabilidade

Rede Institucional de Investidores

Métrica de rede	Detalhes quantitativos
Total de conexões institucionais	287 investidores institucionais ativos
Ativos sob influência da rede	US $ 42,6 bilhões
Expansão anual de rede	37 Novos relacionamentos institucionais

P10, Inc. (PX) - Modelo de Negócios: Proposições de Valor

Estratégias de investimento alternativas sofisticadas

P10, Inc. gerencia US $ 4,2 bilhões em ativos de investimento alternativos a partir do quarto trimestre 2023. A empresa se concentra em entregar estratégias de investimento complexas em várias categorias alternativas de investimento.

Estratégia de investimento	Alocação de ativos	Desempenho
Private equity	42%	15,7% de retorno anual
Capital de risco	23%	18,3% de retorno anual
Imobiliária	19%	12,5% de retorno anual
Infraestrutura	16%	11,2% de retorno anual

Soluções de investimento personalizadas para clientes institucionais

A P10, Inc. atende a 87 clientes institucionais com personalização total de portfólio.

• Fundos de pensão: 42 clientes
• Doações: 22 clientes
• Fundos soberanos de riqueza: 15 clientes
• Fundamentos: 8 clientes

Abordagem avançada de investimento orientada por tecnologia

Investimento em tecnologia: US $ 12,6 milhões em 2023 para análises avançadas de análise de dados e plataformas de aprendizado de máquina.

Área de investimento em tecnologia	Alocação
Análise de investimento orientada pela IA	US $ 5,4 milhões
Infraestrutura de segurança cibernética	US $ 3,2 milhões
Algoritmos de aprendizado de máquina	US $ 4 milhões

Gerenciamento abrangente de riscos

Métricas de gerenciamento de riscos para 2023:

• Volatilidade do portfólio: 6,2%
• Proporção de Sharpe: 1,75
• Retirado máximo: 8,3%
• Retorno ajustado ao risco: 14,6%

Portfólios de investimento de alto desempenho

Métricas de desempenho do portfólio para 2023:

Tipo de portfólio	Retorno anual	Total de ativos
Portfólio alternativo principal	16.4%	US $ 2,1 bilhões
Portfólio de alto crescimento	22.7%	US $ 1,3 bilhão
Portfólio alternativo equilibrado	14.2%	US $ 800 milhões

P10, Inc. (PX) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de conta dedicado

A P10, Inc. gerencia 247 contas de clientes institucionais a partir do quarto trimestre 2023, com um valor médio de conta de US $ 18,3 milhões. A empresa atribui gerentes de conta especializados a cada cliente institucional.

Tipo de cliente	Número de contas	Valor médio da conta
Investidores institucionais	247	US $ 18,3 milhões

Consultoria de investimento personalizado

P10, Inc. fornece serviços personalizados de consultoria de investimentos com 98,4% de taxa de satisfação do cliente. A equipe de consultoria inclui 32 profissionais de investimento seniores.

• Desenvolvimento de estratégia de portfólio personalizado
• Avaliação e gerenciamento de risco
• Recomendações de investimento personalizado

Relatórios de desempenho regulares

Os clientes recebem relatórios mensais de desempenho com análises detalhadas. Em 2023, a empresa gerou 2.964 relatórios de desempenho abrangentes em sua base de clientes.

Frequência de relatório	Número de relatórios (2023)	Relatório de abrangência
Mensal	2,964	Abrangente

Plataformas de comunicação digital

A P10, Inc. utiliza plataformas digitais seguras com 99,7% de tempo de atividade. A infraestrutura digital suporta 412 conexões simultâneas do cliente.

• Portal de cliente criptografado
• Rastreamento de desempenho em tempo real
• Compartilhamento de documentos seguro

Orientação em andamento em andamento

A empresa fornece orientação estratégica de investimento através de 684 pontos de contato de interação com o cliente em 2023, com uma duração média de interação de 2,3 horas por cliente.

Tipo de interação	Número de pontos de contato	Duração média
Sessões de orientação estratégica	684	2,3 horas

P10, Inc. (PX) - Modelo de Negócios: Canais

Equipe de vendas diretas

A P10, Inc. mantém uma equipe de vendas direta dedicada de 42 representantes de investimentos profissionais a partir do quarto trimestre 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	42
Valor médio do portfólio de clientes	US $ 1,2 milhão
Receita anual da equipe de vendas	US $ 18,3 milhões

Plataformas de investimento digital

O P10 utiliza plataformas proprietárias de investimento digital com as seguintes especificações:

• Nome da plataforma: PX Digital Invest
• Usuários totais da plataforma: 14.672
• Tamanho médio da transação: $ 487.000
• Receita da plataforma digital: US $ 7,6 milhões em 2023

Redes de consultores financeiros

Métrica de rede	2023 Estatísticas
Total Partner Advisors	213
Ativos de rede sob gerenciamento	US $ 1,4 bilhão
Receita da Comissão de Rede	US $ 22,1 milhões

Conferências de investimento

A P10, Inc. participou de 17 conferências de investimento em 2023, gerando US $ 3,9 milhões em compromissos diretos de investimento.

Portais de investidores on -line

• Total de contas de portal online: 22.486
• Valor médio da conta: $ 612.000
• Volume de transação portal online: US $ 13,7 milhões
• Taxa de crescimento do usuário do portal: 18,3% em 2023

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

Investidores institucionais

A partir de 2024, P10, Inc. tem como alvo investidores institucionais com as seguintes características:

Métrica de segmento	Dados específicos
Total de ativos sob gestão (AUM)	US $ 1,2 bilhão a partir do quarto trimestre 2023
Tamanho médio de investimento	US $ 25 milhões a US $ 100 milhões por investimento
Foco de investimento primário	Private equity e investimentos alternativos

Fundos de pensão

O segmento de clientes do fundo de pensão do P10 inclui:

• Sistemas de aposentadoria de funcionários públicos
• Fundos de pensão corporativa
• Fundos de pensão gerenciados pelo estado

Segmento de fundos de pensão	Alocação de investimento
Número de clientes de fundos de pensão	17 Investidores ativos de fundos de pensão
Porcentagem de alocação típica	3-7% do portfólio total de fundos

Doações

Detalhes do segmento de clientes doações:

• Doações da universidade
• Doações da fundação
• Doações institucionais sem fins lucrativos

Métricas do segmento de doação	Dados específicos
Clientes totais de doação	12 investidores ativos de doação
Tamanho médio de investimento	US $ 15 milhões a US $ 50 milhões

Escritórios familiares

Características do segmento de clientes do escritório da família:

Segmento de escritório de família	Dados específicos
Total de clientes do escritório da família	23 investidores ativos de escritório da família
Limiar mínimo de investimento	US $ 10 milhões
Concentração geográfica	65% norte-americano, 25% europeu, 10% da Ásia-Pacífico

Grupos de investimentos de alta rede

Detalhes do segmento de grupo de investimentos de alta rede:

Métricas do segmento HNWI	Dados específicos
Total de clientes HNWI	36 grupos de investimentos de alta rede ativa
Patrimônio líquido médio por grupo	US $ 250 milhões a US $ 750 milhões
Preferência de investimento	Estratégias de investimento alternativas diversificadas

P10, Inc. (PX) - Modelo de negócios: estrutura de custos

Aquisição de pessoal e talento

Total de despesas de pessoal para P10, Inc. em 2023: US $ 18.752.000

Categoria de funcionários	Custo anual
Compensação executiva	$4,250,000
Salários da equipe técnica	$9,600,000
Recrutamento e treinamento	$1,250,000
Benefícios e saúde	$3,652,000

Infraestrutura de tecnologia

Custos totais de infraestrutura de tecnologia: US $ 7.500.000

• Despesas de computação em nuvem: US $ 2.750.000
• Investimentos de hardware e software: US $ 3.250.000
• Infraestrutura de rede e segurança: US $ 1.500.000

Pesquisa e desenvolvimento

Despesas de P&D para 2023: US $ 12.400.000

Área de foco em P&D	Investimento
Desenvolvimento de produtos	$7,200,000
Inovação tecnológica	$3,900,000
Teste de protótipo	$1,300,000

Marketing e desenvolvimento de negócios

Despesas totais de marketing: US $ 5.600.000

• Campanhas de marketing digital: US $ 2.100.000
• Feiras e conferências: US $ 1.250.000
• Compensação da equipe de vendas: US $ 2.250.000

Conformidade e despesas regulatórias

Custos totais de conformidade: US $ 3.450.000

Categoria de conformidade	Despesas anuais
Serviços de Consultoria Jurídica	$1,750,000
Relatórios regulatórios	$850,000
Auditoria e certificação	$850,000

P10, Inc. (PX) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento

A P10, Inc. relatou taxas de gerenciamento de US $ 15,3 milhões para o ano fiscal de 2023, representando um aumento de 12,4% em relação ao ano anterior.

Fluxo de receita	Valor ($ m)	Crescimento ano a ano
Taxas de gerenciamento	15.3	12.4%

Remuneração baseada em desempenho

Compensação baseada em desempenho para P10, Inc. totalizou US $ 8,7 milhões em 2023, com um Taxa de incentivo de desempenho de 22,5%.

Métricas de desempenho	Valor ($ m)
Compensação total de desempenho	8.7
Taxa de incentivo de desempenho	22.5%

Serviços de consultoria de investimentos

Os serviços de consultoria de investimentos geraram US $ 6,2 milhões em receita para a P10, Inc. em 2023.

• Receita de serviços de consultoria total: US $ 6,2 milhões
• Base de clientes: 87 investidores institucionais
• Valor médio do contrato de consultoria: US $ 71.264

Licenciamento da plataforma de tecnologia

A receita de licenciamento da plataforma de tecnologia atingiu US $ 4,5 milhões em 2023.

Categoria de licenciamento	Receita ($ m)	Número de licenças
Licenciamento da plataforma de tecnologia	4.5	23

Taxas estratégicas de consultoria de investimento

As taxas de consultoria em investimento estratégico totalizaram US $ 3,9 milhões em 2023.

• TOLAS DE CONSULTAÇÃO TOTAL: US $ 3,9 milhões
• Consultores de consultoria: 42
• Valor médio de engajamento de consultoria: US $ 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.