P10, which provides investment solutions to alternative asset managers, filed on Monday with the SEC to raise up to $100 million in an initial public offering. The company is currently listed on the OTC (PIOE).
P10 is a multi-asset class private market solutions provider in the alternative asset management industry. The company structures, manages, and monitors portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments across asset classes and geographies in the middle and lower middle markets. Its existing portfolio of private solutions include Private Equity, Venture Capital, Impact Investing, and Private Credit. P10's revenue is composed almost entirely of recurring management and advisory fees, with the vast majority of fees earned on committed capital that is typically subject to 10- to 15-year lock up agreements.
The Dallas, TX-based company was founded in 1992 and booked $107 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol PX. Morgan Stanley, J.P. Morgan, Barclays, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
