Slide 1: Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Results EARNINGS PRESENTATION
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES CAUTION REGARDING FINANCIAL AND OPERATING PROJECTIONS The inclusion of references to P10, Inc. (“P10” or the “Company”) in this presentation is for All financial and operating projections, forecasts or estimates about or relating to the information purposes only as
Slide 3: Presenters
Presenters LUKE SARSFIELD AMANDA COUSSENS MARK HOOD CEO & Director EVP, CFO & CCO EVP of Operations & CAO FOURTH QUARTER AND FULL YEAR 2023 THE BRIDGE TO PRIVATE MARKETS 3
Slide 4: Fourth Quarter 2023 Financial Highlights
Fourth Quarter 2023 Financial Highlights Strong organic growth drives durable earnings power Fee paying assets under management (FPAUM) were $23.3Bn, an increase of 10% compared to December 31, 2022. In the quarter, $860MM of fundraising and capital deployment was offset by $297MM in stepdowns a
Slide 5: Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Highlights Fee paying assets under management (FPAUM) were $23.3Bn, an increase of $2.1Bn, or 10%, when compared to December 31, 2022 actuals. Key Business Year-over-year quarterly revenue growth of 8% was driven by $860MM of fundraising and deployment. Drivers As of today,
Slide 6: Fourth Quarter 2023 and Post-Fourth Quarter 2023 Highlights
Fourth Quarter 2023 and Post-Fourth Quarter 2023 Highlights Fourth Quarter 2023 On October 23, 2023, the Company appointed Luke Sarsfield as Chief Executive Officer and a Corporate member of the Board of Directors. Governance Robert Alpert, Co-Founder and formerly Co-CEO, was elected Executive C
Slide 7: Performance Summary
Performance Summary Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Net Fund Vintage Fund Size ($M) Called Capital Net IRR ROIC Fund-of-Funds (Fund size as of 12/31/23, performance as of 9/30/23) Fund-of
Slide 8: Performance Summary (continued)
Performance Summary (continued) Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 12/31/23, performance as of 9/30/
Slide 9: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets Capital Available by Universe of Companies by Fund Size1 Revenue Size2 $774Bn 8,740 of capital available companies to PE Funds over 81% w/revenues 7% $1Bn >$250MM $141Bn of Lower Middle Market Benefits capital available to 111,371 Large
Slide 10: Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets
Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets Unique and extensive proprietary analytics database | Data capabilities are a competitive differentiator Extensive Data Collection: Powerful Database and Business Intelligence Platform 5.6K+ 10.2K+ 47K+ 31K+ 317K+ Inve
Slide 11: Highly Diversified, Multi-Asset Investment Platform and Investor Base
Highly Diversified, Multi-Asset Investment Platform and Investor Base Differentiated investor base combined with institutional and international distribution Investor Base by Channel1 (As of Q4’23) ● Family Offices / Wealth Managers (26%) ● Public Pensions (21%) ● Financial Institutions (15%) ● Endo
Slide 12: Fee Paying Assets Under Management
Fee Paying Assets Under Management FOURTH QUARTER AND FULL YEAR 2023 THE BRIDGE TO PRIVATE MARKETS 12
Slide 13: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates ORGANIC FPAUM GROWTH1 ($Bn) AVERAGE FEE RATE2 (Bps) Average Q4’23 Actual Fee Rate: 109bps Quarterly average fee rates show the basis points attributable 16% CAGR to base management fees and catch-up fees3.
Slide 14: Organic Fee Paying AUM Growth Model
Organic Fee Paying AUM Growth Model1 Long-term, contractually locked-up funds ensure highly sticky FPAUM base Annual FPAUM Roll Forward Quarterly FPAUM Roll Forward 0.6 2.3 22.7 0.6 0.3 23.3 1.0 22.7 2.5 21.2 (1.4) (0.3) (1.3) 19.0 Dec-21 PF Raised Deployed Stepdowns Dec-22 PF Raised Deployed Stepdo
Slide 15: Private Markets Ecosystem
Private Markets Ecosystem Premier private markets solutions provider P10 is a specialized private markets solutions provider. As LPs entrust us with capital, we strengthen our relationships with high performing, difficult-to-access fund managers. These relationships drive additional investment oppor
Slide 16: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Comprehensive suite of private market vehicles1 Primary Solutions Direct and Co-Investments Secondary Investments Private Equity Private Equity Private Equity Asset Venture Capital Venture Capital Venture Capital Classes Private Credit Impac
Slide 17: Fee Paying AUM Across Diversified Vehicles
Fee Paying AUM Across Diversified Vehicles Multi-asset investment platform with strong organic growth DIVERSIFIED BASE AND GROWTH ACROSS VEHICLES KEY METRICS FPAUM Composition (As of Q4’23) Primary Solutions $13.5Bn 17% ● Primary Solutions 58% Organic FPAUM CAGR Total FPAUM as of Q4’23 FPAUM ● Direc
Slide 18: Financial Highlights
Financial Highlights FOURTH QUARTER AND FULL YEAR 2023 THE BRIDGE TO PRIVATE MARKETS 18
Slide 19: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended Twelve Months Ended GAAP GAAP December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Q4'23 vs Q4'22 YTD'23 vs YTD'22 (Dollars in thousands except share and per share amounts) Revenues Management and advisory fees $
Slide 20: Adjustments to EBITDA (unaudited)
Adjustments to EBITDA (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2023 December 31, 2023 December 31, 2023 December 31, 2023 December 31, 2023 December 31, 2023 (Dollars in thousands except share and per share amounts) Adjustments to EBITDA
Slide 21: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Q4'23 vs Q4'22 YTD'23 vs YTD'22 (Dollars in thousands except share and per share amounts) GAAP Net (Loss)/Income $ (1,893) $ 4,836 $ (7,772) $ 29,399
Slide 22: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) December 31, 2023 December 31, 2022 (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 30,467 $ 20,021 Restricted c ash 1,590 9,471 Acc ounts receivable 20,620 16,551 Notes rec eivable 5,755 4,231 Due from related parties 57,696 36,
Slide 23: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Twelve Months Ended December 31, 2023 December 31, 2022 (Dollars in thousands) Cash Flows From Operating Activities Net (loss)/income $ (7,772) $ 29,399 Adjustments to rec oncile net (loss)/inc ome to net cash provided by operating ac tivities: Stock
Slide 24: Tax Assets
Tax Assets Combination of intangible assets, goodwill, and NOLs generating sustained, long-term tax benefits LONG-TERM TAX BENEFITS COMMENTARY Tax Assets Tax basis intangible assets and tax-deductible goodwill, which are more than half of our tax assets, are available to reduce $160MM federal inco
Slide 25: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive investment thesis MEANINGFUL PARTNERSHIPS SUPERIOR TRACK RECORD Premier, specialized private markets solutions Attractive and growing revenue base with provider operating in large and growing highly recurring and well diversified markets with increa
Slide 26: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not FULLY DILUTED ANI EPS Fully diluted Adjusted Net Income Earnings Per Share is a measures of financial performance under GAAP and should not be construed as a substitute calculation
Slide 27: Additional Disclaimers
Additional Disclaimers PERFORMANCE DISCLAIMER ENHANCED CAPITAL PERFORMANCE DISCLOSURES: The historical performance of our investments should not be considered as indicative of the future results of our investments or our operations or any returns expected on an Performance information shown for de
Slide 28: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES: The actual performance returns of each investor may vary (in some cases, materially) and are dependent on a number of factors including, but not limited to, (a) the timing of Past performance does not predict, and is not a guarantee of, future re
Slide 29: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP Fund performance – Explanatory Notes: Effects of Leverage on IRRs. Because RCP typically utilizes a subscription-based credit facility to bridge capital calls for its commingled Fu
Slide 30: Disclaimers
Disclaimers HARK PERFORMANCE DISCLOSURES: BONACCORD PERFORMANCE DISCLOSURES: ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum Net Performance for Bonaccord Capital Partners I is determined assuming a limited of distributions plus total partners’ capital by
Slide 31: Disclaimers
Disclaimers WTI PERFORMANCE DISCLOSURES: The performance data in this presentation represents past performance only and is not a guarantee of future results. All investments involve risks, including loss of principal. Fund values and investment returns will fluctuate, so that an investor’s value p
Slide 32: Dallas Office
DALLAS OFFICE 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com FOURTH QUARTER AND FULL YEAR 2023 THE BRIDGE TO PRIVATE MARKETS 32