Slide 1: Third Quarter 2023 Company Overview
Third Quarter 2023 Company Overview
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES The inclusion of references to P10, Inc. (the “Company”) in this presentation is for information purposes only as the holding company of various subsidiaries. P10 does not offer investment advisory services and this presentation is neither an offer of any investmen
Slide 3: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive investment thesis SUPERIOR TRACK RECORD Attractive and growing revenue base with highly recurring and well diversified revenue and strong margins DEEP TALENT Experienced management team with significant insider ownership, proven M&A track record, and su
Slide 4: 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 5: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Comprehensive suite of private market vehicles1 Primary Solutions Direct and Co-Investments Secondary Investments Asset Classes Private Equity Venture Capital Private Equity Venture Capital Private Credit Impact Investing Private Equity Venture Capital Stru
Slide 6: Differentiated platform with specialized private markets solutions
Premier Private Markets Solutions Provider Differentiated platform with specialized private markets solutions1 Private Equity Venture Capital Private Credit Impact Investing PRIMARIES DIRECT & CO-INVESTMENTS SECONDARIES PRIMARIES DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENT
Slide 7: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets Lower Middle Market Benefits Large Pool of Opportunities Limited Alternatives for Capital Operational Value Add Inefficient Sourcing Favorable Purchase Price Valuations Multiple Arbitrage Exit Flexibility Favorable LP/GP Alignment of In
Slide 8: Distinct Market Access, Deal Flow, and Data Analytics
Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets Unique and extensive proprietary analytics database | Data capabilities are a competitive differentiator 4.9K+ Investment Firms 9.8K+ Investment Funds 44K+ Individual Transactions 29K+ Private Companies 276K+ Financial
Slide 9: 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 Fund-of-Funds (Fund size as of 9/30/23, performance as of 6/30/23) Fund I 2003 $92 105% 13.6% 1.8x Fund II 2005 $140 109% 8.1% 1.5x Fun
Slide 10: Performance Summary (continued)
Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC NAV Lending Funds (Fund size as of 9/30/23, performance as of 6/30/23) Fund I 2013 $106 119% 11.0% 1.3x Fund II 2017 $202 75% 11.3% 1.5x Fund III 2021 $400 77% 12.2% 1.1x Fund IV 2022 $336 11% - - Fund Vintage Fund Size ($M) Called Capital
Slide 11: Investment Teams Led by Management Teams with Sustained Track Records
Investment Teams Led by Management Teams with Sustained Track Records of Success Ownership structure aligned with investors | Carried interest aligned with investment teams Private Equity Solutions Dave McCoy Managing Partner and Director 24+ Years of Experience Ajay Chitkara Managing Partner 25+ Ye
Slide 12: Investment Teams: Private Credit Solutions
Investment Teams Led by Management Teams with Sustained Track Records of Success Ownership structure aligned with investors | Carried interest aligned with investment teams Private Credit Solutions Private Credit Solutions Maurice Werdegar Investment Partner & Chairman 23+ Years of Experience Doug C
Slide 13: Investment Teams: Impact Investing Solutions
Investment Teams Led by Management Teams with Sustained Track Records of Success Ownership structure aligned with investors | Carried interest aligned with investment teams Impact Investing Solutions Michael Korengold President & CEO 27+ Years of Experience Richard Montgomery Partner 23+ Years of Ex
Slide 14: 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 Regions FPAUM Investor Base by Channel 50 States 60 Countries 6 Continents Notes: 1. Reflects FPAUM percentage by investor commi
Slide 15: Fee Paying Assets Under Management Across Diversified Vehicles
Fee Paying Assets Under Management Across Diversified Vehicles Multi-asset investment platform with strong organic growth Diversified Base and Growth Across Vehicles KEY METRICS FPAUM Composition (As of Q3’23) Primary Solutions Direct & Co-Investments Secondary Investments $13.2Bn FPAUM as of Q3’23
Slide 16: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates 16% CAGR ORGANIC FPAUM GROWTH1 ($Bn) 24% 4% 30% 11% Quarterly average fee rates show the basis points attributable to base management fees and catch-up fees3. AVERAGE FEE RATE2 (Bps) 18.7 20.1 21.4 106 115
Slide 17: Experienced Management with Aligned Incentives
Experienced Management with Aligned Incentives and Proven Organic and Inorganic Track Record Deep bench of talent with long history of investing Leadership Years of Experience Luke Sarsfield CEO & Director 23+ Robert Alpert Executive Chairman & Chairman of the Board 30+ C. Clark Webb Executive Vice
Slide 18: A Differentiated Investment Firm
A Differentiated Investment Firm 1 2 3 4 5 6 7 Premier Private Markets Solutions Provider Well Positioned in Attractive, Specialized, and Growing Global Markets Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets Preeminent Investment Teams Delivering Strong Performance
Slide 19: Simple Yet Powerful Financial Model
Simple Yet Powerful Financial Model RELIABLE Revenues consist almost exclusively of recurring, predictable management fees averaging 105 bps on FPAUM Robust Healthy M&A pipeline to accelerate free cash flow growth Powerful Highly-efficient revenue to free cash flow conversion Consistent Limited tax
Slide 20: Third Quarter 2023 Financial Highlights
Third Quarter 2023 Financial Highlights Strong organic growth drives durable earnings power Fee paying assets under management (FPAUM) were $22.7Bn, an increase of 20% compared to September 30, 2022. In the quarter, $699MM of fundraising and capital deployment was offset by $168MM in stepdowns and e
Slide 21: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above.
Slide 22: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited)
Slide 23: Key Terms & Supplemental Information
Key Terms & Supplemental Information Fully Diluted ANI EPS Fully diluted Adjusted Net Income Earnings Per Share is a calculation that assumes all the Company’s securities were converted into shares, not just shares that are currently outstanding. Net IRR Refers to Internal Rate of Return net of fees
Slide 24: Additional Disclaimers
Additional Disclaimers Performance Disclaimer 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 investment in our Class A common stock. In considering the performance informati
Slide 25: Disclaimers: RCP Advisors Performance Disclosures
Disclaimers RCP Advisors Performance Disclosures: Past performance does not predict, and is not a guarantee of, future results. The historical returns of RCP Advisors are not necessarily indicative of the future performance of a Fund and there can be no assurance that the returns described herein or
Slide 26: Disclaimers: RCP Advisors Performance Disclosures (Continued)
Disclaimers RCP Advisors Performance Disclosures (Continued): RCP Fund performance – Explanatory Notes: RCP SEF Performance. Because RCP’s inaugural “small and emerging manager” fund (which was structured using two distinct parallel investment vehicles – RCP Small and Emerging Fund, LP (“SEF (Main)”
Slide 27: Disclaimers: Hark Performance Disclosures
Disclaimers Hark Performance Disclosures: ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum of distributions plus total partners’ capital by capital contributed. Total partners’ capital balance is the book assets (fair value of unrealized investments plus cash o
Slide 28: Dallas Office Contact Details
4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com Dallas Office