Ridgepost Capital, Inc. · NYSE:RPC
Ridgepost Capital — P10 — Q1 2022 Earnings Presentation
27 slides from Ridgepost Capital's earnings presentation, May 12, 2022
Slide 1: First Quarter 2022 Company Overview
First Quarter 2022 Company Overview
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANTNOTICES TheinclusionofreferencestoP10,Inc.(the“Company”)inthispresentationisforinformationpurposesonlyastheholdingcompanyofvarioussubsidiaries.P10doesnotoffer investmentadvisoryservicesandthispresentationisneitheranofferofanyinvestmentproductsnoranofferofadvisoryservicesbyP
Slide 3: Legal Disclaimer (continued)
Legal Disclaimer (continued) Fee-PayingAssetsUnderManagement,orFPAUM FPAUMreflectstheassetsfromwhichweearnmanagementandadvisoryfees.Ourvehiclestypicallyearnmanagementandadvisoryfeesbasedoncommittedcapital,andin certaincases,netinvestedcapital,dependingonthefeeterms.Managementandadvisoryfeesbasedonco
Slide 4: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive Investment Thesis Premier, specialized private markets solutions provider operating in large and growing markets with increasing investor allocations Highly recurring revenue composed almost entirely of management and advisory fees earned primarily on c
Slide 5: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Exceptionally Well-Positioned in the Private Markets Ecosystem Private Markets Ecosystem We are a specialized private market solutions provider. As LPs entrust us with capital, we strengthen our relationships with high performing, difficult to access fund m
Slide 6: Comprehensive Suite of Private Market Vehicles
Premier Private Markets Solutions Provider Comprehensive Suite of Private Market Vehicles (1) Primary Direct and Secondary Solutions Co-Investments Investments • Private Equity • Private Equity • Private Equity • Venture Capital • Venture Capital • Private Credit • Impact Investing • Invests in dive
Slide 7: Differentiated Platform with Specialized Private Markets Solutions
Premier Private Markets Solutions Provider Differentiated Platform with Specialized Private Markets Solutions(1) PRIVATE EQUITY VENTURE CAPITAL PRIVATE CREDIT IMPACT INVESTING PRIMARIES SECONDARIES PRIMARIES DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTME
Slide 8: Well Positioned in Attractive, Specialized and Growing Global Markets
Well Positioned in Attractive, Specialized and Growing Global Markets Attractive Middle/Lower Middle Market Dynamics with Accelerating Growth in Private Markets Segments Middle/Lower Middle Market Size and Private Capital Allocation Private Markets Growth by Segment(3) Capital Available Universe of
Slide 9: Distinct Market Access, Deal Flow and Data Analytics
Distinct Market Access, Deal Flow and Data Analytics to Navigate Private Markets Long-Standing Industry Relationships and Extensive Proprietary Analytics Drive Unparalleled Market Access Private Equity Venture Capital Private Credit Impact Investing Relationships 1,800+ 540+ 240+ 82+ Investors Inves
Slide 10: Unique and Extensive Proprietary Analytics Database
DistinctMarket Access,DealFlow andDataAnalyticstoNavigatePrivateMarkets UniqueandExtensiveProprietaryAnalyticsDatabase ExtensiveData PowerfulDatabaseand Collection BusinessIntelligencePlatform  InformationwithinGPScout containsdeeplevelprivatecompany 4,900+ 9,000+ 42,000+ operatingandfinancialdat
Slide 11: Robust and Disciplined Sourcing Criteria
Distinct Market Access, Deal Flow and Data Analytics to Navigate Private Markets Robust and Disciplined Sourcing Criteria, Resulting in Highly Selective Investment Process Primary Deal Flow(1) Secondary Deal Flow(2) Direct & Co-Investment Deal Flow(3) Opportunities Tracked 3,500+ 2,000+ 8,500+ Initi
Slide 12: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance Superior Track Record Across a Broad Range of Portfolio Solutions(1) Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (performance as of 9/30/2021, fund size as of 3/31/2022) Fund I 2003 $92 105% 14.1% 1.8x Fun
Slide 13: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance Superior Track Record Across a Broad Range of Portfolio Solutions(1) Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds NAV Lending Funds (performance an
Slide 14: 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 DaveMcCoy Ajay Chitkara EdwinPoston RobMazzoni ManagingPartner Head of Bonaccord Capital Partners ManagingPartner Partner 22+Yea
Slide 15: 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 WhitEdwards Doug Cruikshank MichaelKorengold RichardMontgomery ManagingPartner ManagingPartner& Founder ManagingPartner Managing
Slide 16: Highly Diversified, Multi-Asset Investment Platform and Investor Base
HighlyDiversified, Multi-AssetInvestmentPlatform and InvestorBase DifferentiatedInvestor BaseCombined withInstitutionaland InternationalDistribution DiversifiedInvestorBase InvestorBasebyChannel InvestorBaseRegions (Asof1Q’22) (1) North America CentralAmerica South America FPAUM Europe MiddleEast Au
Slide 17: 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 Primary Solutions (As of Q1’22) Primary Solutions62% Total FPAUM Direct & Co-Investments 31% $17.6Bn Sec
Slide 18: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates Organic FPAUM Growth (1) Average Fee Rate (2) ($Bn) (Bps) Average Q1-22A Fee Rate: 99bps Quarterly average fee rates show the basis points attributable to base 22% CAGR management fees and catch-up fees. O
Slide 19: Experienced Management with Aligned Incentives and Deep Bench
Proven Experienced Organic Management and Inorganic with Track Aligned Record Incentives and Deep Bench of Talent with Long History of Investing Years of Leadership Experience Key P10 Criteria Robert Co-CEO Alpert Chairman of the Board ï Market leading differentiated platform C. Clark Co-CEO & DIREC
Slide 20: A Differentiated Investment Firm
A Differentiated Investment Firm 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 Highly Diversif
Slide 21: Simple Yet Powerful Financial Model
Simple Yet Powerful Financial Model Revenues consist almost exclusively of recurring, predictable management fees averaging 100 bps on FPAUM Peer leading profitability with 55-60% Adj. EBITDA margins Limited tax leakage with approximately $500 million+ in tax assets Highly efficient revenue to free
Slide 22: Highlights
First Quarter 2022 First Quarter 2022 Highlights Strong organic growth drives durable earnings power Financial Notes: 1. For the trailing twelve months, expirations and stepdowns totaled $897 million. There is an additional $684 million in expected stepdowns and expirations for the remainder of 2022
Slide 23: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) GAAP Net Income $ 7,792 $ 2,215 252% Add back (Subtract): Depreciation & amortization 6,276 7,551 -17% Interest expense, net 1,385 5,470 -75% Income tax expense 2,755 661 317% Non-recurring expenses 2,730 798 242% Non-cash stock based compensation 1,515 424 25
Slide 24: Consolidated Balance Sheets
Consolidated Balance Sheets Assets Cash and cash equivalents $ 23,655 $ 40,916 Restricted cash 2,017 2,566 Accounts receivable 2,602 2,087 Note receivable 2,776 2,552 Due from related parties 18,871 13,124 Investment in unconsolidated subsidiaries 2,031 1,803 Prepaid expenses and other assets 4,055
Slide 25: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description 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. These measures have limitations as analytic
Slide 26: Disclaimers
Disclaimers Performance Disclaimer The historical performance of our investments should not be considered as indicative of the future results of our investmentsorour operations or any returns expected on an investment in our Class A common stock. • Impact Equity excludes Low-Income Housing Tax Credi
Slide 27: Dallas Office
DALLAS OFFICE Office: 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 Tel: 214.865.7998 Website: p10alts.com Email:info@p10alts.com First Quarter 2022