Slide 1: First Quarter 2023 Company Overview
Exhibit 99.2 First Quarter 2023 COMPANY OVERVIEW
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES CAUTION REGARDING FINANCIAL AND OPERATING PROJECTIONS The inclusion of references to P10, Inc. (the “Company”) in this presentation is for information All financial and operating projections, forecasts or estimates about or relating to the purposes only as the hold
Slide 3: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive investment thesis MEANINGFUL PARTNERSHIPS SUPERIOR TRACK RECORD ü Premier, specialized private markets solutions ü Attractive and growing revenue base with provider operating in large and growing highly recurring and well diversified markets with increa
Slide 4: Private Markets Ecosystem
Private Markets Ecosystem Premier private markets solutions provider P10 is a specialized private market 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 opport
Slide 5: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider 1 Comprehensive suite of private market vehicles Primary Solutions Direct and Co-Investments Secondary Investments ü Private Equityü Private Equityü Private Equity ü Venture Capitalü Venture Capital Asset Classes ü Private Credit ü Impact Investing ü Invest
Slide 6: Differentiated platform with specialized private markets solutions
Premier Private Markets Solutions Provider 1 Differentiated platform with specialized private markets solutions Private Equity Venture Capital Private Credit Impact Investing PRIMARIES DIRECT & SECONDARIES PRIMARIES DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS CO-INVESTMEN
Slide 7: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets Capital Available by Universe of Companies by 1 2 Fund Size Revenue Size $603Bn 8,533 of capital available companies 7% 77% to PE Funds over w/revenues $1Bn >$250M $137Bn of Lower Middle Market Benefits capital available to 125,035 Larg
Slide 8: Distinct Market Access, Deal Flow, and Data Analytics
Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets Long-standing industry relationships and extensive proprietary analytics drive unparalleled market access Private Equity Venture Capital Private Credit Impact Investing 850+ 50+ 1,900+ 260+ 1,000+ 70+ 300+ 100+ Relatio
Slide 9: Unique and Extensive Proprietary Analytics Database
Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets Unique and extensive proprietary analytics database | Data capabilities are a competitive differentiator Extensive Data Collection: Powerful Database and Business Intelligence Platform 44K+ 4.9K+ 9.8K+ 29K+ 276K+ Indiv
Slide 10: Performance Summary
Performance Summary 1 Preeminent investment teams with a superior track record across portfolio solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 3/31/23, performance as of 9/30/22) Fund-of
Slide 11: Performance Summary (continued)
Performance Summary (continued) 1 Preeminent investment teams with a superior track record across portfolio solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds (Fund size as of 3/31/23, performance as of 12/31
Slide 12: 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 Venture Capital Solutions Dave McCoy Ajay Chitkara Edwin Poston Mindy Isenstein General Partner and Co
Slide 13: 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 Maurice Werdegar Rudy Ruano Doug Cruikshank Whit Edwards Investment Partner & Investment Partner Manag
Slide 14: 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 Richard Montgomery President & CEO Partner 26+ Years of Experience 22+ Years of Ex
Slide 15: 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 Channel 1 (As of Q1’23) Family Offices / Wealth Managers (25%) ● Public Pensions (22%) ● Financial Institutions (17%) ● Endow
Slide 16: 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 Primary Solutions FPAUM Composition (As of Q1’23) 19% $12.2Bn Primary Solutions 57% ● Organic FPAUM CAGR Total FPAUM as of
Slide 17: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates 1 2 ORGANIC FPAUM GROWTH ($Bn) AVERAGE FEE RATE (Bps) Average Q1’23 Actual Fee Rate: 106bps Quarterly average fee rates show the basis points attributable 3 to base management fees and catch-up fees . For
Slide 18: 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 Years of Leadership Experience Key P10 Criteria Robert Alpert 30+ Co-CEO & Chairman of the Board ü Market-leading, differentiated platform ü Track record o
Slide 19: A Differentiated Investment Firm
A Differentiated Investment Firm Premier Private Markets Solutions Provider 1 Well Positioned in Attractive, Specialized, and Growing Global Markets 2 Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets 3 Preeminent Investment Teams Delivering Strong Performance 4 Highl
Slide 20: 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 SUPERIOR ROBUST Peer-leading Healthy M&A profitability with pipeline to superior Adj. accelerate free EBITDA cash flow growth margins POWERFUL CONSIST
Slide 21: First Quarter 2023 Financial Highlights
First Quarter 2023 Financial Highlights Strong organic growth drives durable earnings power ü Fee paying assets under management (FPAUM) were $21.6Bn, an increase of 23% compared to March 31, 2022. 1 ü In the quarter, $911 million of fundraising and capital deployment was offset by $516 million in s
Slide 22: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended March 31, 2023 March 31, 2022 (unaudited) Q1'23 vs Q1'22 (Dollars in thousands except share and per share amounts) GAAP Net Income $ 769 $ 7,792 -90% Adjustments: Depreciation & amortization 7,770 6,276 24% Interest expense, net 5,172 1,385
Slide 23: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) March 31, 2023 December 31, 2022 (unaudited) (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 25,050 $ 20,021 Restricted cash 10,807 9,471 Accounts receivable 17,466 16,551 Note receivable 4,440 4,231 Due from related parties 41,0
Slide 24: 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 25: Disclaimers
Disclaimers PERFORMANCE DISCLAIMER ENHANCED CAPITAL PERFORMANCE DISCLOSURES: The historical performance of our investments should not be considered as indicative of üPerformance information shown for deal activity from 05/06/02 through 12/31/22. All the future results of our investments or our opera
Slide 26: Disclaimers: RCP Advisors Performance Disclosures
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES: üThe 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 üThe historical returns of RCP Advisors are not necessarily indicative of
Slide 27: Disclaimers: RCP Advisors Performance Disclosures (continued)
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): üPast performance does not predict, and is not a guarantee of, future results. RCP’s üRealized vs. Unrealized Investments. The fund-level Net IRR and Net ROIC calculations investment strat
Slide 28: Disclaimers: Hark and Bonaccord Performance Disclosures
Disclaimers HARK PERFORMANCE DISCLOSURES: BONACCORD PERFORMANCE DISCLOSURES: üROIC: Represents the return on invested capital. ROIC is calculated by dividing the sumüNet Performance for Bonaccord Capital Partners I is determined assuming a limited of distributions plus total partners’ capital by cap
Slide 29: Dallas Office
DALLAS OFFICE 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com FIRST QUARTER 2023