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P10 (PX) investor relations material
P10 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Fee-paying AUM reached $29.1 billion, up 17% year-over-year, driven by robust fundraising, deployment, and expansion into Europe via the Qualitas acquisition.
Organic gross new fee-paying AUM raised and deployed totaled $915 million in Q3, with $4.3 billion raised in the first three quarters and annual fundraising guidance raised to nearly $5 billion.
The business model is highly recurring, with 99% of revenue from management and advisory fees and a diversified, sticky LP base.
The company operates as a single segment, focusing on private equity, venture capital, and private credit strategies, with no client concentration risk.
Assets under management exceeded $40 billion as of September 30, 2025.
Financial highlights
Q3 2025 revenue was $75.9 million, up 2% year-over-year; fee-related revenue rose 4% and fee-related earnings were $36.0 million, up 3% year-over-year, with a 47% FRE margin.
GAAP net income for Q3 was $3.0 million, up 128% year-over-year; adjusted net income was $28.6 million, down 7% year-over-year.
Fully diluted ANI per share was $0.24, down from $0.26 last year; fully diluted GAAP EPS was $0.02, up from $0.01.
Operating expenses for Q3 were $65.2 million, flat year-over-year.
Cash and cash equivalents at quarter-end were approximately $40 million.
Outlook and guidance
Full-year 2025 organic gross fundraising target raised to nearly $5 billion, surpassing previous guidance.
Management expects continued FPAUM growth through new fund launches, stable fee rates, and expanding international presence.
Step-downs and expirations for 2025 expected to be slightly above the initial 5%-7% range, returning to historical averages in 2026.
Expect catch-up fees to expand in 2026 and 2027 as commingled funds mature.
Prioritized strategies for M&A pipeline?
How to leverage sponsor relationships for credit growth?
Scale cross-platform solutions for diverse LPs?
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Frequently asked questions
P10, Inc. is a U.S.-based investment management company focused on alternative investments. The company provides a range of services across asset classes, including private equity, venture capital, private credit, and impact investing. P10 works with institutional investors, such as endowments, foundations, and pension funds, offering customized solutions and strategies to meet long-term financial goals. The company is headquartered in Dallas, Texas, and its shares are listed on the New York Stock Exchange.
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