P10 (PX) investor relations material

Leadership and organizational progress

• Significant progress made since CEO appointment, including maintaining strong investment performance and expanding from seven to eight strategies through the Qualitas acquisition.

• Built out four spheres of excellence: finance/compliance, operations/technology, strategy/business development, and client solutions.

• Assembled a world-class senior leadership team and moved to a majority independent board, enhancing governance.

• Integrated CRM systems and improved data infrastructure to deepen client relationships and support capital formation.

• Focus remains on execution and accountability to shareholders, leveraging the new structure and team.

Market outlook and investment strategy

• Middle and lower middle markets offer more opportunities and less competition, with 5–10x less capital chasing 5–10x more deals compared to the upper market.

• Lower middle market deals typically involve founder-operated businesses, lower multiples, and less leverage, leading to higher returns over time.

• Historical returns in the lower middle market have outperformed the upper market by 200–300 basis points.

• Strong track record and data-driven approach enable selection of top managers in this attractive segment.

Growth initiatives and client engagement

• Targeting $50B AUM by 2029 through both deepening relationships with existing LPs and attracting new, larger global clients.

• Less than 5% of LPs are invested across multiple strategies, presenting a major cross-selling opportunity.

• Enhanced CRM integration enables tailored outreach and product offerings to meet diverse client needs.

• New fund structures, such as evergreen funds and insurance wrappers, are being developed to broaden appeal.

• Recent European expansion has opened new RFP opportunities and client segments.