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P10 (PX) investor relations material
P10 Barclays 23rd Annual Global Financial Services Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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