P10 Inc.: Leveraging Access-Constrained Strategies and Strategic Acquisitions to Drive Long-Term Value in Private Markets

In the high-conviction alternative asset management sector, P10 Inc. (P10) has emerged as a standout performer, driven by its disciplined focus on access-constrained strategies and a strategic acquisition-driven growth model. As of Q2 2025, the company reported a 21% year-over-year increase in fee-paying Assets Under Management (AUM), reaching $28.9 billion, while organic fundraising hit a record $1.9 billion. These metrics underscore a compelling narrative of structural advantage and operational resilience, positioning P10 as a prime candidate for long-term capital appreciation.

The Power of Access-Constrained Strategies

P10's strategic emphasis on middle and lower-middle market segments has proven to be a durable growth engine. These segments, characterized by lower upfront valuations and less competitive environments, offer outsized returns for firms with the expertise to navigate them. By deploying access-constrained solutions—such as tailored private equity and credit strategies—P10 has capitalized on structural inefficiencies in these markets. This approach not only enhances risk-adjusted returns but also aligns with the broader trend of institutional investors seeking diversification beyond traditional public markets.

The company's ability to generate $1.9 billion in organic fundraising during Q2 2025 highlights the strong demand for its specialized strategies. This figure represents a 34% increase compared to the same period in 2024, reflecting P10's growing reputation as a trusted partner for investors seeking non-correlated returns.

Strategic Acquisitions as a Catalyst for Scale

P10's acquisition of Qualitas Funds in 2024 exemplifies its strategic acumen. The deal added $1 billion in fee-paying AUM and expanded the firm's global investor base to over 4,900 clients. More importantly, it unlocked cross-border synergies, enabling P10 to introduce innovative products like Qualitas Funds US1. This offering bridges European and U.S. markets, addressing a critical gap in the alternative asset space and broadening P10's addressable market.

The integration of Qualitas has also enhanced P10's operational efficiency. The company's 48.7% Fee-Related Earnings (FRE) margin in Q2 2025—among the highest in the sector—demonstrates its ability to scale without sacrificing profitability. While adjusted net income declined 7% year-over-year, this was offset by a robust liquidity position, including $134 million in available credit facilities and a current ratio of 1.89. These metrics provide a strong foundation for future M&A activity and shareholder returns.

A Compelling Investment Thesis

P10's recent $25 million share repurchase program, executed at an average price of $10.49 per share, further reinforces its value proposition. The company's stock currently trades at a discount to its intrinsic value, as evidenced by its strong AUM growth and high FRE margins. For investors seeking exposure to the private markets sector, P10 offers a rare combination of strategic momentum, operational discipline, and long-term growth potential.

Conclusion: A High-Conviction Buy

P10 Inc. is well-positioned to capitalize on the secular shift toward alternative assets, driven by its access-constrained strategies, strategic acquisitions, and disciplined cost management. With a 21% annualized AUM growth rate and a robust balance sheet, the company is poised to deliver consistent returns for shareholders. For investors with a 5–7 year horizon, P10 represents a high-conviction opportunity to participate in the private markets boom while benefiting from its structural advantages and operational excellence.

In a sector where differentiation is key, P10's ability to combine organic growth with strategic scale makes it a standout play in the alternative asset management space.