P10, which provides private investment solutions to alternative asset managers, raised $240 million by offering 20 million shares (43% secondary) at $12, below the range of $14 to $16. The company had been listed on the OTC (PIOE).
P10 is a multi-asset class private market solutions provider in the alternative asset management industry. The company structures, manages, and monitors portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments across asset classes and geographies in the middle and lower middle markets. Its existing portfolio of private solutions include Private Equity, Venture Capital, Impact Investing, and Private Credit. P10's revenue is composed almost entirely of recurring management and advisory fees, with the vast majority of fees earned on committed capital that is typically subject to 10- to 15-year lock up agreements.
P10 plans to list on the NYSE under the symbol PX. Morgan Stanley, J.P. Morgan, Barclays, and UBS Investment Bank acted as joint bookrunners on the deal.
