Alternative asset manager P10 files for U.S. IPO

Ridgepost Capital

27/09/2021 23:04

Sept 27 (Reuters) - P10 Inc, the holding company of
investment firm P10 Holdings Inc, on Monday filed for an IPO in
the United States, becoming the latest alternative asset manager
exploring a public listing as shares of such firms have rallied
this year.
    While P10 has not yet set terms for its IPO, Reuters
reported earlier this month the Dallas-based firm could seek a
valuation of more than $1 billion.  urn:newsml:reuters.com:*:nL8N2QC4F9
    Private equity giant TPG and L Catterton are also reportedly
exploring public listings, as shares of major buyout firms have
soared this year.
    Blackstone Inc's  BX.N  shares are up 90%, while KKR & Co
Inc's  KKR.N  shares have gained nearly 52% this year, with low
interest rates and a surge in corporate valuations boosting
their financing ability and value of their holdings.
    P10 focuses on lower-middle market deals in areas such as
private equity, venture capital and private credit, and operates
four divisions that include RCP Advisors and TrueBridge Capital
Partners.
    The company, which will list on the New York Stock Exchange,
had $14.2 billion of fee-paying assets under management as of
June 30, it said in its filing.
    For the six months ended June 30, P10's revenue was $66.8
million, more than doubling from the same period last year. Net
income attributable to the company rose 41% to $4.2 million.
    Morgan Stanley, J.P. Morgan, Barclays and UBS Investment
Bank are among the underwriters for the IPO.

 (Reporting by Niket Nishant in Bengaluru; Editing by Shounak
Dasgupta)
 ((Niket.Nishant@thomsonreuters.com))