Investment firm P10 readies New York listing -sources

Ridgepost Capital

10/09/2021 22:03

By David French
    Sept 10 (Reuters) - P10 Holdings Inc  PIOE.PK  is planning a
listing in New York, the latest alternative asset manager to do
so amid a rally in the stocks of such investment firms, three
people familiar with the matter said on Friday.
    P10 shares already trade on an over-the-counter trading
platform of OTC Markets Group Inc, assigning it a market value
of about $740 million. P10 wants to list on the New York Stock
Exchange to boost its profile and allow major funds to invest in
it, the sources said.
    P10 could announce the listing plans later this month,
according to the sources. It is seeking to raise capital in the
listing, which is expected to take place in October, the sources
said. It will aim for a valuation of more than $1 billion, the
sources added.
    The sources requested anonymity because the listing
preparations are confidential. P10 did not respond to a request
for comment. It had written to its shareholders last month that
it was "looking to uplist onto a national exchange."
    The Dallas-based firm 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. It held $14.2 billion of
fee-paying assets under management as of June 30, according to
its latest financial statement.
    Around 82% of its shares are held by company insiders,
according to August's shareholder letter. 
    Shares of major buyout firms have soared this year, with
Blackstone Inc  BX.N  almost doubling in value and KKR & Co Inc
 KKR.N  more than 50% higher, as low interest rates and a surge
in corporate valuations boosted their financing ability and
value of their holdings. 
    Other asset managers currently exploring going public
include L Catterton and TPG. Antin Infrastructure Partners said
last week it was looking to launch an IPO on Euronext Paris.
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 (Reporting by David French in New York, Editing by Rosalba
O'Brien)
 ((davidj.french@thomsonreuters.com;))