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September 28, 2021

Alternative asset manager P10 looking to raise $100m from US public listing

By Verdict Staff

P10, the holding company of investment firm P10 Holdings, has filed an application with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).

The Texas-based firm is looking to raise up to $100m via its listing on the New York Stock Exchange (NYSE), Reuters reported.

It has hired Morgan Stanley, JP Morgan, Barclays, and UBS Investment Bank as joint bookrunners for the IPO.

It plans to trade on the NYSE under the ticker PX.

Founded in 1992, P10 specialises in multi-asset class private market solutions. It structures, manages, and monitors portfolios of private market investments.

These include specialised funds and customised 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.

P10’s existing portfolio of private solutions include Private Equity, Venture Capital, Impact Investing, and Private Credit.

The firm more than doubled its revenue to $66.8m in the six months ended 30 June 2021. It had $14.2bn of fee-paying assets under management as of 30 June 2021.

P10 is currently listed on the over-the-counter trading platform of OTC Markets Group.

The firm intends to boost its profile and attract investments from major funds through the US listing, according to an earlier Reuters report citing sources.

Meanwhile, a slew of alternative asset management firms are also looking for a public listing in the US amid increasing demand for the shares of such firms.

Private equity giant TPG and L Catterton also exploring options for an IPO.

In March this year, Chinese wealth manager Hywin Holdings filed for an IPO in the US.

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