P10, Inc. Reports 23% Revenue Growth to $296.4 Million in Latest 10-K Filing

P10, Inc. reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024, with total revenues reaching $296.4 million, a 23% increase from $241.7 million in the previous year. The rise in revenue was primarily driven by a 22% increase in management and advisory fees, which amounted to $290.2 million, attributed to continued fundraising efforts and a 10% growth in average fee-paying assets under management (FPAUM), which totaled $25.7 billion as of December 31, 2024. Other revenue sources also saw a substantial increase, rising 107% to $6.2 million, largely due to recognized carried interest income and ancillary services.

Operating expenses for P10 increased by 7% to $235.8 million, with notable rises in professional fees and general administrative costs. Compensation and benefits expenses remained relatively stable, increasing only 1% to $155.3 million, despite a growing headcount. The company reported a net income of $19.7 million, a significant turnaround from a net loss of $7.8 million in the previous year, reflecting a 190% increase in income from operations to $60.6 million.

Strategically, P10 has been active in expanding its market presence, including a planned acquisition of Qualitas Equity Funds, which is expected to close in the first quarter of 2025. This acquisition aims to enhance P10's footprint in Europe and broaden its investor base. The company has also been focusing on organic growth through its existing investment solutions, which include private equity, venture capital, and private credit, supported by a robust data analytics framework that aids in investment decision-making.

As of December 31, 2024, P10 employed 267 individuals, including 112 investment professionals, and maintained a strong operational presence across nine states. The company’s FPAUM has grown at a compound annual growth rate of 19% since 2020, indicating a solid trajectory in asset management. Looking ahead, P10 anticipates continued growth driven by increasing demand for private market solutions, favorable market dynamics in the lower middle market, and the expansion of its investment offerings. The company remains committed to leveraging its data capabilities and strategic partnerships to enhance investor returns and attract new capital.