P10, Inc. Reports 2% Revenue Growth to $72.7 Million in Q2 2025

P10, Inc. reported its financial results for the second quarter of 2025, revealing a modest increase in total revenues to $72.7 million, up 2% from $71.1 million in the same period last year. The growth was primarily driven by a 4% rise in management and advisory fees, which reached $71.5 million, attributed to successful fundraising efforts and the recent acquisition of Qualitas. However, other revenue sources saw a significant decline, dropping 54% to $1.2 million, largely due to a decrease in carried interest income from a legacy managed fund.

In terms of profitability, P10's net income for the quarter was $4.2 million, a decrease of 43% compared to $7.4 million in the prior year. This decline was influenced by increased operating expenses, which rose 1% to $55.0 million, driven by higher professional fees and general administrative costs. Notably, compensation and benefits expenses decreased by 11% to $32.1 million, reflecting a reduction in earnout-related compensation due to changes in expectations regarding performance metrics.

P10's total assets increased to $932.2 million as of June 30, 2025, up from $869.3 million at the end of 2024, primarily due to the acquisition of Qualitas, which added $74.1 million in goodwill and intangible assets. The company’s debt obligations also rose to $373.0 million, reflecting increased borrowing to support the acquisition and share repurchase activities. The company has spent $129.7 million on share repurchases since the program's inception, with an additional $25.0 million authorized for future buybacks.

Operationally, P10's Fee-Paying Assets Under Management (FPAUM) grew to $28.9 billion, bolstered by capital raised and deployed across its private equity and private credit solutions. The company reported a significant increase in capital raised, totaling $1.4 billion for the quarter, which contributed to the overall growth in FPAUM. P10 continues to focus on expanding its presence in both North American and European markets, leveraging its recent acquisitions to enhance its investment offerings.

Looking ahead, P10 remains optimistic about its growth trajectory, driven by increasing demand for private market solutions and the strategic integration of its recent acquisitions. The company anticipates that its diversified investment strategies and strong relationships with fund managers will continue to attract capital, despite the challenges posed by fluctuating market conditions and regulatory environments.