Here is an analogy for P10 (PX):

1. A publicly traded asset manager primarily focused on private markets, similar to a smaller Blackstone or KKR.

• Venture Capital Solutions: Provides investors with access to venture capital funds, focusing on early-stage and high-growth private companies.
• Private Equity Solutions: Offers strategies for investing in private equity funds, encompassing buyouts, growth equity, and secondary investments.
• Private Credit Solutions: Delivers investment opportunities in various private credit strategies, such as direct lending, mezzanine debt, and distressed debt.
• Impact Investing Solutions: Focuses on investments designed to generate measurable, beneficial social or environmental impact alongside a financial return.

The company P10 (symbol: PX) is Celanese Corporation (NYSE: PX).

Celanese Corporation is a global chemical and specialty materials company that primarily operates in a business-to-business (B2B) model. It sells a wide range of engineered materials and acetyl products to other manufacturing companies.

Due to the nature of its business as a producer of intermediate chemical products and specialty materials, Celanese Corporation serves a highly diversified and fragmented customer base across numerous industries worldwide. As is standard practice in the chemical industry, Celanese does not publicly disclose the specific names of its major customer companies. Furthermore, no single customer typically accounts for a material portion of Celanese's revenue that would necessitate individual disclosure in financial filings.

Therefore, while specific customer company names cannot be provided, Celanese's major customers can be identified by the industries that heavily rely on and integrate Celanese's offerings into their own products. These key customer industries include:

• Automotive Industry: Manufacturers of automobiles and automotive components extensively use Celanese's engineered polymers for lightweighting, enhanced performance, improved safety, and design flexibility in various vehicle parts, from interior components to engine systems.
• Consumer Goods & Electronics Industry: Companies producing a wide array of consumer products and electronics rely on Celanese's materials for applications such as durable plastics for appliances, specialized components for electronic devices, packaging solutions, textiles, and materials for personal care items.
• Industrial & Construction Industry: Businesses involved in industrial manufacturing, coatings, adhesives, and construction are significant customers. They utilize Celanese's acetyl chain products (e.g., for paints, sealants, and building materials) and engineered materials for various industrial applications.
• Medical & Healthcare Industry: Manufacturers in the medical and healthcare sector incorporate Celanese's specialized polymers and materials into critical applications, including drug delivery systems, surgical instruments, diagnostic equipment, and other medical devices requiring high performance and biocompatibility.

Luke A. Sarsfield III, Chairman of the Board and CEO

Mr. Sarsfield joined P10 in October 2023. He previously spent over 23 years at Goldman Sachs, where he held numerous senior leadership roles in asset management. His positions included Global Co-Head of Goldman Sachs Asset Management, which managed approximately $2.5 trillion in assets under his leadership, Chief Commercial Officer of Asset and Wealth Management, and Global Co-Head of the Client Business within Goldman Sachs Asset Management. He also served as Global Head of the Financial Institutions Group in the Investment Banking Division. Mr. Sarsfield has 25 years of experience in finance and capital markets, including building asset management businesses and advising financial institutions on strategic transactions.

Amanda Coussens, Executive Vice President, Chief Financial Officer and Chief Compliance Officer

Ms. Coussens brings over 20 years of experience in asset management to her role, serving in CFO, CCO, SEC reporting, and operational capacities for private equity, hedge funds, and venture capital funds. Prior to joining P10, she was CFO at PetroCap, White Deer Energy, and various micro-venture capital funds as a consulting CFO. Her background also includes serving as Accounting Director for a large family office and a publicly traded asset manager, Sanders Morris Harris/Edelman Financial Group. She started her career as an audit manager at Grant Thornton for publicly traded energy, hospitality, and financial service firms. Ms. Coussens is a licensed CPA in Texas and serves as an Independent Director at Granite Ridge Resources (NYSE: GRNT).

Mark Hood, Executive Vice President and Chief Administrative Officer

Mr. Hood oversees P10's operations, data and technology, human resources, public relations, communications, and investor relations, bringing over 30 years of experience in capital markets and business operations. Before joining P10, he served as COO at Bespoke Partners and as COO at Globalscape, Inc. (NYSE American: GSB). He was also part of the executive team at Crossroads Systems, where he managed capital markets activities, corporate development, investor relations, and co-led intellectual property monetization strategy.

Arjay Jensen, Executive Vice President, Head of Strategy and M&A

Mr. Jensen leads P10's corporate strategy and oversees corporate development and M&A activities. He has over 20 years of experience in investment banking, focusing on M&A and strategic and corporate finance transactions for financial services companies. Most recently, he was a Managing Director at Goldman Sachs on the Financial Institutions Group's M&A team, and he previously worked at Guggenheim Securities and Perella Weinberg Partners.

Sarita Narson Jairath, Executive Vice President, Global Head of Client Solutions

Ms. Jairath serves as the Executive Vice President and Global Head of Client Solutions for P10.

The key risks to P10's business include its sensitivity to economic cycles, intense competition within the alternative asset management industry, and the potential for poor performance of its specialized investment vehicles.

1. Sensitivity to Economic Cycles and Fundraising Slowdown: The alternative asset management industry, in which P10 operates, is highly susceptible to economic cycles. A downturn or recession could lead to a slowdown in fundraising, which would directly impact P10's financial performance and overall stock market value. The company's revenue is largely derived from management and advisory fees, often based on committed capital, making it vulnerable to any reduction in new capital commitments during economic contractions.
2. Intense Competition: P10 faces significant competition from other players in the private equity industry, including larger market leaders. The level of competition is noted as increasing, which could put pressure on P10's ability to attract and retain assets and clients.
3. Poor Performance of Investment Vehicles: The sustained poor performance of P10's specialized investment vehicles could negatively affect its ability to raise capital for future funds. Investors are less likely to commit capital to funds that have underperformed, which would directly impact P10's fee-paying assets under management and, consequently, its revenue.

null

P10 (PX) operates within the alternative asset management industry, offering solutions primarily in private equity, venture capital, and private credit, with a focus on the middle and lower-middle markets. Impact investing is also a part of its portfolio.

The addressable markets for P10's main products and services are substantial, particularly within the broader alternative investment landscape:

• Global Private Equity Market: The global private equity market reached approximately $5.3 trillion in 2023 and is projected to grow to $6 trillion by the end of 2024 based on assets under management (AUM). Other estimates forecast the global private equity AUM to more than double from $5.8 trillion at the end of 2023 to $12.0 trillion by 2029. The global private equity market was valued at USD 787 billion in 2024 and is estimated to reach USD 1,670.43 billion by 2033. North America represents the largest segment of the private equity market, with total assets under management of $3.4 trillion in 2023.
• Global Alternative Investment Funds (AIFs) Market: This broader market, which encompasses private equity, private credit, venture capital, hedge funds, real estate funds, and infrastructure funds, was valued at $12.8 trillion globally in 2023. It is projected to reach $25.8 trillion by 2032. The global alternatives industry, by AUM, is forecasted to reach $29.2 trillion by 2029 from $16.8 trillion at the end of 2023, with expectations to exceed $30 trillion by 2030. North America was the largest regional market for Alternative Investment Funds in 2023.
• Global Private Credit Market: Overall private debt AUM is forecasted to increase from $1.5 trillion at the end of 2023 to $2.6 trillion by 2029.
• Global Venture Capital Market: Private equity and venture capital assets under management combined topped just over $11 trillion as of year-end 2023.

P10 (PX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Organic Fundraising and Fee-Paying Assets Under Management (FPAUM) Growth: P10 has demonstrated a strong capability in raising and deploying new fee-paying assets. The company exceeded its 2025 organic gross fundraising guidance, raising its full-year target to $5 billion. This is a fundamental driver, as revenue is directly tied to the growth of its FPAUM, which increased by 17% year-over-year to $29.1 billion in the third quarter of 2025.
2. Expansion into New Markets and Geographies: A significant growth driver is P10's strategic expansion into new markets, notably through the acquisition of Qualitas Funds in early 2025. This acquisition established a stronger European presence, adding approximately $1 billion in fee-paying AUM and significantly broadening its global client base.
3. Product and Service Diversification through New Fund Launches: P10 is committed to broadening its investment offerings across private equity, venture capital, private credit, and impact investing. The company launched four new funds in Q3 2025 and plans to have 19 funds in the market by the end of 2025, expanding its revenue-generating products.
4. Strategic Mergers and Acquisitions (M&A): P10 consistently emphasizes and actively pursues strategic mergers and acquisitions as a means to expand its market reach and diversify its revenue streams. This inorganic growth strategy complements its organic fundraising efforts.
5. Expanding Relationships with Large Capital Pools: P10's leadership has highlighted the importance of deepening and expanding relationships with large institutional capital pools. This focus on a broader and deeper institutional client base is expected to lead to increased assets under management and, consequently, higher fee-related revenue.

Share Repurchases

• P10 authorized an increase of $20 million to its stock buyback program in December 2022.
• In 2024, the company repurchased approximately 6.64 million shares totaling $59.1 million.
• An additional $25 million was authorized for the equity buyback plan in August 2025, bringing the total authorized amount to $157 million.
• As of the third quarter of 2025, approximately $26 million remained available under the repurchase authorization.

Share Issuance

• P10 went public with its IPO on October 21, 2021.
• The acquisition of Western Technology Investment (WTI) in October 2022 involved the issuance of 3,916,666 membership units, exchangeable into P10 common stock, as part of the purchase price.
• The acquisition of Qualitas Funds in April 2025 included $20.75 million in P10 stock as part of the initial consideration.

Outbound Investments

• In October 2022, P10 acquired Western Technology Investment (WTI), a venture debt solutions provider, for a purchase price that included $97 million in cash and equity.
• P10 completed the acquisition of Qualitas Funds in April 2025 for an initial purchase price of $63 million, paid in a combination of cash and P10 stock. This acquisition expanded P10's European presence and added approximately $1 billion in fee-paying assets under management.
• In November 2024, P10's affiliated manager, Enhanced Capital, launched a strategic partnership with HPS Investment Partners to provide structured capital solutions for renewable energy and battery storage projects across the United States.

Capital Expenditures

• For the last 12 months, capital expenditures were reported at -$4.97 million.
• P10 reported quarterly capital expenditures of $1.8 million for June 2025.