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1. The Vanguard or Fidelity for private market investments.

2. A smaller Blackstone or KKR, but for a broader range of alternative assets.

3. Like a T. Rowe Price or Schwab, but specialized in private equity, venture capital, and private credit.

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• Private Equity: Investing in private companies not listed on a public exchange.
• Venture Capital: Investing in startups and early-stage companies with high growth potential.
• Private Credit: Providing loans or debt financing to private companies.
• Impact Investing: Investments made to generate positive social and environmental impact alongside financial returns.
• Primary Fund of Funds: Investing in other private equity funds that are raising capital for the first time.
• Secondary Investments: Purchasing existing interests in private equity funds from other investors.
• Direct and Co-investments: Investing directly into private companies, often alongside other institutional investors.
• Tax Credit Transaction and Consulting Services: Advising clients on transactions involving tax credits and related consulting.

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Ridgepost Capital (RPC), described as P10, Inc., operates as a multi-asset class private market solutions provider in the alternative asset management industry.

The company primarily serves sophisticated investors and entities seeking exposure to private markets, rather than selling goods or services to typical consumer or operating companies. Its major customers fall into the following categories:

1. Institutional Investors: This category includes large, professional organizations such as public and corporate pension funds, university endowments, and charitable foundations. These entities allocate significant capital to private equity, venture capital, private credit, and other alternative investment strategies offered by Ridgepost Capital.
2. Family Offices and Ultra-High-Net-Worth Individuals: Wealthy families and individuals, often advised by dedicated family offices, seek Ridgepost Capital's expertise to diversify their portfolios, manage wealth, and gain access to exclusive private market investment opportunities, including direct and co-investments.
3. Businesses and Project Developers: For its specialized tax credit transaction and consulting services, Ridgepost Capital serves businesses, developers, and other entities that require assistance in navigating and optimizing tax credit investments for various projects or strategic financial objectives.

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Luke A. Sarsfield III

Chairman of the Board and CEO

Luke A. Sarsfield III was appointed CEO of Ridgepost Capital in October 2023 and became Chairman of the Board in June 2024. Prior to joining Ridgepost Capital (formerly P10), Mr. Sarsfield spent over 23 years at Goldman Sachs, where he held numerous senior leadership roles. In asset management, he served as Global Co-Head of Goldman Sachs Asset Management, Chief Commercial Officer of Asset and Wealth Management, and Global Co-Head of the Client Business within Goldman Sachs Asset Management. Within the Investment Banking Division, he was Global Head of the Financial Institutions Group, Global Chief Operating Officer of Investment Banking, and Co-Head of the Healthcare Group in the Americas. He also served as a member of Goldman Sachs' Management Committee and Partnership Committee. He possesses 25 years of experience in finance and capital markets, including building asset management businesses and advising financial institutions on strategic transactions.

Amanda Coussens

EVP, CFO

Amanda Coussens is an Executive Vice President and Chief Financial Officer at Ridgepost Capital. In this role, she oversees all aspects of the company's financial operations and planning, including finance, accounting, treasury, tax, legal, risk management, human resources, and compliance functions. Ms. Coussens brings over 20 years of experience in asset management, having served as a CFO and CCO, and in operational roles for private equity, hedge funds, and venture capital funds. Before joining Ridgepost Capital, she was the CFO of PetroCap, White Deer Energy, and several micro-venture capital funds as a consulting CFO. She also served as Accounting Director for a large family office and a publicly traded asset manager, Sanders Morris Harris/Edelman Financial Group. She began her career as an audit manager at Grant Thornton for publicly traded energy, hospitality, and financial service firms and currently serves as an Independent Director for Granite Ridge Resources (NYSE: GRNT), a publicly traded energy company. Her background demonstrates a consistent pattern of managing companies involved with private equity and venture capital.

Mark Hood

EVP, CAO

Mark Hood serves as an Executive Vice President and Chief Administrative Officer (CAO) at Ridgepost Capital.

Arjay Jensen

EVP, Head of Strategy and M&A

Arjay Jensen is an Executive Vice President and the Head of Strategy and M&A for Ridgepost Capital.

Sarita Narson Jairath

EVP, Global Head of Client Solutions

Sarita Narson Jairath is an Executive Vice President and the Global Head of Client Solutions at Ridgepost Capital. She is responsible for the strategy and execution of the company's organic growth opportunities by deepening and expanding global investor relationships, developing products, and enhancing the market positioning of Ridgepost Capital and its affiliated managers. Ms. Jairath has over 20 years of institutional investment experience and leadership at world-class asset management firms, having joined Ridgepost Capital from Blackstone, where she was a Managing Director within Blackstone's Real Estate Institutional Client Solutions team.

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Here are the key risks to the business for Ridgepost Capital (symbol: RPC):

1. Dependence on Recurring Management and Advisory Fees: Ridgepost Capital's primary revenue source is recurring management and advisory fees derived from committed capital, often locked up for ten to fifteen years. Consequently, any reduction in committed capital, a deceleration in fundraising activities, or a shift in investor sentiment away from alternative assets could directly and significantly impair the company's revenue and overall profitability.
2. Exposure to Market and Economic Downturns: As a provider of private market solutions, Ridgepost Capital's performance is closely tied to the broader economic environment and financial market conditions. Economic downturns can lead to decreased asset valuations, reduced investor allocation to alternative investments, and challenging fundraising environments, all of which could negatively impact Ridgepost Capital's business operations and financial results. The company's earnings have also declined by 14.7% per year over the past five years, indicating sensitivity to market conditions.
3. Intense Competition and Risk of Underperformance: The alternative asset management industry is highly competitive, with numerous firms competing for investor capital. Ridgepost Capital's ability to attract and retain clients is contingent on its investment performance and competitive fee structures. Underperformance relative to its peers or broader market benchmarks could result in capital outflows and damage to its reputation. The company has underperformed the US Capital Markets industry and the broader US Market over the past year.

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The emergence and growth of technology platforms that provide high-net-worth and accredited investors with more direct, efficient, and lower-cost access to private market investments, including private equity, venture capital, and private credit, could disintermediate traditional fund-of-funds and multi-manager solutions providers like Ridgepost Capital. These platforms streamline investor onboarding, offer curated access to underlying funds or co-investments with lower minimums, and enhance transparency, potentially reducing the need for P10's bespoke 'solutions provider' model for a growing segment of the investor market.

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Ridgepost Capital (symbol: RPC) operates in several alternative asset management markets. Below are the estimated addressable market sizes for its main products and services:

• Private Equity: The global private equity market was valued at approximately USD 855.4 billion in 2025 and is projected to reach USD 1,751.6 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.29% from 2026-2034. North America holds over 33.8% of this market share as of 2025, with the United States accounting for 88.0% of the North American market. Another estimate values the global private equity market at USD 593.28 billion in 2025, with a projection to reach USD 1,458.17 billion by 2035 at a CAGR of 9.41% from 2026 to 2035.
• Venture Capital: The global venture capital investment market was valued at USD 503.27 billion in 2025. This market is projected to grow to USD 2,669.87 billion by 2034, exhibiting a CAGR of 20.5% during that period. North America dominated the global market with a 63.38% share in 2025, and the U.S. alone is expected to generate approximately USD 375.44 billion in revenue in 2026.
• Private Credit: The global private credit market is estimated at over USD 3 trillion as of early 2025 and is projected to grow to approximately USD 5 trillion by 2029. The U.S. private credit market expanded to roughly USD 1.3 trillion over the last five years and is poised for continued growth in 2026.
• Impact Investing: The global impact investing market was valued at USD 2.5 trillion in 2021 and is projected to reach USD 6 trillion by 2031. North America held a significant share of 43% in this market in 2021. Another estimate places the global impact investing market size at USD 1.164 trillion in assets under management (AUM) as of 2022.
• Primary Fund of Funds: The global Fund of Funds (FOF) market was valued at USD 15.6 billion in 2024 and is projected to reach USD 32.9 billion by 2033, growing at a CAGR of 8.4% from 2025 to 2033. North America leads the global FOF market, accounting for over 40% of total assets under management (AUM). Another report estimates the global FOF market to grow from USD 15.3 billion in 2024 to USD 23.1 billion by 2030, at a CAGR of 7.1%. North America holds the largest market share.
• Secondary Investment: Global secondary market transaction volume reached approximately USD 160 billion in 2024. Transaction volumes are on pace to exceed USD 200 billion in 2025.
• Tax Credit Transaction Services: The transferable tax credit market in the U.S. is projected to total between USD 55 billion and USD 60 billion for the full year 2025, an increase from USD 52 billion in 2024. The total size of the transferable tax credit market in 2024 was estimated to range from USD 45 billion to USD 50 billion.

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Ridgepost Capital (RPC), formerly P10, Inc., is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Organic Fundraising and Growth in Fee-Paying Assets Under Management (AUM): Ridgepost Capital has demonstrated consistent success in organic fundraising, exceeding its 2025 guidance by raising $5.1 billion. The company has set a target to raise and deploy at least $10 billion in gross organic fee-paying AUM during 2026 and 2027, excluding acquisitions, indicating a continued expansion of its capital commitments and investor base.
2. Strategic Acquisitions and Diversification of Service Offerings: The company is actively pursuing strategic acquisitions to expand its platform and enhance its service offerings. Recent examples include the acquisition of Qualitas Funds, which added $1 billion to fee-paying AUM, and the acquisition of Stellus, a direct lending platform, expected to broaden direct lending capabilities and sponsor relationships. These inorganic growth initiatives aim to diversify its private market solutions and attract new clients.
3. Cross-Selling to Existing Clients and Expanding Distribution Channels: Ridgepost Capital is focused on deepening relationships with its existing limited partners (LPs) by offering new investment vehicles and enhancing distribution channels. Cross-selling has shown significant momentum, with over 10% of capital raised since its Investor Day coming from existing clients investing in additional strategies. The company is also leveraging partnerships, such as Bonaccord's collaboration with CAIS, to expand access to the wealth channel.
4. Continued Focus on Middle and Lower-Middle Markets: The company's strategic emphasis on the middle and lower-middle markets is a crucial revenue driver. This segment is characterized by being less crowded and more challenging to navigate without a specialized partner, providing Ridgepost Capital with structural advantages and contributing to its financial stability.
5. Product Innovation and International Expansion: Ridgepost Capital is committed to ongoing product innovation, including the development of evergreen products, Separately Managed Accounts (SMAs), and Europe-focused funds. Concurrently, the firm is expanding its international presence, as evidenced by the Qualitas acquisition and the establishment of a Dubai office. These efforts aim to broaden its investment offerings and reach into new geographical markets.

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Share Repurchases

• In 2024, Ridgepost Capital (formerly P10, Inc.) repurchased approximately 6.6 million shares.
• During Q1 2025, the company repurchased 1,215,106 shares at an average price of $12.31 per share.
• An additional $40 million was authorized for the share repurchase program in February 2025, bringing the total available for future repurchases to approximately $43.5 million.

Share Issuance

• Ridgepost Capital (then P10, Inc.) became publicly traded with its IPO in October 2021.
• Stock-based compensation, which can lead to share dilution, amounted to $30.5 million in 2024 and $34.7 million in 2023.

Outbound Investments

• In February 2026, Ridgepost Capital acquired Stellus Capital Management, a private debt fund, for $250 million.
• The company completed the acquisition of Qualitas Equity Funds SGEIC, S.A., a European lower-middle market private equity firm, in April 2025 for an initial cash payment of $63 million.
• In August 2022, P10 (now Ridgepost Capital) acquired Western Technology Investment for an undisclosed amount.

Capital Expenditures

• Capital expenditures were $4.4 million in 2024.
• Capital expenditures totaled $1.2 million in 2023.
• The company's capital expenditures were $1.3 million in 2022.