Alexander Bernstein's questions to P10 Inc (PX) leadership • Q3 2024
Question
Alexander Bernstein inquired about the sustainability of P10's higher fee rates and the drivers behind the strong Q3 fundraising momentum, questioning if new strategic initiatives were already having an impact.
Answer
EVP & CFO Amanda Coussens attributed stable fee rates to oversubscribed funds in the attractive lower middle market, noting the future rate depends on the mix of commingled funds and SMAs. Chairman & CEO Luke A. Sarsfield added that while it's too early for new initiatives to be the primary driver, the strong fundraising reflects compelling strategies, alpha generation, and deep client relationships, highlighting $200 million in new SMA assets as a positive indicator of new client engagement models.