Arjay Jensen
About Arjay Jensen
Arjay Jensen is Executive Vice President and Head of Strategy & M&A at P10 (PX), a role he has held since February 2024; he is 53 years old, holds an MBA from Duke University (Fuqua Scholar) and a BA in Economics from the University of Michigan . He previously led M&A coverage for financial institutions at Goldman Sachs (MD, Dec 2021–Sep 2023), Guggenheim Securities (MD, 2014–Oct 2021), and Perella Weinberg Partners (MD, 2009–2014) . Context during his tenure: PX reported Fee-Related Revenue growth and robust margins in 2025 (e.g., Q3’25 Fee-Related Revenue $75.9mm vs $72.9mm in Q3’24; Fee-Related Earnings $36.0mm vs $35.1mm; margins ~47–48%), and management executed opportunistic share repurchases (Q2’25 ~2.5mm shares at ~$10.49; YTD ~3.7mm shares at ~$11.90, ~$41mm) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman, Sachs & Co. | Managing Director, FIG M&A | Dec 2021–Sep 2023 | Led M&A and strategic/corporate finance transactions for financial services clients . |
| Guggenheim Securities | Managing Director, Financial Institutions Group | 2014–Oct 2021 | Advised on FIG deals, deep sector coverage and execution . |
| Perella Weinberg Partners | Managing Director, Financial Advisory | 2009–2014 | Advised on complex strategic transactions across financial services . |
External Roles
- Not disclosed in PX filings reviewed for 2024–2025 .
Fixed Compensation
- Not disclosed for Jensen. PX’s 2025 proxy Summary Compensation Table lists CEO, CFO, and CAO as NEOs; Jensen is not included, and no 8‑K comp arrangement specific to Jensen was filed in 2024–2025 .
Performance Compensation
- Not disclosed for Jensen. Company-wide context: PX uses carried interest, RSUs, and options for executives (illustrated via named officer disclosures), balancing cash bonuses with equity and carried interest to align long-term incentives with investor outcomes . Specific metrics/weightings/targets for Jensen’s incentives are not provided in filings reviewed.
Equity Ownership & Alignment
- Jensen’s individual beneficial ownership is not itemized in the 2025 proxy’s Security Ownership table; the table lists certain directors and NEOs plus the aggregate for “all directors, director nominees and executive officers” as a group (11 persons), but no line for Jensen . Pledging, hedging, and ownership guideline compliance for Jensen are not disclosed in the filings reviewed.
Employment Terms
- Jensen’s employment agreement terms (base salary, bonus targets, carried interest target, equity award cadence, non-compete/non-solicit) are not disclosed in filings reviewed. PX’s recent executive agreements (for CEO, CFO, CAO) typically include: cash target bonuses tied to performance metrics, annual equity awards (RSUs/options), annual carried interest awards, severance with multiples and COBRA, and restrictive covenants (e.g., CEO one-year non-compete; CFO/CAO six-month non-compete; immediate vesting upon death/disability, subject to conditions) . While indicative of company practice, these terms are not explicitly attributed to Jensen in filings.
Performance & Track Record
- Jensen has been a visible participant in PX’s M&A program and integration efforts. On Q2’25 call, he highlighted the Qualitas Funds acquisition integration and new US/EU product collaboration (Qualitas funds US1) with RCP, positioning PX for global mandates and integrated client solutions . Management commentary across Q4’24/Q2’25 emphasized a “disciplined and programmatic” M&A pipeline in private credit/direct lending/asset-backed strategies, with Jensen leading proactive sourcing alongside Client Solutions to drive distribution synergies .
Company Performance Context (during Jensen’s tenure)
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Fee-Related Revenue ($USD Thousands) | $72,926 | $75,929 |
| Fee-Related Earnings ($USD Thousands) | $35,086 | $36,009 |
| Fee-Related Earnings Margin (%) | 48% | 47% |
| ANI per share ($USD) | $0.28 | $0.26 |
- Share repurchases: Q2’25 ~2.5mm shares at $10.49 average; YTD’25 >3.7mm shares at $11.90 average totaling ~$41mm, with authorization increased by $25mm .
Risk Indicators & Red Flags
- Section 16 compliance: PX reported certain late Form 4s in 2024 for various insiders, but filings do not reference Jensen specifically in this context . No disclosures found of Jensen-related legal proceedings, pledging, hedging, or related-party transactions in reviewed filings.
Compensation Peer Group, Say-on-Pay, Governance
- Compensation committee processes and use of long-term equity/carry are described at the company level; specific peer groups/targets for Jensen are not disclosed. The committee reviews goals, CEO/executive compensation, and equity awards annually per charter .
Investment Implications
- Alignment: Jensen’s mandate drives inorganic growth and product integration (e.g., Qualitas/RCP collaboration), supporting cross-platform distribution and potentially improving Fee-Related Revenues and capital formation; however, lack of disclosed, Jensen-specific incentive metrics and ownership limits precision in pay-for-performance analysis .
- Retention risk: PX’s executive agreements commonly include carried interest and equity awards with vesting over multiple years plus restrictive covenants and severance economics; while Jensen’s specific terms aren’t disclosed, the corporate template suggests retention levers exist, but cannot be confirmed for Jensen .
- Trading signals: No Jensen-specific Form 4 activity or pledging disclosure found; insider selling pressure or hedging signals not observable from reviewed documents. Monitor future 8‑Ks (Item 5.02) and Form 4s for any new grants, vesting, or dispositions tied to Jensen.
- Execution: Management commentary indicates active, programmatic M&A and integration under Jensen’s leadership, with focus on private credit/direct lending/asset-backed strategies and distribution synergies—positive for platform scale and client breadth if executed prudently .