David M. McCoy
About David M. McCoy
David M. McCoy, age 51, has served on the P10, Inc. Board since 2023 as the director designated by the RCP Group. He is a Managing Partner and portfolio manager for P10’s RCP co-investment funds and sits on RCP’s Investment Committee; prior roles include Partner at National City Equity Partners (PNC), private equity roles at Thayer Capital Partners, operations at Suntron Corporation, and investment banking at BT Alex Brown. He holds a BA in Economics from Princeton University and an MBA from The Wharton School at the University of Pennsylvania . The Board’s 2025 proxy lists independent directors and does not include McCoy, indicating he is not “independent” under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| RCP Advisors (P10) | Managing Partner; Portfolio Manager; Investment Committee member | Private equity since 1998 | Advisory Board member to various underlying funds/portfolio companies |
| National City Equity Partners (PNC) | Partner | Not disclosed | Private equity/mezzanine investing |
| Thayer Capital Partners | Private equity professional | Not disclosed | Not disclosed |
| Suntron Corporation | Operations | Not disclosed | Electronics contract manufacturing experience |
| BT Alex Brown | Investment Banking | Not disclosed | Not disclosed |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various underlying funds and portfolio companies | Advisory Board member | Not disclosed | Advisory oversight; not specified as public-company directorships |
Board Governance
- Board structure: Controlled company with dual-class voting; RCP and TrueBridge retain board designation rights while they maintain certain voting thresholds; 210 Group rights removed via 2024 amendment to the Controlled Company Agreement .
- Committee memberships: McCoy holds no committee assignments (“N/A”) .
- Independence: Board determined independent directors are Barnes, Benford, Blewitt, Glassman, Gwilliam, and Stewart; McCoy is not on the independent list .
- Attendance: The Board met 10 times in 2024; all directors serving in 2024 attended at least 75% of Board and committee meetings, except Travis Barnes (70%); McCoy met the ≥75% attendance expectation .
- Lead Independent Director: Tracey Benford appointed June 2024; independent directors meet in executive session at least quarterly .
- Risk oversight and policies: Audit Committee (8 meetings in 2024) oversees financial/enterprise risk and related-party transaction approvals; Compensation Committee (8 meetings) oversees compensation risk; Nominating & Corporate Governance Committee (4 meetings) oversees director qualifications and governance .
- Insider trading and clawback: Policy prohibits hedging and pledging; clawback policy adopted in 2023 per NYSE Section 303A.14 and Exchange Act Rule 10D-1 .
Fixed Compensation
| Item | 2024 Practice | 2025 Approved | Notes |
|---|---|---|---|
| Annual retainer (non-employee directors) | Up to $175,000; payable entirely in restricted stock | $185,000 cash | 2024 RS grants vest on 1st anniversary |
| Committee chair fee | Not disclosed separately | +$15,000 | Applies to chairs (Audit, Compensation, Nominating) |
| Lead Independent Director | +$50,000 | +$50,000 | Role established June 2024 |
| Meeting fees | Not disclosed | Not disclosed | Directors reimbursed for reasonable meeting expenses |
- Director fee policy: P10 does not pay director compensation to directors who are also employees; non-employee director compensation shown for Gwilliam, Barnes, Stewart, and Benford; McCoy is not listed among non-employee directors receiving fees in 2024 .
- 2024 non‑employee director comp examples: RS grants of $175,000 for Gwilliam/Barnes/Stewart; Benford received $225,000 RS plus $29,167 additional services .
Performance Compensation
- No director performance-based components disclosed; 2024 non-employee director equity was time-based restricted stock vesting after one year .
- Equity grant timing policy and anti-timing safeguards disclosed; Compensation Committee does not time grants around MNPI .
Other Directorships & Interlocks
| Person/Entity | Nature | Detail | Governance Consideration |
|---|---|---|---|
| RCP Group Holders | Designation rights | McCoy is RCP-designated director under Controlled Company Agreement | Reduces independence; anchoring influence of sponsor group |
| Keystone Capital | Preferential fee arrangements | RCP Funds invested $100M with Keystone funds; fees/carry to Keystone on behalf of RCP clients ≈ $0.55M in 2024 (not in P10 P&L) | Interlocks: Director Scott Gwilliam leads Keystone; RCP representatives on KCI advisory boards; oversight via Audit Committee |
| Bonaccord Capital Partners II GP | GP co-invest | McCoy committed $1,000,000 to Bonaccord GP II; entitled to proportionate carried interest | Economic alignment with P10 platform; potential related-party economic interest |
Expertise & Qualifications
- Education: BA, Economics (Princeton); MBA (Wharton) .
- Domain expertise: 25+ years in private equity across co-investments, fund selection, and portfolio oversight; Investment Committee member; advisory board roles .
- Board relevance: Deep PE fund-of-funds and co-invest practice expertise aligns with P10’s business model .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Combined Voting Power | % Class A | % Class B | % Combined Voting Power |
|---|---|---|---|---|---|---|
| David M. McCoy | 336,485 | 2,517,213 | 25,508,615 | <1% | 5.8% | 5.1% |
| RCP Group Holders (context) | 2,118,098 | 17,810,364 | 180,221,738 | 3.1% | 41.0% | 35.8% |
- Section 16 filings: McCoy filed late Forms 4 on Mar 15, 2024 (RSU/option grants; RSU vesting; tax withholding) and Dec 27, 2024 (Class B conversion and sale of Class A); company disclosed these late filings in 2025 proxy .
- Hedging/pledging: Company policy prohibits hedging and pledging of company securities; no pledging disclosures specific to McCoy .
Governance Assessment
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Board effectiveness: McCoy brings substantive private equity investment expertise and platform knowledge, but his designation by the RCP Group and non-independent status reduce perceived board independence; he is not on key committees (Audit/Comp/Nominating), limiting direct governance influence .
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Alignment: Significant Class B holdings confer meaningful voting power (5.8% of Class B; 5.1% combined voting), aligning economic/voting interests with P10’s performance .
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Compensation alignment: No director fees disclosed for McCoy in 2024 amid policy not to pay employees; broader director pay shifted from all-equity (2024) to cash retainer with chair premia (2025), which may modestly reduce pure equity alignment for non-employee directors; no performance metrics apply to director pay .
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Conflicts/related-party exposure:
- Controlled Company Agreement provides RCP board designation rights; this structural influence is a governance risk to independence .
- RCP/Keystone arrangements and advisory board overlaps constitute interlocks; Audit Committee is responsible for related-party review, and fees are borne by RCP clients rather than P10’s P&L .
- McCoy’s $1,000,000 Bonaccord GP II carry interest ties his economics to a P10 platform fund, which can be positive alignment but is also a related-party economic interest requiring ongoing oversight .
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Attendance/engagement: McCoy met ≥75% attendance in 2024; independent directors now led by Benford with quarterly executive sessions to bolster governance .
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RED FLAGS:
- Late Section 16 filings (Mar 15, 2024; Dec 27, 2024) – procedural compliance issue; monitor for recurrence .
- Controlled company/double-class structure with sponsor designation rights – sustained independence risk and entrenchment potential .
- Economic interlocks (Keystone; Bonaccord carry interest) – related-party exposure; ensure robust Audit Committee oversight and transparent disclosure .
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Mitigants:
- Insider trading policy prohibits hedging/pledging; clawback policy adopted in 2023 .
- Committee structures and meeting cadence (Audit 8; Compensation 8; Nominating 4) provide formal oversight mechanisms .