Luke A. Sarsfield III
About Luke A. Sarsfield III
P10’s Chairman and Chief Executive Officer (age 51), director since 2023, CEO since October 23, 2023, and Chairman since June 2024 . He spent 23+ years at Goldman Sachs in senior leadership roles across asset management and investment banking; he holds an MBA from Harvard Business School and a BA, magna cum laude, from Harvard College . Under his leadership, P10 reported low-single-digit revenue growth in 2025 (e.g., Q2 revenue +2% YoY, Q3 +2% YoY), strong Fee-Paying AUM expansion (+21% YoY in Q2; +17% YoY in Q3), modest Fee-Related Earnings growth (+5% YoY in Q2; +3% YoY in Q3), and exceeded 2025 fundraising guidance, aided by the Qualitas Funds acquisition .
Past Roles
| Organization | Role(s) | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs | Global Co-Head of Goldman Sachs Asset Management; Chief Commercial Officer, Asset & Wealth Management; Global Co-Head of the Client Business (GSAM); prior senior roles: Global Head of FIG (IBD), Global COO of Investment Banking, Co-Head of Healthcare Group (Americas); member of Management and Partnership Committees | 23+ years | Led large-scale asset management franchise and financial institutions coverage; broad capital markets and strategic advisory experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Montclair Kimberley Academy (Board of Trustees) | Vice President | n/a | Non-profit board role |
| Safe Horizon | Treasurer of the Board | n/a | Largest victim services agency in the U.S. |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $190,972 | $1,000,000 |
| Target Annual Cash Bonus ($) | $1,500,000 target under employment agreement | $1,500,000 target under amended agreement |
| Actual Annual Bonus Paid ($) | $0 | $2,000,000 (with $200,000 elected in RSUs) |
| Stock Awards (SCT, $) | $7,000,005 | $30,000 (SCT presentation; see performance comp for additional awards) |
| All Other Compensation ($) | $94,673 | $170,992 |
| Total Compensation (SCT, $) | $7,285,651 | $3,200,992 |
Notes: In 2024, he elected to take $200,000 of cash bonus in RSUs at a 1.15x exchange value ($230,000 grant-date fair value) .
Performance Compensation
Incentive Design and 2024 Awards
| Component | Weighting/Target | Vehicle | 2024 Award Design/Value | Vesting |
|---|---|---|---|---|
| Annual incentive | 70% of target | Carried interest | Targeted future value $6,000,000 (2024) | Vests per fund-carried structures |
| Annual incentive | 20% of target | RSUs | RSUs valued at $1,500,000 (2024) | Generally ratable; specific grants below |
| Annual incentive | 10% of target | Stock options | Options valued at $500,000 (2024) | Ratable over 4 years for 2025 grant |
| Annual cash bonus | Target $1,500,000 | Cash/RSUs (electable portion) | $2,000,000 paid; $200,000 elected in RSUs at 1.15x ($230,000) | RSUs vested after 1 year |
| Price-hurdle RSUs | Up to $40,000,000 aggregate | RSUs (5 tranches, $8m each) | Earnable upon stock price performance hurdles | As earned; terms per plan |
Equity Grants and Vesting Detail
| Grant Date | Type | Amount | Exercise/Grant Price | Vesting |
|---|---|---|---|---|
| Oct 23, 2023 | Sign-on equity (fully vested shares) | 107,527 shares | n/a | Fully vested at grant |
| Oct 23, 2023 | RSUs (start-date grant) | 654,308 units | n/a | Vests on 1st, 2nd, and 3rd anniversaries |
| Mar 8, 2024 | RSUs (bonus in lieu of cash) | 28,786 units (=$230,000) | n/a | Vested on first anniversary |
| Feb 14, 2025 | Stock options | 89,767 options | $12.61 | Vests ratably over 4 anniversaries |
| Feb 14, 2025 | RSUs | 118,954 units | n/a | Vests ratably over 4 anniversaries |
No explicit quantitative performance metrics (e.g., revenue/EBITDA/TSR weightings) are disclosed for payout determinations; the Compensation Committee sets annual goals and evaluates performance .
Equity Ownership & Alignment
| Category | Amount/Terms | As-of | Notes |
|---|---|---|---|
| Beneficial ownership (Class A) | 183,134 shares | Apr 14, 2025 | <1% of Class A; no Class B |
| Unvested RSUs (2023 grant) | 436,205 units; value $4,000,000 @ $12.61 | Dec 31, 2024 | Remaining tranches of 654,308-unit award |
| Unvested RSUs (2024 grant in lieu of cash) | 28,786 units; value $230,000 | Dec 31, 2024 | Vested in Mar 2025 |
| Options outstanding | 89,767 options @ $12.61 | Feb 14, 2025 grant | 4-year ratable vest |
| Hedging/Pledging | Prohibited for insiders | Policy-level | Insider trading policy prohibits hedging and pledging |
| Clawback | Adopted 2023 (Section 10D/NYSE) | Policy-level | Recovery of erroneously awarded comp after restatements |
Stock ownership guidelines (executive-specific) are not disclosed in the proxy; director/employee co-investments in firm funds are permitted (often fee/carry-free) to align interests .
Employment Terms
| Term | Detail |
|---|---|
| Effective date; role | CEO effective Oct 23, 2023; appointed to Board same date; Chairman since June 2024 |
| Agreement term | Five years from Oct 23, 2023; auto-renews annually unless notice 90 days prior to expiry |
| Cash comp | Base salary $1,000,000; target annual cash bonus $1,500,000 |
| Annual incentive mix | 70% carried interest; 20% RSUs; 10% options (target aggregate $5,000,000) |
| Sign-on awards | $1,000,000 sign-on in fully vested shares; $6,000,000 RSU start grant (3-year ratable vest) |
| Price-hurdle RSUs | Up to $40,000,000 (five $8m tranches) upon stock-price hurdles |
| Dividend equivalents | Cash paid currently on RSUs as dividends are declared |
| Severance (without cause / good reason) | Lump sum 1.5x base salary + 1.5x annual cash bonus; immediate vesting of all equity and carried interests (subject to release) |
| Restrictive covenants | Confidentiality; 1-year non-compete; 1-year client non-solicit; 2-year employee non-solicit |
Board Governance
- Roles and tenure: Chairman of the Board since June 2024; CEO since October 2023; Director since 2023 .
- Independence and structure: P10 is a “controlled company” under NYSE rules but states it does not intend to rely on exemptions; Board determined 6 of 9 directors are independent . Lead Independent Director (Tracey Benford) appointed June 2024; Board holds regular executive sessions of independent directors .
- Committees: Audit, Compensation, and Nominating & Corporate Governance committees exist; Sarsfield is not listed as a member of any committee .
- Insider/ethics policies: Insider trading policy prohibits hedging/pledging; code of ethics and governance guidelines maintained .
- Director pay: Policy not to pay directors who are employees (applies to Sarsfield) .
Performance & Track Record
| Period | Key Results | Commentary |
|---|---|---|
| Q2 2025 | Revenue $72.7m (+2% YoY); Fee-Paying AUM $28.9b (+21% YoY); Fee-Related Earnings $35.4m (+5% YoY); Fully Diluted ANI/share $0.23 (-6% YoY) | Closed Qualitas Funds acquisition; strong organic fundraising and deployments; buybacks authorized |
| Q3 2025 | Revenue $75.9m (+2% YoY); Fee-Paying AUM $29.1b (+17% YoY); Fee-Related Earnings $36.0m (+3% YoY); Fully Diluted ANI/share $0.24 (-6% YoY) | Exceeded 2025 organic fundraising guidance; dividend declared; continued repurchases |
Management commentary emphasizes strategic focus on middle/lower-middle market advantages, platform integration, and client solutions buildout .
Related Party, Policies, and Risk Controls (Selective)
- Clawback policy adopted in 2023 per NYSE/SEC rules .
- Insider trading policy bans hedging/pledging, short sales, and options trading by insiders .
- Compensation governance: Compensation Committee sets CEO goals, reviews pay, and administers the 2021 Plan .
Compensation Structure Analysis
- Increased equity and carried interest orientation: Annual incentive is majority carried interest (70%) with RSUs/options (30%), aligning toward long-term fund performance and shareholder outcomes .
- Price-hurdle equity lever: Up to $40m in additional RSUs tied to stock price performance creates strong stock-aligned upside, but may increase dilution risk depending on issuance cadence .
- 2024 mix and elections: Electing to take $200k of bonus in RSUs at a 15% premium indicates alignment; 2024 approved package included RSUs ($1.5m) and options ($0.5m) alongside carried interest targets .
Vesting Schedules and Potential Selling Pressure
- Material scheduled vesting from the 654,308 RSU start grant (vesting over 3 years beginning Oct 2024–2026) and 118,954 RSUs from Feb 2025 (vesting over 4 years), plus 28,786 bonus RSUs that vested in Mar 2025; options (89,767 @ $12.61) vest ratably over 4 years .
- Insider trading policy prohibits hedging/pledging; actual sales depend on Rule 10b5-1 plans/blackouts; company disclosed no pledging .
Equity Ownership & Director Interlocks (Context)
- Beneficial ownership <1% of Class A (183,134 shares as of Apr 14, 2025) .
- Directors and officers may co-invest in P10 funds on preferred terms to align interests (subject to independence thresholds) .
Investment Implications
- Alignment: High at-risk mix (carried interest + RSUs/options) and price-hurdle RSUs tightly couple pay with multi-year platform performance and stock price, signaling confidence but with possible dilution if fully earned .
- Retention and continuity: Five-year term with automatic renewals, robust severance protections (1.5x base + 1.5x cash bonus; full equity/carry vesting) and restrictive covenants (1-year non-compete/clients; 2-year employee non-solicit) reduce near-term retention risk, though severance generosity is notable .
- Trading overhang: Multi-year RSU and option vesting schedules could create episodic supply around vest dates, though hedging/pledging bans and potential use of 10b5-1 plans may moderate flow .
- Governance: Combined Chairman/CEO structure is partially mitigated by a Lead Independent Director and a majority of independent directors; company states it is a “controlled company” but does not intend to rely on NYSE exemptions, which supports governance quality .
- Execution: 2025 results show steady fee revenue/FRE growth and strong FPAUM expansion, aided by M&A (Qualitas) and fundraising beat—supporting the platform growth thesis described by management .