Travis Barnes
About Travis Barnes
Travis Barnes (age 49) has served as an independent director of P10, Inc. since October 2021. He is Managing Director and Global Co‑Head of Capital Markets at Barclays, previously leading Debt Capital Markets and the Risk Solutions Group; he began his career at Morgan Stanley in DCM, Corporate Finance, and M&A in New York and Hong Kong. Barnes holds a B.A. (summa cum laude) in Economics and English from Lafayette College (1998) and sits on the Audit and Compensation Committees; the Board has determined he is independent and an SEC-defined “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Barclays | Managing Director; Global Co‑Head of Capital Markets; Chair of Americas Citizenship Council | Since 2006 | Leads global capital markets; senior leadership on Investment Banking Management Team |
| Morgan Stanley | Debt Capital Markets, Corporate Finance, M&A (NY & Hong Kong) | Not disclosed | Early-career execution and advisory roles |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Barclays Americas Citizenship Council | Chair | Not disclosed | Oversees citizenship initiatives in the Americas |
Board Governance
- Committee assignments: Audit; Compensation. Barnes is not a committee chair and is designated an “audit committee financial expert.”
- Independence: The Board determined Barnes is independent under NYSE rules.
- Attendance and engagement: The Board met 10 times in 2024; all directors serving in 2024 attended ≥75% of Board and committee meetings except Barnes, who attended 70% of Board meetings.
- Committee activity levels: Audit Committee held 8 meetings in 2024; Compensation Committee held 8 meetings in 2024.
- Lead Independent Director: Tracey Benford appointed lead independent director in June 2024; executive sessions at least quarterly.
Fixed Compensation
| Component | 2024 Amount | Structure/Notes |
|---|---|---|
| Annual director fee (non‑employee) | $175,000 | Payable entirely in restricted stock; grant June 14, 2024; vests on first anniversary, subject to continuous service |
| Lead independent premium | $50,000 | Applies to Lead Independent Director (not Barnes) |
| Committee chair fee | N/A | Barnes is not a chair in 2024 |
| Cash fees | $0 | Barnes received no cash director fees in 2024 |
2025 policy update:
- Non‑employee directors annual fee increased to $185,000; Committee chairs paid an additional $15,000; Lead Independent Director retains $50,000 premium.
Director compensation (FY2024) reported:
| Director | Fees Earned in Cash | Stock Awards ($) | Total |
|---|---|---|---|
| Travis Barnes | $0 | $175,000 | $175,000 |
Performance Compensation
| Metric Category | Detail |
|---|---|
| Equity type | Restricted stock (time-based vesting; 1-year cliff from June 14, 2024) |
| Performance metrics tied to director pay | None disclosed; director equity is service‑based, not performance‑based |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards (outside PX) | None disclosed for Barnes in the proxy |
| Committee interlocks | Compensation Committee interlocks: none requiring Item 404 disclosure; no P10 executive served on boards/comp committees of other entities with reciprocal ties in FY2024 |
| Controlled company context | PX operates under a Controlled Company Agreement with RCP and TrueBridge; Class B holders had ~86% combined voting power; the Board still maintains independence standards and committees |
Expertise & Qualifications
- Financial services and capital markets leadership; extensive experience in debt capital markets, risk solutions, securitized origination, sustainable capital markets, and loan capital markets; SEC “audit committee financial expert” designation.
- Global and cross‑border transaction experience (NY, Hong Kong).
- Academic excellence (Lafayette College, summa cum laude).
Equity Ownership
| Holder | Class A Shares | Class B Shares | Combined Voting Power (votes) | % of Class A | % of Class B | % Combined Voting Power |
|---|---|---|---|---|---|---|
| Travis Barnes | 47,090 | 13,291 | 180,000 | <1% | <1% | <1% |
Notes:
- Combined votes equal 1 vote per Class A share plus 10 votes per Class B share (47,090 + 10×13,291 ≈ 180,000).
- Insider Trading Policy prohibits hedging and pledging of company stock, supporting alignment.
Governance Assessment
-
Strengths:
- Independent director with deep capital markets expertise; designated audit committee financial expert, bolstering financial oversight.
- Director compensation delivered entirely via equity in 2024 (shift toward stock-based alignment); clear vesting and move to standardized 2025 fee structure.
- Formal policies for related‑party transactions and robust committee charters; quarterly executive sessions among independent directors.
-
Weaknesses / Risks:
- RED FLAG: Board attendance below 75%—Barnes attended 70% of Board meetings in 2024; investors typically expect ≥75% participation.
- Controlled company structure and dual‑class voting confer outsized control to Class B holders (~86%), elevating governance risk and potentially insulating management/insiders from minority holder influence.
- External executive role at Barclays could pose potential conflicts if the company engages in transactions with Barclays; no related‑party transactions involving Barnes are disclosed, but continued monitoring is warranted.
-
Overall:
- Barnes adds relevant financial and risk oversight expertise and is formally independent; alignment via equity grants is positive. However, attendance shortfall and controlled company dynamics temper investor confidence and warrant focused engagement on participation and board accountability.