EX-99.2 3 d333251dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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First Quarter 2022 Company Overview


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Legal Disclaimer IMPORTANTNOTICES TheinclusionofreferencestoP10,Inc.(the“Company”)inthispresentationisforinformationpurposesonlyastheholdingcompanyofvarioussubsidiaries.P10doesnotoffer investmentadvisoryservicesandthispresentationisneitheranofferofanyinvestmentproductsnoranofferofadvisoryservicesbyP10.Byacceptingthispresentation,you acknowledgethatP10isnotofferinginvestmentadvisoryservices.AllinvestmentadvisoryservicesreferencedinthispresentationareprovidedbysubsidiariesofP10whichare registeredasinvestmentadviserswiththeU.S.SecuritiesandExchangeCommission(“SEC”). Accordingly,thispresentationmaybeconsideredmarketingmaterials,inwhich eventitwouldbemarketingmaterialsofeachregisteredinvestmentadvisersubsidiaryonly.Totheextentyouhaveanyquestionsregardingthispresentation,pleasedirectthem totheapplicablesubsidiary.Registrationasaninvestmentadviserdoesnotimplyanylevelofskillortraining.Thispresentationdoesnotconstituteanoffertosell,asolicitationof anoffertobuy,orarecommendationofanysecurityoranyotherinvestmentproduct.AnysecuritiesdescribedhereinhavenotbeenrecommendedbyanyU.S.federalorstate ornon-U.S.securitiescommissionorregulatoryauthority,includingtheSEC. Furthermore,theforegoingauthoritieshavenotconfirmedtheaccuracyordeterminedthe adequacyofthisdocument.Anyrepresentationtothecontraryisacriminaloffense.Nothinghereinisintendedtoprovidetax,legalorinvestmentadvice. CautionRegardingForward-LookingInformation Someofthestatementsinthispresentationmayconstitute“forward-lookingstatements“withinthemeaningofSection27AoftheSecuritiesActof1933,Section21Eofthe SecuritiesExchangeActof1934andthePrivateSecuritiesLitigationReformActof1995.Wordssuchas“will,”“expect,”“believe,”“estimate,”“continue,”“anticipate,”“intend,”“plan” andsimilarexpressionsareintendedtoidentifytheseforward-lookingstatements.Forward-lookingstatementsdiscussmanagement’scurrentexpectationsandprojections relatingtoourfinancialposition,resultsofoperations,plans,objectives,futureperformanceandbusiness.Theinclusionofanyforward-lookinginformationinthispresentation shouldnotberegardedasarepresentationthatthefutureplans,estimatesorexpectationscontemplatedwillbeachieved.Forward-lookingstatementsaresubjecttovarious risks,uncertaintiesandassumptions.Forward-lookingstatementsreflectmanagement’scurrentplans,estimatesandexpectationsandareinherentlyuncertain.Allforward-looking statementsaresubjecttoknownandunknownrisks,uncertaintiesandotherimportantfactorsthatmaycauseactualresultstobemateriallydifferent,includingrisksrelatingto: globalanddomesticmarketandbusinessconditions;successfulexecutionofbusinessandgrowthstrategiesandregulatoryfactorsrelevanttoourbusiness;changesinourtax status;ourabilitytomaintainourfeestructure;ourabilitytoattractandretainkeyemployees;ourabilitytomanageourobligationsunderourdebtagreements;aswellas assumptionsrelatingtoouroperations,financialresults,financialcondition,businessprospects,growthstrategy;andourabilitytomanagetheeffectsofeventsoutsideofour control.Theforegoinglistoffactorsisnotexhaustive.Formoreinformationregardingtheserisksanduncertaintiesaswellasadditionalrisksthatweface,youshouldrefertothe “RiskFactors”includedinourannualreportonForm10-KfortheyearendedDecember31,2021,filedwiththeSEConMarch21,2022,andinoursubsequentreportsfiledfrom timetotimewiththeSEC.Theforward-lookingstatementsincludedinthispresentationaremadeonlyasofthedatehereof.Weundertakenoobligationtoupdateorreviseany forward-lookingstatementasaresultofnewinformationorfutureevents,exceptasotherwiserequiredbylaw. CautionRegardingFinancialandOperatingProjections Allfinancialandoperatingprojections,forecastsorestimatesaboutorrelatingtotheCompanyincludedinthisdocument,includingstatementsregardingpro-formavaluation andownership,havebeenpreparedbasedonvariousestimates,assumptionsandhypotheticalscenarios.Forecastsandprojectionsoffinancialperformance,valuationand operatingresultsare,bynature,speculativeandbasedinpartonanticipatingandassumingfutureevents(andtheeffectsoffutureevents)thatareimpossibletopredictandno representationofanykindismadewithrespectthereto.TheCompany’sfutureresultsandachievementswilldependonanumberoffactors,includingtheaccuracyand reasonablenessoftheassumptionsunderlyinganyforecastedinformationaswellasonsignificanttransaction,business,economic,competitive,regulatory,technologicaland otheruncertainties,contingenciesanddevelopmentsthatinmanycaseswillbebeyondtheCompany’scontrol.Accordingly,allprojectionsorforecasts(andestimatesbasedon suchprojectionsorforecasts)containedhereinshouldnotbeviewedasanassessment,predictionorrepresentationastofutureresultsandinterestedpartiesshouldnotrely,and willnotbedeemedtohaverelied,onanysuchprojectionsorforecasts.Actualresultsmaydiffersubstantiallyandcouldbemateriallyworsethananyprojection,forecastor scenariosetforthinthisdocument.TheCompanyexpresslydisclaimsanyobligationtoupdateorreviseanyoftheprojections,forecasts,modelsorscenarioscontainedhereinto reflectanychangeintheCompany’sexpectationswithregardtheretooranychangesinevents,conditionsorcircumstancesonwhichanysuchstatementisbased. First Quarter 2022 2


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Legal Disclaimer (continued) Fee-PayingAssetsUnderManagement,orFPAUM FPAUMreflectstheassetsfromwhichweearnmanagementandadvisoryfees.Ourvehiclestypicallyearnmanagementandadvisoryfeesbasedoncommittedcapital,andin certaincases,netinvestedcapital,dependingonthefeeterms.Managementandadvisoryfeesbasedoncommittedcapitalarenotaffectedbymarketappreciationor depreciation. UseofNon-GAAPFinancialMeasuresbyP10,Inc. Thenon-GAAPfinancialmeasurescontainedinthispresentation(including,withoutlimitation,AdjustedEBITDA,AdjustedNetIncome(“ANI”)andfee-payingassetsunder managementarenotGAAPmeasuresoftheCompany’sfinancialperformanceorliquidityandshouldnotbeconsideredasalternativestonetincome(loss)asameasureof financialperformanceorcashflowsfromoperationsasmeasuresofliquidity,oranyotherperformancemeasurederivedinaccordancewithGAAP.Areconciliationofsuchnon-GAAPmeasurestotheirmostdirectlycomparableGAAPmeasureisincludedlaterinthispresentation.TheCompanybelievesthepresentationofthesenon-GAAPmeasures provideusefuladditionalinformationtoinvestorsbecauseitprovidesbettercomparabilityofongoingoperatingperformancetopriorperiods.Itisreasonabletoexpectthatone ormoreexcludeditemswilloccurinfutureperiods,buttheamountsrecognizedcanvarysignificantlyfromperiodtoperiod.AdjustedEBITDAandadjustednetincomeshould notbeconsideredsubstitutesfornetincomeorcashflowsfromoperating,investing,orfinancingactivities.Youareencouragedtoevaluateeachadjustmenttonon-GAAP financialmeasuresandthereasonsmanagementconsidersitappropriateforsupplementalanalysis.Ourpresentationofthesemeasuresshouldnotbeconstruedasaninference thatourfutureresultswillbeunaffectedbyunusualornon-recurringitems. First Quarter 2022 3


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Highly Compelling Value Proposition Attractive Investment Thesis Premier, specialized private markets solutions provider operating in large and growing markets with increasing investor allocations Highly recurring revenue composed almost entirely of management and advisory fees earned primarily on committed capital from long-term, contractually locked up funds Strong investment performance across private markets driven by experience, investment process, and data advantage supporting the ability to grow and attract future funds Attractive and growing revenue base with highly recurring and well diversified revenue and strong margins Experienced management team with significant insider ownership, proven M&A track record, and supported by a deep bench of investment talent First Quarter 2022 4


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Premier Private Markets Solutions Provider Exceptionally Well-Positioned in the Private Markets Ecosystem Private Markets Ecosystem We are a specialized private market solutions provider. As LPs entrust us with capital, we strengthen our relationships with high performing, difficult to access fund managers. These relationships drive additional investment opportunities, source more data, enable portfolio optimization, enhance returns, and in turn, attract new LPs. Our position within the private markets ecosystem is reinforced by our synergistic multi-asset class solutions extracting sourcing opportunities from our vast network of GPs and portfolio companies. Primary Solutions Limited Partners (LPs) Public Pensions Endowments & Foundations Family Offices Corporate Pensions Direct & Co-Investments High Net Worth Financial Institutions Wealth Managers Sovereign Wealth Funds Secondary Investments Large, Global, High Quality LP Base of 2,500+ Proprietary Database and Analytics Platform Supported Synergistic Multi-Asset Class Private Market Solutions Institutional and High Net Worth Investors by Seasoned Team of 93 Investment Professionals Network of 220+ GPs Driving Cross-Solution Sourcing Opportunities First Quarter 2022 5


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Premier Private Markets Solutions Provider Comprehensive Suite of Private Market Vehicles (1) Primary Direct and Secondary Solutions Co-Investments Investments • Private Equity • Private Equity • Private Equity • Venture Capital • Venture Capital • Private Credit • Impact Investing • Invests in diversified portfolio of funds across • Direct and Co-investments alongside leading GPs • Secondary purchaser of LP interests in private asset classes with defined investment • Invests in secured unitranche, second lien, equity funds strategies mezzanine loans and equity • Focused exclusively on middle and lower middle • GP Stakes market private equity funds • Provides instant fund diversification to investors • Extensive built-in network of fund managers results in • Ability to purchase interests at a discount • Differentiated access to relationship-driven significant actionable deal flow • Ability to leverage extensive fund manager middle and lower middle market sectors • Deals sourced from GP relationships and trusted diligence and insights as part of investment • Specialized underwriting skills and expertise to advisors with preferred economic terms selection process select the best managers • Ability to leverage extensive fund manager diligence • Shorter holding period and earlier cash returns • Offered in both commingled investment vehicles and insights as part of investment selection process • Countercyclical nature and customized separate accounts • Well-diversified portfolio across industry, sponsor, • Reduced blind pool risk • Robust database and analytics platform and geography Offered through commingled investment • • Offered in both commingled investment vehicles and vehicles customized separate accounts • Robust database and analytics platform • Robust database and analytics platform FPAUM(2) $10.9Bn $5.4Bn $1.3Bn ($Bn) 1.Any Notes: discussion in this Presentation of past, committed to, or potential transactions should not be relied upon as any indicationof future deal flow. There can be no assurance 2.FPAUM that any as potential of March transactions 31, 2022. described herein will be consummated. Diversification does not guarantee a profit or protect against a loss in declining markets. First Quarter 2022 6


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Premier Private Markets Solutions Provider Differentiated Platform with Specialized Private Markets Solutions(1) PRIVATE EQUITY VENTURE CAPITAL PRIVATE CREDIT IMPACT INVESTING PRIMARIES SECONDARIES PRIMARIES DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS DIRECT & CO-INVESTMENTS Middle- and Lower- High Performing, Access-Constrained Flexible Credit Solutions to Impact Investing Middle Market Private Equity Venture Capital Lower Middle Market Sponsors Across the Capital Structure $10.0B n 41 $4.6Bn 15 $1.3Bn 25 $1.7Bn 12 FPAUM Inv. Professionals FPAUM Inv. Professionals FPAUM Inv. Professionals FPAUM Inv. Professionals 45 2001 12 2007 7 1998 35 1999 Vehicles Inception Vehicles Inception Vehicles Inception Vehicles Inception Notes: FPAUM and active vehicles shown by asset class solution as of March 31, 2022 while number of professionals and inception dates shown by manager. First Quarter 2022 7


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Well Positioned in Attractive, Specialized and Growing Global Markets Attractive Middle/Lower Middle Market Dynamics with Accelerating Growth in Private Markets Segments Middle/Lower Middle Market Size and Private Capital Allocation Private Markets Growth by Segment(3) Capital Available Universe of Companies Lower Middle Market Venture Capital by Fund Size(1) by Revenue Size(2) Private Equity Growth Growth Deal Value ($Bn) Investment($Bn 60 150 3 40 83% 7% 100 18 20 50 23 0 0 2009 2019 2009 2019 17% 93% Private Credit Impact (ESG) Growth Growth Capital Targeted ( AUM of PRI Sign Middle/Lower Middle/Lower 300 120 9 Middle Market Benefits Middle Market Benefits6 200 80  Large Pool of Opportunities Significant Return Potential 121  Operational & Expertise Value-Add Compelling Purchase Price Valuations 100 40 18 Exit Flexibility Favorable LP / GP Alignment of Incentives 0 0 2009 2019 Jan-15 Jul-20 Notes: 1. Capital    available to invest by fund size represents U.S. private equity overhang for vintage years 2013-2020. U.S. PE Funds: includes buyout, growth, co-investment, mezzanine, diversified PE, energy, and 2. Commercially-active restructuring. As of 3/31/20. businesses Latest in the data U.S. available. All subsidiary and business establishment data are combined. Additionally, public sector entities are excluded. As of 11/2/20. 3. Source: PwC AWM Research Centre analysis, KPMG International Cooperative, PitchBook, McKinsey, Abacus, PWC MoneyTree. First Quarter 2022 8


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Distinct Market Access, Deal Flow and Data Analytics to Navigate Private Markets Long-Standing Industry Relationships and Extensive Proprietary Analytics Drive Unparalleled Market Access Private Equity Venture Capital Private Credit Impact Investing Relationships 1,800+ 540+ 240+ 82+ Investors Investors Investors Investors 200+ 60+ 45+ 390+ / 700+ Fund Managers Fund Managers Active Sponsor Relationships Businesses Supported / Projects 375+ 6,500+ $1,900MM+ $550MM+ Scale Funds Portfolio Companies Capital Deployed Capital Deployed in Impact Credit 1,900+ 55+ 60+ 535MM Portfolio Companies Direct Investments Platform Investments KWh Produced Through 2019 24+ 20+ 22+ 21+ Experience Avg. Years of Mgmt. Experience Avg. Years of Mgmt. Experience Avg. Years of Mgmt. Experience Avg. Years of Mgmt. Experience 41 15 25 12 Investment Professionals Investment Professionals Investment Professionals Investment Professionals First Quarter 2022 9


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DistinctMarket Access,DealFlow andDataAnalyticstoNavigatePrivateMarkets UniqueandExtensiveProprietaryAnalyticsDatabase ExtensiveData PowerfulDatabaseand Collection BusinessIntelligencePlatform  InformationwithinGPScout containsdeeplevelprivatecompany 4,900+ 9,000+ 42,000+ operatingandfinancialdataas wellas details ofthedealsdone bytheprivatemarketgeneralpartners Investments Investment Individual Firms Funds Transactions Robust and proprietary data collected over 20-year history makesitdifficultto replicate Dedicatedinternalteam updatingdatabaseonadaily basis with new private dataprovideddirectlybymanagers 28,000+ 250,000+ Integrated data visualization and analytics platform with Private Financial underlyingdatabaseallowingtruebusinessintelligence Companies Metrics DataCapabilitiesAreaCompetitiveDifferentiator First Quarter 2022 10


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Distinct Market Access, Deal Flow and Data Analytics to Navigate Private Markets Robust and Disciplined Sourcing Criteria, Resulting in Highly Selective Investment Process Primary Deal Flow(1) Secondary Deal Flow(2) Direct & Co-Investment Deal Flow(3) Opportunities Tracked 3,500+ 2,000+ 8,500+ Initial Screens 1,000+ 700+ 1,500+ Annual Due Diligence 400+ 200+ 200+ Annual Investments Made ~30-40 ~5-15 ~50-60 Highly Selective Process Notes: 1. Reflects primary deal flow for RCP Advisors and Truebridge Capital Partners as of December 31, 2020. 2. Reflects second deal flow for RCP Advisors as of December 31, 2020. 3. Reflects direct & co-investment deal flow for RCP Advisors, TrueBridge Capital Partners, Five Points Capital and Enhanced as of December 31, 2020. First Quarter 2022 11


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Preeminent Investment Teams Delivering Best-in-Class Performance Superior Track Record Across a Broad Range of Portfolio Solutions(1) Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (performance as of 9/30/2021, fund size as of 3/31/2022) Fund I 2003 $92 105% 14.1% 1.8x Fund II 2005 $140 109% 8.2% 1.5x Fund III 2006 $225 107% 6.8% 1.4x Fund IV 2007 $265 110% 14.4% 2.0x Fund V 2008 $355 121% 13.4% 1.7x Fund VI 2009 $285 114% 16.4% 2.1x Fund VII 2011 $300 109% 18.1% 2.2x Fund VIII 2012 $268 112% 21.5% 2.2x Fund IX 2014 $350 105% 19.3% 1.8x Fund X 2015 $332 103% 18.1% 1.6x SEF 2017 $179 77% 26.8% 1.7x Fund XI 2017 $315 86% 28.0% 1.7x Fund XII 2018 $382 74% 18.9% 1.3x Fund XIII 2019 $397 43% - -Fund XIV 2020 $394 23% - -SEF II 2020 $123 7% - -Fund XV 2021 $435 6% - -Fund XVI 2022 $422 1% - - Secondary Funds (performance as of 9/30/2021, fund size as of 3/31/2022) SOF I 2009 $264 112% 22.0% 1.8x SOF II 2013 $425 108% 11.6% 1.4x SOF III 2018 $400 66% 64.6% 1.7x SOF III Overage 2020 $87 43% 145.7% 1.5x SOF IV 2021 $388 1% - - Co-Investment Funds (performance as of 9/30/2021, fund size as of 3/31/2022) Direct I 2010 $109 82% 37.8% 3.0x Direct II 2014 $250 87% 29.2% 2.6x Direct III 2018 $385 78% 24.9% 1.4x Direct IV 2021 $567 3% - - Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (performance as of 12/31/2021, fund size as of 3/31/2022) Fund I 2007 $311 93% 14.0% 3.1x Fund II 2010 $342 83% 24.0% 6.0x Fund III 2013 $409 92% 25.0% 4.0x Fund IV 2015 $408 91% 45.6% 4.3x Fund V 2017 $460 89% 69.0% 2.9x Fund VI 2019 $611 46% 97.0% 1.6x Fund VII 2021 $758 4% - - Co-Investment Funds (performance as of 12/31/2021, fund size as of 3/31/2022) Direct Fund I 2015 $125 95% 43.7% 3.7x Direct Fund II 2019 $196 93% 76.2% 1.9x Direct Fund III 2021 $47 0% - - Fund Vintage Invested ($M) Called Capital Net IRR Net ROIC Impact Funds (performance and fund size as of 12/31/2021) Impact Credit - $659 - 7.5% 1.3x Impact Equity - $482 - 20%+ 1.2x 1Notes: . See performance disclosure notes at the back of this presentation First Quarter 2022 12


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Preeminent Investment Teams Delivering Best-in-Class Performance Superior Track Record Across a Broad Range of Portfolio Solutions(1) Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds NAV Lending Funds (performance and fund size as of 12/31/2021) (performance as of 12/31/2021, fund size as of 3/31/2022) Fund I 1998 $101 94% 12.7% 2.1x Fund I 2013 $106 119% 11.0% 1.3x Fund II 2007 $152 99% 12.4% 1.7x Fund II 2017 $203 75% 12.1% 1.3x Fund III 2013 $230 94% 24.5% 2.4x Fund III 2021 $400 34% —Fund IV 2019 $230 35% — Credit Funds (performance and fund size as of 12/31/2021) Fund I 2006 $162 93% 12.2% 2.0x Fund II 2011 $227 100% 8.1% 1.6x Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund III 2016 $289 74% 16.5% 1.6x GP Stakes Funds Fund IV 2021 $357 15% — (performance as of as of 12/31/2021, fund size as of 3/31/2022) Fund I 2019 $732 47% 30% 1.2x 1. Notes: See performance disclosure notes at the back of this presentation First Quarter 2022 13


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Investment Teams Led by Management Teams with Sustained Track Records of Success Ownership structure aligned with investors; carried interest aligned with investment teams DaveMcCoy Ajay Chitkara EdwinPoston RobMazzoni ManagingPartner Head of Bonaccord Capital Partners ManagingPartner Partner 22+YearsofExperience 28+YearsofExperience 24+YearsofExperience 14+YearsofExperience JonMadorsky Brad Pilcher MelWilliams MattRittenmeyer ManagingPartner Senior Investment Manager ManagingPartner Principal 20+YearsofExperience 22+YearsofExperience 25+YearsofExperience 19+YearsofExperience CharlieHuebner Farhad Dehesh ManagingPartner Senior Investment Manager 30+YearsofExperience 23+YearsofExperience TomDanis ManagingPartner 25+YearsofExperience Avg.YearsatFirm/ YearsofExperience Avg.YearsatFirm/ YearsofExperience 13+ 12+ 1. Notes: Please note the referenced individuals are not inclusive of all members of the respective investment teams. First Quarter 2022 14


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Investment Teams Led by Management Teams with Sustained Track Records of Success Ownership structure aligned with investors; carried interest aligned with investment teams WhitEdwards Doug Cruikshank MichaelKorengold RichardMontgomery ManagingPartner ManagingPartner& Founder ManagingPartner ManagingPartner 22+YearsofExperience 31+YearsofExperience 25+YearsofExperience 21+YearsofExperience MarshallWhite Rafael Castro ShaneMcCarthy MarkSlusar ManagingPartner Partner & Co-Founder ManagingPartner Managing Director 18+YearsofExperience 24+YearsofExperience 19+YearsofExperience 20+YearsofExperience JonathanBlanco Rich Davis ManagingPartner Partner & Co-Founder 23+YearsofExperience 21+YearsofExperience ScottSnow ManagingPartner 19+YearsofExperience Avg.YearsatFirm/ YearsofExperience Avg.YearsatFirm/ YearsofExperience 13+ 15+ 1. Notes: Please note the referenced individuals are not inclusive of all members of the respective investment teams. First Quarter 2022 15


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HighlyDiversified, Multi-AssetInvestmentPlatform and InvestorBase DifferentiatedInvestor BaseCombined withInstitutionaland InternationalDistribution DiversifiedInvestorBase InvestorBasebyChannel InvestorBaseRegions (Asof1Q’22) (1) North America CentralAmerica South America FPAUM Europe MiddleEast Australia Asia Public Pensions (24%) Corporate Pensions (8%) Africa Family Offices / Wealth Managers (24%) Insurance Company (8%) Financial Institutions (16%) Other (4%)(2) 49States;53Countries;6Continents Endowments / Foundations (16%) Notes: 1. ReflectsFPAUM percentagebyinvestorcommittedcapital,excludingGPcommitments,tocurrentlyactivefundsacrossRCPAdvisors,TrueBridge,FivePoints, Enhanced, Hark and Bonaccord. 2. Includessovereignwealthfunds,consultant-basedrelationshipsandotherforeigninstitutionalinvestors. First Quarter 2022 16


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Fee Paying Assets Under Management Across Diversified Vehicles Multi-Asset Investment Platform with Strong Organic Growth Diversified Base and Growth Across Vehicles Key Metrics FPAUM Composition Primary Solutions (As of Q1’22) Primary Solutions62% Total FPAUM Direct & Co-Investments 31% $17.6Bn Secondary Investments 7% Direct & Co-Investments Organic FPAUM Growth (1) (From Q4’20 to Q1’22) Secondary Investments Organic Primary Solutions59% FPAUM Growth Direct & Co-Investments 31% $4.2Bn Secondary Investments 10% 1. Notes: Organic FPAUM on a pro forma basis assumes the acquisitions of Bonaccord and Hark were completed as of December 31, 2020. First Quarter 2022 17


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FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates Organic FPAUM Growth (1) Average Fee Rate (2) ($Bn) (Bps) Average Q1-22A Fee Rate: 99bps Quarterly average fee rates show the basis points attributable to base 22% CAGR management fees and catch-up fees. On an annual basis, average fee rates continue to be stable at 100bps (3) 17.3 17.6 8 1 4 2 13.4 11.9 9.6 97 96 100 97 2018PF 2019PF 2020PF 2021PF Q1’22 PF Q2’21A Q3’21A Q4’21A Q1’22A Organic FPAUM Growth Average FPAUM (Bn) 1. Notes: Organic FPAUM is calculated on a pro forma basis assuming the acquisitions of Five Points, TrueBridge, Enhanced, Bonaccord, and Hark were completed as of January 1, 2018. 2. 3. Catch-up The average fees fee are rates earned shown from in investors the graph that are committed calculated as during actual the average fundraising FPAUM period as a quotient of funds of originally actual revenue. launched    in prior periods, and as such the investors are required to pay a catch-up fee as if they had committed recognized. to the fund at the first closing. While catch-up fees are not a significant component of our overall revenue stream, they may result in a temporary increase in our revenues in the period in which they are 4. “PF” refers to calculations made on a pro forma basis. “A” refers to calculations made on an actual basis. First Quarter 2022 18


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Proven Experienced Organic Management and Inorganic with Track Aligned Record Incentives and Deep Bench of Talent with Long History of Investing Years of Leadership Experience Key P10 Criteria Robert Co-CEO Alpert Chairman of the Board ï Market leading differentiated platform C. Clark Co-CEO & DIRECTOR Webbï Track record of strong investment performance William “Fritz” COO & DIRECTOR Souder Proven, committed management team Amandaï CFO Coussens Jeff Established and committed investor base CMO ï Gehl Years of Specialized Private Markets Solutions Experience Extensive Investment Pipeline Dave Managing Partner with a Long List of Potentially Attractive McCoy Private Equity Solutions Edwin Managing Partner and Actionable Opportunities Poston Venture Capital Solutions Whit Managing Partner Edwards Private Credit Solutions Michael Managing Partner Korengold Impact Investing Solutions First Quarter 2022 19


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A Differentiated Investment Firm Premier Private Markets Solutions Provider Well Positioned in Attractive, Specialized and Growing Global Markets Distinct Market Access, Deal Flow and Data Analytics to Navigate Private Markets Preeminent Investment Teams Delivering Strong Performance Highly Diversified, Multi-Asset Investment Platform and Investor Base Fee Paying Assets Under Management Across Diversified Vehicles Experienced Management Team with Aligned Incentives and Proven Organic and Inorganic Track Record 1. Notes: Past performance is not a guarantee of future results. There can be no assurance that a fund will achieve comparable results as any prior investments or prior investment funds. First Quarter 2022 20


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Simple Yet Powerful Financial Model Revenues consist almost exclusively of recurring, predictable management fees averaging 100 bps on FPAUM Peer leading profitability with 55-60% Adj. EBITDA margins Limited tax leakage with approximately $500 million+ in tax assets Highly efficient revenue to free cash flow conversion Robust M&A pipeline to accelerate free cash flow growth First Quarter 2022 21


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First Quarter 2022 First Quarter 2022 Highlights Strong organic growth drives durable earnings power Financial Notes: 1. For the trailing twelve months, expirations and stepdowns totaled $897 million. There is an additional $684 million in expected stepdowns and expirations for the remainder of 2022. 2. FPAUM on a pro forma basis assumes the acquisitions of Bonaccord and Hark were completed as of January 1, 2021. 3. Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures slide for a reconciliation of non-GAAP to GAAP measures. 4. Fully Diluted ANI EPS calculations include the total of all common shares, stock options under the treasury stock method, and the redeemable non-controlling interests of P10 Intermediate converted to Class B stock as of each period presented. Fee paying assets under management (FPAUM) were $17.6Bn, an increase of 34% compared to March 31, 2021. In the quarter, $720 million of fundraising and capital deployment was offset by $395 million in stepdowns and expirations(1). Th($ in Millions) March 31, 2022 March 31, 2021 Q1’22 vs Q1’21 Actual FPAUM ($Bn) $ 17.6 $ 13.1 34% Pro Forma FPAUM ($Bn)(2) $ 17.6 $ 13.9 27% GAAP Financial Metrics Revenue $ 43.3 $ 32.8 32% Operating Expenses $ 31.7 $ 24.2 31% GAAP Net Income $ 7.8 $ 2.7 188% Fully Diluted GAAP EPS $ 0.06 $ 0.02 160% Non-GAAP Financial Metrics GAAP Revenue $ 43.3 $ 32.8 32% Adjusted EBITDA (3) $ 22.5 $ 17.1 31% Adjusted EBITDA Margin 52% 52% Adjusted Net Income (3) $ 22.3 $ 12.1 84% Fully Diluted ANI EPS (4) $ 0.18 $ 0.11 65% 22


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Non-GAAP Financial Measures (unaudited) GAAP Net Income $ 7,792 $ 2,215 252% Add back (Subtract): Depreciation & amortization 6,276 7,551 -17% Interest expense, net 1,385 5,470 -75% Income tax expense 2,755 661 317% Non-recurring expenses 2,730 798 242% Non-cash stock based compensation 1,515 424 257% Adjusted EBITDA 22,453 17,119 31% Less: Cash interest expense, net (398) (4,624) -91% Net cash received/(paid) income taxes 236 (407) -158% Adjusted Net Income 22,291 12,088 84% ANI Earnings per Share Shares outstanding 117,193 62,465 Diluted Shares outstanding 121,537 109,768 ANI per share $ 0.19 $ 0.19 0% Diluted ANI per share $ 0.18 $ 0.11 65% Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of • Non-Recurring Transaction Fees include the following: financial performance under GAAP and should not be construed as a substitute for the most directly • Acquisition-related expenses which reflect the actual costs incurred during the period for the comparable GAAP measures, which are reconciled in the table above. These measures have acquisition of new businesses, which primarily consists of fees for professional services limitations as analytical tools, and when assessing our operating performance, you should not including legal, accounting, and advisory consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure. • Registration-related expenses include professional services associated with our prospectus process incurred during the period, and does not reflect expected regulatory, compliance, We use Adjusted Net Income, or ANI, as well as Adjusted EBITDA (Earnings Before Interest, Taxes, and other costs which may be incurred subsequent to our Initial Public Offering, and the Depreciation and Amortization) to provide additional measures of profitability. We use the measures effects of income taxes. to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem Adjusted Net Income reflects net cash paid for federal and state income taxes. In the first quarter of necessary. ANI reflects our actual cash flows generated by our core operations. ANI is calculated as 2022 the Company received a state tax refund of $353,000, thus increasing Adjusted Net Income. Adjusted EBITDA, less actual cash paid for interest and federal and state income taxes. Fully Diluted ANI EPS calculations include the total of all common shares, stock options under the In order to compute Adjusted EBITDA, we adjust our GAAP Net Income for the following items: treasury stock method, and the redeemable non-controlling interests of P10 Intermediate converted • to Class B stock as of each period presented. Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation) • The cost of financing our business [continued in next column] First Quarter 2022 23


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Consolidated Balance Sheets Assets Cash and cash equivalents $ 23,655 $ 40,916 Restricted cash 2,017 2,566 Accounts receivable 2,602 2,087 Note receivable 2,776 2,552 Due from related parties 18,871 13,124 Investment in unconsolidated subsidiaries 2,031 1,803 Prepaid expenses and other assets 4,055 4,759 Property and equipment, net 1,149 981 Right-of-use assets 14,193 14,789 Deferred tax assets, net 42,847 45,151 Intangibles, net 122,642 128,788 Goodwill 418,690 418,701 Total assets $ 655,528 $ 676,217 Liabilities And Stockholders’ Equity Liabilities Accounts payable $ 742 $ 401 Accrued expenses 10,714 12,474 Due to related parties 405 2,258 Other liabilities 13,727 1,808 Contingent consideration 23,090 22,963 Deferred revenues 11,929 12,953 Lease liabilities 15,296 15,700 Debt obligations 187,690 212,496 Total liabilities 263,593 281,053 Commitments And Contingencies (Note 14) Stockholders’ Equity Class A common stock, $0.001 par value; 510,000,000 shares authorized; 35,686,073 and 35,686,073 issued and outstanding as 35 34 of March 31, 2022, and 34,464,920 and 34,464,920 issued and outstanding December 31, 2021, respectively Class B common stock, $0.001 par value; 180,000,000 shares authorized; 81,630,126 shares issued and 81,506,674 shares outstanding as of March 31, 2022, 82,851,279 shares issued and 82,727,827 shares outstanding as of December 31, 2021, 82 83 respectively Treasury stock (273) (273) Additional paid-in-capital 639,384 650,405 Accumulated deficit (247,293) (255,085) Total stockholders’ equity 391,935 395,164 Total Liabilities And Stockholders’ Equity $ 655,528 $ 676,217 First Quarter 2022 24


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Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure. shares of P10 at the time the Company was listed on the NYSE. The simplest way to sell Class B shares is to first contact your broker and convert them to Class A shares, which can then be sold on the NYSE. Further note that Class B shares held by P10 insiders are under a lock up agreement. Please refer to our amended and restated certificate of incorporation for a full description of the Class A and Class B shares. Ownership Limitations: P10’s Certificate of Incorporation contains certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new 4.99% shareholder or result in an existing 4.99% shareholder acquiring additional shares of P10. First Quarter 2022 25


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Disclaimers Performance Disclaimer The historical performance of our investments should not be considered as indicative of the future results of our investmentsorour operations or any returns expected on an investment in our Class A common stock. • Impact Equity excludes Low-Income Housing Tax Credits and New Markets Tax Credits which are not offered to non-bank investors. • Historic Tax Credit deals with a 1-year credit assume a 0% Management Fee and a 30% Profit Share. Historic Tax Credit deals witha 5-year credit assume a 0.5% Management Fee and a 20% Profit Share. IRRs for Historic Tax Credit transactions are not recorded as the credits trade at a discount to par. The IRRs reflected only represent Renewable Energy Tax Credit transactions and are the product of a very short hold period. First Quarter 2022 26


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DALLAS OFFICE Office: 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 Tel: 214.865.7998 Website: p10alts.com Email:info@p10alts.com First Quarter 2022