P10

A Cheap Alternative

In late 2017, P10 Holdings, Inc., “P10”, transformed from an NOL shell company into the owner of a private equity fund-of-funds business named RCP Advisors (“RCP”). In 2020, P10 more than doubled their assets under management by buying three more alternative asset managers. P10 currently trades for 13.7x its NTM cash net income, too cheap for a collecti…