PX - Earnings call transcript Q4 2021

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Operator

Hello and welcome to the P10 Fourth Quarter and Year-End 2021 Conference Call. My name is Charlie and I will be coordinating your call today. [Operator Instructions]. I will now hand you over to your host Mark Hood, Director of Investor Relations. Mark, please go ahead.

Mark Hood

to Call. fourth welcome end and and Conference XXXX morning the quarter PXX year Good Mark Director is This Hood, of Investor Relations. be Today Co will joined Alpert, Robert we Chairman CEO. by and and CEO Chief for Clark Chief Webb, Operating Co Officer, Officer. Financial Amanda Souder, Coussens,

Exchange like slides, Act of we presentation section that Litigation this as constitute XXA of meaning of of forward XXE looking Act of remind conference Before to Securities XXXX. the everyone Securities as XXXX, and call, section Private the Act I'd Reform well the the begin, may the XXXX, statements within Securities of

will by I of a we or hereof, law. reports forward-looking and from with any Robert. only Forward on our revise plans, annual turn future future are due number report of otherwise undertake are subsequent form to periods to no date that with and XXXX, reflect over XX-K obligation XX, filed factors these expressed on October time as the statements in looking new greater dated for detail the materially XX, included to inherently and to information result a required differ commission in by SEC with the filed statements perspective statements SEC company's except are those described from exchange on management's or in the estimates, of statement under our form XXXX, and of looking XX-Q, quarterly as factors SEC, with time or and the the filed be to risk report October the may results risks securities or forward-looking filed current U.S. uncertain. Actual update implied events, expectations, made call as now other our forward

Robert Alpert

its transformational opportunities, only reflect XXXX we pleased financial is for Good from $XX.X positive XXXX, billion million with million the quarter in our XX% for metric, from the for as $XX.X XX% in an a closed million to this of peers. review is highlight XXXX an the continuing allowed minutes. marketplace about market net Offering financial core, this opportunity Robert and facility. we operational report $XXX year-over-year provides credit institutional investors ANI and to business, more to was we million $XX.X Chairman December, Adjusted York million. old in million leadership. year. increased speak will facility to XXX% to $XXX our after-tax Company Initial acquisitions. who NYSE a we profit Of in a believe business XXXX part that our on ANI concluded Alpert, will middle on vision on us lower-middle and where to $XXX million which Amanda with New of in year-end results. a retire that elevates increased best our and few And At earnings income of to and the credit Being us Stock October set EBITDA competitive rate. advantage million, superior profile organic long-term premier Clark Revenue acquisitions. attract $XX.X operational Public fund believe solutions Capital and to increase. $XX.X value track Exchange. records our annual lending provider. trends comparable We fee-related with morning. premier $XXX.X I'm these provide we for with relationships, from proven in XXXX, strategies by We product a billion about discuss with on by strengthening GP offerings That to and measure moment, private adding or market have Today, key our a deepened a specialized Stakes best-in-class mad raised our Trusted our fourth solution because increased position is the adjusted will million Other expansion investment and In all we performance. performance, $XX.X and our important update Bonaccord we increase and Co-CEO. sustainable, I'm and fee-paying market our from investment a attributable AUM. as two That's Hark also Partners. notable XXXX presence metrics expanding started the increase, growth is long-term year. the record $X.X is Capital leading Besides year-over-year process. lineup, an driven

support our of excited to Souder, year about growth. Operating and ahead factors strength now for the are Fritz the some of business. well-positioned continued We will discuss the continuing Chief Officer,

Fritz Souder

Thank that Robert. factors opportunities. to continues The focus middle market lower returns are noteworthy, go and investment and selling our middle concentrated support to momentum are outstanding X growth you, drove cross on year's market, fund last strategy.

on we there opportunities market, many company times as to First, when large focused nearly the XX lower and investment opportunities. middle middle where are our compared

to deal and contributes pricing, opportunity our drive better leverage do, of means has favorable We specialization find one approach no better targeted believe flow. outside Our fund marketplace performance. a deals, and have we than the that through understanding we our

attractive Our larger undeployed space or on for environment expansions sit market as acquisitions, can sponsors capital. looking platform considerable also for fund they be an

feeds reporting this our consider PXX. historically and period. virtuous our strong performance how for in Secondly, recent fund Review continued a cycle latest the returns,

recognize their financially with invest. inflows and more guarantee deliver funds GP. superior structure to is co-invest, private even on us exposure trust as stake a teams, interest, in Great our confidence secondary data scale drives preferred take investment to transact to portfolio driven We strategies. time-tested who GPs in process. But capital, NAV attracts market. LPs loans their we with us in in new make companies, follow markets, a past that results. the we which our broaden especially our and of we capital performance, up performance loans, future global new As have strong know can partner no capital for If continue, whom the searching performance investment relationship our They we also with

to deliver offering a of from holistic middle With affiliates. some fee across in RCP in incremental and top-down AUM of excellent market set PXX excellent macro distinct investment leadership. veteran approach. us cross-selling provide lower paying opportunities products, opportunities, our cross-selling With QX, records, Clark tailwinds, products middle clients meaningful to Finally, choices. In ample have remain and growth expanding we assigned an portfolio PXX on we track present structural helped marketplace focus an XXXX. will a opportunity centric three now professionals expanding large thoughts on marketing XXXX, on we focused

Clark Webb

true one diversified solutions asset PXX think of in reliant Thank market. consistently the classes, you, for Fritz. have across provider, capital framework a about many XXXX raising and XX We're is in solutions we provide we In providing multiple a on like we different across fund. I'd XXXX example, how capital raised overly any XXXX. to funds. funds not Because

in funds XXXX XXXX. expect upcoming attest raise XXXX market raising of our to GP and lower on be expect PXX of of since predict Since well. impossible of likely be family. being all as the capital Family, into we both in ecosystem We capital. the fit from market funds. approximately specific course joining joining PXX, our capital with We pursuing that said, the and XXXX been cadence loaded raising and the services our PXX back-end over and within s Hark And similar more will deploying of market Bonaccord middle it deployment. of have can as believe large Part result, with offerings follow-on to providing to sooner momentum in extending are funds is and specific Because perfectly Bonaccord. with The both funds, $X and and new slate of newest the PXX of includes verticals follow-on to That the and closings strategies has number capital of than a number accelerated both of billion stakes value-added cycle products NAV a funds lending virtuous with accelerated Hark anticipated. members coming GP XXXX

for funds are our M&A not and same accelerate market digit we on that private As of the defensive double the a growth. believe returns with strategies mode, we great and track to with a sustainable wants equity, dozen know, time, capital X premier continually capital, team We At across home achieve goals extraordinary need investment private capital. in term shareholders do alongside venture nearly raising a our long growth to credit, record, impact.

turn result, where waiting partners, patient, engaged with a results. potential for the to dialogue through me for QX to over all As always Amanda transaction it to we're afford With in let we that be win parties involved. walk perfect can

Amanda Coussens

the increase. Average $XX.X of for basis. earned Revenue over is the at basis $XX.X management million XXX% XX% fees walk the quarter some the through you, increased in revenue million, quarter the were a fourth million fee us XXXX. than $XXX.X XXX fourth which XXXX. for XX% I primarily Thank billion for results higher catch-up our quarter rates X fourth increase historical points, the were a full-year key the quarter Year-over-year increase on points year-over-year financial Clark. driven average, by fourth $X.X from an year-end, million and assets to under Fee-paying will during quarter. $XX.X was in of

at they fees as a originally as are first closing. the the of to to catch-up period pay earned such, that in And the fundraising investors are a As committed prior the had investors fee funds fund reminder, end periods. near from the if for launched required committed catch-up

catch-up should a component and basis approximately increase across compared our fee-paying of revenue are fees And in That may of XXXX. did our fact a revenues of average see temporary which in to you XXXX, you AUMs significant four when said, in in cycle basis they basis deliver While of revenue overall fee-paying they revenue. are points XXX period being for not look our points result the streams, in at the recognized. XX quarters, points AUM XXX

same XXXX compensation of increase were when is amortization expenses a at we quarter intangible Bonaccord $XX.X consideration GAAP for largely expense increase incurred associated a fourth refinance, in from quarter difference XX%. primarily Hark debt of have in of and we earlier, to end costs of The attributable is same also contingent operating expenses our fourth mentioned Clark and $XXX million, Bonaccord ago. to our and additional were million a On acquisitions income additional period million, basis, result expenses Enhanced to million, period intangibles with a of quarter year-over-year a year expect with to a and asset Hark our full for non-cash primarily net during quarter XXXX. expense acquisitions the the in of increase $X.X $XX.X acquisition. quarter XXXX. increase our benefits the in The X.XX% fourth the the as an expenses year of ago, As Operating of driven of fourth number amortization remainder and due in over by a similar an the the was in associated compared the acquisitions. decrease

$XX.X retirement offset with over associated our due during fourth GAAP year XXXX During the of of the debt XXXX. A a payable reported acquisition lower the with quarter million associated associated of we our income $XX debt, acquisition. to income million million. our full by the a operating in to $XX.X fourth quarter and debt of of which payoff significant expenses the costs IPO, year-over-year was in increase the with our facility we sellers XXXX of Adjusted million EBITDA early included incurred debt fourth additional was basis the $XX.X on refinance notes from and prior acquisition. net quarter, by

with the target. margin EBITDA For our line XX%, our was in year, adjusted

typically We of during But some on of loaded. adjusted we timing the vary a margin the generally for backed our to associated impact and fund expect on capital with margins maintain products depending revenue full are year. XXXX which deployment XX% EBITDA to expect closings

reported fourth the Net For XXXX. significant was Adjusted of quarter a ANI over million $XX.X in the increase the million, fourth quarter, Income $X.X

calculated For and million, a ANI tax. $XX.XX year. for cash the expense reducing prior cash ANI year, increase was the income interest over by XXX% is Adjusted EBITDA

the points at from X% of adjusted the of X.XX% of that to the debt, of XXX lowering to is substantially was [Indiscernible] rate variable. basis interest XXXX, in end EBITDA Our on with approximately X.X% X.XX% or above an to conversion rates our by increased XXXX A&I expected depending [Indiscernible] efficient range refinancing

and earnings fee expect in our to our We by substantial to flow cash debt invest generated down pay business, related use highest acquisitions. the fund operating

net quarterly assets. operating profile may leverage want in loss tax dividend the our million. a last in is a buyback returns given year, over was our the also materially revisit $XXX two we stock year-end business. first That instituting has strong a As to capital improved time, consider that our we of achieve I or at

million a our taxable we over Amortization no has The Amortization. usually federal Tax when second And step-up balance. and a basis LLC, the in period. acquire XX-year is has created by tax remaining that reduced NOL full company, then value. an Goodwill amortize is income the is $XXX in We Tax remaining a

to expect tax and years, future we utilize we exhaust NOL While make the increase when Amortization do over to acquisitions. additional we expect

and NOL continue is increases NOL offsetting taxable balance which is taxable As the utilized effectively extending available to income, acquisition, by from reduce to the tax future amortization utilized. the then period income, period can be first

overnight at million rate a RCP a our X institutions, points, the of a mentioned, of credit a to On transaction development known the refinanced XX $XXX which facility acquisition. sober quarter. commitments, is rate X credit has were we other based each $XXX and sellers and with December secured XXrd, banks syndicate plus or minority used the fourth term we institution. at credit financial refinancing by the and related $XXX our funding Proceeds million was facility to Sheet, new loan as The and the previously year revolving led prior million Balance XXXX. expenses, approximately basis institution end a as Bank, Texas what parts, XXX The the to Turning a announced closed community payoff is pay with JPMorgan, on the financial of variable notes debt and X.X% related depository Capital including term. a of end facility, and off pay interest

XXXX had in the cash $XXX and $XXX subsequently million $XX interest positioned million of debt million XX, $XX we of operating and well growth of additional our With an in were debt expense. continued As for facility term and the made our strong quarter, via cash revolver. million December down On facility of [Indiscernible] the we all anticipated the further XXth, and $XX and net balance equivalents. cash of payment, sheet end flows, we debt our reducing February million balance credit At XXXX. are

Robert Alpert

of expand opportunity of Thank team. expand you, wide proud terrific Amanda, contributions market has XXXX as XXXX. leadership in range funds product with we've a what and our our offerings to PXX in of appreciate we the achieved talented We're our

call the a for questions. over Now few let's turn

Operator

to like ask [Operator If question, Instructions]. you would a

comes JPMorgan. Our from first of question Ken Worthington

Please open. is line Your go ahead.

Ken Worthington

for taking question. Hi. Good morning. Thank you the

bigger were understand accounts? So and were how then think could that in say, stepdowns AUM the How at we in the million nearly or then the quarter? bigger paying you the versus, of of year. $XXX throw two funds better follow-up market do this calendar look AUM AUM help But in question this or as were much that I dozen as to about understand here And separate And catch-up fee fee we fees XXXX? the funds well. I'll raise us what fourth contributors quarter, funds paying

Robert Alpert

question. the for Thanks Ken. Hey, Yeah.

really private at saw We benefit in credit. private Park, was in based very quarter. for they a and on we nice If our funds, our and on buckets. private all I'd you was credit was which equity it deployed third venture say QX wasn't really our an capital. vertical, capital quarter capital, in nice look in It vertical, acquisition particular, little made very had and SMA, three deployed That's in the a vertical. it

Mark Hood

the was follow-up, Ken? what And

Ken Worthington

The catch-up the I XXX how the was, calendar fee we sort that should down have think we catch-up And stepped assets that XXXX. about about stepdowns? guys But guided follow-up fees? of and how point think fees in rate. basis to do you fees know

Clark Webb

nice that life, when small amount when stepdowns, the you thing a rolling think off. having are business that stepdowns. about XX-year of with The growing a there is capital raise Ken, have a funds about Yes, you funds is

XXXX that funds funds the Our were and of were XXXX, were raised them. fewer smaller those in timeframe, they

do I stepdowns. from So a expect not big impact

whether not properly, we time. in, we over give gross fees a we period we Depending terms that don't raise In -- quarter. while about catch-up fees, will can we of comes we guidance in talk dictate about when on or do talked the that think have AUM catch-up of AUM

raise in next two do So $X we plus the of can we that capital terms years. billion think over

should you it XXXX half to than expect the of really more catch-up think extend further the be ratable, we second raise the would it extends While relatively starting you if in in that, later fees fund period? it

Ken Worthington

raising Is expect Okay. fair would like year in of than loading this what fund okay. That back-end the sounds less XXXX. catch-up is that or that -- we fees because

Amanda Coussens

Okay. Great.

Ken Worthington

you. Thank Great.

Operator

of comes The Nwankwo Stanley. next question Chuma from Morgan

go open. is line Please Your ahead.

Chuma Nwankwo

the taking on good quarter. thanks Congrats Hey, morning. question. for the

you to a successfully turn seen as Just you company. I could wondering very M&A deals you've built me few the if quickly, excuse

I'm what you think to the wondering getting is from opportunity the how do have there and and you you just well. out So about how you're here like about do to you'd what think thinking think it

Robert Alpert

only opportunistic Thanks carry we're is, episodic ownership for not and to really alignment, business, our view. is they've they one the things for strategy carry. right takes PXX given in the us, all business. They of M&A large the the of want our in their want buying of management a long question. by and component about the in have key transactions have team term to to want it not terms a we M&A their growth that They of carry for the accelerate because and got stay team investment don't

lock -- some Bonaccord out or to they institution. sell getting want the is up So to will and alone, beach just if will sell highest to large they the being go commensurate interested whatever and financial to somebody have a they'll go Hill, dial, they in and if is price left just are they a peters

want lots out -- not is a -- the only so performance to just buy terms in best out is So There's of programmatic there's a managers, folks there. a M&A opportunity but the in it it for the attitude, have buying, we unique not of -- class they also to not takes right buy. to where we're right just but have it so operation

Chuma Nwankwo

in Got You've what in quivers. the makes got it. today, be beneficial lending expanding NAV sense, That GP the for a would I the of set most of but think you? business business now do to you lot obviously stakes at opportunities looked the and your terms

is the think at business, missing? do you look you As what

Clark Webb

Yeah, I don't strategies in hole have that we across we when offer, mean, we're a very in fortunate look we different the that offering.

really So we these can with funds time long to organically it does like come. a go-to-market feel for and grow

So not something this must is like we do. feel we

If approach M&A you buckets. we three think about really it's how in

is bolt-on, But plenty you America they what do sit existing our North offer platform, That's more if of strategies is strategies internationally. bucket it you those our M&A that first equity a private about We The infill in Hark are The Bonaccord, taking opportunity of within next we were that real bucket we and verticals. if then credit perfectly will. it's there. that think of don't taking see but fit private and within currently. and is

that not finding within the RCP Europe last of aren't and then a vertical. adding is the internationally So Obviously, of there verticals. or moving many And that the new were TrueBridge in. existing our one Asia

right estate not there hold feel like we partner something have -- If would right always breath. I eminent. find to. if or We we infrastructure, are we But your looking to need I try wouldn't don't but is like want partner. the to real to I nothing find conversations, always look you the at

Chuma Nwankwo

for questions. taking very you Thank much the

Operator

of comes UBS. from The next Beatty Adam question

is ahead. Your Please line open. go

Adam Beatty

good you morning. Thank and

around Thank around with longer just work there Appreciate thoughts get There's And some been -- of beyond our a end couple for have wanted but But and you. the that. margin, it XXXX. noise wrong margin term, thinking to about of year. some how operating potential commentary towards year. around margin want Not the XX% acquisitions in for obviously, last just expansion. would get a there's your to leverage. Just thoughts this you're anything that the Amanda's

Amanda Coussens

your for you Thank question.

We to a range do are target we to to for expect over and EBITDA period. planning the deliver XX% still margin think expenses navigate Adjusted the I a XX-month year. the

we margins the year, the So to expecting fluctuate invest still business. during about in XX% may but we're in continue as aggregate,

Robert Alpert

tax revenue which Long you're growth. $X.XX expense focused free asset, on $X.XX of doing, flow, very is the into we're our term, when what given accelerating converting low cash of we're interest revenue and

X, as it So term more value higher to think going to we think trying of at X add in opposed X, additional revenue to revenue years helpful. to $X.XX maximize is We long be margin that the margin, adds short-term. of through over follow

Adam Beatty

in filled them some at just great where so far context. the in the broader yet, turning just be that. nice, market this helped might That's how some gaps Thank are from as some them? of really the a on then been outlook say, not the and to of gain very platform quite that kind the anecdotally the the of in but terms reaction maybe Appreciate you. LPs wallet may What's And diverse broader of you it's share point. your acquisitions offering and and among offering

Robert Alpert

a allocate $XXX go together, PXX they going offering go endowments terrific middle fore offering. to one number offer PXX as a a allocations. we've on, mentioned or that into lower give marketplace in up market the large returns. million market Whether of pension, too been to we the we was to needed to RCP that statements, out accept them the of PXX to And down them now higher any can as middle $XXX down at a and it's to brought strategies to offer opening to here and reps million small moves the sorry, wealth, to we as sovereign PXX, It's come

excited sales that as to and easy we're a but been there's it's around it's so conversations, quite those raise you receptive, so begun cycle never know, and we has it, And long the about money opportunity.

Adam Beatty

this questions Excellent. morning. taking Appreciate Thank you're my you.

Operator

of The from next comes question KBW. Lee Robert

ahead. go Your is open, line please

Robert Lee

the Maybe -- questions update Good current just each on Thanks about would just the to if first maybe to amortization usage, understanding down of tax reinvest using priorities you years? by What then the the can also Great. maybe on for most the shield. pay in to transactions, debt, NOL could first But in fund for maybe kind that back funded business. absence employees, are of couple of be since of trying the commitments capital morning. -- us about you uses don't the on the the being of cash And is the this other or pattern benefit were thinking be know in capital I there's Amanda, if -- there quarter my internal morning. will taking the not maybe tax think kind next holding of from of question company. some capital commitments

cash to get of a next or Just use of sense two. year trying incremental

Amanda Coussens

tax year. that expect a to $XX we about amortization going is be The million

question well comes answers debt down, the while part some the terms second of continue And -- cash we've or of as any well. have think uses buyback will I stock so that question, that amortization. potential it on pay multiple the your activity a up. as cash, tax as in we And dividend And for of M&A have mentioned

of terms In --

Robert Alpert

Balance noted, haven't, team GP of commitments. you all as we fund terms members Sheet, the the In Robert,

the using that opportunity to the priority, And the you Balance so would if new Sheet, will consider but off a capital fund we that strategy a isn't or new continue. If a PXX. within most have We for launch part, will.

that returns. generating because to all great fund in priority we could want it, opportunities not these a invest the you So, see were it's high and but

Clark Webb

great The up bring cash think flow which our you free Robert, free to-date. point, a business truly is is flow. cash I model

infinite grow being it business So the help not is that relatively returns capital, on reinvested free in only is organically. it not to but cash

for love lot a our investment GP with the alignment We investments a team. great think professionals backstopping analyze They have that's commit. of that living. We

what we As debt of than point And a of date, do Robert certainly of uses deleveraging had perhaps new now come going that the where may free we at our has cash option. extent more type commit, said, gone GP and require seen M&A. you've doing into fund an are we're we of our and to flow under-levered, potentially forward XXX% free we But historically. flow have with so that's is cash the a more across to

Robert Lee

And and run you can if on do is still What I things follow in a be fund Is all [Indiscernible]? the rate that have can of dividend. up the those you want EBITDA dividend. to a certain you'd quick there the do at maybe mind other where

Robert Alpert

looking on this? think Robert, to -- you I we're are for guidance going

Robert Lee

Of course.

Robert Alpert

We're do as insight the of We're going on business to all what's focused best course to for value owners. driving shareholders. large

And pay dividend put on guidance what will to in a the us so of opportunities wouldn't presented when us. but I terms giving at in market box of depend want on we front a in level. and what It really are

-- your and not shot according reduced any there that quick the not part February, yet a if it maybe can that large well of paying fees a on at the -- with to capital one, down kind that's have paying was in pay could so at fee supported AUM free and come not expand going. earning incremental For and us hand an -- a we fee flexibility may have And update haven't have all. pay we not powder been the had drawn instance, probably back if down one some We we dry down, allocated in there's included number. I you the -- but that AUM I just that's where to Was raising was revolver quarter do we along, there have up, have obviously deployment. acquisition some acquisition may we did you that you debt know would we and use understand $XX lever as have not capital was dividend, up, you're take it some but cash keep leverage million a on question, now, could of more I saying real in more the

Clark Webb

is it's a capital. paid up, capital, funds as specifically know, deployed you we We our do opposed think may we piece actually are business. because break that very misleading. of as Robert, don't that The Yeah, great it to It committed question. on a number -- be small

One we our have and thrilled QX. said, that's with that think good only deployed recent in on have We'd have may or where they one a a to going That of break such number, because come it's and we're misleading. small episodically, not those quarters capital of to acquisition synergies quarter businesses paid just is Hark to a think PXX, we like two sprinting. a and something very we're time comes happen out, when are will it's being in busy funds tell. It's but they

Robert Lee

Great, questions. my for thanks taking

Operator

Chris The Kotowski from next question Oppenheimer. of comes

Your open. Please ahead. line is go

Chris Kotowski

Good of I cadence this the paying AUM. we question. fee is back taking X, like always me to I of kind X look come money think the the just wanted and table. kind -- to your seems pages on key very going and for it I the sense And favorite a of how it. of thanks morning wanted at to my to get charts my what to understanding should or

that SOFX your And where to from Is that into that's $XX I'm fee-paying AUM And non spreadsheet -- from going going, like this opposed that's I it that's if all have is as example, And prior big going AUM to coming for table increase right? sounds judge all what $XXX. fee-paying I quarters. to going AUM. can straight So how comparing in I just RCP million see I comments, see, to XXX. from. your from Is X last a going -- XX

Clark Webb

to you the There into some AUM. correct. all when fee-paying account go that but is the will That not separate that we going on money do show as is raise are -- up say, table, Yes.

to there core funds This our in So tables, -- encompass gets I on not that best AUM. additional of our But table. some also actually that put some on it's majority And when way is raise paying a fee vast the we of we're the our table. you'll the question table showing are where of track dollars is up fund funds, which show series. then core think our the this that

do the to right I what it. you're So, is think way doing

Chris Kotowski

your in of I growth see mentioned TrueBridge the I at that in when you Okay. But in fund look a was the the AUM. jump this comments of and didn't quarter. And venture then one tables, there the but sources

was -- yet fund off take or? fund So does we is that a that accounts? in separately don't managed that all we that a mean see Or

Clark Webb

Yes.

I that's correct. trying So was to what

and I funds. You close the with the in what they've But standard in that's what the done when December. check fund the But that seven, table can that witness. -- fund XX-year final were back fund. live which on go with when of now, practice had that a We There XX-year these are going are table. That we a be years. posted. get is leading fund again, to will is for a Venture the There It's team was on because goes becomes you referencing. to question

And so a that meaningful. contribute while did to becomes AUM, before fee years going few paying it it's performance be to

Chris Kotowski

And when you said 'XX? December, in December mean you

Robert Alpert

And X. show fund a cap, the because performance. question X. on respect early performance. not will is drops forward. 'XX. meant hard the show fund XX-year Absolutely, Yes, on raised venture meaningful fund, a are to close is, They especially, they table quarter at table a The very It on what going with to the the was in it in up that and had December years

Chris Kotowski

Yes.

helpful to if the without size can Okay. it even fund performance though the though, have just If then I there? -- the say isn't would even be

Robert Alpert

you Listen, No, on to that. and earnings that sense. call, taking back great. good we'll second we're With that's notes makes our get

Chris Kotowski

all page And XX IPO, and roughly Hark $X or then on the that Okay. on to of lastly, those and was were what the P&L, million non-recurring Bonaccord items? expense, Great. related nonrecurring the

Amanda Coussens

million the consideration, adjustment About related and asset IPO, contingent Yes, side Hark as the to as well Bonaccord, additional and correct. of $X.X for is costs. that's acquisition

Chris Kotowski

Okay. you. Great. me. Thank That's for it

Operator

Just question from Campbell final of Stephens, comes Inc. John

ahead. open. Your go line Please is

James Holly

Hey, guys. This James John congrats Campbell. stepping the quarter. for Good on Holly is morning and on

through cross if really the to first opportunity, here you up the on PXX. also it time. meet Can ground would That size products be X, there. sell over existing And you with those boots you're then helpful. that be more any you clients on have deploying and additional what So strategy you could can think that of walk than clients question working there the opportunities, kind XXX

Clark Webb

and different Obviously two think are when you buckets. investment capital. so in about drivers raising it capital Those business. of Yes, management in the I would cross-selling, deploying two about think the the it's business,

years, are also venture they're believe On -- and introducing more are right, of the both. that alternatives, we majority we've we performance just introducing allocating than Same about as LPs that the world. And many thing is, strategy are around capital. market, news for allocators new to about bring earlier one XX got we're to impact, are capital the classes only There strategies the our talking great from to raising side, you're LPs XX funds the X,XXX not asked the not over but example. questioners pension of in when our in vast performance, asset these today, not we great

of them be front-end is funds, terms and for our introducing best we fourth base they sales to we So we solutions. think on want to impact, RCP can mentioned in all move to that solve reps, really them. some to right they venture want new cross-sell. have PXX to from did strategies have solutions, over what in the people believe in new spearhead existing the asking the really an be of If it etc. If capital, quarter Robert the LP we problems we we the

expect of fund that's in has we And been the of in far think LP going with so new terms referenced bringing in It offerings, this front. on accelerate. slate material we I cross-selling the only to script.

there's so So And -- good. I there. say long think a we would runway far the so

deployment product in surrounding business, need. capital with every capital, side Equity we're GP that what and especially our service Private and the the they may On venture

middle look their NAV Europe the GP to that offer data. secondary additional is GP And co-invest from problems. long to we can introduce so you then if the have lending Equity in an your and your we When something capital, Private that market, lower Capital, tool primary like Hark, your transactions, your for solve RCP to help

relationships And tool. of just so LPs have. consolidate welcoming not GPs The out number cross-sell. really GP a that trying are is is additional like Because they it there, the to pushed this

we in side. cross-sell both value the on adding cases, so think we are And

James Holly

has Clark. Anything Thanks, helpful. really call its on of lower middle That's in unique call-outs And to more eyeballs of versus markets less performance through the environment kind notable then, just whole one out rising around the and there? as advantage Yeah. with any a rate the one maybe the a here. space. of PXX market? higher-end being quick Is there

Clark Webb

you're not sure what James, not, asking there. Actually actually

in have we markets track have tough front managers been great in the very invest get results we deliver invest in excellent records of want, Our to XX-year and get throughout. are markets markets through to to performing and markets the don't continue and that We us.

in continued so environment environment, a rising an inflationary And or do rate they've to well.

-- to this call know I to all don't don't going to that the this shine or have particular I'd I know fall in out is years. over any exceptional So done say, going oh, They one is apart.

James Holly

Okay. appreciate I the helpful. No, guys. you. Thank that's time,

Mark Hood

was had X:XX share you. one B got I've to with X:XX, Mark. And A XX,XXX,XXX. you I for XX,XXX,XXX. the is thing of XX,XXX,XXX more This as want at shares, John. we Hey shares, Class

where to we're just give on update an at. you So

Operator

for time. There questions call. joining. This you at are further no therefore Thank today's concludes this

now disconnect your lines. may You

Clark Webb

you. Thank

P10 (PX) 1 Mar 222021 Q4 Earnings call transcript