P10, Inc. has successfully completed the acquisition of Qualitas Equity Funds SGEIC, S.A. for an initial purchase price of $63 million. The acquired firm, Qualitas Funds, is a Madrid-based private equity investing platform with approximately $1 billion in fee-paying assets under management (FPAUM) as of December 31, 2024. This acquisition will significantly expand P10's global presence and provide access to a broader set of investment solutions.
Qualitas Funds serves more than 1,300 limited partners across the ultra-high-net-worth (UHNW), family office, and institutional channels. It offers fund-of-funds, direct co-investing, and NAV financing opportunities in the European lower-middle market. The firm was founded in 2015 and has a strong expected growth trajectory.
P10's chairman and chief executive officer, Luke Sarsfield, expressed excitement about integrating the client-centric cultures of P10 and Qualitas Funds. He emphasized the potential for unlocking access-constrained investment opportunities in the middle and lower-middle markets for the global client base.
The co-founders and co-managing partners of Qualitas Funds, Eric Halverson and Sergio Garcia, expressed their satisfaction in officially becoming a part of P10. They look forward to collaborating with the P10 team and contributing to the platform's international expansion. The deep private markets expertise of P10 is expected to accelerate the progress of Qualitas Funds as they seek to launch additional strategies and vehicles.
As of December 31, 2024, P10's products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents. This includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions.
The acquisition of Qualitas Funds aligns with P10's mission as a leading multi-asset class private markets solutions provider in the alternative asset management industry. This strategic move positions P10 to provide its investors with differentiated access to a broad set of investment solutions within private markets. Following these announcements, the company's shares moved 4.5%, and are now trading at a price of $9.91. For more information, read the company's full 8-K submission here.
