P10: Premier Private Markets Asset Manager Focused on Middle Market

Rimmy Malhotra of Nicoya Capital presented his in-depth investment thesis on P10 Inc (US: PX) at Best Ideas 2022.

Thesis summary:

P10 has a complex history but is a rather simple business to understand, and that is by design. PX operates as a premier private markets platform for the middle market. The PX team has fused together a handful of distinct asset classes within the middle market to give investors efficient access to this market. PX’s distinct strategies each boast a twenty-year track record.

The earnings stream is made up almost exclusively of recurring, high-margin management fees. This affords high visibility and low earnings volatility for almost fifteen years into the future. PX also has several hundred million dollars of NOLs that ensure effective conversion of earnings to cash flow.

The company has a large organic and inorganic growth opportunity, which should result in mid-teens EPS growth for many years. As P10 is a recently public company, Rimmy believes that the market has yet to appreciate this high-quality middle-market asset management franchise.

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About the instructor:

Rimmy Malhotra is Portfolio Manager at Nicoya Capital. The Nicoya Fund is an investment partnership with limited investing constraints. Coupled with a stable of very long-term oriented partners we invest in a concentrated and deliberate fashion across a wide variety of industries, and company sizes. Currently, Rimmy serves on the board of HireQuest (ticker: HQI) & Optex Systems (ticker: OPXS), and previously served on the board of Peerless Systems. Rimmy served for three years as a United States Peace Corps Volunteer in Central America. He earned an MBA in Finance from The Wharton School and a master’s degree in International Affairs from The School of Arts & Sciences at the University of Pennsylvania where he is a Lauder Fellow. Mr. Malhotra holds undergraduate degrees in Computer Science and Economics from Johns Hopkins University.

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