Exploring P10, Inc. (PX) Investor Profile: Who’s Buying and Why?

You're looking at P10, Inc. (PX) and wondering who is driving the action in this private markets solutions provider, right? The story is less about retail frenzy and more about institutional conviction, which is defintely a stronger signal for long-term value. As of November 2025, a massive 66.54% of the company is held by institutions, managing a total of over $40 billion in Assets Under Management (AUM) as of September 30, 2025, with Fee-Paying AUM hitting $29.1 billion-a solid 17% jump year-over-year. Think about that: two-thirds of the stock is locked up by major players like Vanguard Group Inc. and BlackRock, Inc., suggesting they see a clear path for growth beyond the current $1.14 billion market cap.

But who are these big buyers, and why are they accumulating shares when the stock price is sitting around $10.33? The answer lies in P10's core strategy: they're crushing their capital formation goals, raising their 2025 organic gross fundraising target to a huge $5 billion. Is this institutional buying a vote of confidence in their middle and lower-middle market focus, or are there near-term risks in their private credit exposure that the market is overlooking? Let's unpack the shareholder register to see exactly where the smart money is moving and what that means for your investment thesis.

Who Invests in P10, Inc. (PX) and Why?

If you are looking at P10, Inc. (PX), a leading private markets solutions provider, you are primarily looking at a stock driven by large institutional money. The direct takeaway is that P10's investor base is dominated by long-term, sophisticated institutions attracted by the firm's Fee-Paying Assets Under Management (FPAUM) growth and its unique access to the middle-market private economy.

The company's appeal is simple: it offers a publicly traded gateway to the often-inaccessible world of private equity, private credit, and venture capital. This positioning makes it a defintely compelling holding for investors seeking stable, recurring fee revenue tied to the growth of the private markets.

Key Investor Types: The Institutional Core

P10, Inc. (PX) is overwhelmingly an institutional holding. As of the most recent filings, institutions own a significant majority of the outstanding shares, holding a total of over 68,951,279 shares. This concentration means that major financial players, not individual retail traders, are the primary drivers of the stock's valuation and liquidity. While the general public does hold a stake-historically around 16%-the institutional presence dictates the narrative.

The list of top holders reads like a who's who of global asset management, including massive firms like Vanguard Group Inc., BlackRock, Inc., and Fmr Llc. These aren't short-term traders; they are asset managers deploying capital for pension funds, endowments, and mutual funds. Their sheer size and mandate for stability make P10's recurring revenue model highly attractive. The firm's global investor base is also broad, spanning over 3,800 investors across 60 countries, underscoring its role as a global private market conduit.

• Institutional Investors: The largest segment, including mutual funds and pension funds, focused on long-term capital appreciation and stable income.
• Retail Investors: A smaller but still meaningful segment, often drawn to the stock for its exposure to private markets.

Investment Motivations: Growth, Income, and Access

Investors are drawn to P10, Inc. (PX) for three clear reasons that map directly to the company's 2025 performance. First is the robust growth in its core business metric: Fee-Paying Assets Under Management (FPAUM). In the third quarter of 2025, P10 reported FPAUM of $29.1 billion, a solid 17% increase year-over-year. This FPAUM growth translates directly into predictable fee-related revenue.

Second, the company's capital return policy appeals to income-focused investors. P10 declared a quarterly cash dividend of $0.0375 per share payable in December 2025. While not a high-yield stock, this consistent dividend, coupled with a share repurchase program (which saw the company buy back 110,032 shares in Q3 2025), signals a commitment to returning capital to shareholders.

Third, P10's market position as a multi-asset class private markets solutions provider is a key differentiator. The firm is expected to finish 2025 with organic gross fundraising closer to $5.0 billion, exceeding its initial target. This success shows that institutional clients are actively using P10 to diversify their portfolios and access specialized strategies like private credit and venture capital, which are generally less correlated with the public markets.

Core Investment Strategies: Long-Term Private Market Access

The dominant strategy among P10's institutional investors is a long-term holding approach, often categorized as a value or growth-at-a-reasonable-price (GARP) strategy. These investors are not looking for a quick trade; they are buying into the long-term thematic growth of private markets. They view P10 as a highly scalable asset manager whose revenue stream is predictable because it's based on management fees, not volatile performance fees. For a deeper dive into the financial engine behind this stability, you should read Breaking Down P10, Inc. (PX) Financial Health: Key Insights for Investors.

Here's the quick math: a growing FPAUM of $29.1 billion means a steady stream of fee-related revenue, which was $75.9 million in Q3 2025 alone. This predictable cash flow is the bedrock for their valuation models. Their strategy is to hold the stock as a core allocation that provides differentiated, low-volatility exposure to private markets, aiming for consistent, risk-adjusted returns over a multi-year horizon.

• Long-Term Holding: Buy and hold to benefit from compounding FPAUM growth.
• Value/GARP Investing: Focus on the stock's predictable fee-based revenue and capital return programs.
• Thematic Allocation: Use PX as a proxy for the broader, secular growth trend in the private equity and credit sectors.

Institutional Ownership and Major Shareholders of P10, Inc. (PX)

You're looking at P10, Inc. (PX) because you know institutional money drives long-term valuation, and for PX, it's a huge factor. As a multi-asset class private markets solutions provider, a large portion of P10's equity is held by major financial institutions-it's not a retail-heavy stock. As of late 2025, institutions own roughly 66.54% of the float, controlling a total of approximately 68.95 million shares.

This high level of institutional ownership signals a professional consensus on the company's value proposition in the alternative asset management space. Pension funds, endowments, and massive asset managers are the primary buyers, looking for exposure to private equity, venture capital, and private credit-P10's core business. For a deeper dive into their business model, you can check out P10, Inc. (PX): History, Ownership, Mission, How It Works & Makes Money.

Top Institutional Investors and Shareholdings

The shareholder base of P10, Inc. is dominated by some of the largest names in the investment world. These aren't just passive index funds; many are active managers making a deliberate bet on P10's growth in fee-paying assets under management (FPAUM), which hit $29.1 billion in Q3 2025. Here's the quick math: these top holders anchor the stock, making it less susceptible to the day-to-day noise of retail trading.

The table below shows the largest institutional holders and their positions based on the latest 2025 fiscal year filings. Note the sheer size of the holdings from the index giants and the active managers alike.

What this estimate hides is the difference between an index fund like Vanguard, which is a passive holder, and an active manager like River Road Asset Management, which is making a conviction call. Both are big, but their influence on strategy is different.

Recent Changes in Ownership: Accumulation and Distribution

Tracking the quarter-over-quarter change in institutional holdings is defintely more important than just looking at the static list. It shows you the near-term sentiment. The most recent filings, primarily from Q3 2025, show a mixed, but generally stable, picture with some notable accumulation and distribution.

• Vanguard Group Inc. slightly decreased its stake by -1.374% as of September 30, 2025, a minor adjustment likely tied to index rebalancing.
• BlackRock, Inc. showed a substantial increase in shares held in the Q2 2025 filing, adding over 314,000 shares, signaling a strong conviction buy from one of the world's largest asset managers.
• Other firms, like Citigroup Inc, reported a massive increase in shares, rising by nearly 120% in a filing dated November 10, 2025, though their total position is smaller than the top five.

Overall, the total number of institutional owners filing 13F forms has been stable, with 293 institutions holding P10, Inc. shares. This suggests that while some big players are trimming positions, a broader base of institutions is maintaining or initiating new stakes, keeping the overall institutional ownership high.

Impact of Institutional Investors on P10, Inc.

These large investors play a crucial role in P10, Inc.'s stock price and corporate strategy. Their collective action dictates the liquidity and often sets the floor for the stock price. When a major holder like BlackRock, Inc. or Fmr Llc takes a large position, it validates the company's long-term strategy, particularly its focus on growing its private markets platform.

• Stock Price Stability: Large, passive holders like Vanguard act as an anchor, reducing volatility. When P10's stock declined by 2.65% following the Q3 2025 earnings release-despite a revenue miss of 2.25%-the price didn't collapse. That stability is partly due to the massive, long-term institutional base.
• Strategic Alignment: Institutional investors care deeply about fee-related earnings (FRE) and FPAUM growth. P10's report of a 17% year-over-year FPAUM growth to $29.1 billion in Q3 2025, along with raising its annual guidance, is exactly what keeps these investors happy and invested. They are essentially betting on the management team's ability to execute on fundraising and acquisitions.
• Capital Allocation: The company's decision to repurchase 110,032 shares in Q3 2025, for approximately $1.25 million, and declare a quarterly dividend of $0.0375 per share, is a direct response to institutional demands for capital return. These actions signal management's confidence and are key to retaining the long-term, value-focused institutional base.

Your action item is clear: monitor the next round of 13F filings in early 2026. If the top five institutions show a net increase in shares, it's a strong vote of confidence in P10's ability to capitalize on its $5 billion organic gross fundraising expectation for 2025.

Key Investors and Their Impact on P10, Inc. (PX)

If you're looking at P10, Inc. (PX), the first thing to understand is that the stock's ownership structure is a classic private-markets story: it's dominated by institutions and insiders. This isn't a stock driven by retail traders. As of late 2025, institutional ownership sits at a massive 66.54% of the shares outstanding, which is a strong vote of confidence from the professional money managers. Plus, you have significant alignment from the executive team, with insider ownership at 25.38%. This combination means that the stock's movement and company strategy are defintely tied to the long-term views of a few powerful entities, not the day-to-day whims of the public market.

The Vanguard and BlackRock Effect: Passive but Powerful

The largest institutional holders are exactly who you'd expect: the behemoths of passive and active asset management. Firms like Fmr Llc, Vanguard Group Inc, and BlackRock, Inc. are consistently at the top of the shareholder list. These investors are typically filing a Schedule 13G with the SEC, which signals a passive investment intent-they are holding the stock for portfolio allocation or to track an index, not to force a strategic change.

Still, their sheer size grants them enormous, albeit quiet, influence. When Vanguard Group Inc. holds over 6 million shares and BlackRock, Inc. holds over 3.1 million shares (as of Q3 2025 filings), their decisions to buy or sell even a small percentage of their stake can move the stock price. Their presence provides a foundation of stability, ensuring that a significant portion of the stock is held by long-term, low-turnover investors.

• Fmr Llc: Held 6,521,187 shares as of June 2025.
• Vanguard Group Inc: Held 6,033,558 shares as of September 2025.
• BlackRock, Inc.: Held 2,906,417 shares as of June 2025.

Insider Control and Strategic Alignment

The high insider ownership is the real story here. When a quarter of the company is owned by directors and executive officers, you have a strong incentive for management to focus on long-term shareholder value. The largest individual shareholder, Director Edwin A. Poston, holds over 9.5 million shares, valued at approximately $100.66 million. This means his interests are directly aligned with the company's success.

This level of control means major company decisions-like the expansion of its platform, which now includes strategies like RCP Advisors and TrueBridge Capital Partners-are less likely to be derailed by outside activist pressure. The focus is on executing the long-term strategy of being a premier private markets solutions provider, a strategy that has helped P10, Inc. grow its fee-paying assets under management (FPAUM) to $29.1 billion as of Q3 2025. For more on how this structure came to be, you can check out P10, Inc. (PX): History, Ownership, Mission, How It Works & Makes Money.

Recent Investor Activity: Insider Selling and Corporate Buybacks

In the near-term, investor moves have been mixed, but they offer clear signals. On the insider side, we saw some planned selling in Q3 2025. Director Edwin A. Poston sold a total of 25,000 shares over several days in September 2025, generating over $301,750 in proceeds from just one of those transactions. Director David M. McCoy also sold shares for $531.52k that same month. This is often routine diversification, but it's a reminder that insiders are taking some money off the table after a period of growth.

In contrast, the company itself stepped in to support the stock price through its share repurchase program. Here's the quick math on recent corporate activity:

The Q2 2025 repurchase was aggressive, signaling management believed the stock was undervalued at that $10.49 price point. The slowdown in Q3 2025 to 110,032 shares was expected, as the company had accelerated buybacks earlier in the year. This corporate buying acts as a floor for the stock, offsetting some of the pressure from insider sales and passive fund rebalancing.

Market Impact and Investor Sentiment

You're looking at P10, Inc. (PX) and trying to figure out if the big money is still bullish, and honestly, the answer is a qualified 'yes.' The major shareholders-the institutions-have a generally positive sentiment, but it's tempered by recent market volatility and some valuation concerns. They are buying into the long-term story of alternative asset management, not the near-term stock price swings.

As of November 2025, institutional investors hold a significant stake, controlling approximately 66.54% of the company's shares. This high level of institutional ownership, which includes firms like Vanguard Group Inc and BlackRock, Inc., signals a belief in P10, Inc.'s durable fee-related earnings (FRE) model. Still, the stock's performance has been choppy; year-to-date shares are down by about 15.2%, which tells you the market is still trying to price in macroeconomic risks like rising interest rates. That's a real headwind.

Here's the quick math on who owns P10, Inc. (PX) as of late 2025:

Insider ownership is also high at around 25.38%, which is usually a great sign because it aligns management's interests with yours. But to be fair, insiders have been net sellers over the last year, moving about 1.56 million shares for a total of approximately $20 million, which is a data point you defintely can't ignore.

Recent Market Reactions and Ownership Moves

The stock market has responded to P10, Inc.'s operational updates with a classic mixed signal, focusing on the revenue line more than the Fee-Paying Assets Under Management (FPAUM) growth. For example, the Q2 2025 earnings report saw a cautiously optimistic pre-market gain of about 2.23%, because the company beat on earnings per share (EPS), delivering $0.23 versus the $0.21 forecast.

But when Q3 2025 results hit on November 6, 2025, the stock declined by 2.65% to $10.58. Why? Because revenue of $75.9 million fell short of the $77.65 million analyst expectation. This shows investors are hyper-sensitive to any hint of a fundraising slowdown, even as FPAUM grew to $29.1 billion by September 2025. The market is punishing minor misses even when the core business-raising capital-is expanding.

The key takeaway here is that large investor moves, especially insider selling, create downward pressure, but the institutional base remains sticky because they believe in the long-term growth of the private markets. You need to look beyond the daily noise.

Analyst Perspectives: The Bullish Case for P10, Inc. (PX)

The professional analyst community maintains a positive outlook, with a consensus rating of 'Buy' or 'Strong Buy' from a pool of 4 to 6 analysts as of November 2025. They are mapping a clear path to growth, primarily driven by P10, Inc.'s strategic positioning in the middle and lower-middle markets for illiquid alternative assets. They see the company strategically positioned to grow its global investor base of more than 3,600 investors. The average 12-month price target is aggressive, ranging from $14.25 to $15.88, which implies a significant upside from the current price.

The core of the bullish thesis rests on three pillars:

• Fundraising Momentum: The company raised its full-year 2025 organic gross fundraising target to at least $5 billion.
• AUM Expansion: FPAUM is expected to continue its compound annual growth rate (CAGR) of 19% from 2020 to Q3 2025.
• Financial Projections: Analysts project a full-year 2025 revenue of approximately $309.22 million and EPS of $0.93.

What this estimate hides, however, is the valuation debate. While the consensus target suggests the stock is undervalued, some models point to a high price-to-earnings (P/E) ratio of around 77.2x, which is much higher than the industry average of 25.6x. This means investors are paying a premium for the expected growth, and any slip-up could be costly. The investment thesis is strong, but the valuation leaves little room for error. You can get a sense of their long-term focus by reviewing the Mission Statement, Vision, & Core Values of P10, Inc. (PX).