Qualitas Equity Funds SGEIC, S.A. (“Qualitas Funds” or “Qualitas”), a Madrid-based private equity investing platform that provides fund of funds, direct co-investing and NAV financing opportunities in the European lower-middle market to more than 1,300 limited partners across the ultra-high-net-worth (UHNW), family office, and institutional channels, today announced that it has agreed to be acquired by P10, Inc. (NYSE: PX). Qualitas Funds has approximately €1 billion in fee paying assets under management (AUM) and a strong expected AUM growth trajectory. The firm was founded in 2014 and is wholly owned by co-founders and co-managing partners, Eric Halverson and Sergio Garcia.
“We are thrilled to join P10’s diversified private markets ecosystem,” said Halverson and Garcia. “Luke and his team are building the preeminent global middle and lower-middle market private markets firm, and we look forward to working closely with them to generate accelerated growth and deliver continued value for our clients. This transaction is the result of a long-standing relationship with P10 and will strengthen our existing relationships with RCP Advisors and Hark Capital as we seek to launch additional strategies and vehicles that meet the demands of global investors seeking to access a full range of opportunities in the middle and lower-middle markets.”
“The Qualitas Funds acquisition establishes a European presence and meaningfully grows P10’s investor base, positioning us as a leading global, multi-strategy private markets firm focused on the middle and lower-middle markets,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Eric, Sergio, and their talented team have built an incredible firm with strong performance and a loyal investor base. Our strategy leaders have known and worked alongside the Qualitas team for over a decade. They share our client-centric culture and dedication to serving clients with elite, access constrained investment opportunities in the middle and lower-middle markets.”
Transaction Overview
P10 has agreed to acquire 100% of the issued and outstanding equity interests of Qualitas Funds and 100% of its fee-related earnings. The transaction does not include any carried interest for legacy Qualitas funds.
Sergio García and Eric Halverson, along with the senior team at Qualitas Funds, will become shareholders of P10.
Qualitas Funds will continue to be managed by its current managing partners who will retain control of its day-to-day operations, including investment and investment committee processes, and there are employment agreements with each managing partner being put in place.
The transaction is expected to close in the coming months, subject to customary closing conditions and regulatory approvals, including Spanish regulatory approval. For more information on the transaction, please visit the investor relations section of P10’s website, where an investor presentation is available, or access the Company’s filings on the SEC website.
Kirkland & Ellis LLP and Pérez-Llorca Abogados, S.L.P. are serving as legal advisors to P10. Cuatrecasas, Gonçalves Pereira, S.L.P. is serving as legal advisor to Qualitas.
About Qualitas Funds
Qualitas Funds is a Madrid-based private markets investing platform that provides fund-of-funds and direct co-investing opportunities in the lower-middle market to more than 1,300 limited partners across the UHNW, family office, and institutional channels. As of June 30, 2024, the firm has approximately €1 billion in assets under management. Visit www.qualitasfunds.com.
About P10P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of June 30, 2024, P10 has a global investor base of more than 3,700 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.
Ownership Limitations
P10’s Certificate of Incorporation contains certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new 4.99% shareholder or result in an existing 4.99% shareholder acquiring additional shares of P10.
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