Investment Thesis
P10 Holdings (PIOE) is an alternative asset manager that has a history of accretive acquisitions and strong revenue growth. It also stands to benefit from secular growth headwinds in the alternative asset management industry. Additionally, the company benefits from multiple holdover tax assets from its "prior life" as well as an accounting quirk that hides its true profitability.
(8/26 Update)
Author's Note: Not long after I wrote this article, P10 Holdings announced another transformative acquisition, purchasing the venture capital firm TrueBridge. The market has... ummmm... liked it.