P10, an alternative investment manager, announced it plans to offer 20 million shares of its Class A common stock at between $14 and $16 per share as part of its upcoming initial public offering that would value the company at about $1.9 billion, according to a filing with the SEC.
The offering consists of 11.5 million shares of Class A common stock offered by P10 and 8.5 shares of Class A common stock to be sold by certain P10 stockholders. Only the shares sold by P10 will go to the company.
P10's businesses include RCP Advisors, its private equity arm; TrueBridge Capital Partners, its venture capital business; Five Points Capital, its private credit arm; and Enhanced Capital Group, its impact investment business.
P10 will have Class A common stock and Class B common stock. Each share of Class B common stock will have 10 votes, while Class A common stock will each have a single vote. Class B stockholders will hold about 98% of the combined voting power of the company's common stock immediately after the offering.
In addition to senior management, current Class B stockholders include Stone Point Capital's Trident Fund V and Trident V Parallel Fund, both midmarket private equity funds.
