Dallas-based private markets provider P10 Inc. announced that its subsidiary, RCP Advisors, has closed on its latest co-investment fund, RCPDirect V LP.
The fund closed on approximately $994 million in capital commitments, exceeding its target of $800 million, the firm said. The fund has a broad base of limited partners, consisting of both new and existing investors that include family offices, insurance companies, and high-net-worth individuals.
“We congratulate RCP Advisors on the oversubscribed close of RCP Direct V, which speaks to the firm’s market-leading position and strong track record,” P10 Chairman and CEO Luke Sarsfield said in a statement. “With nearly 25 years of experience in the lower middle market, RCP brings deep expertise to our platform, and we are confident it will continue to deliver value for limited partners.”
According to P10, RCP Direct V will generally partner with lead buyout fund managers who raise funds between $100 million and $1 billion in committed capital and will make minority equity investments between $7.5 million and $40 million in lower middle market companies—typically, with $25 million to $500 million in enterprise value.
“With our primary funds and secondary strategies, as well as the continued deployment of our fifth direct co-investment fund, RCP Advisors remains a comprehensive partner to both general partners and limited partners within the lower middle market buyout space,” Jon Soffer, partner and co-portfolio manager at RCP Advisors, said in a statement.
“The continued support, despite challenging macroeconomic conditions, underscores our limited partners’ confidence in the small buyout market and our ability to collaborate with exceptional general partners to identify compelling investment opportunities,” said Dave McCoy, managing partner and co-portfolio manager at RCP Advisors. We’re fortunate to leverage our network and 24-year history to partner with general partners who implement initiatives to grow and improve their portfolio companies regardless of market conditions.”
P10 is a multi-asset class private markets solutions provider in the alternative asset management industry. As of Dec. 31, its products have a global investor base of more than 3,800 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, the firm said.
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