Dallas-based P10, Inc., a leading private markets solutions provider, has agreed to acquire Houston’s Stellus Capital Management, a U.S. direct lender specializing in senior secured loans in the lower-middle market, for an initial purchase price of $250 million.

Stellus will continue to be managed by its current partners who will retain control of its day-to-day operations, including investment decisions and investment committee processes, the companies said.

Luke Sarsfield, P10’S chairman and CEO, called the acquisition “a continuation of P10’s long-term strategy to partner with leading specialized investment managers operating in the middle and lower-middle market and adds a best-in-class direct lending franchise to our platform.”

“Stellus Managing Partner Robert Ladd and his team have built a firm with a strong history of growth, proven track record of vehicle launches and robust credit and investment performance across economic cycles,” Sarsfield added in a statement. “Further, Stellus’ sponsor borrower base is a natural fit within P10’s middle and lower-middle market GP sponsor ecosystem, creating the potential for new opportunities across the firm. With our shared philosophy of investment excellence, client outcomes, and long-term value creation, we look forward to Stellus joining our leading alternatives platform.”

Investing and lending expertise

Stellus is an established direct lending platform that provides senior-secured loans to sponsor-backed, lower-middle market companies in the U.S. With approximately $3.8 billion in assets under management, including $2.6 billion in fee-paying AUM, Stellus earns more than 70% of its fee-related revenue from permanent capital vehicles.

Stellus’ senior team has been investing together for more than 20 years, deploying more than $10.3 billion of capital across over 375 companies during that time.

Robert Ladd, Managing Partner of Stellus, added, “Luke and the P10 team have established a highly scaled and diversified private markets platform with a clear focus on the middle and lower-middle markets, and we see strong alignment in our respective approaches.”

Ladd said the deal “will enhance our ability to develop additional strategies and investment vehicles that meet the evolving needs of global investors seeking access to opportunities in our markets and those of sponsors and borrowers seeking a reliable, thoughtful lending partner. We look forward to working closely with the P10 team to support disciplined growth and long-term value creation for our clients.”

P10 rebranding as Ridgepost Capital next week

As previously announced, P10 will rebrand to Ridgepost Capital, Inc, effective February 11, 2026. Beginning that day, the company’s stock will trade on the New York Stock Exchange and NYSE Texas under the new ticker symbol “RPC.”

Per the Stellus deal, P10 has agreed to acquire 100% of the issued and outstanding equity interests of Stellus and 100% of its fee-related earnings. The transaction does not include any existing private fund carried interest or performance fees, the companies said.

The initial consideration of $250 million is composed of $125 million in cash and $125 million in units of P10 Intermediate Holdings, LLC which can be exchanged into P10 common stock, following applicable restrictive periods. P10 expects to finance the cash portion of the initial consideration with a mix of cash-on-hand and by drawing on P10’s revolving credit facility. Additionally, up to $60 million in earnout consideration may be payable based on meeting fee-related revenue targets in 2027 and 2029.

The deal is expected to close in mid-2026.

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