P10, Inc. (PX) Stock Analysis

P10, Inc. (PX) occupies a defensible niche in the alternative asset management industry, focusing on the middle and lower-middle market segments across private equity, venture capital, and private credit. Its most durable competitive advantage is its proprietary data platform, which aggregates over 20 years of granular, manager-level and deal-level data¹. This resource underpins superior sourcing, diligence, and monitoring, giving PX an edge in identifying and accessing “hard-to-reach” funds and co-investments—areas where larger rivals like Blackstone or KKR typically lack comparable depth or focus².

PX’s business model is built on long-term, locked-up capital: as of Q1 2025, 99% of revenue was recurring management and advisory fees³, with a weighted average client contract duration exceeding seven years⁴. This revenue predictability is rare among asset managers and supports stable margins (operating margin 20.4% in 2024)⁵.

PX’s client base is diversified, with over 3,800 investors across 60 countries, including pensions, endowments, and family offices.⁶ Its scale in the lower-middle market—$26.3 billion in fee-paying AUM as of Q1 2025—positions it as a partner of choice for both limited partners and fund managers seeking specialized access.⁷

However, PX is smaller and less diversified than industry giants, and its growth is partly acquisition-driven, which carries integration risk.⁸ Still, its data-driven culture, sticky client relationships, and focus on less-contested market segments provide a sustainable moat.⁹¹⁰