Information on the Target

Qualitas Funds, a private equity investment platform based in Madrid, has successfully integrated into P10, Inc. (NYSE: PX), a leading global provider in the middle and lower middle market. This integration was finalized six months after P10 announced its intention to acquire 100% of Qualitas Funds. With over €1 billion in assets under management (AUM), Qualitas Funds has demonstrated robust growth since its establishment in 2015. The company's founders and managing partners, Eric Halverson and Sergio García, will continue to lead the firm alongside the senior management team, becoming shareholders in P10.

Qualitas Funds specializes in private equity investment opportunities, including fund-of-funds and direct co-investment vehicles, catering primarily to over 1,300 investors from high-net-worth individuals (HNWI), family offices, and institutional clients.

Industry Overview in Spain

The private equity market in Spain has experienced significant growth over the past decade, driven by increasing demand for alternative investments among institutional investors and individuals seeking diversification. The country has seen a rise in the establishment of private equity firms, supported by a favorable regulatory environment that facilitates fund creation and management. As of 2025, Spain has emerged as a key player in the European investment landscape, particularly in the lower middle market segment.

Investment in the Spanish lower middle market is attracting attention due to a growing number of small to medium-sized enterprises (SMEs) that require capital for expansion. These enterprises represent untapped potential for investors seeking high returns. The government’s support for SMEs through various incentives has further enhanced the attractiveness of this segment.

Furthermore, Spain's strategic location and robust infrastructural development provide an appealing landscape for investment by global entities. The increasing participation of foreign investors reflects confidence in the Spanish economy and the viability of local businesses. This trend is expected to continue to evolve as market players seek strategic acquisitions and partnerships in the region.

The Rationale Behind the Deal

The acquisition of Qualitas Funds by P10 aligns with the latter's strategy to expand its footprint in Europe while enhancing its portfolio of investment solutions. By integrating Qualitas Funds, P10 not only increases its AUM significantly but also leverages the established expertise and client relationships of Qualitas to penetrate deeper into the European market.

Eric Halverson and Sergio García's continued leadership will ensure a seamless transition while capitalizing on existing client engagements. The integration is set to unlock new strategic investment opportunities for both firms, maximizing their collective capacity to serve investors globally.

Information about the Investor

P10 is a leading provider of multi-asset class solutions in the alternative asset management sector. The company's mission centers around providing differentiated access to a diverse set of investment solutions tailored to meet the specific needs of its clients within private markets. As of December 31, 2024, P10 boasts a global investor base of over 3,800 investors across 50 states and 60 countries, including some of the largest pension funds, endowments, foundations, and financial institutions worldwide.

The company's deep expertise in market dynamics allows it to navigate complex investment domains and offer valuable insights to its clients. Additionally, P10 is committed to fostering long-term relationships with investors by ensuring transparency and high-quality service delivery.

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From an investment perspective, the acquisition of Qualitas Funds by P10 appears to be a strategic move that could yield substantial benefits. The integration allows P10 to diversify its investment portfolio while tapping into the growing lower middle market in Spain. Given Qualitas's established AUM and investor relationships, this acquisition is likely to enhance P10's operational efficiency and market presence in Europe.

The rapid growth trajectory of the private equity market in Spain indicates a favorable environment for investment, making the deal well-timed. Furthermore, Qualitas Funds’ management team has a proven track record, which bodes well for the future success of the combined entity. Their experience could be pivotal in navigating the European landscape and identifying promising investment opportunities.

However, potential investors should also consider inherent risks associated with market volatility and economic fluctuations. The ability of the newly unified organization to synergize efficiently and execute its strategy will be crucial for its success. Overall, if effectively managed, this deal could represent a sound investment opportunity within the dynamic realm of private equity.

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