P10, Inc. (NYSE:PX) Q4 2022 Earnings Call Transcript

Clark Webb: Yes. Great question. So I’m going to — will answer it in a couple of different parts. In terms of the market, you absolutely have great venture-backed companies that rather than raise a down equity round are wanting to come and borrow from us. So that is a tailwind. You also — it’s interesting when you go through down cycles, the competitive environment can shift. We think it’s shifting in our favor. WTI has a 40-year reputation that’s been earned in good times and bad. They’re a partner of choice, and it’s times like this where that’s really highlighted. And so I do think we have shots on goal that most others don’t see. In terms of the LP demand, it is too early to tell. We are still deploying Fund X. We’ll really get Fund XI going in the back half of the year in terms of preparing to launch that fund.

So I would say too early to tell. That being said, given the opportunity set and given the 40-year history and given what we think are very unique risk-adjusted returns, we certainly can’t wait to talk to folks about it.

Operator: And with that, we will conclude today’s question-and-answer session. I would now like to pass the conference back over to the management team for closing remarks.

Robert Alpert: Thank you, everyone, for joining us. And any other follow-up questions or — please reach out, and we’ll talk to you next quarter.

Operator: And with that, we will conclude today’s conference call. Thank you for participating. You may now disconnect your line.