Investment firm P10 readies New York listing -sources

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P10 Holdings Inc is planning a listing in New York, the latest alternative asset manager to do so amid a rally in the stocks of such investment firms, three people familiar with the matter said on Friday.

P10 shares already trade on an over-the-counter trading platform of OTC Markets Group Inc, assigning it a market value of about $740 million. P10 wants to list on the New York Stock Exchange to boost its profile and allow major funds to invest in it, the sources said.

P10 could announce the listing plans later this month, according to the sources. It is seeking to raise capital in the listing, which is expected to take place in October, the sources said. It will aim for a valuation of more than $1 billion, the sources added.

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The sources requested anonymity because the listing preparations are confidential. P10 did not respond to a request for comment. It had written to its shareholders last month that it was “looking to uplist onto a national exchange.”

The Dallas-based firm focuses on lower-middle market deals in areas such as private equity, venture capital and private credit, and operates four divisions that include RCP Advisors and TrueBridge Capital Partners. It held $14.2 billion of fee-paying assets under management as of June 30, according to its latest financial statement.

Around 82% of its shares are held by company insiders, according to August’s shareholder letter.

Shares of major buyout firms have soared this year, with Blackstone Inc almost doubling in value and KKR & Co Inc more than 50% higher, as low interest rates and a surge in corporate valuations boosted their financing ability and value of their holdings.

Other asset managers currently exploring going public include L Catterton and TPG. Antin Infrastructure Partners said last week it was looking to launch an IPO on Euronext Paris. (Reporting by David French in New York, Editing by Rosalba O’Brien)