P10 Inc., which will rebrand to Ridgepost Capital, Inc. and trade under the ticker RPC on February 11, announced a definitive agreement to acquire Houston‑based direct lender Stellus Capital Management for a total consideration of $310 million. The transaction consists of $125 million in cash, $125 million in units of P10 Intermediate Holdings, LLC that can be converted into P10 common stock, and an additional $60 million earnout tied to Stellus’s fee‑related revenue in 2027 and 2029.
Stellus, a senior‑secured loan specialist that has deployed more than $10.3 billion across 375 companies over two decades, will retain its current partners and continue day‑to‑day operations. The acquisition adds roughly $3.8 billion in assets under management to P10’s platform, including $2.6 billion in fee‑paying AUM, and brings a proven underwriting culture that has generated a 70 %+ share of fee revenue from permanent capital vehicles.
The deal aligns with P10’s strategy to deepen its presence in the lower‑middle‑market segment, a core growth focus for the firm. By adding Stellus’s direct‑lending expertise, P10 expands its credit offering, strengthens its competitive moat, and positions itself to capture a larger share of the growing lower‑middle‑market credit market. Management expects the transaction to be accretive to earnings per share and fee‑related earnings margin in the first full year after closing, even before realizing potential synergies.
Luke Sarsfield, P10’s chairman and CEO, said the acquisition “enhances our ability to serve middle‑market sponsors and borrowers while preserving Stellus’s disciplined underwriting and investment culture.” Robert Ladd, Managing Partner of Stellus, noted that the partnership “provides a seamless platform for our portfolio companies to access capital while maintaining the operational independence that has driven our success.”
P10’s broader platform integration plan includes the recent Qualitas Funds acquisition and the launch of cross‑selling initiatives such as Qualitas US I. The rebranding to Ridgepost Capital signals a new chapter for the company, and the Stellus acquisition is a key milestone in building a diversified private‑markets platform that spans private equity, credit, and venture capital.
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