P10 Industries Inc. (PX)

[chemist72]

Warren Buffet not a fan of Private Equity.

https://finance.yahoo.com/news/warren-buffett-private-equity-not-as-good-as-it-looks-161402193.html

Well, guess we'll see what the rest of the investing community thinks as new PE funds continue to roll out year after year after year.

Hoping RCP Advisors rolls out 1 or 2 more new funds in the coming months.

Below is info on RCP's 3 latest funds:

RCPDirect III: Form D filed 5/8/18; last Form D/A filed 4/10/19; 100% subscribed ($385M).

RCP Fund XIII: Form D filed 7/12/18; last Form D/A filed 4/9/19; 99+% subscribed ($396.57M).

RCP Secondary Opportunity Fund III; Form D filed 10/12/17; last Form D/A filed 4/11/19; 80% subscribed ($400M).

Regardless of whether new funds are started this year or not, PIOE should still realize about $42M in revenues for 2019 just based on the increase in AUM from about $4B at end of 2017 to now $5.9B at end of 2018. ($2B times 0.006% equals $12M additional revenue from management fees).

Note: 2018's revenues from management fees was $30.56M. This amount can be generated using a revenue rate of about 0.006% times their "average" AUM in 2018 of about $5B ($4B plus $6B divided by 2). That is why I'm using the rate of 0.006% in the calculation above for 2019.