if RCP Advisors (2 & 3) acquires another private equity investment mgmt firm, it surely acquires the rights to whatever MANAGEMENT FEES that firm has incoming each quarter/year, right?
My understanding of the structure of the entities is: RCP Advisor is a wholly owned subsidiary of P10 Holdings. 2 & 3 are investment funds managed by RCP. RCP does not own the funds(if so a very small percentage). 2 & 3 are owned by the investors in those funds. Accredited investors. If 2 & 3 buy an outside management company or additional funds, 2 & 3 would own them, those the accredited outside investors would own the management fees.
When investments inside the RCP funds (2 & 3) are sold or liquidated, they are returned to the outside investors. That is not P10 Holdings money. Otherwise it would be consolidated in the financial statements.