P10 to Acquire Stellus Capital Management for $250M

P10, Inc. (NYSE: PX) agreed to acquire Stellus Capital Management, LLC for an initial purchase price of $250 million. The deal is designed to expand P10’s platform into lower-middle market direct lending.

Stellus is a U.S. direct lender focused on senior secured loans for sponsor-backed lower-middle market companies. Based in Houston, Stellus manages approximately $3.8 billion in assets under management, including $2.6 billion in fee-paying AUM, and earns more than 70% of fee-related revenue from permanent capital vehicles. Stellus partners will continue to manage the platform day to day, including investment decisions and investment committee processes.