P10 acquires Qualitas Funds for $63 million: Advisors
P10, a leading private markets solutions provider, today announced that it has entered into a definitive agreement to acquire Qualitas Equity Funds (“Qualitas Funds”) for an initial purchase price of $63 million with the potential for additional earnout consideration.
Qualitas Funds is a Madrid-based private equity investing platform that provides fund-of-funds, direct co-investing and NAV financing opportunities in the European lower-middle market to more than 1,300 limited partners across the ultra-high-net-worth (UHNW), family office, and institutional channels. The firm has approximately $1 billion in fee-paying assets under management (FPAUM) and a strong expected growth trajectory. The firm was founded in 2014 and is wholly owned by co-founders and co-managing partners, Eric Halverson and Sergio Garcia.
The initial consideration of $63 million is composed of $42.25 million in cash and $20.75 million in P10 stock. The stock consideration is subject to a three-year lock-up period. Additionally, up to $35 million in earnout consideration may be payable based on the revenue associated with new funds Qualitas Funds raises after closing through December 31, 2027. The earnout consideration will be a mix of cash and P10 stock at the seller’s election, with no more than 65% payable in cash.
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions and regulatory approvals, including Spanish regulatory approval.
Pérez-Llorca Abogados are serving as legal advisors to P10. Cuatrecasas, Gonçalves Pereira is serving as legal advisor to Qualitas Funds.
The Pérez-Llorca team consisted of Francisco Iso, Corporate partner; Ana Ibarra, Corporate lawyer; Javier Ihatsu, Corporate lawyer; Juan Sánchez, Corporate lawyer; Josefina García Pedroviejo, Financial Services partner; Pablo Figueroa, Competition partner; Norma Peña, Tax partner; Isabel Moya, Labor and Employment partner; Alejandro Flujas, Competition lawyer and Eva Láuzara, Labor and Employment lawyer.
Cuatrecasas team has been led by Francisco J. Martínez, and has counted with the participation of Jorge Canta, Paz Irazusta and Pedro López-Dóriga.
