Add-on Acquisition • Financial Services

Vulcan Capital and Stone Point Capital Exits Enhanced Capital

On December 15, 2020, P10 invested in financial services company Enhanced Capital from Vulcan Capital and Stone Point Capital

Investment Context
  • This is P10’s 1st transaction in the Financial Services sector.
  • This is P10’s 1st transaction in the United States.
  • This is P10’s 1st transaction in New York.

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Investment Summary

Date December 15, 2020
Target Enhanced Capital
Sector Financial Services
Investor(s) P10
Sellers(s) Vulcan Capital
Stone Point Capital
Deal Type Add-on Acquisition

Target Company

Enhanced Capital

New York, New York, United States
Enhanced Capital is a diversified national asset management firm that provides investment capital to small businesses that are underserved by traditional sources of financing. Enhanced Capital was founded in 1999 and is based in New York, New York.
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Investor Overview 1

Investor

P10

Dallas, Texas, United States

Category Company
Founded 1992
Sector Financial Services
Employees267
Revenue 296M USD (2024)
DESCRIPTION

P10 operates as a multi-asset class private market solutions provider in the alternative asset management industry in the United States. P10 was founded in 1992 and is headquartered in Dallas, Texas.


Deal Context for Investor #
Overall 1 of 1
Sector: Financial Services 1 of 1
Type: Add-on Acquisition 1 of 1
State: New York 1 of 1
Country: United States 1 of 1
Year: 2020 1 of 1

Seller Profiles 2

SELLER

Vulcan Capital

Seattle, Washington, United States

Investor


Category Family Office
Founded 1986
Size Mega
Type Sector Agnostic
DESCRIPTION

Vulcan Capital is the private investment group of Vulcan Inc., the organization founded by Paul G. Allen to manage his personal and professional endeavors. Vulcan Capital looks to invest at all company stages and will consider opportunities across an array of industries. Sectors of interest include business services, consumer products, distribution and logistics, energy and natural resources, financial services and insurance, healthcare, manufacturing, media, technology, and telecom. The Firm's target investment size is $10 to $100 million. In addition to direct investing, Vulcan Capital also makes fund investments as well as invests in public securities. Vulcan Inc. was formed in 1986 and has offices in Seattle, Washington and Palo Alto, California.


Deal Context for Seller #
Overall 30 of 30
Sector: Financial Services 3 of 3
Type: Add-on Acquisition 15 of 15
State: New York 4 of 4
Country: United States 28 of 28
Year: 2020 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-26 Nelogica

Porto Alegre, Brazil

Nelogica is a provider of investment technology. The company also provides other enterprise solutions, such as Home Broker, Mobile Broker, Risk Manager, OMS, and institutional trading systems. Nelogica was founded in 2003 and is based in Porto Alegre, Brazil.

Buy -
SELLER

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $75 and $750 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


Deal Context for Seller #
Overall 47 of 59
Sector: Financial Services 18 of 21
Type: Add-on Acquisition 23 of 30
State: New York 9 of 11
Country: United States 41 of 53
Year: 2020 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-23 Lone Wolf

Dallas, Texas, United States

Lone Wolf is a SaaS provider of back- and front-office solutions for residential real estate brokers and agents in North America. Lone Wolf offers software solutions used by more than 1.5 million agents, 9,000 brokerages, and hundreds of multiple listing services and associations throughout North America. Lone Wolf was founded in 1989 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-05 BridgePoint Risk Management

Greenwich, Connecticut, United States

BridgePoint Risk Management is a provider of personal and commercial risk management solutions. BridgePoint Risk Management is based in Greenwich, Connecticut.

Sell -