Stellus Capital Management, a U.S. direct lender with $3.8 billion of assets under management focused on senior secured loans in the lower-middle market, announced it has entered into a definitive agreement to be acquired by P10, a private markets solutions provider.
Stellus said its investment processes, strategy, and operations will remain unchanged following the transaction. The firm will continue to be managed by its current partners, who will retain control of day-to-day operations, including investment decisions and investment committee processes.
P10 said it has more than $40 billion of assets under management and operates a multi-strategy platform focused on the middle and lower-middle market. Stellus said it views P10 as a strategic partner given its operating model, complementary expertise, and relationships, and expects P10’s sponsor network to broaden access to direct-lending opportunities for Stellus’ clients while preserving Stellus’ core investing philosophy and approach.
Stellus said it has invested more than $10.3 billion across more than 375 portfolio companies over a track record spanning more than 20 years, and that its $3.8 billion of assets under management includes $2.6 billion in fee-paying assets under management. Stellus is headquartered in Houston, with offices in Charlotte and the Washington, D.C. area. P10 said its assets under management figure is as of September 30, 2025, and that it invests across private equity, private credit, and venture capital in access-constrained strategies with a focus on the middle and lower-middle market.
Support: Goldman Sachs is serving as Stellus’s exclusive financial advisor, with Eversheds Sutherland (US) and Winston & Strawn as legal advisors. Kirkland & Ellis and Troutman Pepper Locke are serving as legal advisors to P10.
KEY QUOTES
“Luke Sarsfield and the P10 team have established a highly scaled and diversified private markets platform with a clear focus on the middle and lower-middle market, and we see strong alignment in our respective approaches. This transaction will enhance our ability to develop additional strategies and investment vehicles that meet the evolving needs of global investors seeking access to opportunities in our markets and those of sponsors and borrowers seeking a reliable, thoughtful lending partner. We look forward to working closely with the P10 team to support disciplined growth and long-term value creation for our clients.”
Robert Ladd, Managing Partner, Stellus Capital Management
“This acquisition is a continuation of P10’s long-term strategy to partner with leading specialized investment managers operating in the middle and lower-middle market and adds a best-in-class direct lending franchise to our platform. Rob and his team have built a firm with a strong history of growth, proven track record of vehicle launches and robust credit and investment performance across economic cycles. Further, Stellus’ sponsor borrower base is a natural fit within P10’s middle and lower-middle market GP sponsor ecosystem, creating the potential for new opportunities across the firm. With our shared philosophy of investment excellence, client outcomes, and long-term value creation, we look forward to Stellus joining our leading alternatives platform.”
Luke Sarsfield, Chairman And Chief Executive Officer, P10
