P10 Acquires Stellus Capital Management
Analysis based on 7 articles · First reported Feb 05, 2026 · Last updated Feb 09, 2026
The acquisition of Stellus Capital Management by P10 is expected to positively impact the private markets, particularly in direct lending, by creating a more diversified platform and broadening access to opportunities. This move strengthens P10's position in the middle and lower-middle market.
P10, a private markets solutions provider with over $40 billion in assets under management, has entered into a definitive agreement to acquire Stellus Capital Management, a U.S. direct lender with $3.8 billion in assets under management. Stellus Capital Management's investment processes, strategy, and operations will remain unchanged, with its current partners retaining control. The acquisition is seen as a strategic move by P10 to expand its multi-strategy platform and by Stellus Capital Management to enhance its ability to develop new strategies and access broader direct-lending opportunities through P10's sponsor network. Goldman Sachs served as Stellus Capital Management's financial advisor, with Eversheds Sutherland (US) and Winston & Strawn as legal advisors. Kirkland & Ellis and Troutman Pepper Locke advised P10.
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