Bonaccord Named Top Firm in Surging GP Stakes Middle Market

DALLAS, TX – January 30, 2026 – Bonaccord Capital Partners, a subsidiary of private markets solutions provider P10, Inc., has been named the 2025 Middle Market GP Stakes Firm of the Year by GP Stakes News. The inaugural award highlights the firm's strategic success within a rapidly evolving segment of the alternative assets industry, validating its disciplined focus on middle-market fund managers.

The recognition comes as investing in general partners (GPs)—the management companies behind private equity, credit, and real estate funds—transitions from a niche strategy into a multi-trillion-dollar institutional asset class. Bonaccord's award underscores the growing sophistication and specialization within this market.

“We congratulate Bonaccord on being named 2025 Middle Market GP Stakes Firm of the Year by GP Stakes News,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer, in the official announcement. “Bonaccord has continued to build momentum through a disciplined investment approach and strong alignment with its partner sponsors, and its success reflects the benefits of our platform’s differentiated middle market focus.”

A Booming Niche Matures

The practice of GP stakes investing involves taking minority equity positions in the management firms that oversee private funds. This provides investors with a unique stream of revenue derived from management fees, with additional upside from a share of the carried interest. For the GPs, selling a stake provides valuable growth capital for expansion, succession planning, or strengthening their balance sheets without ceding control.

The total enterprise value of private markets GPs is estimated to exceed $1.7 trillion globally, a figure forecast to potentially double by 2030. This vast market has attracted significant institutional capital, drawn by the promise of steady, diversified cash flows and indirect access to a broad portfolio of private market assets. However, the market is not without its challenges. The broader private equity landscape has faced fundraising headwinds recently, and the GP stakes sector has seen its own capital-raising environment described as “lacklustre” in parallel with these trends.

Despite this, the strategic rationale remains compelling. GP stakes investors are increasingly positioned not just as capital providers but as strategic partners. They offer operational expertise in areas like business strategy, compliance, and investor relations, helping their partner sponsors scale effectively. This is particularly true in the middle market, which Bonaccord estimates contains nearly 1,000 addressable firms ripe for such partnerships.

Bonaccord's Middle-Market Mastery

Bonaccord has carved out a distinct identity by concentrating on this middle-market segment. While larger players like Blue Owl Capital and Blackstone often target the biggest names in asset management, Bonaccord focuses on established mid-sized sponsors, typically those with between $1 billion and $10 billion in fee-paying assets under management. The firm prioritizes GPs who have a proven track record, usually demonstrated by having launched at least three successful funds, indicating a loyal base of limited partners and a durable franchise.

Ajay Chitkara, Bonaccord's Managing Partner, highlighted this focus upon receiving the award. “This recognition underscores the strength of our mid-market partner sponsor relationships and the collective commitment our team brings to delivering long-term value across the middle market private markets ecosystem,” he stated.

The firm’s leaders have previously described their approach as providing “growth equity for GPs.” This philosophy frames their investments not as passive financial transactions, but as active partnerships aimed at helping profitable, growing fund management businesses reach their full potential. By leveraging its strategic and operational expertise, Bonaccord seeks to help its partner sponsors drive topline growth, improve profit margins, and execute strategic initiatives.

This hands-on, value-add approach is crucial in a segment where GPs are often seeking more than just a check. They are looking for a partner who can help them navigate the complexities of institutionalization and long-term growth, making Bonaccord's model a winning strategy in this specific arena.

A Strategic Win for Parent Company P10

The award is not just a victory for Bonaccord but also a significant validation of the overarching strategy of its parent company, P10, Inc. (NYSE: PX). P10 operates as a leading private markets solutions provider, with over $40 billion in assets under management, specializing in access-constrained strategies within the middle and lower-middle markets across private equity, private credit, and venture capital.

Bonaccord’s success perfectly aligns with P10’s thesis that the middle market offers compelling, risk-adjusted returns away from the crowded, hyper-competitive large-cap segment. As Luke Sarsfield noted, Bonaccord's success reflects the benefits of the platform's differentiated focus. This award serves as a powerful proof point for P10 investors and the broader market, demonstrating the effectiveness of its multi-strategy, specialized approach.

The synergies work in both directions. Being part of the P10 platform provides Bonaccord with institutional credibility, a broad network, and robust operational support, enhancing its value proposition to potential partner sponsors. For P10, Bonaccord's success in the GP stakes vertical adds another layer of diversification and a durable, fee-related revenue stream to its portfolio, strengthening the entire ecosystem.

Navigating a Competitive Landscape

The GP Stakes News Awards, though in their inaugural year, were determined by votes from hundreds of nominations and thousands of votes from professionals across major funds, banks, and law firms. This peer-based recognition lends significant weight to Bonaccord’s win, positioning it as a leader in the eyes of its direct competitors and collaborators.

While Bonaccord has distinguished itself in the middle market, the competitive field is active. New entrants like PACT Capital are emerging with a similar middle-market focus, while firms like Cantilever Group target the lower-mid-market. This dynamic landscape reinforces the importance of a clear strategy and proven execution, which Bonaccord has now been publicly recognized for.

As the GP stakes market continues to mature and consolidate, the ability to offer more than just capital will become the key differentiator. Bonaccord's award-winning model, built on deep partnership and strategic value creation within a well-defined market segment, suggests it is well-equipped for the next phase of industry evolution.