Goldman Sachs alumnus Luke Sarsfield is set to join asset manager P10 as its CEO, effective immediately, the Dallas-based company announced Monday.
Sarsfield will also become a P10 board member, while the firm’s co-founders, Robert Alpert and Clark Webb, will remain on the board. Alpert will guide Sarsfield in corporate matters, and Webb will work with him on potential deals, the statement said.
Alpert has been elected executive chairman, and Webb will serve as executive vice chairman, the company noted.
Founded in 2017, with a market value of $1.1 billion, P10 manages nearly $22.2 billion in fee-paying assets for investors that include wealthy families — giving them access to private equity, venture capital and other offerings through brands like Bonaccord Capital Partners and TrueBridge, according to The Wall Street Journal. The company went public in 2021.
P10 conducted a thorough search to fill its CEO position, and Sarsfield joins at a crucial time as the firm witnesses robust momentum across investment performance, fundraising and overall expansion, Alpert said.
“I believe Luke will do an outstanding job leading P10 in its next chapter, expanding our opportunity set and strengthening our leadership position in the alternative asset management sector,” Alpert said in a statement.
The firm has actively pursued acquisitions, which could bolster its plans for further expansion through deals that could include adding new geographies or investment offerings, people familiar with the matter told the Journal.
“P10 has achieved incredible success under the leadership of Robert and Clark, and thanks to the talented team they have assembled, the Company is poised for continued organic and inorganic growth. We instantly identified complementary visions and values in my discussions with the Board, and I am excited to get to work,” Sarsfield said in a statement. “We will continue to provide access to attractive markets and return streams that our clients may not be able to otherwise incorporate into their portfolios.”
Sarsfield worked with Goldman for more than 23 years and became its global co-head of asset management — managing roughly $2.5 trillion in assets under his leadership. He previously held various leadership roles at Goldman, including co-head of its Americas healthcare group, global chief operating officer of the investment banking division, and global head of its financial institutions group.
He stepped down as chief commercial officer of Goldman’s asset and wealth management in April, according to his LinkedIn profile.
Sarsfield is one of many executives to leave the New York City-based lender after the company reorganized last fall — merging asset management with wealth management.
At the time, Goldman CEO David Solomon appointed Marc Nachmann, then co-head of trading, to lead the asset and wealth management segment. Solomon designated Sarsfield’s co-head, Julian Salisbury, as chief investment officer.
However, Salisbury exited this summer to become co-CIO at Sixth Street.
Goldman this year has also lost its consumer-business chief, transaction banking chief and made a switch at chief of staff. Additionally, Stephanie Cohen, the bank’s Platform Solutions chief, has gone on leave. And Goldman’s chief operating officer for global mergers and acquisitions has left the bank to become CFO at Ally.
P10 is betting Sarsfield’s knowledge of asset management and the financial sector helps it in its next growth phase.
“The P10 story is one of establishing partnerships with market leaders who have built extraordinary, long term track records. With the addition of Luke, we continue that trend,” Webb said in a statement. “Upon our IPO in late 2021, we laid out ambitious fundraising and financial targets and we have solidly surpassed those targets. As we prepare our next set of corporate goals, we believe passing the baton to Luke provides P10 with the ideal leader to champion our next phase of growth.”
