RCP Advisors

What RCP Advisors does

RCP Advisors is a Chicago-based private equity firm founded in 2001 by Thomas Danis Jr. and Charlie Huebner, operating as a subsidiary of P10, Inc. (NYSE: PX). The firm is singularly focused on North American small buyouts, specifically fund managers raising vehicles of generally up to ~$1 billion that target companies with enterprise values between $10 million and $250 million. Across its 24-year history, RCP has built a multi-product platform that provides limited partners with multiple access points to the lower middle market: primary funds-of-funds (flagship RCP Fund series through Fund XIX), secondary funds (RCP Secondary Opportunity Fund series, most recently SOF V at $1.26B), co-investment funds (RCP Direct series), and customized separate account/advisory mandates.

The firm is supported by GPScout, a proprietary data and analytics platform built over two decades that tracks more than 6,600 investment firms, 11,800 funds, 52,400 transactions, 34,300 private companies, and 500,000 valuation metrics. GPScout Navigator extends a subset of this data to clients via a subscription portal. RCP monetizes through standard private equity fund economics: management fees on committed or invested capital and carried interest on fund performance, supplemented by advisory fees on customized mandates. LP relationships span 2,700+ limited partners across 38 countries, including pension funds, endowments, foundations, insurance companies, family offices, and high-net-worth individuals, with dedicated direct sales and business development teams managing fundraising across successive fund vintages.

Name

RCP Advisors

Legal name

RCP Advisors, LLC

Website

https://rcpadvisors.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

RCP Advisors is a Chicago-based private equity firm founded in 2001 and subsidiary of P10, Inc. (NYSE: PX), providing institutional and family office investors diversified access to North American small buyout fund managers through primary, secondary, co-investment, and customized separate account vehicles.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Secondary Fund Stakes (GP/Manager Stakes in Secondary GPs) (FSANAFAD)

akta.pro secondary industry

Corporate LP Programs (Corporate as LP in VC/PE funds) (FSANAHAH)

Keywords

• Private equity funds-of-funds
• Small buyout investments
• Secondary fund transactions
• Co-investment funds
• Separate account advisory

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Primary Funds-of-Funds Management: RCP raises and manages commingled primary fund-of-funds vehicles, investing in small buyout managers. Revenue is generated through management fees (typically on committed capital) and performance allocations (carried interest) on fund investments.
2. Secondary Funds: RCP raises dedicated secondary funds (e.g., RCP Secondary Opportunity Fund V at $1.25B) targeting secondary LP positions and GP-led transactions in small buyout funds. Revenue through standard PE management fee and carry structure.
3. Co-Investment Funds: RCP Direct co-investment funds invest alongside buyout managers in individual portfolio companies. Revenue generated through management fees and carry on co-investment returns.
4. Customized Solutions / Advisory Services: RCP provides bespoke separate account management and investment advisory services to select clients. Revenue is derived from advisory fees tied to assets under management or advisement.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

RCP Advisors is a private equity investment manager that raises and manages commingled funds-of-funds, secondary funds, and co-investment funds focused exclusively on North American small buyout fund managers, alongside providing customized separate account advisory services. The firm invests as a limited partner in primary fund commitments, acquires secondary LP interests and GP-led continuation vehicle transactions, and selectively co-invests in portfolio companies alongside buyout sponsors, generating revenue through management fees and carried interest.

Product overview

RCP Advisors operates as a private equity investment firm offering a multi-product platform focused on North American small buyout fund managers. The core offerings include Primary Funds (funds of funds investing in small buyout managers), Secondary Funds (acquiring secondary positions in PE investments), Co-Investment Funds (RCPDirect platform for direct co-investments alongside buyout sponsors), and Customized Solutions (bespoke separate accounts and advisory services). Supporting these investment products is GPScout, a proprietary data and analytics platform with over 20 years of private markets data, accessible through the GPScout Navigator subscription portal. The firm also provides research services through its Research Library. All products are focused on the lower middle market with enterprise values typically between $10 million and $500 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Primary Funds (Funds of Funds) Flagship commingled primary fund-of-funds investments in small buyout managers providing institutional investors access to high-quality small buyout fund managers with funds of $250 million to $1 billion. Designed for institutional LPs seeking diversified exposure to the North American lower middle market.
• Secondary Funds Acquisition of secondary positions in private equity investments including traditional LP positions and GP-led single asset and multi-asset continuation vehicle transactions in North American small buyout funds. Deal sizes range from approximately $10 million to $50 million. Designed for LPs seeking liquidity and GPs pursuing continuation vehicles.
• Co-Investment Funds (RCP Direct) Selective co-investment in high quality portfolio companies alongside best-in-breed private equity sponsors. Targets companies with enterprise values typically between $25 million and $500 million, co-investing with institutional sponsors with fund sizes of $100 million to $1 billion. Provides institutional LPs with direct deal exposure and lower cost basis versus fund-of-funds structures.
• Customized Solutions Bespoke private equity separate accounts and investment advisory services for select larger clients. Individually constructed and managed by a dedicated advisory team utilizing RCP's firm-wide resources, including new program building and enhanced exposure to small buyouts. Designed for LPs seeking tailored portfolio construction and access to supply-constrained managers.
• GPScout Proprietary data and analytics platform providing comprehensive private markets data with 20+ years of granular analytics. Tracks 6,600+ investment firms, 11,800+ investment funds, 52,400+ individual transactions, 34,300+ private companies, and 500,000+ valuation metrics for systematic sourcing, due diligence, and portfolio monitoring. Powers RCP's annual Manager Grading System.
• GPScout Navigator Subscription-based client platform providing defined parts of GPScout data for deeper investor insights. Offers systematic sourcing, proprietary analytics, deep relationship management, and dedicated resources for clients via web portal at gpscoutnavigator.com.

Quantifiable outcome

• Small buyout funds under $1 billion achieved 2.5x TVPI or better and 3.0x TVPI or better twice as often as funds over $1 billion over a 22-year period.
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability6 records

Feature4 records

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hamilton Lane: Hamilton Lane (NASDAQ: HLNE) is one of the largest and most direct comparables to RCP, offering private equity fund-of-funds, secondary funds, co-investment funds, and separate account advisory services to institutional LPs. Hamilton Lane operates at significantly greater scale (~$800B+ AUM) but covers a substantially overlapping product set.
• StepStone Group: StepStone Group (NYSE: STEP) is a direct peer offering private equity, private debt, real assets, and secondaries fund-of-funds and co-investment solutions to institutional LPs. Like RCP, StepStone emphasizes data-driven manager selection and has overlapping client base in pensions, endowments, and family offices.
• Lexington Partners: Lexington Partners, acquired by Franklin Templeton, is one of the largest PE secondary investment specialists globally, active in both LP-stake and GP-led continuation transactions. While Lexington operates at much larger scale, it directly competes with RCP's Secondary Opportunity Fund platform in the small/middle market secondary segment.
• Portfolio Advisors (BlackRock): Portfolio Advisors, now part of BlackRock, historically provided primary fund-of-funds, secondary, and co-investment solutions with a focus on the middle and lower middle market — a near-identical positioning to RCP. Direct overlap exists in primary FoF and secondaries across the small buyout universe.
• Intermediate Capital Group: ICG (LON: ICG) is a global alternative asset manager with significant PE secondaries, fund-of-funds, and co-investment capabilities, including through its acquisition of secondary specialist ATC (formerly Alpinvest). Competes with RCP in mid-market secondary transactions and GP-led continuation vehicles.
• Vintage Investment Partners: Vintage Investment Partners is a secondary fund-of-funds and GP-led secondary specialist, primarily active in the small and middle market PE segment. Closely comparable to RCP's SOF platform, both targeting LP-stake purchases and continuation vehicle transactions in lower mid-market funds.
• Mesirow Financial: Mesirow Financial's Private Equity group historically offered fund-of-funds and co-investment solutions focused on the lower middle market, with overlapping LP base and similar manager sourcing orientation to RCP. Several former Mesirow PE professionals have joined RCP (e.g., Kyra O'Brien from Ares), reinforcing market overlap.

Broad incumbents

• Evercore Private Funds Group: Evercore's Private Funds Group provides advisory and placement agent services across primary fundraising, secondaries, and GP-led transactions for PE fund managers. While broader than RCP, it competes for secondary advisory mandates and serves many of the same underlying GP clients in the small buyout universe.
• PJT Partners: PJT Partners (NYSE: PJT) provides strategic advisory, fundraising, and secondary advisory services to alternative asset managers and LPs. While PJT is a full-service investment bank, its Private Funds Group competes directly with RCP's Customized Solutions separate account mandates and secondary advisory work.
• Lazard Private Capital Advisory: Lazard's Private Capital Advisory group provides secondary advisory, GP-led transaction support, and fund placement services, with overlap to RCP in secondary LP-stake transactions and continuation vehicle advisory work. Larger and broader, but engages many of the same small buyout GPs and LPs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rcp-advisors
• Facebookfacebook.com/122887327785448

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RCP Advisors