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P2 CAPITAL PARTNERS, LLC
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NEW YORK NY
Investment Advisor
Hedge Fund
Activist Investor
P2 Capital Partners is based out of New York. P2 Capital Partners is a hedge fund with 4 clients and discretionary assets under management (AUM) of $1,319,000,000 (Form ADV from 2024-03-28). Their last reported 13F filing for Q3 2024 included $875,765,096 in managed 13F securities
and a top 10 holdings concentration of 88.82%. P2 Capital Partners's largest holding is CBIZ Inc with shares held of 1,800,532. Whalewisdom has at least 70 13F filings, 51 13D filings, 1 13G filings, and 2 Form 4 filings
Business Description
P2 Capital Partners, LLC provides discretionary investment advisory services to pooled investment vehicles and single-investor funds, collectively known as "Private Funds." These funds are typically structured as Delaware limited partnerships, Cayman Islands exempted limited partnerships, or Cayman Islands exempted companies. They operate either directly or through a master-feeder structure, where feeder funds contribute assets to a master fund and share profits, losses, and expenses proportionally. An affiliate of P2 serves as the general partner or manager of each domestic Private Fund and Cayman Islands master fund.
P2's primary investment strategy focuses on generating significant capital appreciation through strategic equity investments in primarily small-cap public and private companies. Their approach combines private equity principles with public market investing, emphasizing research-intensive, concentrated, value-oriented, long-term, active, and management-friendly strategies. As of December 31, 2023, P2 managed approximately $1,319,000,000 in assets, all on a discretionary basis.
Investment Strategy
P2 employs a private equity approach to investing in the small cap public market. They prioritize a research-intensive, concentrated, long-term, value-oriented, active, and management-friendly investment style. Their goal is to invest in companies with high business quality, attractive valuations, and significant value-added opportunities. P2 manages a concentrated portfolio of significant ownership stakes in small cap companies. They may also lead private equity investments such as going-private leveraged buyouts sourced from the Private Funds' public portfolio.
P2's investment strategy is centered on acquiring large ownership stakes in a limited number of companies, aiming for long-term investment opportunities. This approach differs from more trading-intensive strategies due to their focus on receiving an optimal blend of size, price, and confidentiality rather than solely focusing on price.
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2024-09-30
Top Buys (13F)
Name | % Change |
---|---|
CBZ CBIZ Inc | 4.86% |
IAS Integral Ad Science | 3.88% |
OPCH Option Care Health I | 2.52% |
AVNT Avient Corp | 1.84% |
JBTM JBT Marel Corp. | 1.19% |

2024-09-30
Top Sells (13F)
Name | % Change |
---|---|
RCM R1 RCM Inc | 7.44% |
RCM R1 RCM Inc (PUT) | 7.44% |
SITE SiteOne Landscape Su | 1.75% |
MIR Mirion Technologies | 1.3% |
IAS Integral Ad Science (CALL) | 0.53% |

2024-09-30
13F Holdings Summary
Name | $ Change |
---|---|
CBZ CBIZ Inc | 13.83% |
BLKB Blackbaud Inc | 12.77% |
ACHC Acadia Healthcare Co | 11.37% |
IAS Integral Ad Science | 9.08% |
JBTM JBT Marel Corp. | 9% |

2024-09-30
13F Activity
Market Value | $0.88b, Prior: $0.91b |
Inflows (Outflows) as % of Total MV | (-6.4608)% |
New Purchases | 0 stocks |
Added To | 8 stocks |
Sold out of | 3 stocks |
Reduced holdings in | 4 stocks |
Top 10 Holdings % | 88.82% |
Turnover %[1] | 16.67% |
Turnover Alt %[2] | 13.58% |
Time Held Top 20 | 13.6667 quarters |
Time Held Top 10 | 8 quarters |
Time Held All | 13.67 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-09-30
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data

2024-09-30
Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30