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Petershill Partners backs outlook amid rise in assets under management

21st Nov 2023 10:26

(Alliance News) - Petershill Partners PLC said it had "steady" trading activity in the third quarter, as it reported a raise in assets under management despite a "challenging" market.

Petershill Partners is a London-based investment group focussed on private equity and other private capital strategies. It invests in 25 alternative asset management firms. Petershill is operated by Goldman Sachs Asset Management, having been spun off from Goldman Sachs Group Inc in 2021.

Last year was Petershill's first full-year as a London listing. It listed in London back in September 2021 with an initial public offering price of 350 pence per share. The shares haven't fare well since. They were were quoted at 150.40p each in London on Tuesday morning, up 0.4% on the day.

Petershill said aggregate partner-firm assets under management amounted to USD303 billion in the third quarter ended September 30, increasing 1% quarter-on-quarter, and 7% year-on-year.

Aggregate fee-paying partner firm AuM on September 30 was USD197 billion, rising 1% from the prior quarter and 4% from the previous year.

The company had inflows of USD7.0 billion in the third quarter, and fee-paying inflows of USD5.0 billion in the same period. Realisations were USD3.0 billion and USD2.0 billion, respectively.

Petershill also reiterated its 2023 guidance, expecting USD20 billion to USD25 billion in organic fee-eligible AuM raise and realisations of USD5.0 billion and USD10 billion in fee-paying AuM. Adjusted earnings before interest and tax margin is expected at 85% and 90%.

By Sabrina Penty, Alliance News reporter

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