31st Mar 2025 10:40
(Alliance News) - Petershill Partners PLC on Monday reported the approval of a special dividend as it said profit more than doubled in 2024.
Petershill Partners is a London-based investment group operated by Goldman Sachs Asset Management and focused on private equity and other private capital strategies.
Pretax profit for the firm more than doubled to USD965.5 million in 2024 from USD397.1 million as total income grew 4.0% to USD332.3 million from USD319.4 million.
Total movements in financial assets and liabilities held at fair value also more than doubled, moving to USD873.6 million from USD220.6 million.
Total partner distributable earnings improved 11% to USD322.8 million from USD292.1 million, and aggregate partner-firm assets under management matched this rise, growing to USD337 million from USD304 million.
Aggregate fee-paying partner-firm AuM advanced 7.7% to USD238 million from USD221 million.
Shares in Petershill Partners were down 2.1% at 237.00 pence on Monday morning in London.
Petershill proposed a final dividend of 10.5 cents, up 3.5% from the prior year's 10.1 cents, lifting the total dividend for the year by 3.3% to 15.5 cents up from 15.0 cents.
The firm also approved its special dividend of 14.0 cents per share, which it said reflects return on the sale of its stake in General Catalyst.
In January, the firm reported the sale of the majority of its stake in General Catalyst for a USD726 million consideration.
Looking to 2025, Petershill Partners expects an organic fee-eligible AuM raise of USD20 billion to USD25 billion, and realisations of USD5 billion to USD10 billion in fee-paying AuM.
It also expects between USD180 million and USD210 million full-year partner fee related earnings, noting 2024 pro-forma FRE of USD186 million.
It also forecast an 85% to 90% adjusted earnings before interest and tax margin. This compares with 88% for 2024.
Goldman Sachs Petershill Group co-heads Ali Raissi-Dehkordy and Robert Hamilton Kelly said: "In 2024 there was positive momentum across the business, and we delivered successfully on our financial and strategic goals. We are pleased with our Partner-firms asset raising meeting or exceeding our guidance for three consecutive years, against three years of lower industry asset raising.
"Whilst the economic and geopolitical environment remains uncertain, our robust capital raising and dynamic approach to capital allocation underpins our confidence in our strategy and generating strong returns for shareholders."
By Christopher Ward, Alliance News reporter
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