Goldman to list Petershill Partners on the London Stock Exchange
Petershill Partners has announced plans for an Initial Public Offering on the London Stock Exchange with an expected valuation above $5bn (£3.6bn), according to industry sources.
Petershill, an investment group which specialises in buying stakes in alternative asset managers, was created by Goldman Sachs in 2007. Petershill Partners will launch as a standalone company, offering investors exposure to 19 partner companies from the original fund which together manage $187m of assets.
The new company will be operated by the Goldman Sachs Asset Management team and will have an independent board.
Naguib Kheraj, Non-executive Chair of Petershill Partners, said: “through Petershill Partners, investors would benefit from the expertise of Goldman Sachs as its operator both in terms of managing the existing portfolio and developing opportunities to make additional future investments in this rapidly growing industry.”
Petershill Partners has delivered high growth over the medium term. Partner Distributable Earnings doubled from $108m in 2018 to $243m in 2020, and reached $310m for the 12-month period ending 30 June 2021.
The company is poised to capture a share of relevant private market firms worth approximately $1.2tn and is expected to grow in line with the Alternatives industry at around 10 per cent between 2020 and 2025.
The sale of new shares, which should take place towards the end of the month, is expected to raise $750m and there will be an additional sell off of investors’ existing shares in Petershill.
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