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Investing.com - Petershill Partners plc (LSE:PHLL) on Thursday reported a $7 billion gross fee-eligible assets under management (AuM) raise for the first quarter ended March 31, 2025.
The company’s aggregate partner-firm AuM increased 1% during the quarter and 9% YoY to $339 billion.
Fee-paying partner-firm AuM decreased 2% during the quarter but increased 4% YoY to $234 billion, impacted by the disposal of General Catalyst.
Partner Fee-Related Earnings (FRE) for Q1 were $45 million, down 12% compared to Q1 2024.
However, adjusted for the disposals of General Catalyst and LMR Partners, FRE increased 12% YoY.
Net Management and Advisory Fees declined 3% YoY to $90 million, while Partner Fee-Related Expenses rose 7% to $45 million. Management fees in Q1 2025 were $93 million, 3% lower than Q1 2024, but adjusted for disposals, they increased 14%.
Partner Distributable Earnings rose 28% YoY to $73 million, reflecting higher Partner Realised Performance Revenues of $26 million, including $19 million from asset disposals.
The company completed the sale of the majority of its stake in General Catalyst for $726 million and acquired a stake in Frazier Healthcare Partners for $330 million.
Petershill Partners reiterated its 2025 guidance, expecting $20-$25 billion in organic fee-eligible AuM raise and $180-$210 million in full-year Partner FRE.
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