Street Calls of the Week
Investing.com - Petershill Partners, operated by Goldman Sachs Asset Management, reported partner distributable earnings of $152 million for the six months ended June 30, 2025, a 9% increase YoY as the company announced plans to delist and return capital to shareholders.
The company posted adjusted profit after tax of $124 million, up from $94 million in the first half of 2024, while adjusted earnings per share rose to 11.4 cents from 8.5 cents a year earlier.
Adjusted EBIT increased to $167 million from $128 million, with margins improving to 89% from 88% in the comparable period. The firm’s partner-firm assets under management grew 6% YoY to $351 billion.
Petershill’s board announced a proposal to implement a return of capital of $921 million (415 cents per share) to free-float shareholders, followed by delisting from the London Stock Exchange.
Including the interim dividend of 5.2 cents per share, the total payment represents a 35% premium to the previous closing share price.
"We are pleased that our Partner-firms have raised $19 billion of gross fee-eligible assets in the first half, despite volatile markets earlier in the year," said Ali Raissi-Dehkordy and Robert Hamilton Kelly, Co-Heads of Goldman Sachs Petershill Group.
"The Board and the Operator believe the Company has been consistently undervalued despite strong delivery of its strategy and that this is a unique opportunity to return significant near-term value to free-float shareholders."
The company completed the disposal of General Catalyst for $726 million and acquired Frazier Healthcare Partners for $330 million during the period.
After the reporting period, Petershill completed the disposal of Harvest Partners for $561 million and a follow-on acquisition in STG Partners for $158 million.
Petershill maintained its full-year 2025 guidance, expecting $20-25 billion in organic fee-eligible AuM raises and partner fee-related earnings of $180-210 million.
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