Petershill Partners (LSE:PHLL), managed by Goldman Sachs Asset Management, reported partner distributable earnings of $152 million for the six months ending 30 June 2025, marking a 9% increase year-on-year. Alongside the earnings update, the firm revealed plans to delist from the London Stock Exchange and return capital to shareholders.
The company cited frustration with its share price and valuation as a key reason for the delisting. Following the announcement, Petershill’s shares jumped more than 33%.
Adjusted profit after tax rose to $124 million, up from $94 million in H1 2024, while adjusted earnings per share increased to 11.4 cents from 8.5 cents a year earlier. Adjusted EBIT climbed to $167 million from $128 million, with margins improving slightly to 89% from 88%. Partner-firm assets under management grew 6% year-on-year to $351 billion.
The board proposed a return of capital of $921 million (415 cents per share) to free-float shareholders, to be followed by the London delisting. Including an interim dividend of 5.2 cents per share, the total payment represents a 35% premium to the prior closing 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.”
During the period, Petershill completed the sale of General Catalyst for $726 million and acquired Frazier Healthcare Partners for $330 million. After the reporting period, it also disposed of Harvest Partners for $561 million and completed a follow-on acquisition in STG Partners for $158 million.
Petershill maintained its full-year 2025 guidance, projecting $20-25 billion in organic fee-eligible assets under management growth and partner fee-related earnings of $180-210 million.
Leave a Reply