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Petershill Partners plc published its Q3 trading update on 25 November 2025 for the quarter ended 30 September 2025, reporting Aggregate Partner-firm AuM of $344bn and Partner Fee-Related Earnings of $54m. During Q3, the Company completed the sale of its stake in Harvest Partners for $561m and acquired a follow-on stake in STG Partners for $158m. Subsequently, shareholders approved a capital return and delisting, with the delisting from the London Stock Exchange expected from 5 December 2025.
| Date | 25 Nov 2025 |
| Time | 07:00:07 |
| Category | Trading updates |
| ID | 7979I |
Petershill Partners plc (the "Company" or "Petershill Partners") publishes its Q3 trading update for the quarter ended 30 September 2025
25 November 2025
Highlights
• Aggregate Partner-firm AuM of $344bn, decreasing 2% during the third quarter and increasing 5% year-over-year.
• Aggregate Fee-paying Partner-firm AuM of $240bn, decreasing 2% during the quarter and increasing 3% year-over-year.
- Organic gross Fee-eligible AuM raised was $7bn for the quarter and $26bn year to date, exceeding our 2025 guidance of $20bn - $25bn.
• In the third quarter, Partner Fee-Related Earnings (FRE) were $54m, (5)% lower than in Q3 2024 reflecting Net Management and Advisory Fees of $95m, (2)% lower year-over-year, and Partner Fee-Related Expenses of $41m, 2% higher than Q3 2024.
- Adjusted for the disposals of Harvest, General Catalyst, LMR Partners and the partial disposal of AKKR, FRE increased 26% compared to Q3 2024, Net Management and Advisory Fees increased 29% and Partner Fee-Related Expenses increased 32%.
- Management fees in Q3 2025 were $97m, 1% higher than Q3 2024. Adjusted for disposals, Management fees increased 29%.
- Transaction and Advisory Fees were less than $1m compared to $5m in Q3 2024, and Offsets were ($2m) compared to ($4m) in Q3 2024.
• Partner Realised Performance Revenues (PRE) were $24m, ($23m, Q3 2024) and Partner Realised Investment Income was $3m ($10m, Q3 2024).
• Partner Distributable Earnings were $81m, (10)% lower than in Q3 2024. Adjusted for the disposals of Harvest, General Catalyst, LMR Partners, and partial disposal of AKKR, Distributable Earnings increased 20%.
• Transaction activity during Q3 2025 included the Company completing the sale of the entirety of its stake in Harvest Partners for total nominal consideration of $561m. The Company also acquired a follow-on stake in STG Partners for $158m.
• Subsequent to the quarter end:
- The Company entered into an agreement for the sale of the majority of its non-controlling equity stake in Industry Ventures for a total nominal consideration up to approximately $237m. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and conditions.
- On 3 November 2025, shareholders approved the Board proposed capital return for free float shareholders and delisting. A $350m US Private Placement upsizing to partially replace the bridge financing to fund the capital return completed on 18 November 2025. The Company's delisting from the London Stock Exchange is expected to become effective from 5 December 2025.
Ali Raissi-Dehkordy and Robert Hamilton Kelly, Co-Heads of Goldman Sachs Petershill Group commented:
"Partner-firms continued to raise new Fee-eligible assets in the third quarter of 2025, totalling $7 billion. Petershill Partners executed a follow-on acquisition in STG Partners and the divestment of Harvest Partners during the period, and has since announced an agreement to sell the majority of its non-controlling equity stake in Industry Ventures. We acknowledge shareholders have approved the independent Board's proposal to return capital to free float shareholders for the cancellation of their shares, ahead of the expected delisting of the Company on 5 December."
AuM Development: Q3 2025
The following table summarises the changes in Aggregate Partner-firm AuM, Aggregate Fee-paying Partner-firm AuM and Ownership Weighted values for the quarter and the nine-month period ended 30 September 2025. All AuM figures are based on a one-period (3-month) lag:
|
|
|
Quarter ended 30th September |
Nine months ended 30 September |
|||||||
|
(US $bn unless otherwise indicated) |
|
|
AuM |
Fee-paying AuM |
Ownership Weighted AuM |
Ownership Weighted Fee-paying AuM |
AuM |
Fee-paying AuM |
Ownership Weighted AuM |
Ownership Weighted Fee-paying AuM |
|
Aggregate AuM Prior Period |
($bn) |
|
351 |
245 |
40 |
28 |
337 |
238 |
40 |
29 |
|
Inflows |
($bn) |
|
10 |
6 |
2 |
1 |
35 |
27 |
4 |
3 |
|
Realisations |
($bn) |
|
(10) |
(2) |
(1) |
- |
(22) |
(8) |
(2) |
(2) |
|
Investment performance |
($bn) |
|
12 |
3 |
1 |
2 |
14 |
4 |
1 |
2 |
|
M&A |
($bn) |
|
(19) |
(12) |
(3) |
(2) |
(20) |
(21) |
(4) |
(3) |
|
Aggregate AuM Current Period |
($bn) |
|
344 |
240 |
39 |
29 |
344 |
240 |
39 |
29 |
|
|
|
|
|
|
|
|
|
|
|
|
AuM Reconciliation: Aggregate Fee-paying AuM Vs Aggregate Partner-firm AuM
The below table reconciles Aggregate Fee-paying Partner-firm AuM to Aggregate Partner-firm AuM as at 30 September 2025, based on a one-period (3-month) lag:
|
|
|
|
Q3 |
|
($bn unless otherwise indicated) |
|
|
2025 |
|
Aggregate Fee-paying Partner-firm AuM |
($bn) |
|
240 |
|
AuM not yet paying fees |
($bn) |
|
7 |
|
Fee Exempt AuM |
($bn) |
|
52 |
|
Investment performance |
($bn) |
|
45 |
|
Aggregate Partner-firm AuM |
($bn) |
|
344 |
The following table reflects the Aggregate Partner-firm AuM, Aggregate Fee-paying Partner-firm AuM and Ownership Weighted Fee-paying AuM by Asset Class as of 30 September 2025, based on a one-period (3-month) lag:
|
Asset Class ($bn unless otherwise indicated) |
|
|
AuM |
Percentage |
Fee-paying AuM |
Percentage |
Ownership Weighted Fee-paying AuM |
Percentage |
|
Private equity |
($bn) |
|
201 |
58% |
125 |
52% |
11 |
38% |
|
Private credit |
($bn) |
|
81 |
24% |
66 |
28% |
7 |
24% |
|
Private real assets |
($bn) |
|
42 |
12% |
29 |
12% |
7 |
24% |
|
Absolute return |
($bn) |
|
20 |
6% |
20 |
8% |
4 |
14% |
|
Total Current Period |
($bn) |
|
344 |
100% |
240 |
100% |
29 |
100% |
2025 Guidance (unchanged)
• $20bn - $25bn organic Fee-eligible AuM raise and realisations of $5 - $10bn in Fee-paying AuM.
• $180m - $210m full year Partner FRE. 2024 pro-forma FRE of $186m1.
• PRE of 15% - 30% of total Partner Revenues.
• Acquisitions in 2025 expected to be above the medium-term range of $100 - $300m per annum.
• 85% - 90% Company Adjusted EBIT margin.
Contact Information
Please direct any questions to Petershill Partners Investor Relations, via e-mail, at PHP-Investor-Relations@gs.com
Analyst / Investor enquiries:
Gurjit Kambo +44 (0) 207 051 2564
Ian Hughes +44 (0) 207 051 4067
Media enquiries:
Brunswick Group phll@brunswickgroup.com
Simone Selzer +44 (0) 207 404 5959
ABOUT PETERSHILL PARTNERS
Petershill Partners plc (the "Company" or "Petershill Partners") and its Subsidiaries (the "Group") is a diversified, global alternatives investment group focused on private equity and other private capital strategies. Through our economic interests in a portfolio of alternative asset management firms ("Partner-firms"), we provide investors with exposure to the growth and profitability of the alternative asset management industry. The Company completed its initial acquisition of the portfolio of Partner-firms on 28 September 2021 and was admitted to listing and trading on the London Stock Exchange on 1 October 2021 (ticker: PHLL). The Company is operated by Goldman Sachs Asset Management ("Goldman Sachs" or the "Operator") and is governed by a diverse and fully independent Board of Directors (the "Board").
Through our Partner-firms, we have exposure to $344 billion of Aggregate Partner-firm AuM, comprising a diverse set of more than 200 long-term private equity and other private capital funds where capital is typically locked in over a multi-year horizon. These underlying funds generate recurring management fees and the opportunity for meaningful profit participation over the typical 9+ years lifecycles of such funds. We believe our approach is aligned with the founders and managers of our Partner-firms and, as a result, allows the Company to participate in these income streams in a way that provides high-margin, diversified and stable cash flows for our shareholders.
For more information, visit https://www.petershillpartners.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.
1. Pro-forma 2024 FRE adjusted for the impact of the disposal of LMR, partial disposals of AKKR and the sale of the majority of the stake in General Catalyst.
Key Operating Metrics - Definitions
This document contains certain key operating metrics that are not defined or recognised under IFRS.
The Operator and the Directors use key operating metrics to help evaluate trends, assess the performance of the Partner-firms and the Company, analyse and test dividends received from the Partner-firms and inform operating, budgeting and reinvestment decisions. The Directors believe that these metrics, which present certain operating and other information in respect of the Partner- firms, provide an enhanced understanding of the underlying portfolios and performance of the Partner-firms and are therefore essential to assessing the investments and performance of the Company.
The key operating metrics described in this section are derived from financial and other information reported to the Operator by the Partner-firms. The Operator, with the assistance of an independent accounting firm, performs due diligence procedures on the information provided by the Partner-firms. It should be noted, however, that these due diligence procedures do not constitute an audit.
In addition, each Partner-firm may account for and define certain financial and other information differently from one another. For example, each Partner-firm may calculate its fee-paying AuM differently, the result of which being that the inputs of the Company's Aggregate Fee-paying AuM are not consistently calculated.
Whilst the operating metrics described in this section are similar to those used by other alternative asset managers, there are no generally accepted principles governing their calculation, and the criteria upon which these metrics are based can vary from firm to firm. These metrics, by themselves, do not provide a sufficient basis to compare the Partner-firms' or the Company's performance with that of other companies.
None of Partner Distributable Earnings, Partner FRE, Partner Realised Performance Revenues or Partner Realised Investment Income are measures of or provide any indication of profits available for the purpose of a distribution by the Company within the meaning of section 830 of the Companies Act 2006, or of any Partner-firm in accordance with the equivalent applicable rules.
Aggregate Partner-firm AuM
Aggregate Partner-firm AuM is defined as the sum of (a) the net asset value of the Partner-firms' underlying funds and investment vehicles, and in most cases includes co-investment vehicles, GP commitments and other non fee-paying investment vehicles and (b) uncalled commitments from these entities, as reported by the Partner-firms to the Operator from time to time and aggregated by the Operator without material adjustment. This is an aggregated figure across all Partner-firms and includes Partner-firm AuM outside of the Company's ownership interest in the Partner-firms.
The Operator and the Directors consider Aggregate Partner-firm AuM to be a meaningful measure of the size, scope and composition of the Partner-firms, as well as of their capital-raising activities. The Operator uses Aggregate Partner-firm AuM to inform operating, budgeting and reinvestment decisions.
Ownership weighted AuM
Ownership weighted AuM represents the sum of the Company's ownership stakes in each Partner-firm's AuM.
Aggregate Fee-paying AuM
Aggregate Fee-paying AuM is defined as the portion of Aggregate Partner-firm AuM for which Partner-firms are entitled to receive management fees, as reported by the Partner-firms to the Operator. The principal difference between Aggregate Fee-paying AuM and Aggregate Partner-firm AuM is that Aggregate Fee-paying AuM typically excludes co-investment on which Partner- firms generally do not charge fees and, to a lesser extent, fund commitments in Partner-firm funds (i) on which fees are only earned on investment, rather than from the point of commitment and (ii) where capital has been raised but fees have not yet been activated. This may also include legacy assets where fees are no longer being charged.
The Operator and the Directors consider Aggregate Fee-paying AuM to be a meaningful measure of the Partner-firms' capital base upon which they earn management fees and use the measure in assessing the management fee-related performance of the Partner-firms and to inform operating, budgeting and reinvestment decisions.
Ownership weighted Fee-paying AuM
Ownership weighted Fee-paying AuM represents the sum of the Company's ownership stakes in each Partner-firm's Fee-paying AuM.
Aggregate Performance Fee Eligible Partner-firm AuM
The amount of Aggregate Partner-firm AuM that is eligible for performance fees.
Partner Net Management and Advisory Fees
Partner Net Management and Advisory Fees is defined as the Company's aggregate proportionate share of the Partner-firms' net management fees (as reported by the Partner-firms to the Operator), including monitoring and advisory fees and less any management fee offsets, payable by the Partner-firms' funds to their respective Partner-firms for the provision of investment management and advisory services.
Certain Partner-firms provide transaction and advisory services, as well as services to monitor ongoing operations of portfolio companies. Management fees paid to the Partner-firms may be subject to fee offsets, which are reductions to management fees and are based on a percentage of monitoring fees and transaction and advisory fees paid by portfolio companies to the Partner-firms.
The Operator and the Directors consider Partner Net Management and Advisory Fees to be a meaningful measure of the management fee-related performance of the Partner-firms, and the Operator uses this metric to analyse and test income received from the Partner-firms and to inform operating, budgeting and reinvestment decisions.
Partner Fee Related Earnings (FRE) and Partner FRE Margin
Partner FRE is defined as Partner Net Management and Advisory Fees, less the Partner-firms' operating expenses, fixed and bonus compensation, net interest income/(expense) and taxes (but not performance fee-related expenses) allocable to the Company's share of Partner Net Management and Advisory Fees, as reported by the Partner-firms to the Operator, and subject to applicable contractual margin protections in respect of certain Partner-firms. Partner FRE Margin is defined as Partner FRE divided by Partner Net Management and Advisory Fees.
The Operator and the Directors consider Partner FRE and Partner FRE Margin to be meaningful measures of the management fee-related earnings of the Partner-firms and key performance indicators of the Company's income from investments in management companies derived from management fee income. The Operator uses this metric to analyse and test dividends received from the Partner-firms, as well as to inform operating, budgeting and reinvestment decisions.
Partner Realised Performance Revenues (PRE)
Partner Realised Performance Revenues is defined as the Company's aggregate proportionate share of the Partner-firms' realised carried interest allocations and incentive fees payable by the Partner-firms' funds to their respective Partner-firms, less any realised performance fee-related expenses of the Partner-firms allocable to the Company's share of performance fee-related revenues, as reported by the Partner-firms to the Operator.
The Company's share of the Partner-firms' performance fee-related earnings will be lower than its share of the Partner-firms' management fee-related earnings because the Company's ownership stake in the Partner-firms' performance fee-related earnings is lower than its ownership stake in the Partner-firms' management fee-related earnings.
The Operator and the Directors consider Partner Realised Performance Revenues to be a meaningful measure of the performance fee-related earnings of the Partner-firms and key performance indicator of the Company's income from investments in management companies derived from performance fee income. The Operator uses this metric to analyse and test dividends received from the Partner-firms, as well as to inform operating, budgeting and reinvestment decisions.
Partner Realised Investment Income
Partner Realised Investment Income is defined as the Company's aggregate proportionate share of Partner-firm earnings resulting from the realised gains and losses, or any distributed income, from the investments held on Partner-firms' balance sheets, as reported by the Partner-firms to the Operator. Partner Realised Investment Income is also realised by the Company through a limited number of direct stakes in certain Partner-firms' funds. Realised Investment Income includes income that has been realised but not yet paid, as well as amounts that are realised and either fully or partially reinvested.
The Company's share of the Partner-firms' investment and balance sheet income will be lower than its share of the Partner-firms' management fee-related earnings because the Company's ownership stake in the Partner-firms' investment and balance sheet income is lower than its ownership stake in the Partner- firms' management fee-related earnings.
The Operator and the Directors consider Partner Realised Investment Income to be a meaningful measure of the investment performance of certain assets held by the Partner-firms and key performance indicator of the Company's income from investments in management companies derived from investment income. The Operator uses this metric to analyse and test dividends received from the Partner-firms, as well as to inform operating, budgeting and reinvestment decisions.
Partner Distributable Earnings and Partner Distributable Earnings Margin
Partner Distributable Earnings is defined as the sum of Partner FRE, Partner Realised Performance Revenues and Partner Realised Investment Income. Partner Distributable Earnings Margin is defined as Partner Distributable Earnings divided by the sum of Partner Net Management and Advisory Fees, Partner Realised Performance Revenues and Partner Realised Investment Income.
The Operator and the Directors consider Partner Distributable Earnings and Partner Distributable Earnings Margin to be meaningful measures of the overall performance of the Partner-firms and key performance indicators of the Company's total income from investments in management companies. The Operator uses this metric to analyse and test dividends received from the Partner-firms, as well as to inform operating, budgeting and reinvestment decisions. These measures reflect any contractual margin protections or revenue share interests that the Company may have with the Partner-firms, which means that the Partner Distributable Earnings Margin may differ from the margins achieved by other Shareholders or partners of the Partner-firms.
Partner Revenues
Partner Revenues is defined as the sum of Partner Net Management and Advisory Fees, Partner Realised Performance Revenues and Partner Realised Investment Income.
The Operator and the Directors consider Partner Revenues to be a meaningful measure of the overall performance of the Partner-firms. The Operator uses this metric to inform operating, budgeting and reinvestment decisions.
AuM and Associated Data
The data presented in this document for the following key operating metrics reflects AuM data reported to the Operator on a three-month lag. This three-month data lag is due to the timing of the financial information received by the Operator from the Partner-firms, which generally require at least 90 days following each period end to present final financial information to the Operator. The key operating metrics reflected on a three-month lag are:
• Aggregate Partner-firm AuM
• Aggregate Fee-paying Partner-firm AuM
• Average Aggregate Fee-paying Partner-firm AuM
• Aggregate Performance Fee Eligible Partner-firm AuM
• Average Aggregate Performance Fee Eligible Partner-firm AuM
This announcement has been prepared solely to provide additional information to shareholders and meets the relevant requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. The announcement should not be relied on by any other party or for any other purpose.
These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. Any securities of Petershill Partners plc referred to herein have not been and will not be registered under the US Investment Company Act of 1940, as amended, and may not be offered or sold in the United States or to "U.S. persons" (as defined in Regulation S under the US Securities Act of 1933, as amended) other than to "qualified purchasers" as defined in the US Investment Company Act of 1940, as amended. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning the business, operating results, financial condition and other similar matters. These statements represent the Company's belief regarding future events that, by their nature, are uncertain and outside of the Company's control. There are likely to be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release is based upon information known to the Company on the date of this press release and speaks only as of such date. Accordingly, no assurance can be given that any particular expectation will be met, and readers are cautioned not to place undue reliance on forward looking statements. Additionally, forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
