REG - Petershill Prtnrs - Q2 2025 AUM Update

Petershill PartnersAnnouncement

Tue 07:00

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RNS Number : 9426R  Petershill Partners PLC  22 July 2025

 Petershill Partners plc (the "Company" or "Petershill Partners") today
publishes its AuM update for the six months ended 30 June 2025

 

Organic gross Fee-eligible AuM raise was $12bn for the quarter and $19bn
during H1 2025

 

Highlights

•     Aggregate Partner-firm AuM of $351bn, increasing 4% during the
quarter and 6% year-over-year. Aggregate Fee-paying Partner-firm AuM of
$245bn, increasing 5% during the quarter and 3% year-over-year. The Aggregate
AuM and Fee-paying AuM increases are inclusive of M&A during the period.

-    Organic gross Fee-eligible AuM raise was $12bn for the quarter and a
total of $19bn in the first six months of the year, reflecting a bring forward
of asset raising previously expected in the second half of the year.

-    Partner-firm realisations of $(3)bn of Fee-paying AuM during the
quarter and a total of $(6)bn in the first six months of the year.

-    Investment performance of Partner-firm funds led to an increase of
$1bn in Fee-paying Partner-firm AuM during the quarter and for the first six
months of the year.

•     As at 30 June 2025, Partner-firms had $3bn of AuM that were not
yet paying fees, compared to $4bn as at 31 March 2025.

•     On 18 July 2025 the Company announced the disposal of its stake in
Harvest Partners. The impact of this disposal is to reduce Aggregate
Partner-firm AuM to $332bn on a pro-forma basis as at 30 June 2025.

 

 AuM Development: H1 2025*

The following table summarises the changes in Aggregate Partner-firm AuM and
Aggregate Fee-paying Partner-firm AuM for the quarter ended and the six-month
period ended 30 June 2025:

 

                                                       Quarter ended 30 June                                                              Six months ended 30 June
 (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)                   339     234             39                      28                                 337      238             40                      29
 Inflows                       ($bn)                   19      13              1                       1                                  25       21              2                       2
 Realisations                  ($bn)                   (6)     (3)             -                       (1)                                (12)     (6)             (1)                     (2)
 Investment performance        ($bn)                   (1)     1               -                       -                                  2        1               -                       -
 M&A                           ($bn)                   -       -               -                       -                                  (1)      (9)             (1)                     (1)
 Aggregate AuM Current Period  ($bn)                   351     245             40                      28                                 351      245             40                      28

* All AuM figures are based on a one-period (3-month) lag due to the timing of
the financial information received by the Operator from the Partner-firms

 

Unchanged 2025 Guidance

•     $20bn - $25bn organic Fee-eligible AuM raise and realisations of
$5bn - $10bn in Fee-paying AuM.

•     $180m - $210m full year Partner FRE. 2024 pro-forma FRE of
$186m(1).

•     PRE of 15% - 30% of total Partner Revenues.

•     Acquisitions in 2025 expected to be above the medium-term range of
$100m - $300m per annum.

•     85% - 90% Company Adjusted EBIT margin.

 

 

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.

1.

AuM Progression Since 30 June 2024*

                                                                                                                                             QTD    YTD***
 (US$bn, unless otherwise indicated)                                        Jun-30-2025  Mar-31-2025  Dec-31-2024  Sep-30-2024  Jun-30-2024  (Δ%)   (Δ%)
 Aggregate Partner-firm AuM                                      ($bn)      351          339          337          328          332          4%     4%
 Aggregate Fee-paying Partner-firm AuM                           ($bn)      245          234          238          233          238          5%     3%
 Average Aggregate Fee-paying Partner-firm AuM **                ($bn)      238          234          231          223          215          2%     3%
 Aggregate Performance Fee Eligible Partner-firm AuM             ($bn)      302          301          296          283          294          0%     2%
 Average Aggregate Performance Fee Eligible Partner-firm AuM **  ($bn)      295          291          286          282          280          1%     3%

 

* All AuM figures are based on a one-period (3-month) lag due to the timing of
the financial information received by the Operator from the Partner-firms.

** Average Aggregate AuM figures represent the twelve month mean and use the
start and each quarter end of the reporting period adjusted for acquisitions
and dispositions where applicable.

*** Percentage change relative to Dec-31-2024

 

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 June 2025, based on a one-period (3-month) lag:

 

                                                   Q2
 (US$bn unless otherwise indicated)                2025
 Aggregate Fee-paying Partner-firm AuM  ($bn)      245
 AuM not yet paying fees                ($bn)      3
 Fee Exempt AuM                         ($bn)      50
 Investment performance                 ($bn)      53
 Aggregate Partner-firm AuM             ($bn)      351

 

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 June 2025, based on a one-period (3-month) lag:

 

 

 Asset Class (US$bn unless otherwise indicated)             AuM  Percentage  Fee-paying AuM  Percentage  Ownership Weighted Fee-paying AuM  Percentage
 Private equity                                  ($bn)      216  62%         136             56%         12                                 41%
 Private credit                                  ($bn)      74   21%         63              26%         6                                  22%
 Private real assets                             ($bn)      43   12%         28              11%         7                                  25%
 Absolute return                                 ($bn)      18   5%          18              7%          3                                  12%
 Total Current Period                            ($bn)      351  100%        245             100%        28                                 100%

 

 

 

 

 

Contact Information

 

Please direct any questions to Petershill Partners Investor Relations, via
e-mail, at PHP-InvestorEnquiries@gs.com

Analyst / Investor enquiries:

Gurjit Kambo
 
 
+44 (0) 207 051 2564

 

Media enquiries:

 Brunswick Group
 
 
phll@brunswickgroup.com
(file://///fwln062ns.eu.fw.gs.com/haddan_london_firmwide/home/Downloads/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 $351 billion of total assets
under management ("AuM") as at 30 June 2025, ($332 billion on a pro-forma
basis excluding Harvest) 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:// (https://www.petershillpartners.com/) www
(https://www.petershillpartners.com/) .petershillpartners.com.
(https://www.petershillpartners.com/) Information on the website is not
incorporated by reference into this press release and is provided merely for
convenience.

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.

 

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.

Aggregate Performance Fee Eligible Partner-firm AuM

 

The amount of Aggregate Partner-firm AuM that is eligible for performance
fees.

 

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.

 

 

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