By Josh White
Date: Tuesday 23 Nov 2021
LONDON (ShareCast) - (Sharecast News) - Private equity investment company Petershill Partners reported aggregate partner-firm assets under management of $203bn at the end of its third quarter on Tuesday, growing 8% during the quarter and 35% year-on-year.
The London-listed offshoot of Goldman Sachs, which floated in an initial public offering in September, said aggregate fee-paying partner-firm assets under management came in at $145bn, meanwhile, which was ahead 6% over the quarter and 13% over the prior year.
Partner-distributable earnings totalled $107m for the quarter, growing 104% year-on-year, while partner fee-related earnings were ahead 70% over last year at $66m.
The company said partner realised performance revenues totalled $29m at period end, up 189% over the same time last year.
Including the third quarter, Petershill Partners said 21% of the partner revenue over the last 12 months came from partner realised performance revenues, which the board said highlighted the management fee-centric nature of its financial profile.
Performance remained in line with company expectations, with the medium-term guidance provided at its initial public offering remaining unchanged.
After the quarter ended, Petershill made its maiden acquisition of a new partner-firm minority equity stake in Symphony Technology Group, which was in line with its stated growth strategy.
Petershill described Symphony as a "leading, technology-focussed" US-based buyout firm, which had generated top-quartile fund returns across market cycles.
The firm manages aggregate assets of $5bn, and fee-paying assets of $3.9bn, with Petershill's all-cash acquisition cost for the investment totalling $60m, of which $28m was funded at close.
It said the transaction was expected to be "immediately" accretive to earnings, and about 1% earnings accretive in the 2023 financial year based on analyst consensus.
"We have seen continued growth and fundraising momentum across our partner-firms, with strong increases in [both] aggregate and fee-paying assets under management positioning the business well for the fourth quarter and year ahead," said chairman Naguib Kheraj.
"The investment in Symphony Technology Group is our first acquisition of a partner firm interest since listing, which is fully in line with our stated growth strategy and adds to our stable of top quartile private equity buyout partner-firms."
Kheraj said the acquisition demonstrated Petershill's strategic focus on increasing exposure to "high-quality, high-growth, technology-focussed firms", along with healthcare and infrastructure.
"Having successfully completed our initial public offering, we have substantial firepower and a healthy pipeline of potential transactions, in addition to our organic growth prospects."
At 1016 GMT, shares in Petershill Partners were down 0.31% at 323p.
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Currency | UK Pounds |
Share Price | 269.00p |
Change Today | 0.50p |
% Change | 0.19 % |
52 Week High | 284.50 |
52 Week Low | 168.60 |
Volume | 294,280 |
Shares Issued | 1,081.71m |
Market Cap | £2,909.79m |
Beta | 0.00 |
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Latest | Previous | |
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Special | Interim | |
Ex-Div | 21-Nov-24 | 26-Sep-24 |
Paid | 20-Dec-24 | 31-Oct-24 |
Amount | 17.50¢ | 5.00¢ |
Time | Volume / Share Price |
16:35 | 102,061 @ 269.00p |
16:35 | 1 @ 269.00p |
16:35 | 57 @ 269.00p |
16:35 | 58 @ 269.00p |
16:35 | 603 @ 269.00p |
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