Petershill Partners third-quarter fee earnings slip as AuM edges lower

(Alliance News) - Petershill Partners PLC on Tuesday reported lower fee-related earnings in the third quarter, as assets under management dipped amid portfolio disposals and mixed investment performance.

London-based alternative investment group Petershill, founded by Goldman Sachs in 2007, said partner fee-related earnings fell 5% to USD54 million in the three months to September 30.

Net management and advisory fees were 2% lower at USD95 million, while partner fee-related expenses rose 2% to USD41 million.

Aggregate partner-firm assets under management fell 2% during the quarter to USD344 billion from USD351 billion, though this was 5% higher than a year before.

Aggregate fee-paying AuM also declined 2% to USD240 billion.

Petershill said organic gross fee-eligible AuM rose in the quarter to USD7.0 billion, bringing year-to-date total to USD26 billion. This exceeded its 2025 guidance of USD20 billion to USD25 billion.

Management fees rose 1% year on year to USD97 million. However, transaction and advisory fees were below USD1 million, compared with USD5 million a year prior.

Partner realised performance revenues amounted to USD24 million, compared to USD23 million in the third quarter of 2024. Partner realised investment income was USD3 million, down from USD10 million.

Partner distributable earnings fell 10% on-year to USD81 million.

Co-heads Ali Raissi-Dehkordy and Robert Hamilton Kelly said partner firms "continued to raise new fee-eligible assets in the third quarter", adding that the company is preparing for its upcoming delisting on December 5 following shareholder approval.

Petershill maintained its 2025 guidance, including USD20 billion to USD25 billion of organic fee-eligible AuM raised and full-year partner fee-related earnings of USD180 million to USD210 million.

Shares in Petershill Partners were up 0.2% at 315.50 pence in London on Tuesday morning.

By Eva Castanedo, Alliance News reporter

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