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

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 $54 million in the three months to September 30.

Net management and advisory fees were 2% lower at $95 million, while partner fee-related expenses rose 2% to $41 million.

Aggregate partner-firm assets under management fell 2% during the quarter to $344 billion from $351 billion, though this was 5% higher than a year before.

Aggregate fee-paying AuM also declined 2% to $240 billion.

Petershill said organic gross fee-eligible AuM rose in the quarter to $7.0 billion, bringing year-to-date total to $26 billion. This exceeded its 2025 guidance of $20 billion to $25 billion.

Management fees rose 1% year on year to $97 million. However, transaction and advisory fees were below $1 million, compared with $5 million a year prior.

Partner realised performance revenues amounted to $24 million, compared to $23 million in the third quarter of 2024. Partner realised investment income was $3 million, down from $10 million.

Partner distributable earnings fell 10% on-year to $81 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 $20 billion to $25 billion of organic fee-eligible AuM raised and full-year partner fee-related earnings of $180 million to $210 million.

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

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