Goldman Sachs’ Petershill alternative assets business is planning on listing a new investment vehicle for its assets in London that could be valued at more than $5bn.
Petershill said on 6 September that it is planning on placing its portfolio of minority investments in 19 firms in a new vehicle called Petershill Partners which it would then list on the London Stock Exchange.
The 19 firms have $187bn of assets under management. The investments were previously held in private funds managed by Goldman Sachs Asset Management.
The new vehicle will sell shares worth $750m to fund ongoing expenses and further acquisitions, as well as selling existing shares in order to achieve a free float of 25%.
The vehicle is aiming at a valuation of more than $5bn, according to a person familiar with the matter.
The Petershill Partners unit would be a standalone company operated by the Goldman Sachs Asset Management team. It would be governed by an independent board.
Petershill launched in 2007 and has grown rapidly in recent years, with partner distributable earnings more than doubling from $108m in 2018 to $243m in 2020, and reaching $310m for the 12-month period ending 30 June 2021, the company said in its intention to float document.
One of the aims of listing the business is to give stock market investors a way of tapping into the growth of alternative asset managers such as hedge funds and private equity firms.
Naguib Kheraj, non-executive chair of Petershill Partners, said: “Through a London listing, Petershill Partners would make available to public market institutional investors a unique opportunity to access stakes in a number of leading privately owned alternative asset managers.”
Bank of America Securities, Goldman Sachs International and JPMorgan have been appointed as joint global coordinators and joint bookrunners, and BNP Paribas and UBS have been appointed as joint bookrunners.
Goldman Sachs struck a €1.6bn deal to acquire the asset management arm of Dutch insurer NN Group last month.
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