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Ownership Structure

Ownership Structure

Goldman Sachs Asset Management And The Private Shares

 

The privately held shares are held in long-dated private funds. In these funds, shares have not been distributed in kind to the underlying limited partners. As such, any decision to sell them would be made by or at the recommendation of the investment manager of these funds (Goldman Sachs Asset Management). Goldman Sachs Asset Management retains the ability to distribute part of these shares in kind in the future. 

 

The Private Shares in funds are managed on behalf of the Petershill Funds and the Vintage Funds products within Goldman Sachs Asset Management. For the latter, there is (a) a specific team (“Vintage Team”) responsible for day-to-day management of investments to pursue the investment objective of Vintage VII Funds and (b) a specific investment committee responsible for oversight and final say on investments. These teams are distinct from those responsible for the Petershill family of funds. With respect to the Private Shares, the Vintage Team seeks input from (and may give weight to the views of) the Petershill team within the Operator but does not delegate decision making to such team.

 

A number of shares, as detailed in the most recent Annual Report, are held in co-investment vehicles, where certain co-investors are able to withdraw their shares from within the pertinent management structures at any time, subject to notice, lock-up and other customary requirements.

 

Long-Term Value Maximisation

 

Petershill Partners plc shares are a primary driver of returns for the long dated private equity funds that hold and control these shares and these funds do not have a fixed maturity date. At the time of the IPO, Goldman Sachs Asset Management expected to need to reduce its long-term managed holdings to less than 25% of the Company, under US Bank Holding Company regulations, but was not required to do so prior to the fifth anniversary of the listing (Sep-2026).  However, having had the opportunity to evaluate the operation of Petershill Partners over the past several years, Goldman Sachs Asset Management, in consultation with the Company, has determined that it could maintain an ownership greater than 25% of the Company beyond Sep-2026 in compliance with US Bank Holding Company regulations, while allowing the Company to continue to operate as it has been in the ordinary course. The long-dated private equity funds maintain their aim to create additional liquidity and free float in Petershill Partners over time while maximizing value.  While the goal remains to reduce long-term managed holdings to less than 25%, should this occur after the fifth anniversary of the listing (Sep-2026), Goldman Sachs Asset Management does not expect any changes to the operations of the Company.

 

As expressed at the IPO, Goldman Sachs Asset Management's long-term goal is to create value maximization in these shares of Petershill Partners over time.

 

The TR-1 form discloses aggregated holdings for the entire Goldman Sachs Group, Inc. Additional interests outside of the Goldman Sachs Asset Management number above relate to holdings held by Goldman Sachs entities outside of Goldman Sachs Asset Management, including securities held or traded on behalf of Goldman Sachs Global Markets clients.


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