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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

While the long-term aim is for these funds to create additional liquidity and free float in Petershill Partners, Petershill Partners 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 any duration considerations at present. GSAM expects to reduce its long-term managed holdings to <25% of the Company, under US Bank Holding regulations, but is not required to do so prior to the fifth anniversary of the listing (Sep-2026). 


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.


Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. There is no guarantee that objectives will be met.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Petershill Partners Plc or Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document. Company names and logos, excluding those of Goldman Sachs and any of its affiliates, are trademarks or registered trademarks of their respective holders. Use by Goldman Sachs does not imply or suggest a sponsorship, endorsement or affiliation.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

This material contains information that pertains to past performance or is the basis for previously-made discretionary investment decisions. This information should not be construed as a current recommendation, research or investment advice. It should not be assumed that any investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of investments discussed herein. Any mention of an investment decision is intended only to illustrate our investment approach and/or strategy, and is not indicative of the performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment decisions.

This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research. It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes. It should not be relied upon in making an investment decision.

Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Portfolio holdings and/or allocations shown above are as of the date indicated and may not be representative of future investments. The holdings and/or allocations shown may not represent all of the portfolio's investments. Future investments may or may not be profitable.