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Following its IPO in September 2021, just over a quarter of the shares invested in Petershill Partners Plc are publicly traded. The other three quarters remain held in private funds controlled by Goldman Sachs Asset Management.

  % of issued PHLL share capital
Controlled share ownership (Goldman Sachs Asset Management)* 74.70%
Free Float 25.30%

Goldman Sachs Asset Management And The Private Shares

The roughly 75% of privately held shares are subject to certain lock-up provisions and are held in long-dated private funds. This means that Goldman Sachs Asset Management has ultimate control over these shares and discretion over how and when they could be sold in future, on behalf of the private investors in those funds.

This is because the Controlled Share Ownership shares have not and are not expected to be 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), subject to the lock-up provisions as described more fully in the prospectus published by PHLL on 28 September 2021.

 

 

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.

*on behalf of Goldman Sachs Asset Management (GSAM) private entities (PH II GP Aggregator LP, PH II IM Aggregator LP, PH PE GP Aggregator LP, PH PE IM Aggregator LP, VF VII GP Aggregator LP, VF VII IM Aggregator LP, Co-Invest GP Aggregator LP, Co-Invest IM Aggregator LP).

Share ownership breakdown is as of 30 April 2022.


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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.

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