Goldman Sachs's Petershill Partners to Raise $750 Million in London IPO
06 Setembro 2021 - 5:26AM
Dow Jones News
By Adam Clark
Goldman Sachs Group Inc. intends to list its Petershill Partners
unit in London, raising at least $750 million for the investor in
alternative-asset managers.
Petershill, which owns minority stakes in 19 investment firms,
said Monday that it would target a free float of 25% of its shares.
It would continue to be a standalone company operated by the
Goldman Sachs Asset Management Team.
The company didn't disclose an expected valuation on listing but
media have put the unit's overall value at $4 billion-$5 billion.
Petershill's investee companies manage around $187 billion in
assets in total and it will use the proceeds of the listing to
acquire further stakes in alternative asset managers. Petershill
said that for the 12 months to June 30, it generated partner
distributable earnings of $310 million.
"Over the past 14 years, the Petershill group within Goldman
Sachs has established itself as a partner of choice in the private
capital sector. This IPO would be a natural next step in the
evolution of the offering to Partner-firms, establishing a
permanent capital source, and demonstrating long-term strategic
alignment and partnership," said Ali Raissi, co-head of the
Petershill Group within Goldman Sachs.
The London listing would follow the initial public offering of
European private-equity firm Bridgepoint Capital Ltd. in July,
which raised GBP300 million, with shares soaring since. The Wall
Street Journal reported in August that U.S. private-equity firm TPG
is moving ahead with its own planned IPO that could value it at
around $10 billion.
Write to Adam Clark at adam.clark@wsj.com
(END) Dow Jones Newswires
September 06, 2021 04:11 ET (08:11 GMT)
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