TIDMPHLL
RNS Number : 2196A
Petershill Partners PLC
19 January 2024
Petershill Partners plc (the "Company" or "Petershill
Partners"), the diversified, global alternatives investment group
focused on private capital strategies, today publishes its 2023 AuM
Update and AuM outlook for 2024
Gross Fee-eligible AuM raise of US$23 billion in 2023
Highlights
-- Aggregate Partner-firm AuM of US$304bn, increasing slightly
during the quarter and 7% year-over-year. Aggregate Fee-paying
Partner-firm AuM of US$221bn, increasing 12% during the quarter and
14% year-over-year.
- Organic gross Fee-eligible AuM raised was US$3bn for the
quarter and a total of US$23bn for 2023, in-line with our 2023
guidance of US$20 - $25bn.
- Partner-firms saw US$23bn of Fee-paying AuM gross inflows
during the quarter supported by around US$20bn of previously raised
Fee-paying AUM switching on during the quarter. Total Fee-paying
AuM gross inflows of US$31bn in 2023.
- Partner-firm realisations of US$1bn of Fee-paying AuM during
the quarter and a total of US$7bn in 2023, in-line with our 2023
guidance of US$5 - $10bn.
- Investment performance of Partner-firm funds led to an
increase of US$2bn in Fee-paying Partner-firm AuM during the
quarter and an increase of US$3bn for the full year.
-- As at Q4 2023, Partner-firms had US$8bn of AuM which is not
yet paying fees, down from US$28bn in Q3 2023.
AuM Development: 2023
The following table summarises the changes in Aggregate
Partner-firm AuM and Aggregate Fee-paying Partner-firm AuM for the
fourth quarter of 2023 and the year ended 31 December 2023, based
on a one-period (3-month) lag:
Quarter ended Year ended
31 December 31 December
======================================== ================= ==================
(US$bn unless otherwise indicated) AuM Fee-paying AuM Fee-paying
AuM AuM
======================================== ==== =========== ===== ===========
Aggregate AuM at start of
the period ($bn) 303 197 283 194
=============================== ======== ==== =========== ===== ===========
Inflows ($bn) 3 23 33 31
=============================== ======== ==== =========== ===== ===========
Realisations ($bn) (6) (1) (19) (7)
=============================== ======== ==== =========== ===== ===========
Investment performance ($bn) 4 2 7 3
=============================== ======== ==== =========== ===== ===========
M&A ($bn) - - - -
=============================== ======= ==== =========== ===== ===========
Aggregate AuM at period
end ($bn) 304 221 304 221
=============================== ======== ==== =========== ===== ===========
Outlook for 2024
-- Based on current fund-raising schedules, we estimate organic
gross fee-eligible AuM raise of US$20bn to US$25bn in 2024.
-- Realisations in 2024 of US$5bn to US$10bn.
-- The $8bn of AuM not yet paying fees as at Q4 2023 is expected
to become Fee-paying AuM during the course of 2024.
-- The outlook excludes the impact of any future M&A.
AuM Progression Since 31 December 2022*
QTD YTD***
================ ====== =========== =========== =========== =========== =========== ========== ==========
(US$bn, unless Dec-31-2023 Sep-30-2023 Jun-30-2023 Mar-31-2023 Dec-31-2022 (<DELTA>%) (<DELTA>%)
otherwise
indicated)
================ ====== =========== =========== =========== =========== =========== ========== ==========
Aggregate
Partner-firm
AuM ($bn) 304 303 300 290 283 0% 7%
================ ======= =========== =========== =========== =========== =========== ========== ==========
Aggregate
Fee-paying
Partner-firm
AuM ($bn) 221 197 196 195 194 12% 14%
================ ======= =========== =========== =========== =========== =========== ========== ==========
Average
Aggregate
Fee-paying
Partner-firm
AuM ** ($bn) 201 193 190 188 178 4% 13%
================ ======= =========== =========== =========== =========== =========== ========== ==========
Aggregate
Performance Fee
Eligible
Partner-firm
AuM ($bn) 275 276 274 266 259 0% 6%
================ ======= =========== =========== =========== =========== =========== ========== ==========
Average
Aggregate
Performance
Fee Eligible
Partner-firm
AuM
** ($bn) 270 265 258 251 236 2% 14%
================ ======= =========== =========== =========== =========== =========== ========== ==========
* All AuM figures are based on a one-period (3-month) lag due to
the timing of the financial information received by the Operator
from the Partner-firms
** Average Aggregate AuM figures represent the twelve month mean
and use the start and each quarter end of the reporting period
adjusted for acquisitions and dispositions where applicable.
*** Percentage change relative to Dec-31-2022
AuM Reconciliation: Aggregate Fee-paying AuM Vs Aggregate
Partner-firm AuM
The below table reconciles Aggregate Fee-paying Partner-firm AuM
to Aggregate Partner-firm AuM as at 31 December 2023, based on a
one-period (3-month) lag:
Q4
============================================ =====
(US$bn unless otherwise indicated) 2023
============================================ =====
Aggregate Fee-paying Partner-firm
AuM ($bn) 221
=================================== ======== =====
AuM not yet paying fees ($bn) 8
=================================== ======== =====
Fee Exempt AuM ($bn) 21
=================================== ======== =====
Investment performance ($bn) 54
=================================== ======== =====
Aggregate Partner-firm AuM ($bn) 304
=================================== ======== =====
The following table reflects the Aggregate Partner-firm AuM and
Aggregate Fee-paying Partner-firm AuM by Asset Class as at 31
December 2023, based on a one-period (3-month) lag:
Asset Class (US$bn unless otherwise AuM Percentage Fee-paying Percentage
indicated) AuM
======================================== ==== =========== =========== ===========
Private equity ($bn) 194 64% 125 57%
============================= ========== ==== =========== =========== ===========
Private credit ($bn) 39 13% 35 16%
============================= ========== ==== =========== =========== ===========
Private real assets ($bn) 44 14% 34 15%
============================= ========== ==== =========== =========== ===========
Absolute return ($bn) 27 9% 27 12%
============================= ========== ==== =========== =========== ===========
Total Current Period ($bn) 304 100% 221 100%
============================= ========== ==== =========== =========== ===========
Contact Information
Please direct any questions to Petershill Partners Investor
Relations, via e-mail, at PHP-Investor-Enquiries@gs.com
Analyst / Investor enquiries:
Gurjit Kambo +44 (0) 207 051 2564
Media enquiries:
Brunswick Group phll@brunswickgroup.com
Simone Selzer +44 (0)207 404 5959
Please note Petershill Partners financial calendar for Q1
2024:
Full year 2023 Preliminary Results Announcement 26 March 2024
ABOUT PETERSHILL PARTNERS
Petershill Partners plc (the "Company" or "Petershill Partners")
and its Subsidiaries (the "Group") is a diversified, global
alternatives investment group focused on private equity and other
private capital strategies. Through our economic interests in a
portfolio of alternative asset management firms ("Partner-firms"),
we provide investors with exposure to the growth and profitability
of the alternative asset management industry. The Company completed
its initial acquisition of the portfolio of Partner-firms on 28
September 2021 and was admitted to listing and trading on the
London Stock Exchange on 1 October 2021 (ticker: PHLL). The Company
is operated by Goldman Sachs Asset Management ("Goldman Sachs" or
the "Operator") and is governed by a diverse and fully independent
Board of Directors (the "Board").
Through our Partner-firms, we have exposure to $304 billion of
total assets under management ("AuM"), comprising a diverse set of
more than 200 long-term private equity and other private capital
funds where capital is typically locked in over a multi-year
horizon. These underlying funds generate recurring management fees
and the opportunity for meaningful profit participation over the
typical 8+ year lifecycles of such funds. We believe our approach
is aligned with the founders and managers of our Partner-firms and,
as a result, allows the Company to participate in these income
streams in a way that provides high-margin, diversified and stable
cash flows for our shareholders.
For more information, visit https://www.petershillpartners.com .
Information on the website is not incorporated by reference into
this press release and is provided merely for convenience.
Key Operating Metrics - Definitions
This document contains certain key operating metrics that are
not defined or recognised under IFRS.
The Operator and the Directors use these key operating metrics
to help evaluate trends, assess the performance of the
Partner-firms and the Company, analyse and test dividends received
from the Partner- firms and inform operating, budgeting and
re-investment decisions. The Directors believe that these metrics,
which present certain operating and other information in respect of
the Partner-firms, provide an enhanced understanding of the
underlying portfolios and performance of the Partner-firms and are
therefore essential to assessing the investments and performance of
the Company.
The key operating metrics described in this section are derived
from financial and other information reported to the Operator by
the Partner-firms. The Operator, with the assistance of an
independent accounting firm, performs due diligence procedures on
the information provided by the Partner-firms. It should be noted,
however, that these due diligence procedures do not constitute an
audit.
In addition, each Partner-firm may account for and define
certain financial and other information differently from one
another. For example, each Partner-firm may calculate its
fee-paying AuM differently, the result of which being that the
inputs of the Company's Aggregate Fee-paying AuM are not
consistently calculated.
Whilst the operating metrics described in this section are
similar to those used by other alternative asset managers, there
are no generally accepted principles governing their calculation,
and the criteria upon which these metrics are based can vary from
firm to firm. These metrics, by themselves, do not provide a
sufficient basis to compare the Partner-firms' or the Company's
performance with that of other companies.
None of Partner Distributable Earnings, Partner FRE, Partner
Realised Performance Revenues or Partner Realised Investment Income
are measures of or provide any indication of profits available for
the purpose of a distribution by the Company within the meaning of
section 830 of the Companies Act 2006, or of any Partner-firm in
accordance with the equivalent applicable rules.
Aggregate Partner-firm AuM
Aggregate Partner-firm AuM is defined as the sum of (a) the net
asset value of the Partner-firms' underlying funds and investment
vehicles, and in most cases includes co-investment vehicles, GP
commitments and other non fee-paying investment vehicles and (b)
uncalled commitments from these entities, as reported by the
Partner-firms to the Operator from time to time and aggregated by
the Operator without material adjustment. This is an aggregated
figure across all Partner-firms and includes Partner-firm AuM
outside of the Company's ownership interest in the
Partner-firms.
The Operator and the Directors consider Aggregate Partner-firm
AuM to be a meaningful measure of the size, scope and composition
of the Partner-firms, as well as of their capital raising
activities. The Operator uses Aggregate Partner-firm AuM to inform
operating, budgeting and re-investment decisions.
Aggregate Fee-paying AuM
Aggregate Fee-paying AuM is defined as the portion of Aggregate
Partner-firm AuM for which Partner-firms are entitled to receive
management fees, as reported by the Partner-firms to the Operator.
The principal difference between Aggregate Fee-paying AuM and
Aggregate Partner-firm AuM is that Aggregate Fee-paying AuM
typically excludes co- investment on which Partner-firms generally
do not charge fees and, to a lesser extent, fund commitments in
Partner-firm funds (i) on which fees are only earned on investment,
rather than from the point of commitment and (ii) where capital has
been raised but fees have not yet been activated. This may also
include legacy assets where fees are no longer being charged.
The Operator and the Directors consider Aggregate Fee-paying AuM
to be a meaningful measure of the Partner-firms' capital base upon
which they earn management fees and use the measure in assessing
the management fee related performance of the Partner-firms and to
inform operating, budgeting and re-investment decisions.
Aggregate Performance Fee Eligible Partner-firm AuM
The amount of Aggregate Partner-firm AuM that is eligible for
carried interest.
AuM and associated data
The data presented in this document for the following key
operating metrics reflects AuM data reported to the Operator on a
three-month lag. This three-month data lag is due to the timing of
the financial information received by the Operator from the
Partner-firms, which generally require at least 90 days following
each period end to present final financial information to the
Operator. The key operating metrics reflected on a three-month lag
are:
-- Aggregate Partner-firm AuM
-- Aggregate Fee-paying Partner-firm AuM
-- Average Aggregate Fee-paying Partner-firm AuM
-- Aggregate Performance Fee Eligible Partner-firm AuM
-- Average Aggregate Performance Fee Eligible Partner-firm AuM
This announcement has been prepared solely to provide additional
information to shareholders and meets the relevant requirements of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority. The announcement should not be relied on by any
other party or for any other purpose.
These written materials are not an offer of securities for sale
in the United States. Securities may not be offered or sold in the
United States absent registration under the US Securities Act of
1933, as amended, or an exemption therefrom. The issuer has not and
does not intend to register any securities under the US Securities
Act of 1933, as amended, and does not intend to offer any
securities to the public in the United States. Any securities of
Petershill Partners plc referred to herein have not been and will
not be registered under the US Investment Company Act of 1940, as
amended, and may not be offered or sold in the United States or to
"U.S. persons" (as defined in Regulation S under the US Securities
Act of 1933, as amended) other than to "qualified purchasers" as
defined in the US Investment Company Act of 1940, as amended. No
money, securities or other consideration from any person inside the
United States is being solicited and, if sent in response to the
information contained in these written materials, will not be
accepted.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that
involve substantial risks and uncertainties. You can identify these
statements by the use of forward-looking terminology such as "may,"
"will," "should," "expect, " "anticipate," "project," "target,"
"estimate," "intend," "continue," or "believe" or the negatives
thereof or other variations thereon or comparable terminology. You
should read statements that contain these words carefully because
they discuss our plans, strategies, prospects and expectations
concerning the business, operating results, financial condition and
other similar matters. These statements represent the Company's
belief regarding future events that, by their nature, are uncertain
and outside of the Company's control. There are likely to be events
in the future, however, that we are not able to predict accurately
or control. Any forward-looking statement made by us in this press
release is based upon information known to the Company on the date
of this press release and speaks only as of such date. Accordingly,
no assurance can be given that any particular expectation will be
met and readers are cautioned not to place undue reliance on
forward looking statements. Additionally, forward looking
statements regarding past trends or activities should not be taken
as a representation that such trends or activities will continue in
the future. Other than in accordance with its legal or regulatory
obligations (including under the UK Listing Rules and the
Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority), the Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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END
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(END) Dow Jones Newswires
January 19, 2024 02:00 ET (07:00 GMT)
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