Petershill Partners PLC on Tuesday raised its guidance for 2024 as its assets under management grew year-on-year.

Petershill Partners is a London-based investment group focused on private equity and other private capital strategies. The firm is operated by Goldman Sachs Asset Management.

In the third-quarter, aggregate partner-firm AUM rose 8% on-year to $328 billion from $303 billion.

Aggregate fee paying partner-firm AUM also rose but by 18% to $233 billion from $197 billion the prior year.

Both measures declined marginally on-quarter by 1% and 2% respectively from $332 billion and $238 billion, impacted by the firm’s sale of its stake in LMR Partners LLP in September for a nominal consideration up to $258 million.

Its shares rose 2.9% to 248.00 pence on Tuesday morning in London.

Partner fee related earnings grew by 7.5% on-year in the third-quarter to $57 million from $53 million as the firm benefitted from a 6.6% increase in net management and advisory fees during the period to $97 million from $91 million the previous year.

The FTSE 250-listed firm raised its full-year expectations, with it now anticipating realisations for 2024 to slightly exceed the previously guided range of between $5 billion and $10 billion in fee-paying AUM.

Organic fee-eligible AUM raise is now expected to be at the top end of the previous guidance between $20 billion and $25 billion.

Petershill reiterated the rest of its 2024 guidance provided at its interim results including between $200million and $230 million in partner fee related earnings for 2024, compared with $203 million realised in 2023.

Partner related earnings of 15%-30% of total partner revenues remained unchanged.

In addition, it forecast an 85% to 90% adjusted earnings before interest and taxes margin.

Managing Directors Ali Raissi-Dehkordy & Robert Hamilton Kelly said: ‘During the first nine months of 2024, we are pleased with our partner-firms’ ability to raise $23 billion of fee eligible assets, despite the slower fund-raising environment.

‘The robust asset raising and growth in fee paying AUM has translated into good growth in fee related earnings during the first nine months of 2024.

‘As we look forward, our partner-firms’ robust capital raising and the company’s dynamic approach to capital allocation underpin our ongoing confidence about our prospects for shareholders.’

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