Petershill Partners PLC on Monday reported the approval of a special dividend as it said profit more than doubled in 2024.
Petershill Partners is a London-based investment group operated by Goldman Sachs Asset Management and focused on private equity and other private capital strategies.
Pretax profit for the firm more than doubled to $965.5 million in 2024 from $397.1 million as total income grew 4.0% to $332.3 million from $319.4 million.
Total movements in financial assets and liabilities held at fair value also more than doubled, moving to $873.6 million from $220.6 million.
Total partner distributable earnings improved 11% to $322.8 million from $292.1 million, and aggregate partner-firm assets under management matched this rise, growing to $337 million from $304 million.
Aggregate fee-paying partner-firm AuM advanced 7.7% to $238 million from $221 million.
Shares in Petershill Partners were down 2.1% at 237.00 pence on Monday morning in London.
Petershill proposed a final dividend of 10.5 cents, up 3.5% from the prior year’s 10.1 cents, lifting the total dividend for the year by 3.3% to 15.5 cents up from 15.0 cents.
The firm also approved its special dividend of 14.0 cents per share, which it said reflects return on the sale of its stake in General Catalyst.
In January, the firm reported the sale of the majority of its stake in General Catalyst for a $726 million consideration.
Looking to 2025, Petershill Partners expects an organic fee-eligible AuM raise of $20 billion to $25 billion, and realisations of $5 billion to $10 billion in fee-paying AuM.
It also expects between $180 million and $210 million full-year partner fee related earnings, noting 2024 pro-forma FRE of $186 million.
It also forecast an 85% to 90% adjusted earnings before interest and tax margin. This compares with 88% for 2024.
Goldman Sachs Petershill Group co-heads Ali Raissi-Dehkordy and Robert Hamilton Kelly said: ‘In 2024 there was positive momentum across the business, and we delivered successfully on our financial and strategic goals. We are pleased with our Partner-firms asset raising meeting or exceeding our guidance for three consecutive years, against three years of lower industry asset raising.
‘Whilst the economic and geopolitical environment remains uncertain, our robust capital raising and dynamic approach to capital allocation underpins our confidence in our strategy and generating strong returns for shareholders.’
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