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Petershill Partners
Petershill Partners operates as a sophisticated alternative asset management platform that provides institutional quality exposure to leading private capital firms through a unique GP stakes investment model. Originally incubated within Goldman Sachs in 2007, the firm executed a London Stock Exchange IPO in October 2021.
Year
2025
Industry
Software
Time Spent
50+ hours
Services
Visual Design
Branding
Website
Problem
Petershill
Partners
operates
as
a
sophisticated
alternative
asset
management
platform
that
provides
institutional
quality
exposure
to
leading
private
capital
firms
through
a
unique
GP
stakes
investment
model.
Originally
incubated
within
Goldman
Sachs
in
2007,
the
firm
executed
a
London
Stock
Exchange
IPO
in
October
2021,
establishing
itself
as
a
permanent
capital
vehicle
with
significant
institutional
backing.
Its
corporate
structure
us
fabricated
through
their
1)
listed
platform,
providing
liquid
access
to
traditionally
illiquid
private
market
economies,
2)
Goldman
Sachs
integration,
operates
under
GS
Asset
Management,
leveraging
institutional
grade
operational
infrastructure,
3)
Permanent
Capital
Vehicle,
$304
billion
in
aggregate
partner
firm
assets
under
management
across
20+
partner
firms.
Solution
GP
Stakes
investing
exploits
a
fundamental
market
inefficiency
that
underlies
through
its
persistent
valuation
discount
between
private
and
public
asset
management
companies
with
public
asset
managers
trading
at
15-25x
earnings
multiples
and
private
fund
managers
in
GP
stakes
transactions
consistently
priced
at
8-12x
earnings,
representing
a
40-60%
valuation
gap
that
reflects
liquidity
premiums
rather
than
fundamental
business
quality
differences.
The
structural
opportunity
emerges
from
three
converging
market
forces:
1)
accelerating
institutional
allocation
to
alternatives
(23%
currently,
targeting
30%
by
2028)
2)
regularity
driven
banking
retreat
creating
$450B
+
annual
private
credit
opportunities
and
further
supply
constraints
in
the
GP
stakes
market
with
only
~40
institutional
quality
participants
globally.
To
translate
this
into
earnings,
we
use
a
regime
switching
revenue
framework
that
couples
a
stable
fee
paying
AUM
engine
(FRE)
with
a
performance
overlay
(PRE)
that
shifts
between
realization
off
and
realization
on.
Under
a
base
layout,
this
translates
into
mid-$90s
to
low-$100s
million
of
Partner
Distributable
Earnings
per
quarter
over
the
next
year,
with
downside
buffered
by
FRE
and
upside
convexity
when
the
realization
layout
restructures.
Solution
GP
Stakes
investing
exploits
a
fundamental
market
inefficiency
that
underlies
through
its
persistent
valuation
discount
between
private
and
public
asset
management
companies
with
public
asset
managers
trading
at
15-25x
earnings
multiples
and
private
fund
managers
in
GP
stakes
transactions
consistently
priced
at
8-12x
earnings,
representing
a
40-60%
valuation
gap
that
reflects
liquidity
premiums
rather
than
fundamental
business
quality
differences.
The
structural
opportunity
emerges
from
three
converging
market
forces:
1)
accelerating
institutional
allocation
to
alternatives
(23%
currently,
targeting
30%
by
2028)
2)
regularity
driven
banking
retreat
creating
$450B
+
annual
private
credit
opportunities
and
further
supply
constraints
in
the
GP
stakes
market
with
only
~40
institutional
quality
participants
globally.
To
translate
this
into
earnings,
we
use
a
regime
switching
revenue
framework
that
couples
a
stable
fee
paying
AUM
engine
(FRE)
with
a
performance
overlay
(PRE)
that
shifts
between
realization
off
and
realization
on.
Under
a
base
layout,
this
translates
into
mid-$90s
to
low-$100s
million
of
Partner
Distributable
Earnings
per
quarter
over
the
next
year,
with
downside
buffered
by
FRE
and
upside
convexity
when
the
realization
layout
restructures.
Solution
