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Petershill Partners (PHLL) investor relations material
Petershill Partners H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary25 Sep, 2025
Executive summary
Announced a proposal to return $4.202 (420.2 cents) per share to free-float shareholders, including a $4.15 capital return and $0.052 interim dividend, with plans to delist and re-register as a private company, subject to shareholder and court approval.
The proposal offers a 35% premium to the prior closing price and a 41% premium to the six-month average, but a 10.6% discount to book value.
Rationale for delisting includes persistent valuation discount, low liquidity, and strong operating performance, with Goldman Sachs-managed funds to own 100% post-transaction.
Shareholder vote is scheduled for November, with delisting and cash settlement expected in December if approved; all resolutions are inter-conditional and require high approval thresholds.
Major portfolio actions included the sale of General Catalyst for $726m, acquisition of Frazier Healthcare Partners for $330m, and post-period disposal of Harvest Partners for $561m.
Financial highlights
Adjusted earnings per share rose 34% year-over-year to 11.4 cents, with adjusted profit after tax at $124m and adjusted EBIT at $167m (89% margin).
Fee-paying AUM grew 3% year-over-year to $245bn; total AUM reached $351bn, up 6%.
Partner Fee-Related Earnings (FRE) were $99m (56% margin), down 12% YoY, but up 14% on a pro forma basis; Partner Realised Performance Revenues (PRE) surged 142% YoY to $46m.
Free cash flow conversion was 112% in 1H 2025.
Dividend per share for 1H 2025 was 5.2 cents.
Outlook and guidance
Financial guidance for 2025 remains unchanged, with $20–25bn organic fee-eligible AUM raise, $5–10bn realisations, and $180–210m full-year Partner FRE.
PRE is tracking within the guidance range of 15% to 30% of total Partner Revenues for 2025.
Adjusted EBIT margin guidance is 85–90%.
Detail capital return funding & covenant impact
Impact of lower valuation multiples on investments?
Explain ownership-weighted AuM decline
Primary driver of persistent valuation discount?
Why was selling assets to another aggregator not viable?
How do private fund investors view this proposal?
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Next Petershill Partners earnings date
H2 202530 Mar, 2026
Next Petershill Partners earnings date
H2 202530 Mar, 2026
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Frequently asked questions
Petershill Partners PLC is a diversified global alternatives investment group based in the United Kingdom. The company specializes in private equity and other private capital strategies, providing investors with exposure to the growth and profitability of the alternative asset management industry. Petershill Partners operates by acquiring economic interests in a portfolio of partner firms, thereby offering its investors a unique entry point into the alternative investments sector. With a focus on long-term, value-added investment strategies, the company aims to leverage the expertise and market positioning of its partner firms to generate sustainable returns. Petershill Partners PLC is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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