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Petershill Partners (PHLL) investor relations material
Petershill Partners Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary25 Nov, 2025
Executive summary
Aggregate Partner-firm AuM stood at $344bn, down 2% in Q3 but up 5% year-over-year.
Aggregate Fee-paying Partner-firm AuM was $240bn, down 2% in Q3 and up 3% year-over-year.
Organic gross Fee-eligible AuM raised was $7bn for Q3 and $26bn year-to-date, surpassing 2025 guidance.
Completed the sale of Harvest Partners for $561m and acquired a follow-on stake in STG Partners for $158m.
Announced agreement to sell majority of non-controlling equity stake in Industry Ventures for up to $237m.
Financial highlights
Q3 2025 Partner Fee-Related Earnings (FRE) were $54m, 5% lower than Q3 2024; Net Management and Advisory Fees were $95m, 2% lower year-over-year.
Adjusted for disposals, FRE increased 26% and Net Management and Advisory Fees increased 29% year-over-year.
Management fees in Q3 2025 were $97m, up 1% year-over-year; adjusted for disposals, up 29%.
Partner Realised Performance Revenues (PRE) were $24m, compared to $23m in Q3 2024.
Partner Distributable Earnings were $81m, 10% lower year-over-year; adjusted for disposals, up 20%.
Outlook and guidance
2025 guidance unchanged: $20bn–$25bn organic Fee-eligible AuM raise, $5bn–$10bn realisations in Fee-paying AuM.
Full year Partner FRE expected at $180m–$210m; 2024 pro-forma FRE was $186m.
PRE expected at 15%–30% of total Partner Revenues.
Acquisitions in 2025 anticipated to exceed medium-term range of $100m–$300m per annum.
Adjusted EBIT margin expected at 85%–90%.
Post-delisting capital structure changes
Strategic rationale for recent divestitures
Drivers of future fee-paying AuM growth
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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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