Petershill Partners (PHLL) investor relations material

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%.