TIDMPHLL
RNS Number : 0539U
Petershill Partners PLC
21 November 2023
Petershill Partners plc (the "Company" or "Petershill
Partners"), the diversified, global alternatives investment group
focused on private capital strategies, today publishes its Q3
trading update for the quarter ended 30 September 2023
Trading in-line with 2023 expectations
Performance Update
-- Aggregate Partner-firm AuM of US$303bn, increasing 1% during
the quarter and 7% year-over-year.
-- Aggregate Fee-paying Partner-firm AuM of US$197bn, increasing
1% during the quarter and 4% year-over-year.
- Organic gross fee-eligible AuM raise was US$6bn for the
quarter and a total of US$20bn in the first nine months of the
year.
-- In the third quarter, Partner Fee Related Earnings (FRE) were
US$53m, 13% higher than in Q3 2022 and 6% higher than in Q2 2023.
FRE growth reflected Net Management and Advisory Fees of US$91m for
the quarter, 21% higher than in Q3 2022 and 5% higher than in Q2
2023 partially offset by Partner Fee Related Expenses of US$38m,
36% higher than in Q3 2022 and 3% higher than in Q2 2023.
- Management fees for the quarter were US$97m, 17% higher than
in Q3 2022 and 11% higher than in Q2 2023, supported by
approximately US$20bn of Fee-paying AuM switched on during calendar
Q3 2023 which is not yet included in the Q3 2023 Fee-paying AuM on
a 3-month lag basis. There were no Transaction and Advisory Fees in
Q3 2023 compared to US$6m in Q3 2022, and US$5m in Q2 2023, and
Offsets in Q3 2023 were US$(6)m compared to US$(14)m in Q3 2022 and
US$(5)m in Q2 2023.
-- Partner Distributable Earnings in Q3 2023 were US$80m, 16%
higher than in Q3 2022 reflecting higher Partner Fee Related
Earnings (FRE) of US$53m (Q3 2022 US$47m) and Partner Realised
Investment Income of US$13m (Q3 2022 US$6m) with lower Partner
Realised Performance Revenues (PRE) of US$14m, (Q3 2022
US$16m).
-- We re-iterate our 2023 guidance as provided at our interim results on 8 September 2023.
-- The Company as at close 20 Nov 2023 had completed US$22m of
the previously announced US$50m share buyback programme that
commenced on 17 May 2023.
Statement from Ali Raissi-Dehkordy and Robert Hamilton Kelly
"Our Partner-firms continued to experience steady fund-raising
activity with US$20bn of gross fee eligible assets raised
year-to-date. The asset raising highlights the strength of our
Partner-firms given the challenging market backdrop. There are
signs that inflation is moderating and an expectation for rates to
stabilize, but at the same time broader macro uncertainty persists
as we head into the year end. We remain highly selective and
focused on the risk-adjusted outlook for new investments, and we
have made no new investments in 2023. As we look forward, our
diversified business model, healthy cash generation and strong
balance sheet, positions Petershill Partners well to take advantage
of opportunities as they arise."
Review of AuM
All AuM figures are based on a three-month lag due to the timing
of the financial information received by the Operator from the
Partner-firms.
Aggregate Partner-firm AuM
Aggregate Partner-firm AuM grew 1% in the quarter and 7%
year-over-year to US$303bn.
The largest contribution of AuM by a single Partner-firm fund
represented 5% of Aggregate Partner-firm AuM, highlighting the
diversified nature of the Company.
Aggregate Fee-paying Partner-firm AuM
Aggregate Fee-paying Partner-firm AuM grew 1% in the quarter and
4% year-over-year to US$197bn.
A uM at the end of the quarter not yet paying fees was stable
with the previous quarter at US$28bn on a 3-month lag. While AuM
are reported on a 3-month lag, management fees are reported on a
current basis. Management fees were switched on during Q3 2023 for
US$20bn of the US$28bn AuM reported not yet paying fees on a
3-month lag.
The below table reconciles Aggregate Fee-paying Partner-firm AuM
to Aggregate Partner-firm AuM as of 30 September 2023, based on a
one-period (3-month) lag:
Q3
============================================ =====
(US$bn unless otherwise indicated) 2023
============================================ =====
Aggregate Fee-paying Partner-firm
AuM ($bn) 197
=================================== ======== =====
AuM not yet paying fees ($bn) 28
=================================== ======== =====
Fee Exempt AuM ($bn) 22
=================================== ======== =====
Investment performance ($bn) 56
=================================== ======== =====
Aggregate Partner-firm AuM ($bn) 303
=================================== ======== =====
The table below shows the changes in Aggregate Partner-firm AuM
and Aggregate Fee-paying Partner-firm AuM for both the quarter and
the nine months ended 30 September 2023, based on a one-period
(3-month) lag:
Quarter ended Nine months
30 September ended
30 September
======================================== ================= ==================
(US$bn unless otherwise indicated) AuM Fee-paying AuM Fee-paying
AuM AuM
======================================== ==== =========== ===== ===========
Aggregate AuM Prior Period ($bn) 300 196 283 194
=============================== ======== ==== =========== ===== ===========
Inflows ($bn) 7 5 30 8
=============================== ======== ==== =========== ===== ===========
Realisations ($bn) (3) (2) (13) (6)
=============================== ======== ==== =========== ===== ===========
Investment performance ($bn) (1) (2) 3 1
=============================== ======== ==== =========== ===== ===========
M&A ($bn) - - - -
=============================== ======= ==== =========== ===== ===========
Aggregate AuM Current Period ($bn) 303 197 303 197
=============================== ======== ==== =========== ===== ===========
Private markets represent the majority of AuM. The following
table reflects the Aggregate Partner-firm AuM and Aggregate
Fee-paying Partner-firm AuM by Asset Class as of 30 September 2023,
based on a one-period (3-month) lag:
Asset Class (US$bn unless AuM Percentage Fee-paying Percentage
otherwise AuM
indicated)
============================= ========================================= =========== =============== ===========
Private equity ($bn) 194 64% 104 53%
================== ========== ========================================= =========== =============== ===========
Private credit ($bn) 36 12% 32 16%
================== ========== ========================================= =========== =============== ===========
Private real
assets ($bn) 46 15% 34 17%
================== ========== ========================================= =========== =============== ===========
Absolute return ($bn) 27 9% 27 14%
================== ========== ========================================= =========== =============== ===========
Total Current
Period ($bn) 303 100% 197 100%
================== ========== ========================================= =========== =============== ===========
2023 Guidance
-- US$20-US$25bn organic fee-eligible AuM raise and realisations
of US$5-US$10bn in fee-paying AuM.
-- US$190-US$210m full year Partner FRE.
-- Partner Realised PRE expected to be below medium-term
guidance of 20% - 30% of total Partner Revenues for full year.
-- Acquisitions in 2023 expected to be at or below the bottom
end of the medium-term range of US$100 - US$300m per annum as we
continue to remain selective on M&A.
-- 85-90% Company Adjusted EBIT margin.
Details of investor and analyst conference call
There will be a conference call for investors and analysts at
9.00am GMT today hosted by Ali Raissi-Dehkordy and Adam Van De
Berghe to discuss the Q3 2023 Trading Update, followed by a Q&A
session.
All interested parties are invited to participate via telephone
or the audio webcast. Please click here to access the webcast.
Conference Call Information:
Domestic: +44(0)330-165-3657
Domestic Freephone 0800 279 6843
International: +1-929-477-0492
International Tollfree 888-596-2629
Conference ID: 1772166
All participants are asked to dial in approximately 10-15
minutes prior to the call, referencing "Petershill Partners" when
prompted.
Replay Information:
An archived replay of the call will be available on the webcast
link.
Please direct any questions regarding obtaining access to the
conference call to Petershill Partners Investor Relations, via
e-mail, at PHP-Investor-Enquiries@gs.com
Petershill Partners will provide a Q4 2023 AuM update on 19
January 2024
Analyst / Investor enquiries:
Gurjit Kambo (Head of Investor Relations) +44 (0)207 051 2564
Media enquiries:
Brunswick Group phll@brunswickgroup.com
Simone Selzer +44 (0)207 404 5959
The conference call will not be open to investors located in the
United States or to "U.S. persons" as defined in Regulation S under
the US Securities Act of 1933, as amended, (Regulation S) except to
"qualified purchasers" as defined in the US Investment Company Act
of 1940, as amended (the Investment Company Act). In addition, the
conference call will not be open to persons located in or resident
of any jurisdiction where to do so would constitute a violation of
the relevant laws of such jurisdiction. By attending the conference
call, you represent to being (i) (a) outside the United States and
not a "U.S. person" as defined in Regulation S or (b) a "qualified
purchaser" as defined in the Investment Company Act, and (ii) not
located in or resident of any jurisdiction where to do so would
constitute a violation of the relevant laws of such
jurisdiction.
ABOUT PETERSHILL PARTNERS
Petershill Partners plc (the "Company" or "Petershill Partners")
and its Subsidiaries (the "Group") is a diversified, global
alternatives investment group focused on private equity and other
private capital strategies. Through our economic interests in 25
alternative asset management firms ("Partner-firms"), we provide
investors with exposure to the growth and profitability of the
alternative asset management industry. The Company completed its
initial acquisition of the portfolio of Partner-firms on 28
September 2021 and was admitted to listing and trading on the
London Stock Exchange on 1 October 2021 (ticker: PHLL). The Company
is operated by Goldman Sachs Asset Management ("Goldman Sachs" or
the "Operator") and is governed by a diverse and fully independent
Board of Directors (the "Board").
Through our Partner-firms, we have exposure to $303 billion of
total assets under management ("AuM"), comprising a diverse set of
more than 200 long-term private equity and other private capital
funds where capital is typically locked in over a multi-year
horizon. These underlying funds generate recurring management fees
and the opportunity for meaningful profit participation over the
typical 8+ year lifecycles of such funds. We believe our approach
is aligned with the founders and managers of our Partner-firms and,
as a result, allows the Company to participate in these income
streams in a way that provides high-margin, diversified and stable
cash flows for our shareholders.
For more information, visit https://www.petershillpartners.com .
Information on the website is not incorporated by reference into
this press release and is provided merely for convenience.
Appendix
--------
AuM and FP AuM*
Q3 YTD*** LTM
Q-on-Q
============= ====== =========== =========== =========== =========== =========== ========== ========== ==========
(US$bn, Sep-30-2023 Jun-30-2023 Mar-31-2023 Dec-31-2022 Sep-30-2022 (<DELTA>%) (<DELTA>%) (<DELTA>%)
unless
otherwise
indicated)
============= ====== =========== =========== =========== =========== =========== ========== ========== ==========
Aggregate
Partner-firm
AuM ($bn) 303 300 290 283 282 1% 7% 7%
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
Aggregate
Fee-paying
Partner-firm
AuM ($bn) 197 196 195 194 189 1% 2% 4%
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
Average
Aggregate
Fee-paying
Partner-firm
AuM ** ($bn) 193 190 188 178 169 2% 8% 14%
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
Aggregate
Performance
Fee Eligible
Partner-firm
AuM ($bn) 276 274 266 259 256 1% 7% 8%
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
Average
Aggregate
Performance
Fee Eligible
Partner-firm
AuM
** ($bn) 265 258 251 236 220 3% 12% 20%
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
Additional
Metrics
============= ====== =========== =========== =========== =========== =========== ========== ========== ==========
Partner
Private
Markets
Accrued
Carried
Interest ($m) 613 608 600 611 644 1% 0% (5%)
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
Investment
capital ($m) 398 398 383 383 398 0% 4% 0%
============= ======= =========== =========== =========== =========== =========== ========== ========== ==========
*All AuM figures are based on a one-period (3-month) lag due to
the timing of the financial information received by the Operator
from the Partner-firms.
** Average Aggregate AuM figures represent the twelve month mean
and use the start and each quarter end of the reporting period
adjusted for acquisitions and dispositions where applicable.
*** Percentage change relative to Dec-31-2022.
Key Operating Metrics - Definitions
This document contains certain key operating metrics that are
not defined or recognised under IFRS.
The Operator and the Directors use these key operating metrics
to help evaluate trends, assess the performance of the
Partner-firms and the Company, analyse and test dividends received
from the Partner- firms and inform operating, budgeting and
re-investment decisions. The Directors believe that these metrics,
which present certain operating and other information in respect of
the Partner-firms, provide an enhanced understanding of the
underlying portfolios and performance of the Partner-firms and are
therefore essential to assessing the investments and performance of
the Company.
The key operating metrics described in this section are derived
from financial and other information reported to the Operator by
the Partner-firms. The Operator, with the assistance of an
independent accounting firm, performs due diligence procedures on
the information provided by the Partner-firms. It should be noted,
however, that these due diligence procedures do not constitute an
audit.
In addition, each Partner-firm may account for and define
certain financial and other information differently from one
another. For example, each Partner-firm may calculate its
fee-paying AuM differently, the result of which being that the
inputs of the Company's Aggregate FP AuM are not consistently
calculated.
Whilst the operating metrics described in this section are
similar to those used by other alternative asset managers, there
are no generally accepted principles governing their calculation,
and the criteria upon which these metrics are based can vary from
firm to firm. These metrics, by themselves, do not provide a
sufficient basis to compare the Partner-firms' or the Company's
performance with that of other companies.
None of Partner Distributable Earnings, Partner FRE, Partner
Realised Performance Revenues or Partner Realised Investment Income
are measures of or provide any indication of profits available for
the purpose of a distribution by the Company within the meaning of
section 830 of the Companies Act 2006, or of any Partner-firm in
accordance with the equivalent applicable rules.
Aggregate Partner-firm AuM
Aggregate Partner-firm AuM is defined as the sum of (a) the net
asset value of the Partner-firms' underlying funds and investment
vehicles, and in most cases includes co-investment vehicles, GP
commitments and other non-fee paying investment vehicles and (b)
uncalled commitments from these entities, as reported by the
Partner-firms to the Operator from time to time and aggregated by
the Operator without material adjustment. This is an aggregated
figure across all Partner-firms and includes Partner-firm AuM
outside of the Company's ownership interest in the
Partner-firms.
The Operator and the Directors consider Aggregate Partner-firm
AuM to be a meaningful measure of the size, scope and composition
of the Partner-firms, as well as of their capital raising
activities. The Operator uses Aggregate Partner-firm AuM to inform
operating, budgeting and re-investment decisions.
Aggregate Fee-paying Partner-firm AuM
Aggregate Fee-paying AuM is defined as the portion of Aggregate
Partner-firm AuM for which Partner-firms are entitled to receive
management fees, as reported by the Partner-firms to the Operator.
The principal difference between Aggregate FP AuM and Aggregate
Partner-firm AuM is that Aggregate FP AuM typically excludes co-
investment on which Partner-firms generally do not charge fees and,
to a lesser extent, fund commitments in Partner-firm funds (i) on
which fees are only earned on investment, rather than from the
point of commitment and (ii) where capital has been raised but fees
have not yet been activated. This may also include legacy assets
where fees are no longer being charged.
The Operator and the Directors consider Aggregate Fee-paying AuM
to be a meaningful measure of the Partner-firms' capital base upon
which they earn management fees and use the measure in assessing
the management fee related performance of the Partner-firms and to
inform operating, budgeting and re-investment decisions.
Aggregate Performance Fee Eligible Partner-firm AuM
The amount of Aggregate Partner-firm AuM that is eligible for
carried interest.
Partner Net Management and Advisory Fees
Partner Net Management and Advisory Fees is defined as the
Company's aggregate proportionate share of the Partner-firms' net
management fees (as reported by the Partner-firms to the Operator),
including monitoring and advisory fees, payable by the
Partner-firms' funds to their respective Partner-firms for the
provision of investment management and advisory services.
The Operator and the Directors consider Partner Net Management
and Advisory Fees to be a meaningful measure of the management
fee-related performance of the Partner-firms, and the Operator uses
this metric to analyse and test income received from the
Partner-firms and to inform operating, budgeting and re-investment
decisions.
Partner Fee Related Earnings (FRE)
P artner FRE is defined as Partner Net Management and Advisory
Fees, less the Partner-firms' operating expenses and fixed and
bonus compensation (but not performance fee-related expenses)
allocable to the Company's share of Partner Net Management and
Advisory Fees, as reported by the Partner-firms to the Operator,
and subject to applicable contractual margin protections in respect
of certain Partner-firms.
The Operator and the Directors consider Partner FRE to be a
meaningful measure of the management fee-related earnings of the
Partner-firms and key performance indicator of the Company's income
from investments in management companies derived from management
fee income. The Operator uses this metric to analyse and test
dividends received from the Partner-firms, as well as to inform
operating, budgeting and re-investment decisions.
Partner Realised Performance Revenues
Partner Realised Performance Revenues is defined as the
Company's aggregate proportionate share of the Partner-firms'
realised carried interest allocations and incentive fees payable by
the Partner-firms' funds to their respective Partner-firms, less
any realised performance fee-related expenses of the Partner-firms
allocable to the Company's share of performance fee-related
revenues, as reported by the Partner-firms to the Operator.
The Company's share of the Partner-firms' performance
fee-related earnings will be lower than its share of the
Partner-firms' management fee-related earnings because the
Company's ownership stake in the Partner-firms' performance
fee-related earnings is lower than its ownership stake in the
Partner-firms' management fee-related earnings.
The Operator and the Directors consider Partner Realised
Performance Revenues to be a meaningful measure of the performance
fee-related earnings of the Partner-firms and key performance
indicator of the Company's income from investments in management
companies derived from performance fee income. The Operator uses
this metric to analyse and test dividends received from the
Partner-firms, as well as to inform operating, budgeting and
re-investment decisions.
Partner Realised Investment Income
Partner Realised Investment Income is defined as the Company's
aggregate proportionate share of Partner-firm earnings resulting
from the realised gains and losses or any distributed income from
the investments held on Partner-firms' balance sheets, as reported
by the Partner-firms to the Operator. Partner Realised Investment
Income is also realised by the Company through a limited number of
direct stakes in certain Partner-firms' funds. Realised Investment
Income includes income that has been realised but not yet paid, as
well as amounts that are realised and either fully or partially
reinvested.
The Company's share of the Partner-firms' investment and balance
sheet income will be lower than its share of the Partner-firms'
management fee-related earnings because the Company's ownership
stake in the Partner-firms' investment and balance sheet income is
lower than its ownership stake in the Partner-firms' management
fee-related earnings.
The Operator and the Directors consider Partner Realised
Investment Income to be a meaningful measure of the investment
performance of certain assets held by the Partner-firms and key
performance indicator of the Company's income from investments in
management companies derived from investment income. The Operator
uses this metric to analyse and test dividends received from the
Partner-firms, as well as to inform operating, budgeting and
re-investment decisions.
Partner Distributable Earnings and Partner Distributable
Earnings Margin
Partner Distributable Earnings is defined as the sum of Partner
FRE, Partner Realised Performance Revenues and Partner Realised
Investment Income. Partner Distributable Earnings Margin is defined
as Partner Distributable Earnings divided by the sum of Partner Net
Management and Advisory Fees, Partner Realised Performance Revenues
and Partner Realised Investment Income.
The Operator and the Directors consider Partner Distributable
Earnings and Partner Distributable Earnings Margin to be meaningful
measures of the overall performance of the Partner-firms and key
performance indicators of the Company's total income from
investments in management companies. The Operator uses this metric
to analyse and test dividends received from the Partner-firms, as
well as to inform operating, budgeting and re-investment decisions.
These measures reflect any contractual margin protections or
revenue share interests that the Company may have with the
Partner-firms, which means that the Partner Distributable Earnings
Margin may differ from the margins achieved by other shareholders
or partners of the Partner-firms.
Partner Revenues
Partner Revenues is defined as the sum of Partner Net Management
and Advisory Fees, Partner Realised Performance Revenues and
Partner Realised Investment Income.
The Operator and the Directors consider Partner Revenues to be a
meaningful measure of the overall performance of the Partner-firms.
The Operator uses this metric to inform operating, budgeting and
re- investment decisions.
Partner Private Markets Accrued Carried Interest
Partner Private Markets Accrued Carried Interest is defined as
the Company's proportionate share of the Partner-firms' balance
sheet accrued carry (as reported by the Partner-firms to the
Operator) and represents the Company's proportionate share of the
accumulated balance of unrealised profits from the Partner-firms'
funds.
The Operator and the Directors consider Partner Accrued Carried
Interest to be a meaningful measure of the performance of the
private markets Partner-firms and potential future private markets
Partner Realised Performance Revenues. Absolute return performance
fees are not accrued and are instead realised annually. The
Operator uses Partner Accrued Carried Interest to assess future
expected carried interest payments and inform operating, budgeting
and re-investment decisions. This key operating metric reflects
data reported to the Operator on a three-month lag.
Investment Capital
Investment Capital is defined as the sum of the reported value
of the balance sheet investments from the Partner-firms. The
Operator and the Directors consider Investment Capital to be a
meaningful measure of the performance of the Partner-firms' balance
sheet investments and potential future Partner Realised Investment
Income. The Operator therefore uses Investment Capital to assess
future expected Partner Realised Investment Income and inform
operating, budgeting and re-investment decisions.
AuM and associated data
The data presented in this document for the following key
operating metrics reflects AuM data reported to the Operator on a
three-month lag. This three-month data lag is due to the timing of
the financial information received by the Operator from the
Partner-firms, which generally require at least 90 days following
each period end to present final financial information to the
Operator. The key operating metrics reflected on a three-month lag
are:
-- Aggregate Partner-firm AuM
-- Aggregate FP Partner-firm AuM
-- Average Aggregate FP Partner-firm AuM
-- Aggregate Performance Fee Eligible Partner-firm AuM
-- Average Aggregate Performance Fee Eligible Partner-firm AuM
-- Partner Private Markets Accrued Carried Interest
-- Investment Capital
In respect of Investment Capital, the data may be adjusted for
any known valuation impacts following the reporting date of the
information received from the Partner-firms.
This announcement has been prepared solely to provide additional
information to shareholders and meets the relevant requirements of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority. The announcement should not be relied on by any
other party or for any other purpose.
These written materials are not an offer of securities for sale
in the United States. Securities may not be offered or sold in the
United States absent registration under the US Securities Act of
1933, as amended, or an exemption therefrom. The issuer has not and
does not intend to register any securities under the US Securities
Act of 1933, as amended, and does not intend to offer any
securities to the public in the United States. Any securities of
Petershill Partners plc referred to herein have not been and will
not be registered under the US Investment Company Act of 1940, as
amended, and may not be offered or sold in the United States or to
"U.S. persons" (as defined in Regulation S under the US Securities
Act of 1933, as amended) other than to "qualified purchasers" as
defined in the US Investment Company Act of 1940, as amended. No
money, securities or other consideration from any person inside the
United States is being solicited and, if sent in response to the
information contained in these written materials, will not be
accepted.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that
involve substantial risks and uncertainties. You can identify these
statements by the use of forward-looking terminology such as "may,"
"will," "should," "expect, " "anticipate," "project," "target,"
"estimate," "intend," "continue," or "believe" or the negatives
thereof or other variations thereon or comparable terminology. You
should read statements that contain these words carefully because
they discuss our plans, strategies, prospects and expectations
concerning the business, operating results, financial condition and
other similar matters. These statements represent the Company's
belief regarding future events that, by their nature, are uncertain
and outside of the Company's control. There are likely to be events
in the future, however, that we are not able to predict accurately
or control. Any forward-looking statement made by us in this press
release is based upon information known to the Company on the date
of this press release and speaks only as of such date. Accordingly,
no assurance can be given that any particular expectation will be
met and readers are cautioned not to place undue reliance on
forward looking statements. Additionally, forward looking
statements regarding past trends or activities should not be taken
as a representation that such trends or activities will continue in
the future. Other than in accordance with its legal or regulatory
obligations (including under the UK Listing Rules and the
Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority), the Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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END
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