Petershill Partners plc
("Petershill Partners"), the diversified, global alternatives
investment group focused on private capital strategies, today
announces the partial sale of its stake in Accel-KKR ("AKKR") and a
special dividend payment of 17.5 cents (USD) per
share
Highlights
· Petershill Partners
has completed a partial sale of its stake in AKKR, consisting of
the entirety of its balance sheet investment capital in AKKR funds
and a small portion of its interests in AKKR management fee
earnings ("FRE") and performance related earnings ("PRE"). The
total nominal consideration of $282 million consists of $196
million cash payments to be paid within three months of close and
the remaining $86 million to be paid in cash within the next 12
months. The carrying value of the interests being sold was $253
million as at 30 June 2024.
·
Following the transaction,
Petershill Partners will continue to retain the majority of its
original FRE and PRE interests in AKKR and will remain well aligned
with AKKR in the future.
· The transaction is consistent with Petershill Partners'
strategic focus towards increasing the proportion of management
fee-centric earnings and demonstrates the ability to exit positions
or partial positions at attractive valuations relative to the
carrying value.
·
The sale will reduce Petershill
Partners' aggregate holdings of investment capital in the balance
sheet or funds of Partner-firms by $155 million from $398 million
at 30 June 2024, with a small portion of FRE and PRE also being
sold. The pro-forma ownership weighted fee-paying AuM for
Petershill Partners is expected to decline by around $0.4
billion.
·
Petershill Partners does not
anticipate any change to its full year 2024 guidance in connection
to the sale.
· During 2024, the aggregate nominal consideration due from
sales of stakes in Partner-firms has amounted to $575 million
relative to a carrying value of assets disposed of $483 million, a
premium of approximately 19%.
·
Petershill Partners also
announces a special dividend of 17.5 cents (USD) per share,
equivalent to $189 million, reflecting the return to shareholders
of the majority of the cash payments relating to the sale and paid
within three months of close. The Board will consider how
best to deploy the deferred proceeds from this sale, and the
proceeds of any future sales, in the light of prevailing market
conditions and the pipeline of potential new investments at the
time.
Ali
Raissi-Dehkordy and Robert Hamilton Kelly, Co-Heads of the
Petershill Business within Goldman Sachs Asset & Wealth
Management commented:
"This transaction is consistent with
our strategy of focusing on high quality management fee centric
earnings while also demonstrating our ability to realise assets at
attractive valuations relative to their holding values. AKKR is an
exceptional firm, and we look forward to continuing to work
together with our partners there".
Special Dividend
· The Board has
approved a special dividend payment of 17.5 cents (USD) per share,
payable on 20 December 2024 to shareholders on the register as at
close of business on 22 November 2024, with an ex-dividend date of
21 November 2024. Shareholders should note that the default payment
currency is USD, however, shareholders can elect to have their
dividends paid in either GBP or EUR. The last day for
currency elections to be registered is 6 December 2024.
Currency elections should be submitted via CREST in the usual
manner.
ABOUT PETERSHILL PARTNERS
Petershill Partners and its
subsidiaries is a diversified, publicly listed, global alternatives
investment group focused on private equity and other private
capital strategies. Through its economic interests in a portfolio
of alternative asset management firms ("Partner-firms"), Petershill
Partners provides investors with exposure to the growth and
profitability of the alternative asset management industry.
Petershill Partners is operated by Goldman Sachs Asset Management
and is governed by a diverse and fully independent Board of
Directors (the "Board").
Through our Partner-firms, we have
exposure to $332 billion of total assets under management ("AuM")
as at 30 June 2024, comprising a diverse set of more than 232
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. Petershill Partners believes its
approach is aligned with the founders and managers of its
Partner-firms and, as a result, allows Petershill Partners to
participate in these income streams in a way that provides
high-margin, diversified and stable cash flows for its
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.
ISIN: GB00BL9ZF303
ABOUT Accel-KKR
AKKR was founded in 2000 and is a
technology-focused investment firm with $21 billion in cumulative
commitments. AKKR focuses on middle-market companies and provides a
range of capital solutions from minority-growth investments to
buyouts, recapitalizations, divisional carve-outs and going-private
transactions.
For more information, visit
https://www.accel-kkr.com/
Contact Information
Please direct any questions to
Petershill Partners Investor Relations, via e-mail, at
PHP-Investor-Enquiries@gs.com
Analyst / Investor enquiries:
|
Gurjit Kambo
|
|
+44 (0)
207 051 2564
|
Media enquiries:
Please note Petershill Partners
financial calendar for the remainder of 2024:
|
Q3 Trading Update to 30 September
2024
|
|
19
November 2024
|
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
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solicited and, if sent in response to the information contained in
these written materials, will not be accepted.
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