Petershill Partners reports solid profit growth, upbeat outlook

(Sharecast News) - Petershill Partners has unveiled another special dividend payment after a solid increase in profits in 2024, as the private equity group painted a confident outlook for future shareholder returns. The company, which was established by Goldman Sachs back in 2007, said it would return a further $151m to shareholders through a 14 cents-per-share special dividend, reflecting the gains made on the sale of its stake in venture capital firm General Catalyst announced in January.

The payment follows two special dividend payments worth a total of $287m in respect of 2024, which when combined with an interim and final dividend, tender offer and buyback, took the total capital return for the financial year to $563m.

Adjusted pre-tax profit rose to $216m in 2024, up from $200m in 2023, with total income up to $332.3m from $319.4m, helped by double-digit growth in parter fee-related earnings.

Aggregate partner-firm assets under management rose 11% over the year to $337bn.

"In 2024 there was positive momentum across the business, and we delivered successfully on our financial and strategic goals," said Ali Raissi-Dehkordy and Robert Hamilton Kelly, co-heads of Goldman Sachs Petershill Group.

"We are pleased with our Partner-firms asset raising meeting or exceeding our guidance for three consecutive years, against three years of lower industry asset raising."

Looking ahead, the company said that, despite the uncertain geopolitical and economic environment, "our robust capital raising and dynamic approach to capital allocation underpins our confidence in our strategy and generating strong returns for shareholders".

Shares were down around 3.4% at 233.85p by 1110 GMT, having jumped by around a quarter over the past 12 months..