Petershill Partners reports significant progress in first half

Alternatives investment group Petershill Partners reported significant progress in its portfolio in a first-half update on Friday, achieving impressive milestones in assets under management growth.

The FTSE 250 company said that during the second quarter ended 30 June, it saw a 3% increase in aggregate partner-firm assets under management, reaching $300bn.

Over the same period, aggregate fee-paying partner-firm assets under management grew 1% to reach $196bn.

The figures indicated a year-on-year growth rate of 13% and 7%, respectively.

Petershill also reported organic gross fee-eligible assets under management growth, raising $8bn during the second quarter and a total of $14bn in the first half of the year.

Despite a slightly softened market environment for fundraising, the firm said it remained confident in meeting its full-year guidance for organic gross fee-eligible assets under management, aiming for between $20bn and $25bn.

Partner firms under Petershill's management also experienced noteworthy inflows of $1bn in fee-paying assets under management during the second quarter, contributing to a total of $3bn in the first half.

Additionally, partner firms achieved $1bn in realisations of fee-paying assets under management during the second quarter, making for a total of $4bn in the first six months of the year.

The board said the strong investment performance of partner-firm funds played a pivotal role in driving growth in fee-paying partner-firm assets under management, contributing an additional $1bn during the second quarter and $3bn in total for the first half of 2023.

“As at 30 June, partner-firms had $28bn of assets under management which is not yet paying fees, up from $17bn as at 31 December,” the board said in its statement.

Reporting by Josh White for Sharecast.com.