Petershill Partners sees 'strong' fundraising activity in Q3

Investment firm Petershill Partners said on Tuesday that it had seen "strong" fundraising activity amid a "challenging environment" during the third quarter.

Petershill raised $55.0bn in gross fee-eligible assets under management year-to-date, ahead of updated guidance of $50.0bn, demonstrating its partner firms' "robust fundraising ability" and development in its future fee base.

Aggregate partner-firm assets under management rose 6% in the quarter to $282.0bn, up 39% in the last twelve months, while aggregate fee-paying partner-firm AuM increased 3% quarter-on-quarter to $189.0bn, up 30% year-on-year. For the last twelve months, partner fee-related earnings were flat at $208.0m.

Petershill also highlighted that it had successfully completed three acquisitions during the quarter but noted that it remains "highly selective and focussed" on the risk-adjusted outlook for new investments.

"Our diversified business model, healthy cash generation, and strong balance sheet, means that Petershill Partners is well positioned to continue to navigate the uncertain market backdrop," said the co-heads of the GSAM Petershill Business.

As of 0955 GMT, Petershill shares were down 2.34% at 191.60p.

Reporting by Iain Gilbert at Sharecast.com