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LONDON (Reuters) - Petershill Partners, the London-listed investment firm operated by Goldman Sachs, unveiled a 57% rise in full-year partner distributable earnings as it posted maiden results on Wednesday.
Petershill Partners, which raised $1.4 billion when it listed a 25% stake in London in September 2021, said partner distributable earnings - effective adjusted revenues - climbed to $382 million in the year to end-December 2021.
Chairman Naguib Kheraj said the firm had no direct exposure to Ukraine or Russia and partner firms were mostly focused on North America.
He noted that the macro environment and COVID-19 pandemic carried some uncertainty and risk but that visibility into completed and anticipated fund raising by partner-firms was good and the firm anticipated strong growth in fee income, adjusted net income and cash flow over the next two years.
The group has built a network of 23 minority stakes in independent asset managers with an established track record that are seeking capital to scale up or diversify their businesses to harness fresh growth.
The novel business offers strategic advice as well as capital, with the bulk of income generated by management fees, alongside a performance fee and balance sheet income.
Aggregate partner-firm assets under management rose an implied 56% year-on-year to $234 billion and partner realised performance revenues jumped 153% to $129 million.
The remaining 75% of its shares remain held in long-dated private funds managed by Goldman Sachs Asset Management.
(Reporting by Kirstin Ridley; editing by Dhara Ranasinghe)