[ad_1]
Updates from Goldman Sachs Group
Sign up for myFT Daily Digest to be the first to know about Goldman Sachs group news.
Goldman Sachs has said Petershill Partners, its portfolio of alternative assets, will price its initial public offering at 350 pence per share, implying a market capitalization of around £ 4 billion when it goes public. from London.
The IPO of Petershill Partners, which holds minority stakes in 19 alternative asset companies with a total of $ 187 billion in assets under management, comes against a backdrop of a global boom in the private equity industry.
Petershill will seek to raise £ 1bn through the sale of shares, with the exercise of the so-called greenshoe option raising an additional £ 200m and bringing the total to £ 1.2bn. Including the Greenshoe, this represents 29 percent of its issued share capital. Proceeds from the IPO will be used to fund expenses and buy more stakes in alternative asset managers.
Petershill sits at Goldman Sachs Asset Management and is chaired by Co-Directors Ali Raissi and Robert Hamilton Kelly.
About four-fifths of Petershill’s assets are in private market managers and the remainder in hedge fund strategies. The holdings include stakes in Caxton Associates, one of the world’s oldest and best-known hedge funds, Ross Turner’s Pelham Capital, and technology buyout firm Accel-KKR.
The listing offers “public market investors a unique opportunity to gain diversified access to the rapidly growing alternative investment industry,” Naguib Kheraj, president of Petershill, said in a statement on Tuesday. “We are very satisfied with the composition of the shareholders participating in the offer. “
Kheraj, a former chief financial officer of Barclays, chairs specialty pension insurer Rothesay Life and is vice president of Standard Chartered.
Source link
