Petershill Partners

What Petershill Partners does

Petershill Partners is the General Partner (GP) Stakes platform within Goldman Sachs Asset Management's External Investing Group (XIG), founded in 2007 and headquartered in London. The firm acquires non-control minority ownership stakes in private-market alternative asset management firms across private equity, private credit, and private real assets, providing growth capital and strategic partnership while preserving GP independence. It operates two investment strategies: Established Partners (minority stakes in mature specialist managers) and Early-Stage Partners (cornerstone LP capital in exchange for permanent ownership stakes in next-generation managers). A dedicated GP Services module supplies data-driven operational support to help partner firms institutionalize and scale. Since inception, Petershill has partnered with 54+ firms, sourced 1,500+ opportunities, and raised $17B+ in capital across the platform.

The firm generates revenue through two primary streams: recurring management fees on the funds of its portfolio GPs and performance/profit participation from successful fund economics. Capital is raised exclusively from qualified institutional investors (pension funds, insurers, sovereign wealth funds) via Goldman Sachs' global institutional sales network, with no retail or intermediary distribution. Petershill was previously listed as Petershill Partners plc on the London Stock Exchange from 2021 until delisting in September 2025 after persistent trading below its listing price, and currently operates as a private entity under the Goldman Sachs umbrella.

The platform is actively deploying capital, notably leading a $2B acquisition of a 15% stake in Millennium Management in December 2025, while simultaneously harvesting liquidity (Industry Ventures sold to Goldman Sachs for up to $236.6M, exits of ArcLight, General Catalyst, Harvest Partners, LMR Partners, and Accel-KKR). It announced a US$921M capital return in September 2025 and is fundraising for a fifth flagship fund targeting approximately $5B.

Name

Petershill Partners

Legal name

Petershill Partners plc

Website

https://petershillpartners.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Petershill Partners is Goldman Sachs Asset Management's GP Stakes platform, acquiring non-control minority stakes in alternative asset managers across private equity, credit, and real assets. It serves institutional LPs and partners with established and emerging GPs globally.

Ownership category

akta.pro rank

Product category

GP Stakes / Private Equity Investment Platform

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAFAD

Secondary Fund Stakes (GP/Manager Stakes in Secondary GPs)

Financial & Insurance/Private Equity & Venture Capital/Secondaries Funds (LP Stakes & GP-led)

SECONDARYFSAHAKAF

Private Markets Fund of Funds (PE / VC / Private Credit FoF)

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Fund of Funds & Multi-Manager Platforms

Keywords

• GP stakes investing
• Alternative asset management
• Minority equity investments
• Private equity platform
• Institutional fund management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees from GP Stakes: Petershill earns management fees by taking minority stakes in private-market alternative asset management firms. These fees are generated from the ongoing management of funds by partner firms in which Petershill holds ownership stakes.
2. Performance/Profit Participation: In exchange for minority ownership stakes in private equity and alternative asset managers, Petershill receives profit participation and carried interest distributions from successful fund performance.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Petershill operates the GP Stakes Platform within Goldman Sachs Asset Management, acquiring non-control minority ownership stakes in leading specialist private market alternative asset management firms. The platform sources capital from institutional investors and deploys it as growth capital into private equity, private credit, and private real assets managers, while also providing data-driven operational support to portfolio firms.

Product overview

Petershill operates as a unified GP Stakes investment platform under Goldman Sachs Asset Management, comprising two core investment strategies: Established Partners (acquiring minority stakes in mature private equity firms) and Early-Stage Partners (providing cornerstone capital to emerging managers in exchange for ownership stakes). The platform also includes a dedicated GP Services module that offers data-driven insights for value creation. The platform has partnered with 30+ firms across Private Equity, Private Real Assets, and Private Credit strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• GP Stakes Platform (Petershill) A flagship investment platform that provides investors with direct exposure to the growth and profitability of the alternative asset management industry through non-control GP Stake investments in leading specialist private market alternative asset management firms.
• Established Partners An investment strategy that acquires non-control ownership stakes in leading specialist alternative asset management firms, providing growth capital and acting as a strategic partner to support long-term value creation.
• Early-Stage Partners

Quantifiable outcome

• $3.2 billion returned to investors since January 2024
• +2 more outcomes

Named customers35 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Goldman SachsflagshipStrategic or Co-development Partner · 6 January 2025Petershill operates as the General Partner Stakes platform within Goldman Sachs Asset Management's External Investing Group (XIG), leveraging Goldman Sachs' global network, resources, and institutional relationships for deal sourcing and investor outreach.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Stone Point Capital: Stone Point is a direct GP Stakes peer, taking control or significant minority stakes in financial-services asset and wealth management firms; it competes with Petershill for similar GP Stakes opportunities, particularly in the alternatives and wealth-management channel.
• Pomona Capital: Pomona is a specialized secondary and GP-led investor focused on small- and mid-market buyout and venture GP Stakes; it is a direct competitor in the secondary/GP Stakes space, particularly for the smaller end of Petershill's pipeline.
• Lexington Partners: Lexington is one of the largest dedicated secondary and GP-led continuation investors; while more secondary-focused than Petershill, it competes for similar LP relationships and primary GP Stakes capital allocations from large institutional investors.
• Glendower Capital: Glendower is a dedicated secondary private-equity fund manager active in LP-led secondaries and GP-led continuation vehicles; it is a relevant pure-play peer competing for the same secondary/GP-led institutional capital.
• Blue Owl Capital (Dyal Capital Partners): Dyal is the largest dedicated GP Stakes investor globally and Petershill's closest direct competitor, acquiring minority stakes in private equity, credit, and real-asset managers on similar economic terms and serving institutional LPs seeking exposure to alternative-asset-management economics.

Broad incumbents

• StepStone Group: StepStone is a large private-markets multi-manager platform offering fund-of-funds, secondaries, co-investments, and GP Stakes; it overlaps with Petershill in offering LPs diversified exposure to alternative-asset-manager economics, though StepStone is broader and FoF-led.
• Ardian (Secondaries & Private Markets): Ardian is a major global private-markets investor running large secondary, primary, and GP-led continuation strategies; it is a broad incumbent in the same overall market as Petershill, especially competing for institutional LP mandates.
• Hamilton Lane: Hamilton Lane is a leading private-markets investment manager offering fund-of-funds, separate accounts, secondaries, and GP Stakes-adjacent solutions; it is comparable to Petershill as a scaled, multi-strategy private-markets manager serving institutional LPs.
• ICG (Intermediate Capital Group): ICG operates large secondaries, primary fund-of-funds, and GP-led continuation strategies, competing with Petershill for secondary and GP Stakes allocations from global institutional investors.
• Goldman Sachs Asset Management (parent platform): Petershill operates as the GP Stakes platform within Goldman Sachs Asset Management's External Investing Group (XIG); GSAM is the parent and primary distribution and sourcing partner, providing institutional reach and balance-sheet support that few pure-play peers can match.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/phll

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petershill Partners