Private Market Pain Goes Public in Goldman’s Petershill U-Turn
Petershill Partners’ decision to delist and return capital to shareholders exemplifies the problems plaguing both private and public markets
The London Stock Exchange, like its rivals around the world, was once a mainstay for companies looking to raise capital.
Photographer: Hollie Adams/BloombergGoldman Sachs Group Inc. had a compelling pitch for investors in 2021 when it decided to list Petershill Partners, a division of its asset management arm that owns stakes in dozens of private equity firms.
The idea was simple: retail investors would finally get access to the kinds of booming alternative asset managers they’d long been shut out of. And it would provide the fund’s existing investors a convenient way to cash out.