Half Year 2024 Petershill Partners PLC Earnings Call Transcript
Key Points
- Petershill Partners PLC (LSE:PHLL) delivered strong earnings momentum with double-digit growth in fee-related earnings driven by growth in fee-paying AUM.
- The company announced a special dividend of $0.09 per share, demonstrating the Board's commitment to capital efficiency.
- Partner firms raised $14 billion in fee-eligible assets during the first half of 2024, on track to meet the 2024 target of $20 billion to $25 billion.
- The company completed four acquisitions and executed two disposals at valuations above book value, aligning with their strategy of focusing on private markets.
- Strong cash flow conversion and a stable balance sheet allowed for substantial capital returns to shareholders, including ongoing progressive dividends and share buybacks.
- The asset-raising environment remains challenging, with industry asset raising 4% lower year-on-year.
- The pace of industry exits remains subdued, tracking 26% lower in the first half versus the comparable period in 2023.
- Partner realized performance revenues were only 9% of total partner revenue, indicating a slower realization environment.
- Transaction fees net of offsets were a negative $10 million compared to a negative $5 million in the first half of 2023 due to the slower transaction environment.
- The weighted average discount rate used in valuing private markets PRE increased slightly, reflecting a challenging realization market.
Good day, everyone, and welcome to Petershill Partners first half 2024 results call. (Operator Instructions) I would like to advise all participants that today's call is being recorded.
Now I would like to hand the conference over to Gurjit Kambo, responsible for Investor Relations for Petershill Partners. Please go ahead.
Good morning, everyone. A very warm welcome to you and thank you for joining us today to discuss Petershill Partners' first half 2024 results. Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements, which could differ from our actual results materially, and Petershill Partners assumes no obligation to update these statements.
A replay of today's call will be available on the Investor Relations section of our website, along with a copy of our interim results and presentation. Today, I am joined by Ali Raissi-Dehkordy, Co-Head of the Petershill business unit within Goldman Sachs Asset Management; and
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