Full Year 2024 Petershill Partners PLC Earnings Call Transcript
Key Points
- Petershill Partners PLC (LSE:PHLL) reported strong earnings momentum with double-digit growth in distributable earnings, driven by continued growth in fee-paying AUM.
- The company successfully completed several value-enhancing acquisitions and disposals, generating significant premiums over carrying values.
- Petershill Partners PLC returned approximately $1.2 billion in capital to shareholders, including a $151 million special dividend, showcasing effective capital management.
- The company’s partner firms raised $32 billion in fee-eligible assets, exceeding guidance and demonstrating resilience in a challenging asset-raising environment.
- Petershill Partners PLC's partner firms delivered robust investment performance, with an average net IRR of around 17%, outperforming benchmarks by approximately 400 basis points.
- The industry asset-raising environment remained challenging, with a 21% decline in asset raising year-on-year, marking the third consecutive year of lower asset raising.
- Deal value in 2024 declined by about 13%, indicating fewer mega-cap deals being executed, which could impact future growth opportunities.
- Realized investment income was lower compared to the previous year, reflecting the impact of the sale of certain balance sheet exposures.
- The company faces ongoing economic and geopolitical uncertainty, which could present challenges and slow momentum in the near term.
- Despite strong asset-raising performance, the overall industry environment remains uncertain, impacting the pace of recovery in industry deal activity.
Good day, everyone, and welcome to Petershill Partners full year 2024 results call. At this time, all participants are in early listen-only mode. After the speaker presentation, there will be a question and answer session. I would like to advise all parties that today's call is being recorded. (Operator Instructions)
Now I'd like to hand the conference over to Ali Raissi, co-head of the Peter Hill Group within Goldman Sachs Asset Management. Please go ahead.
Good morning everyone. A very warm welcome to you and thank you for joining us today to discuss Petershill Partners full year 2024 results. Before we begin, I'd like to announce that we are delighted that Gurjit Kambo has taken on the role to lead the CFO function for Petershill Partners. We wish Gurjit all the success in the new role.
I'll provide a business update and some market context, followed by Gurjit who will run through our full year 2024 financials and forward guidance, leaving sufficient time for Q
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