Petershill Partners (PHLL) Q1 2025 TU earnings summary

Executive summary

• Aggregate Partner-firm AuM reached $339bn, up 1% sequentially and 9% year-over-year; Fee-paying AuM at $234bn, down 2% sequentially but up 4% year-over-year, impacted by the General Catalyst disposal.

• Organic gross Fee-eligible AuM raised was $7bn in Q1 2025.

• Completed sale of majority stake in General Catalyst for $726m (62% premium to carrying value) and acquired a stake in Frazier Healthcare Partners for $330m.

Financial highlights

• Q1 2025 Partner Fee-Related Earnings (FRE) were $45m, down 12% year-over-year; Net Management and Advisory Fees were $90m, down 3% year-over-year; Partner Fee-Related Expenses rose 7%.

• Adjusted for disposals, FRE increased 12% and Net Management and Advisory Fees rose 13% year-over-year.

• Partner Distributable Earnings were $73m, up 28% year-over-year, driven by higher Partner Realised Performance Revenues ($26m, including $19m from disposed assets).

• Management fees were $93m, down 3% year-over-year; adjusted for disposals, up 14%.

Outlook and guidance

• 2025 guidance reiterated: $20–$25bn organic fee-eligible AuM raise, $5–$10bn realisations in fee-paying AuM, and $180–$210m full-year Partner FRE.

• PRE expected at 15%–30% of total Partner Revenues; acquisitions in 2025 to exceed medium-term range of $100–$300m per annum.

• Company targets 85%–90% Adjusted EBIT margin for 2025.