Petershill Partners (PHLL) Q3 2025 TU earnings summary

Executive summary

• Aggregate Partner-firm AuM stood at $344bn, down 2% in Q3 but up 5% year-over-year.

• Aggregate Fee-paying Partner-firm AuM was $240bn, down 2% in Q3 and up 3% year-over-year.

• Organic gross Fee-eligible AuM raised was $7bn for Q3 and $26bn year-to-date, surpassing 2025 guidance.

• Completed the sale of Harvest Partners for $561m and acquired a follow-on stake in STG Partners for $158m.

• Announced agreement to sell majority of non-controlling equity stake in Industry Ventures for up to $237m.

Financial highlights

• Q3 2025 Partner Fee-Related Earnings (FRE) were $54m, 5% lower than Q3 2024; Net Management and Advisory Fees were $95m, 2% lower year-over-year.

• Adjusted for disposals, FRE increased 26% and Net Management and Advisory Fees increased 29% year-over-year.

• Management fees in Q3 2025 were $97m, up 1% year-over-year; adjusted for disposals, up 29%.

• Partner Realised Performance Revenues (PRE) were $24m, compared to $23m in Q3 2024.

• Partner Distributable Earnings were $81m, 10% lower year-over-year; adjusted for disposals, up 20%.

Outlook and guidance

• 2025 guidance unchanged: $20bn–$25bn organic Fee-eligible AuM raise, $5bn–$10bn realisations in Fee-paying AuM.

• Full year Partner FRE expected at $180m–$210m; 2024 pro-forma FRE was $186m.

• PRE expected at 15%–30% of total Partner Revenues.

• Acquisitions in 2025 anticipated to exceed medium-term range of $100m–$300m per annum.

• Adjusted EBIT margin expected at 85%–90%.