By Elena Vardon
Petershill Partners said its pretax profit more than doubled in 2024 due to the increase in the value of its investments and backed its guidance for this year.
The investment firm--which is operated by Goldman Sachs Asset Management--on Monday posted pretax profit of $965.5 million compared with $397.1 million in 2023.
Total income came in at $332.3 million for the year, up from $319.4 million, while the total movement in financial assets and liabilities held at fair value jumped to $873.6 million from $220.6 million, it said.
The London-listed company's board proposed a final dividend of 10.5 cents a share, bringing the full-year payout to 15.5 cents a share. On top of this, it announced a special 14.0 cent dividend from the sale of its stake in venture capital firm General Catalyst.
"Whilst the economic and geopolitical environment remains uncertain, our robust capital raising and dynamic approach to capital allocation underpins our confidence in our strategy," said the co-heads of Goldman Sachs Petershill Group, Ali Raissi-Dehkordy and Robert Hamilton Kelly.
Petershill reiterated its targets for the current year. It expects to raise between $20 billion and $25 billion in organic fee-eligible assets under management, with realizations in the $5 billion to $10 billion range.
The group expects acquisitions in 2025 to exceed its medium-term range of between $100 million and $300 million a year, it added.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 31, 2025 02:43 ET (06:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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