Petershill Partners reported gross fee-paying assets under management inflows of $36bn in a half-year update on Wednesday, as its left its full-year guidance unchanged.
The FTSE 250 company said aggregate partner-firm assets under management were $266bn, and aggregate fee-paying partner-firm assets under management totalled $184bn as at 30 June.
Both amounts were unchanged from the levels reported as at 31 March.
It said partner-firms saw $8bn of fee-paying assets under management gross inflows during the second quarter, and a total of $36bn in the first six months of the year.
Partner-firm realisations came in at $2bn of fee-paying assets under management during the second quarter, and a total of $5bn in the first half.
During the second quarter, Littlejohn sold its CLO performing credit business for upfront and earn-out payments, resulting in the additional disposal of $3bn in fee-paying assets under management.
Investment performance of some partner-firm funds led to a reduction of $3bn in fee-paying partner-firm assets under management during the second quarter, and a reduction of $2bn in the first six months.
As at 30 June, partner-firms had $3bn of assets under management available to deploy, which was not currently paying fees but would do once the capital was invested.
“Through our partner-firms, we have exposure to $266bn of total assets under management, comprising a diverse set of more than 200 long-term private equity and other private capital funds where capital is typically locked in over a multi-year horizon,” the board explained in its statement.
“These underlying funds generate recurring management fees and the opportunity for meaningful profit participation over the typical eight-plus year life cycles of such funds.
“We believe our approach is aligned with the founders and managers of our partner-firms and, as a result, allows the company to participate in these income streams in a way that provides high-margin, diversified and stable cash flows for our shareholders.”
At 0949 BST, shares in Petershill Partners were up 0.23% at 220p.
Reporting by Josh White at Sharecast.com.
