Judging by the stock price of Blue Owl Capital, investors are pretty pleased with the concept of asset managers which buy minority stakes in other asset managers, no matter how unseemly the process by which that particular publicly-traded asset manager came to be. This has not failed to attract the notice of the O.G. asset manager investing in asset managers—the Cadillac of such asset managers, if you will—Goldman Sachs Asset Management’s Petershill fund. And wouldn’t you know if but GSAM is in a wheeling-and-dealing mood, as is Goldman itself, and, well….
Petershill will place minority stakes in 19 private equity, hedge funds, and other alternative managers into a structure that will then list in an initial public offering, according to a document filed with the London Stock Exchange on Monday. The new Petershill vehicle will issue shares worth around $750 million as well as sell existing shares…. Based on recent industry multiples, the unit’s valuation could exceed $5 billion….
The IPO will establish a pool of permanent capital and align Petershill with its investment targets for the long term, co-head Ali Raissi said….
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