Core Viewpoint - Petershill Partners, a private equity firm under Goldman Sachs, is set to delist after a brief four-year public listing due to a significant decline in its market value, which has fallen 37% below its net asset value since 2024 [5][22]. Group 1: Company Overview - Petershill Partners was established in 2007 as Goldman Sachs' internal private equity division and became an independent company in 2021, successfully listing on the London Stock Exchange with an initial market value exceeding $5 billion [5][14]. - The firm specializes in investing in other general partners (GPs) rather than acting as a limited partner (LP), focusing on emerging private equity firms with high growth potential [6][7]. Group 2: Investment Strategy and Performance - Petershill Partners has successfully identified and invested in several high-potential VC/PE firms, contributing to their significant growth, such as General Catalyst and Clearlake Capital, which have seen their fund sizes increase dramatically post-investment [9][10]. - Despite a strong performance in terms of portfolio growth, with total assets under management reaching $351 billion by 2025, Petershill Partners has struggled with market perception and valuation, leading to a persistent decline in stock price [19][21]. Group 3: Market Challenges and Delisting - The firm faced a dual challenge of a broader exit drought in the private equity market and specific difficulties related to the exits of its portfolio GPs, which compounded its valuation issues [6][19]. - Petershill Partners' stock price fell below its initial offering price shortly after listing and continued to decline, leading to a situation where the firm had to consider delisting as a viable option to protect shareholder value [17][22].