Core Viewpoint - The article discusses the challenges faced by Petershill Partners, a private equity firm under Goldman Sachs, which is set to delist after a disappointing four-year public market experience despite strong underlying performance [4][5][26]. 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 [4][9]. - 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 [8][11]. Group 2: Financial Performance - Despite a significant drop in market value, Petershill Partners' portfolio of GPs has seen total assets under management nearly double, reaching approximately $351 billion by 2025 [22]. - The firm has consistently increased its dividends, with ordinary dividends rising from $0.145 per share in the 2022 fiscal year to $0.155 per share in the 2024 fiscal year, alongside special dividends following successful exits [22][24]. Group 3: Market Challenges - Petershill Partners has faced a "exit drought" in the global private equity market, compounded by the difficulties of its portfolio GPs in achieving exits, leading to a significant valuation discount in the public market [5][24]. - The firm reported an unrealized fair value loss of $807 million in the 2022 fiscal year due to rising interest rates, reflecting the volatile nature of private equity valuations in changing market conditions [25]. Group 4: Delisting Decision - The decision to delist is seen as a strategic move to mitigate ongoing valuation challenges, with Goldman Sachs planning to take Petershill Partners private again at a valuation of $4.5 billion, which is a 35% premium over the last closing price but still below its net asset value [26].