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Alternative Market Briefing

Petershill in talks to invest in Permira

Friday, March 06, 2020

Bailey McCann, Opalesque New York:

Petershill, an investing unit within Goldman Sachs that makes minority investments in asset managers, is in talks to invest in British private equity house Permira. The Wall Street Journal first reported the news.

The investment would be approximately €500 million, based on a $5 billion dollar valuation for the firm.

Permira has been in talks with other GP stakes investors including Blackstone and Dyal Capital Partners. Petershill appears to be in pole position, although nothing is finalized. Petershill is an investor in technology-focused firm Accel-KKR, energy-infrastructure investor ArcLight Capital Partners. Both Blackstone and Dyal Capital have been making investments in asset management firms for several years as well.

GP stakes have emerged as a way for private equity firms to bolster their business operations without going public. Investor interest in the practice has grown as a means of gaining access to top managers without coming in through a traditional comingled fund.

Permira raised an €11 billion buyout fund last year and is also investing in middle market private credit. The firm, which has been around since 1985, has a history of high profile investments including taking interests in Hugo Boss and more recently luxury-sneaker brand Golden Goose.

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