LONDON: Petershill Partners has entered into an agreement for the sale of the majority of its non-controlling equity stake in Industry Ventures. The sale arises from a full sale of Industry Ventures, led by its management team, to The Goldman Sachs Group, Inc. “Goldman Sachs” (NYSE: GS), as announced by Goldman Sachs after US market close yesterday.
Founded in 2000, Industry Ventures is a leading venture capital platform that currently manages $7 billion of assets under supervision (“AuS”)1. Industry Ventures invests across all stages of the venture capital and private technology lifecycle through complementary fund strategies.
The total nominal consideration payable for Petershill Partners’ non-controlling equity stake in Industry Ventures is up to approximately $236.6 million, consisting of approximately $163.9 million settled in cash at closing and additional contingent consideration of up to $72.7 million, payable in cash, based on Industry Ventures’ future performance through 2030.
The estimated present value of the total consideration represents a 5% premium to the $186.4 million carrying value of the interests being sold as at 30 June 2025, and equates to approximately 4% of PHP’s market capitalisation, based on the closing share price of 307 pence per share on 13 October 2025.
The assets disposed of by Petershill Partners comprise its interest in Industry Ventures’ management fee-related earnings (“FRE”) and future performance-related earnings (“PRE”), while retaining rights to existing PRE and balance sheet assets relating to existing funds with a carrying value of $41.0 million as at 30 June 2025, which are expected to be realised and run-off over time.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and conditions.