Goldman Sachs (GS.N) plans to list the assets of Petershill Partners, cashing in on a private equity boom with a deal that could value the investment vehicle at more than $5 billion. Petershill, which takes minority stakes in alternative assets managers including private equity and hedge funds, will be a standalone company operated by the Goldman Sachs Asset Management team, it said on Monday.
The deal would consist of a sale of around $750 million of new shares as well as existing ones to give Petershill a free float of at least 25% and make it eligible to be included in FTSE indices. Goldman Sachs declined to give an estimated market value for the unit, but a source close to the deal said analysts put it at in excess of $5 billion.
The deal is slated to take place around a month from now, the source said. The company chose London to list because Petershill was founded in the British capital and because the financial centre’s vibrant capital markets offer a strong fundraising opportunity, the source added.
