Petershill at Goldman Sachs Alternatives sells a stake in General Catalyst
16th January 2025 – Petershill at Goldman Sachs Alternatives today announced the sale of the majority of its stake in General Catalyst Partners (“GC” or “the Firm”), with a total nominal consideration of $789 million across the Petershill platform. The sale consisted of Petershill’s entire management fee earnings (“FRE”) and future performance related earnings (“PRE”). Following the sale, Petershill will continue to retain its ownership in PRE and balance sheet assets related to existing funds, which are expected to be fully realized over time and may be further accretive to performance.
The General Catalyst realization was sold at a material premium to Petershill’s net asset value and builds on our recent exit activity across the platform since the start of 2024, having closed on over $1.5 billion of realizations, including the partial realization of Accel-KKR in November 2024 and the full realization of LMR Partners in September 2024.1
General Catalyst is a global investment and transformation company that focuses on providing capital to meet the evolving needs of founders and their businesses, including seed-stage, early-stage and growth equity investments in enterprise technology and consumer businesses. GC was founded in 1999 and Petershill acquired its initial non-control ownership stake in the Firm in December 2018. During Petershill’s ownership period, General Catalyst’s AUM has increased six-fold from approximately $5 billion at entry to approximately $30 billion today.2
Ali Raissi-Dehkordy and Robert Hamilton Kelly, Co-Heads of Petershill at Goldman Sachs Alternatives, commented: “This transaction further demonstrates our ability to realize assets at attractive valuations relative to their holding values and allows us to exit the investment while facilitating General Catalyst’s vision of building a global transformation technology company over time. General Catalyst is an exceptional firm, and Petershill and General Catalyst have benefitted from seven years of collaboration and growth. We wish them every success as they continue to execute on their business plan and drive future growth.”
About Petershill at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs Asset Management has over $3.1 trillion in assets under supervision globally as of December 31, 2024.
Established in 2007, Petershill at Goldman Sachs Alternatives partners with leading alternative asset managers and helps to accelerate their strategic development. Petershill’s minority investments seek to support the creation of long term value by providing strategic capital to enhance employee retention, facilitate business development, buy out legacy equity holders and generate strategic options – while preserving the autonomy and entrepreneurial spirit of these organizations.
Media Contacts
Joseph Stein
T +44 207 774 4080
1 Represents proceeds from General Catalyst, Accel-KKR and LMR realizations across the Petershill platform, and does not represent actual investor experience.
2 Source: General Catalyst, as at September 30, 2024.