Goldman Sachs (NYSE:GS) is to float asset manager investment vehicle Petershill Partners in London.
The listing will raise US$750mln in new money, valuing the entity at about US$5bn, with Goldman also set to sell shares in the IPO.
Petershill comprises Goldman’s minority stakes in 19 alternative asset managers.
The business will be a standalone company operated by the Goldman Sachs (NYSE:GS) Asset Management team, which will identify alternative asset management opportunities
Petershill has no assets itself but the companies it has invested in manage funds of around US$187bn.
Since 2017, its focus has been technology but this is now changing again towards COVID-19 recovery and firms that specialise in sectors such as healthcare, balance sheet repair and environmental, social and governance (ESG).