Goldman Sachs’ Petershill Partners private markets vehicle had a rough ride in public markets, which culminated in the decision to delist last year.  

The unit, which takes stakes in alternatives asset managers, first launched in 2007 and a fund listed on the London Stock Exchange in 2021 to great fanfare. Asked ‘what went wrong’ at a media briefing on Tuesday, Ali Raissi (pictured), co-head of Petershill, alluded to challenges explaining what the underlying investments actually were.

‘We had a tough time explaining to investors what the asset class was,’ he said. ‘If you own management fees on private capital firms - that’s quite attractive. But that might have been a little bit of a complicated story to understand. Over 90% of shareholders supported the decision [to delist].’