Petershill Partners

Busted IPO, long-term diversifier or short-term value play?

A longer than usual deep dive, with dozens of charts, so be prepared. Also, some readers might be disappointed by the contradictory conclusions.

Petershill Partners plc (PHLL LN) is a UK-listed permanent capital vehicle managed by Goldman Sachs Asset Management (GSAM) which invests in independent alternative asset managers.

In Wall Street lingo, Petershi…