Goldman Sachs investment vehicle Petershill Partners plans to delist from the London Stock Exchange after struggling to attract investor interest since going public in 2021. The company owns stakes in private-equity firms and hedge funds, but shares have fallen and failed to reflect its value. Investors are gravitating towards larger players.

Petershill will pay public shareholders over $920 million to cancel their shares as it believes the stock market undervalued the company. Chairman Naguib Kheraj cited challenges in raising money and selling assets due to higher interest rates. The private-equity industry is facing difficulties globally, not just in London.

Petershill’s shares surged on news of the plan, valuing the company at around $4.5 billion. If the delisting proceeds, investment funds managed by Goldman’s asset-management arm will fully own Petershill, with almost 80% ownership already. This move would be another setback for the struggling London Stock Exchange.

From the start, Petershill faced challenges as a public company, with shares declining amid concerns over transparency about its holdings and fees. Despite efforts to improve performance by selling stakes and returning money to shareholders, the board believes the share price does not accurately reflect the company’s assets. Shares have traded at a significant discount to book value since 2024.

Read more at Yahoo Finance: Goldman Sachs Investment Vehicle Set to Delist in London