Mission Statement, Vision, & Core Values (2026) of Petershill Partners PLC.

Petershill Partners PLC stands at the intersection of public-market access and private-market growth, having built a distinctive model of acquiring minority stakes in leading alternative asset managers-operated by Goldman Sachs Asset Management and overseen by a fully independent, diverse Board of Directors-to deliver diversified, recurring earnings to shareholders; the firm's track record includes the $726 million sale of its stake in General Catalyst and the $330 million acquisition of a stake in Frazier Healthcare Partners, reflects economic interests across over 20 partner firms, and, despite its strategic evolution, is notable for completing its delisting from the London Stock Exchange on 5 December 2025, while pursuing a clear mission to align incentives, preserve partner culture, and drive long-term value through integrity, collaboration, diversity, excellence and accountability.

Petershill Partners PLC (PHLL.L) - Intro

• Primary focus: minority equity stakes in top-tier alternative asset managers (private equity, credit, real assets, growth equity, and specialized strategies).
• Operator/Governance: Managed by Goldman Sachs Asset Management; overseen by a diverse independent Board to maintain governance separation and protect minority investor interests.
• Value drivers: alignment with GPs via co-investment-like economics, recurring management and performance fee exposure, and portfolio diversification across managers and vintages.

• To deliver diversified, long-term exposure to the economics of top alternative asset managers for shareholders by building a portfolio of minority stakes aligned with leading GPs.

• To be the preeminent public vehicle (while listed) and capital partner that connects public-market investors to the growth of private markets through a transparent, governance-focused platform run by a world-class asset manager.

• Alignment - structuring investments to align Petershill's returns with its partner managers' long-term success.
• Diligence - rigorous manager selection, underwriting, and portfolio monitoring guided by GSAM resources and independent oversight.
• Diversity & independence - board diversity and independent governance to protect minority investors and ensure robust decision-making.
• Transparency - clear reporting on portfolio holdings, realized disposals, and valuations to maintain investor trust.

• Selective deployment: focus on high-quality managers with durable fee streams and scalable platforms.
• Active portfolio management: lifecycle management of stakes including partnerships, follow-on investments, and disciplined exits (e.g., the $726m General Catalyst sale).
• Capital recycling: monetize mature positions and redeploy into higher-growth opportunities (illustrated by reinvestments such as the $330m Frazier Healthcare stake).
• Governance resilience: separating platform operations (GSAM) from board oversight to preserve independent decision-making for Petershill shareholders.

Petershill Partners PLC (PHLL.L) - Overview

• Core mission: provide shareholders with best‑in‑class diversified access to growth and profitability in the alternatives industry, emphasizing quality and predictability of recurring earnings.
• Investment approach: minority, long‑term stakes in top-tier alternative asset managers; alignment via partner economics and preservation of partner cultures and governance.
• Governance: fully independent, experienced, and diverse Board overseeing capital allocation, risk frameworks, and return targets.

• Recurring earnings focus: revenue derived from management fees, performance fees and carried interest structures that generate steady, visible cashflows and upside participation.
• Alignment and retention: partner managers remain incentivized by meaningful economic participation and cultural autonomy, supporting organizational stability and talent retention.
• Diversification: exposure to multiple strategies and geographies across private markets reduces single‑manager and single‑strategy concentration risk.

• Downside mitigation: minority holdings limit balance‑sheet capital deployed per manager while providing diversified cashflow exposure.
• Liquidity profile: listed vehicle provides public liquidity while underlying partner positions remain in private markets with longer duration economics.
• Valuation transparency: periodic NAV disclosures and public listing create investor visibility into value drivers and realized exits.

• Independent oversight: board comprised of finance, investment, and industry specialists responsible for approval of new investments and capital deployment priorities.
• Capital discipline: selective minority investments, pre‑emptive rights structures, co‑investment and recycling of realized proceeds to maximize long‑term returns.

Petershill Partners PLC (PHLL.L) - Mission Statement

• Acquire minority economic interests in established alternative asset managers to capture manager‑level economics and long‑term growth upside.
• Provide acceleration capital and strategic support to partner firms while maintaining a lean public company operating model.
• Deliver attractive risk‑adjusted returns and growing free cash flow, underpinned by transparent governance and alignment of incentives.

• Alignment and shared purpose across shareholders, the Board, operator and partner firms to drive successful outcomes.
• Consistent pursuit of excellence and exceptional performance for partners, shareholders and the company.
• Diversification across geographies, industry sectors and strategies via economic interests in over 20 partner firms.
• Growth through partnerships with established, ambitious alternative asset managers capable of significant scaling with acceleration capital and strategic guidance.
• A lean operating structure and long‑term transparency to protect margins, improve profitability and expand free cash flow.

• Revenue drivers are primarily non‑linear manager economics: management fee profit share, carried interest share and equity upside from partner firms.
• Capital deployment strategy prioritizes established managers with repeatable track records and scalable fee streams to drive NAV accretion and distributable cash.
• Cost discipline - a lean public operating model - is central to converting partner economic exposure into shareholder free cash flow.

• Board and management targets are structured to ensure alignment with long‑term shareholder value creation and partner success.
• Transparency of reporting and periodic disclosure of partner performance and economic interests help anchor market confidence and valuation clarity.

Petershill Partners PLC (PHLL.L) - Vision Statement

• Integrity: Upholding the highest ethical standards across all investments, reporting and partner engagements.
• Collaboration: Building durable partnerships with general partners (GPs), limited partners (LPs) and internal teams to scale capabilities and innovation.
• Diversity & Inclusion: Cultivating a workforce and partner base reflecting varied backgrounds to strengthen decision-making and creativity.
• Excellence: Striving for superior risk‑adjusted returns and operational execution through disciplined investment selection and oversight.
• Accountability: Maintaining transparent governance, clear performance metrics and responsibility for outcomes across the organization.
• Alignment with Goldman Sachs Asset Management: Sharing values of alignment, excellence, integrity and partnership to leverage best-in-class stewardship and platform support.

• Rigorous due diligence standards and independent valuation oversight to protect integrity and NAV transparency.
• Co-investment and structured partnership terms to ensure alignment of interests with GPs and end investors.
• Shared initiatives with Goldman Sachs Asset Management to leverage distribution, risk, legal and ESG resources.
• Performance scorecards and governance reviews that enforce accountability and continuous improvement.