Goldman’s Petershill Unit Sells Majority Stake in General Catalyst for $789M
Goldman Sachs Alternatives’ GP stakes unit, Petershill, sold its majority investment in venture capital firm General Catalyst for $789 million, adding to the firm’s recent series of realizations.
The deal encompasses Petershill’s complete management fee earnings and future performance-related profits from General Catalyst, while preserving ownership of performance-related earnings and balance sheet assets from current funds. The retained assets are anticipated to be fully realized over time. The transaction signifies a considerable premium above Petershill’s net asset value, as stated by the firm.
Petershill, founded in 2006, focuses on collaborating with alternative asset managers via minority investments. The firm has achieved nearly $1.5 billion in realizations since early 2024, with a partial exit from Accel-KKR in November and a complete divestiture from LMR Partners in September.
General Catalyst, established in 1999, experienced a six-fold increase in assets under management, rising from around $5 billion to $30 billion during Petershill’sownership since December 2018. The firm specializes in seed-stage, early-stage, and growth equity investments in enterprise technology and consumer sectors.
“This transaction further demonstrates our ability to realize assets at attractive valuations relative to their holding values,” said Ali Raissi-Dehkordy and Robert Hamilton Kelly, co-heads of Petershill at Goldman Sachs Alternatives.
Lat May, the firm made a strategic investment in Pennybacker Capital Management, LLC., an Austin, TX-based real assets investment management firm.
