Private Market Pain Goes Public in Goldman’s Petershill U-Turn

Goldman Sachs Group Inc. had a compelling pitch for investors in 2021 when it decided to list Petershill Partners, a division of its asset management arm that owns stakes in dozens of private equity firms.

The idea was simple: retail investors would finally get access to the kinds of booming alternative asset managers they’d long been shut out of. And it would provide the fund’s existing investors a convenient way to cash out.

But four years on from the company’s public debut in an offering that valued the firm at $5.5 billion, Petershill’s shares were nowhere near the neighborhood of their ...