(Reuters) - Goldman Sachs' Petershill Partners said on Tuesday it has completed its first acquisition as its overall performance matches guidance issued when the company floated in September.
Petershill, which takes minority stakes in private equity, venture capital and hedge funds, said in its first trading statement since going public that aggregate partner-firm assets under management totalled $203 billion, up 8% during the third quarter and 35% year-on-year.
The company said it completed its first acquisition of a new partner-firm minority equity stake in Symphony Technology Group after the end of the the third quarter in November.
Symphony Technology Group is a U.S. buyout firm, and the all-cash acquisition cost for the investment was $60 million, with the transaction expected to be immediately accretive to earnings, Petershill said.
"The company also expects the current environment to present opportunities to grow through its further acquisitions of partner firm interests and the pipeline of new potential acquisitions remains encouraging," the company added in a statement.
Private equity funds have soared in value over the past year as money pours in from investors looking for higher returns when interest rates are so low.