Goldman Sachs Alternatives’ Petershill unit has exited its non-control stake in private equity firm Harvest Partners, with the sale executed at a premium to Petershill’s net asset value marking another high-profile realisation from its portfolio of GP stakes.
The sale, which reflects the firm’s strategy of monetising mature holdings at strong valuations, is part of a broader trend of liquidity events across the platform. Since early 2024, Petershill has generated approximately $2.9bn in proceeds through a mix of realisations and financing activity. Notable transactions include the full exits of General Catalyst in January 2025 and LMR Partners in September 2024, as well as a partial realisation of Accel-KKR in late 2024.
Founded in 1981, Harvest Partners is a New York-based private equity firm focused on middle-market companies. Since Petershill’s original investment in October 2018, Harvest has seen its assets under management quadruple from $5bn to around $20bn, reflecting significant growth during the partnership. A portion of Petershill’s stake in Harvest was included in the 2021 IPO of Petershill Partners, which offers public market investors access to a diversified portfolio of private equity management companies.
The exit underlines Petershill’s growing role in the private equity secondaries and GP stakes market, where investors increasingly seek exposure to asset managers themselves, rather than underlying portfolio companies. The deal also reflects a healthy appetite for seasoned private equity platforms like Harvest, particularly those with strong track records in the US mid-market.
