Goldman Sachs (GS.N) has produced a text-book example of price discovery. The bank’s Petershill Partners (PHLL.L) unit, which owns stakes in private equity groups and hedge funds, priced its initial public offering on Tuesday at 350 pence per share, or 4 billion pounds. Its shares have barely budged since they started trading. That could be seen as a disappointment. Many investors expect a pop on day one. Buyout shop Bridgepoint (BPTB.L) rose 30% on its debut in July. And Goldman’s fund was not egregiously priced: it is currently valued at around 21 times 2022 earnings, according to a Breakingviews calculation. Bridgepoint trades at over 30 times forward earnings. Still, Petershill is a novel asset. It owns minority stakes in alternative fund managers, and relies on Goldman connections and management skills. And its market capitalisation of around $5.5 billion is still a premium to the net asset value. That was around $3.6 billion in June, or $4.3 billion after factoring in the new money raised. That’s a good result for Goldman. (By Neil Unmack) Capital Calls - More concise insights on global finance: Battle for Italy’s Generali is far from over read more Fed retirements help Powell read more Beijing takes the joy out of China tech M&A read more