FRANKFURT (Reuters) -Shares in Goldman Sachs’ Petershill Partners opened flat on Tuesday, as the firm which invests in alternative investment managers sold 1.2 billion pounds ($1.64 billion)of stock in an initial public offering.

The company, which takes minority stakes in private equity, venture capital and hedge funds, was valued at 4 billion pounds. It plans to use the proceeds to make more investments.

Petershill set its IPO price at 350 pence per share, the level its stock remained trading at as the market opened.

Naguib Kheraj, Petershill’s chairman, said the listing would give “public market investors a unique opportunity to gain diversified access to the rapidly growing alternative investment industry”.

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.

Petershill had earlier set a range for its listing of between 320 and 380 pence.

($1 = 0.7311 pounds)

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