Peach was the second single (first in the UK) from Prince's first compilation albums The Hits 1 and The Hits 2, taken specifically from The Hits 2 (also included as the second disc of The Hits / The B-Sides).
It was released three weeks after the album in the UK (two months after the album in the US), and received a release around the world.
The single's b-sides are the single versions of minor hits which were not included on The Hits 1 or The Hits 2, so the two-disc single could be considered a companion to those albums.
Of note is that the version of Partyman included here was previously available on a promo release only (The Crown Jewels compilation) - with Jack Nicholson's intro sampled from the Batman movie edited out (presumably for copyright reasons, although Kim Basinger's sampled line of "Ooh, I love purple" from the movie is still included).
In the UK the single was clearly intended to be released before the albums; the artwork states that Peach is a previously-unreleased track, with a sticker on the front stating that the artwork was prepared before the release of The Hits 2.
The single reached number 14 in the UK singles chart, but was less successful elsewhere, reaching only number 107 on the US Billboard Bubbling Under The Hot 100 Chart.