FOR IMMEDIATE
RELEASE
03 May 2024
Pollen Street Group Limited Q1 2024 Trading
Update
Pollen Street Group Limited ("Pollen
Street" or the "Group") today issues its trading update for the
quarter ended 31 March 2024.
Highlights
· Fundraising is progressing well across both strategies. In
Private Credit, we completed the first close of Fund IV with c£300
million of investor commitments and the separately managed account
("SMA") that we announced in our Q4 2023 trading update was upsized
to £280 million. With this strong available
capital we are focused on deployment for credit.
· Fundraising for our Private Equity strategy is also
progressing well and we remain confident
of reaching our target commitment of EUR 1 billion for Private
Equity Fund V.
· Total
AuM has stepped up to £4.4 billion as at 31 March 2024 from £4.2
billion at the end of 2023.
· The
Investment Company continues to perform in line with
guidance.
Asset Manager
Total AuM increased to £4.4 billion
as at 31 March 2024 and Fee-paying AuM at £3.4 billion. The first
close of Credit Fund IV received investor commitments of c£300
million. This was further supported by the closing of an SMA, which
was announced in the Q4 2023 trading update bringing the total
fundraise within our Credit strategy to £280 million over Q1 2024
building capacity for new credit deals as Credit fund III is fully
deployed. We expect this momentum to continue in 2024 with further
fundraising in Private Credit Fund IV and Private Equity Fund
V.
Investment Company
The Investment Company has continued
to deliver strong performance over Q1 2024, with Income on Net
Investment Assets of £518 million over Q1 2024 equivalent to a
Return on Net Investment Assets of 9.5%. The increase in returns is
mainly due to the higher returns on Private Equity assets following
the increased allocation of the balance sheet to Pollen Street's
Private Equity funds.
The Investment Company's commitments
to Pollen Street funds has increased to c£190 million as at 31
March 2024. These commitments allow the Investment Company to
take advantage of attractive returns delivered under Pollen
Street's Private Equity and Private Credit strategies and aligns
interest with our investors to accelerate AuM
growth.
About Pollen Street Group Limited
Pollen Street is an alternative
asset manager dedicated to investing within the financial and
business services sectors across both Private Equity and Private
Credit strategies. The business was founded in 2013 and has
consistently delivered top tier returns alongside growing
AuM.
Pollen Street benefits from a
complementary set of asset management activities focused on
managing third-party AuM (the "Asset Manager") together with
on-balance sheet investments (the "Investment Company").
The Asset Manager raises capital
from high quality investors and deploys it into its Private Equity
and Private Credit strategies. The strong recurring revenues from
this business enable delivery of scalable growth.
The Investment Company invests in
the strategies of the group delivering attractive risk adjusted
returns and accelerating growth in third-party AuM of the Asset
Manager through investing in Pollen Street funds, taking advantage
of attractive investment opportunities and aligning interest with
our investors to grow AuM. Today the portfolio is largely invested
in credit assets with the allocation to Private Equity expect to
increase to 30 per cent in the long term. The portfolio consists of
both direct investments and investments in funds managed by Pollen
Street.
POLN is listed on the London Stock
Exchange (ticker symbol: POLN). Further details are available
at www.pollenstreetgroup.com.
For further information about this
announcement please contact:
Pollen Street - Corporate Development
Director
Shweta Chugh
+44 (0)20 3965 5081
Barclays Bank plc - Joint Broker
Neal West / Stuart Muress
+44 (0)20 7623 2323
Investec Bank plc - Joint Broker
Ben Griffiths / Bruce
Garrow
+44 (0)20 7597 4000
FGS
Global
Chris Sibbald
Chris.Sibbald@fgsglobal.com
Link Company Matters Limited - Corporate
Secretary
polncosec@linkgroup.co.uk
LEI: 894500LP94M98N8CY487
ENDS