Pollen Street PLC Pollen Street plc Q3 Trading Update (7626V)
December 06 2023 - 2:00AM
UK Regulatory
TIDMPOLN
RNS Number : 7626V
Pollen Street PLC
06 December 2023
FOR IMMEDIATE RELEASE
6 December 2023
Pollen Street plc Q3 Trading Update
Pollen Street plc ("Pollen Street" or the "Group") today issues
its trading update for the period ended 30 September 2023.
Highlights
-- Pollen Street has continued to grow Asset under Management
("AuM") with total AuM closing the period at GBP4.2 billion (30
June 2023: GBP3.4 billion)
-- Performance in both Private Equity and Private Credit
strategies remains resilient in the changing macro environment with
a good pipeline of opportunities
-- The work on the change of listing category and insertion of
the new holding company is on track and expected to complete on 24
January 2024
Asset Manager
-- AuM has reached GBP4.2 billion as at 30 September 2023 on an
investor commitment basis, as previously announced, reflecting the
first close of Private Equity fund V together the continuation
vehicle
-- We remain confident in reaching the target size for Private
Equity fund V of EUR1 billion by the middle of 2024
-- Average Fee-Paying AuM was GBP2.9 billion for the year to 30 September 2023
Investment Company
-- Investment Company performance continues to remain resilient
with the Net Investment Asset Return for first three quarters of
the year at 8.9 per cent per annum
Update on Change of Listing Category and New Holding Company
-- On 27 November 2023, Pollen Street published a prospectus
relating to the change of listing to a commercial company from an
investment company and the introduction of a Guernsey holding
company to simplify the Group structure
-- All regulatory approvals for this transaction have now been
received, with completion of the transaction expected on 24 January
2024
About Pollen Street plc
Pollen Street plc is an alternative asset manager dedicated to
investing with 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 top tier investors and
deploys it into its Private Equity and Private Credit strategies.
The strong recurring revenues from this business enable us to
deliver scalable growth.
The Investment Company invests in strategies aligned with core
strategies of the group and today the investment portfolio is
aligned with the private credit strategy. The portfolio is a
well-diversified pool of primarily senior credit assets to high
quality borrowers generating strong returns together with capital
preservation. 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.pollencap.com .
For further information about this announcement please
contact:
Barclays Bank plc - Joint Broker
Neal West / Stuart Muress / Dion Di Miceli
+44 (0)20 7623 2323
Liberum Capital Limited - Joint Broker
Chris Clarke / Edward Mansfield
+44 (0)20 3100 2000
FGS Global
Chris Sibbald
Chris.Sibbald@fgsglobal.com
+44 (0)7855955531
Link Company Matters Limited - Corporate Secretary
polncosec@linkgroup.co.uk
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END
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