REG - Pollen Street PLC - Pollen Street plc Q3 Trading Update

Pollen StreetAnnouncement

06/12/2023 07:00

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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 £4.2 billion (30 June 2023: £3.4
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 £4.2 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 €1 billion by the middle of 2024

·    Average Fee-Paying AuM was £2.9 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 (http://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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