Business
Pollen Street Half-year Report
Pollen Street Half-year Report.
About this update from Pollen Street Group Limited
[{"type":"text","content":"\n\n18 September 2023\nPollen Street plc Interim Accounts H1 2023\n \nPollen Street plc (\"Pollen Steet\" or, together with its subsidiaries, the \"Group\") today issues its Interim Accounts for the six months ended 30 June 2023.\nPollen Street confirms final close of Private Credit III, first close of Private Equity V and the closing of a new continuation vehicle under our Private Equity strategy. The financial performance for the first half of the year has been robust driven by strong performance in the investment company as interest rates have risen in our predominantly floating rate portfolio. Fundraising activities have not yet fed through to actual performance in the half year but with strong tailwinds to proforma performance.\nHighlights for H1 2023: strong AUM growth and consistent financial results\nAsset Manager\n· Strong fundraising performance with final close of Private Credit III in April 2023 bringing total investor commitments including SMAs to £1.1 billion, first close of Private Equity V in July 2023 and launching a new continuation vehicle to raise £840 million.\n· AUM was £3.4 billion as of 30 June 2023, rising to £4.2 billion of proforma AuM as a result of Private Equity V and the Continuation Vehicle. Expectation of further AUM increase in H2 as fundraising continues for Private Equity V.\n· Continued growth of the Asset Manager with both the Private Equity and Private Credit strategies building further on strong underlying performance.\nInvestment Company\n· Investment company delivered robust performance driven by increased interest rates and resilient credit performance.\n· Strong cash generation from Net Investment Assets for the first half of 2023 with Income of £15.4 million, up from £13.7 million in H1 of 2022 and a Return on Net Investment Assets of 9.1%.\nFinancial Performance\n· Operating profit has increased to £19.4 million for H1 2023, up 42% from £13.7 million in H1 of 2022, driven by the operating profit of the Asset Manager.\n· The Group declared dividends of £16 million for H1 2023 up from £14 million for H1 2022, reflecting a quarterly dividend of 16.0p per share in line w...