Pollen Street PLC on Monday said it is confident it will continue to grow and deliver returns for shareholders, as the private equity firm’s assets under management rose in line with guidance.
Headline AuM was £3.3 billion on September 30, the end of the third quarter, while average fee-paying AuM over the first 9 months of 2022 was £2.2 billion, which Pollen Street said was an increase.
The London, England-based asset manager - formed by a merger of Honeycomb Investment Trust PLC and Pollen Street Capital Holdings Ltd completed on September 30 - has seen AuM for credit growing at a rate of 30% to 40% per year, despite despite the firm having not been in active fundraising in 2022.
Chief Executive Lindsey McMurray said: ‘As we look ahead we are confident in a resilient outlook for our newly combined entity and that we will continue to see growth in line with guidance.’
Pollen Street delivered a 2% return on net investment assets in the third quarter, which is equivalent to 7.8% per annum, it noted. The company also delivered a risk-adjusted yield of 9.5% per annum, attributing this to its senior secured strategy.
‘We recognise the challenging environment, however our strategies are well-positioned and have demonstrated strength and resilience in periods of significant change,’ the company said.
Pollen Street shares were down 1.2% at 662.19 pence per share in London on Monday afternoon.
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