Pollen Road Group has upgraded its steerage for development of its property below administration (AUM), after reporting robust progress in opposition to fundraising targets and elevated earnings in its annual outcomes.
The asset supervisor, which invests throughout each personal credit score and personal fairness alternatives, stated that “2023 was a profitable 12 months for Pollen Road Group with robust monetary and strategic efficiency”.
Whole AUM grew to £4.2bn as at 31 December 2023, up from £3.4bn the earlier 12 months, which Pollen Road stated was pushed by fundraising in personal fairness and deployment in personal credit score.
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Charge-paying AUM got here in at £3.4bn, a 36 per cent year-on-year enhance, whereas pre-tax revenue rose by 23 per cent to £40.4m.
Earnings on internet funding property elevated to £30.2m in 2023, up from £28.3m in 2022.
On the again of the outcomes, Pollen Road stated that it’s upgrading its monetary steerage.
It had beforehand guided to fee-paying AUM of £4bn to £5bn inside two to a few years of the completion of the merger with Honeycomb Funding Belief in September 2022.
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It now expects to exceed the £4bn threshold throughout 2024 and plans to develop its AUM to £10bn inside 4 to 5 years.
It is usually revising up its steerage for the return on internet funding property, from eight per cent within the long-term to low double digits inside two to a few years.
Pollen Road stated that its key priorities for 2024 are the ultimate shut of Personal Fairness Fund V and the primary shut of Personal Credit score Fund IV, which is predicted imminently. It additionally plans to proceed to deploy its steadiness sheet to put money into Pollen Road’s funds and to ship operational leverage by way of its platform because it continues to develop AUM.
“2023 has been a powerful 12 months for Pollen Road and we’re delivering in opposition to our ambitions,” stated chief government Lindsey McMurray.
“With robust foundations in place, our progress in 2023 is forward of goal and has positioned us effectively to drive long-term natural development. Trying forward in 2024 in each personal credit score and personal fairness, we’re seeing robust asset efficiency, resilient fund-raising progress and a pretty pipeline of latest alternatives.”
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