Pollen Street sees AUM rise by a third to £4.5bn
Pollen Street Group saw its assets under management (AUM) increase by a third year-on-year to £4.5bn in the first half of 2024 and reported strong fundraising momentum across its private credit and private equity strategies.
The alternative asset manager raised £600m for the first close of its Credit Fund IV in March 2024 and said it expects further capital raises for the fund in the second half of the year and 2025 to boost its fund management income.
The firm generated £15.8m in income from investment assets in the first half, achieving a 9.7 per cent return.
Operating profit rose by 24 per cent to £24.1m.
Read more: Iwoca reaches profitability and expands Pollen Street funding line
“I am very pleased with our strong first-half performance, driven by impressive growth of our asset management business and good performance from the investment company,” said chief executive Lindsey McMurray.
“Across both our private equity and private credit strategies, we have made strong progress with fundraising and deployment, positioning us well for market opportunities. As we enter the second half of 2024, we remain confident in our strategic direction and our ability to deliver attractive shareholder value. Our strong financial performance, successful fundraising, and deployment position us for continued growth.”
Earlier this year, Pollen Street Group upgraded its guidance for growth of its AUM, after reporting strong progress against fundraising targets and increased profits in its annual results.
Read more: Pollen Street reports strong performance in private credit strategy
