Pollen Avenue Group has upgraded its steerage for development of its belongings underneath administration (AUM), after reporting robust progress towards fundraising targets and elevated earnings in its annual outcomes.

The asset supervisor, which invests throughout each non-public credit score and personal fairness alternatives, stated that “2023 was a profitable yr for Pollen Avenue Group with robust monetary and strategic efficiency”.

Whole AUM grew to £4.2bn as at 31 December 2023, up from £3.4bn the earlier yr, which Pollen Avenue stated was pushed by fundraising in non-public fairness and deployment in non-public credit score.

Learn extra: Pollen Avenue stories robust efficiency in non-public credit score technique

Charge-paying AUM got here in at £3.4bn, a 36 per cent year-on-year improve, whereas pre-tax revenue rose by 23 per cent to £40.4m.

Revenue on web funding belongings elevated to £30.2m in 2023, up from £28.3m in 2022.

On the again of the outcomes, Pollen Avenue stated that it’s upgrading its monetary steerage.

It had beforehand guided to fee-paying AUM of £4bn to £5bn inside two to 3 years of the completion of the merger with Honeycomb Funding Belief in September 2022.

Learn extra: Iwoca reaches profitability and expands Pollen Avenue funding line

It now expects to exceed the £4bn threshold throughout 2024 and plans to develop its AUM to £10bn inside 4 to 5 years.

Additionally it is revising up its steerage for the return on web funding belongings, from eight per cent within the long-term to low double digits inside two to 3 years.

Pollen Avenue stated that its key priorities for 2024 are the ultimate shut of Non-public Fairness Fund V and the primary shut of Non-public Credit score Fund IV, which is predicted imminently. It additionally plans to proceed to deploy its stability sheet to put money into Pollen Avenue’s funds and to ship operational leverage by its platform because it continues to develop AUM.

“2023 has been a robust yr for Pollen Avenue and we’re delivering towards our ambitions,” stated chief government Lindsey McMurray.

“With robust foundations in place, our progress in 2023 is forward of goal and has positioned us properly to drive long-term natural development. Wanting forward in 2024 in each non-public credit score and personal fairness, we’re seeing robust asset efficiency, resilient fund-raising progress and a gorgeous pipeline of latest alternatives.”

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