Pollen Avenue Group has upgraded its steering for progress of its property beneath administration (AUM), after reporting robust progress towards fundraising targets and elevated income in its annual outcomes.

The asset supervisor, which invests throughout each personal credit score and personal fairness alternatives, mentioned that “2023 was a profitable 12 months for Pollen Avenue Group with robust monetary and strategic efficiency”.

Complete AUM grew to £4.2bn as at 31 December 2023, up from £3.4bn the earlier 12 months, which Pollen Avenue mentioned was pushed by fundraising in personal fairness and deployment in personal credit score.

Learn extra: Pollen Avenue studies robust efficiency in personal credit score technique

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 web funding property elevated to £30.2m in 2023, up from £28.3m in 2022.

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

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 steering for the return on web funding property, from eight per cent within the long-term to low double digits inside two to 3 years.

Pollen Avenue mentioned 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 steadiness sheet to spend money on Pollen Avenue’s funds and to ship operational leverage by means of its platform because it continues to develop AUM.

“2023 has been a robust 12 months for Pollen Avenue and we’re delivering towards our ambitions,” mentioned chief govt Lindsey McMurray.

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

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