Pollen Street PLC (LSE:POLN) declared a dividend of 16p per share as an increase in assets under management (AuM) was recorded for the fourth quarter of last year.
Total AuM increased to £3.4bn as of 31 December 2022, up from £3.3bn over the quarter and £3bn at the end of the previous year.
Growth was driven by organic fundraising within the credit strategy, the company said, with credit AuM up 36% over the year, in line with guidance.
“Progress continues towards the launch of flagship Private Equity V in 2023,” it added, with the private equity business not in active fundraising mode during the year while the previous fund is deployed.
Net investment assets and returns remained “stable”, the London-listed alternative asset manager said, at £355mln and 8.0% respectively. The net investment asset return was driven by a strong risk-adjusted yield of 9.4%.
“Performance remains strong, benefiting from the senior secured strategy, with minimal impairments and bad debts.
“The portfolio is well positioned for interest rate rises with the investment portfolio benefiting from more floating-rate assets than floating-rate liabilities,” Pollen Street said.
The company was formed by the merger of investment trust Honeycomb and its asset manager Pollen Street Capital, which was completed in September.