Pollen Street PLC's (LSE:POLN) assets under management held steady at £3.4bn in the first quarter of 2023 with funding of its new Private Equity V fund also said to be progressing well.
Fee-paying assets under management (AUM) rose to £2.5bn at the end of the quarter from £2.3bn for 2022, while the investment company had a “particularly strong” three months, said the statement, and posted a net investment return of 9% with no bad debts.
The net asset value of the group as of 31 March 2023 was £578mln, equivalent to £9.00 per share, while the tangible net asset value was £347mln, equivalent to £5.40 per share. Yesterday’s closing share price of £6.51 is a 28% discount to NAV and a 20.6% premium to TNAV .
A 16p per dividend was announced in line with targets previously issued, said the statement.