Pollen Street (POLN) H2 2025 earnings summary

Executive summary

• Assets under management (AUM) reached GBP 7.1 billion, up 30% year-over-year, with fee-paying AUM at GBP 5.2 billion, driven by strong fundraising and platform scaling.

• Revenue increased to GBP 114 million, supported by recurring management fees and stable investment company returns.

• Fundraising exceeded targets, with Private Equity Fund V closing at EUR 1.5 billion and Credit IV at EUR 1.8 billion in commitments.

• The business model emphasizes high-visibility, recurring revenues and disciplined capital allocation to support dividends and growth.

Financial highlights

• Fee-related earnings reached GBP 30.7 million; EBITDA increased to GBP 64.6 million.

• Management fee income rose to GBP 69.9 million, up 28% from 2024; excluding catch-up fees, growth was 24%.

• Performance fees totaled GBP 11.2 million, consistent with the prior year.

• Net investment income was GBP 32.9 million, up 4% year-over-year, with a 9.9% return on net investment assets.

• Fund management EBITDA grew 17% to £31.7 million, now nearly half of group profits.

Outlook and guidance

• On track to meet or exceed current year expectations, with no change to guidance.

• Targeting GBP 10 billion AUM with next-generation flagship funds.

• Priorities for 2026: scale the platform, invest for growth, and continue delivering returns.

• Preparing for Private Equity Fund VI launch in H1 2027.