Pollen Street (POLN) Q1 2026 TU earnings summary

Executive summary

• Total AuM rose by £1.1 billion in Q1 2026, reaching £8.2 billion as of 31 March 2026, driven by strong fundraising in Private Credit IV.

• Private Credit IV exceeded its initial target, closing at £2.5 billion in April, pushing total AuM to £8.4 billion post-quarter.

• The group operates across Private Equity and Private Credit, focusing on financial and business services sectors.

Financial highlights

• Fee-paying AuM increased by £0.2 billion to £5.4 billion as of 31 March 2026.

• Private Equity fee-paying AuM held steady at £3.1 billion; Private Credit fee-paying AuM grew to £2.3 billion.

• £1.7 billion of undeployed committed capital in Private Credit funds will become fee-paying as deployed.

Outlook and guidance

• Full year FY26 expectations for Net Investment Return remain unchanged despite volatile market conditions.

• Long-term portfolio allocation to Private Equity is expected to increase to 30%.