This is a Marketing Presentation for Professional Investors only. Please refer to the Private Placement Memorandum of the Fund and the Fund’s governing documentation before making any final investment decisions.
Private & Confidential. © Pollen Street 2025
We are an alternative asset manager with an established platform . We invest with the structural changes that we believe are shaping the future of the industry, with specialist knowledge and
Founding team working together for 19 years
95 team members 1
£5.8bn assets under management 2
Zero-loss investment track record 3
what we believe to be best practices in a complex and changing environment
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14.5% Net IRR ITD in Flagship Credit IV 4
29% Total realised gross IRR in Private Equity 5
c.£1bn Capital deployed per annum across Private Equity and Private Credit
29% AUM growth in last year 2
Track record as of 31 March 2025 unless stated otherwise. Past performance is not necessarily indicative of future results and there can be no assurance that PSC will achieve its objectives or will avoid substantial losses. Please also refer to the notes on investment performance at the back of the presentation and the disclaimer 1. Includes contractors 2. AUM as at 31 March 2025. AuM calculated as investor commitments for active PE funds, invested cost for other PE funds, Pollen Street Limited credit assets and deployed / committed capital on investments for private credit. AUM growth reflects total AUM between 31 December 2023 and 31 December 2024. 3. No realised losses for private equity and credit and no assets held below cost as of 31 March 2025. Credit investments comprise of wholesale and structured loan facilities to counterparties and portfolio of loans. 4. Net IRR ITD for Credit IV across both sleeves as of 31 March 2025. Please refer to the Disclaimer and Track Record Notes at the back of the presentation. 5. Private equity track record across all private equity funds including Fund I/II (financial and business services deals only), Fund III, Fund IV and Accelerator I as at 31 March 2025. 6. Pollen Street Capital has been a signatory of the UN PRI since 30 April 2019.
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Control investments (£40m – 200m) in mid-market financial and business services
Predominately senior loans (£25m – 150m) directly secured on assets that generate contractual and predictable cash flow
Strong track record across multiple market cycles with aggregated realised returns of 2.9x gross and 2.7x net
~80% of opportunities sourced directly
LTV 60-90% with first-loss equity provided by the borrower; highly structured with 10+ covenants
Delivered in excess of €1.2bn in co-invest to LPs in the last 10 years
Average portfolio company EBITDA growth of 4.4x on realised deals since inception
~£4bn invested across over 100 transactions since 2016 with no losses 2 .
Targeting $2bn of capital commitments
Quarterly subscriptions, minimum investment of $1m
Target 3x Gross / 2.3x Net MOIC 1
European HQ
£25m – 100m credit opportunity investments
Investing primarily in Europe
Investing Across Europe and North America
Typically, directly sourced, capturing existing attractive deal flow and leveraging our leading ABL team Downside protection through priority over assets or contractual cash flows and bespoke structuring
Final close expected to occur in Q4 2024
Conservative leverage levels
Control Investments
Target Net Unlevered 11%-12% / Levered 14%-15% 1
Target Net 15%+ 1
Target Net 20%+ 1
Track record as at 31 March 2025. Past performance is not necessarily indicative of future results and there can be no assurance that Pollen Street will achieve its objectives or will avoid substantial losses. Some figures are based on Pollen Street internal calculations which have not been audited and is subject to change. Actual results may differ from the results presented. Please also refer to the notes on investment performance at the back of the presentation. 1. Target returns are estimated and based on current expectations and assumptions. There can be no assurance that target returns will be achieved with respect to any investment and actual results may differ materially from what is assumed in the forecast. 2. No realised losses and no assets held below cost as of 31 March 2025. Credit investments comprise of wholesale and structured loan facilities to counterparties and portfolio of loans.
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Focused on mid market opportunities with flexibility to invest across the capital structure to find strong risk return and downside protection from priority over assets or contractual cash flows Capturing existing untapped deal flow and leveraging established network to directly source less competed opportunities that fall between the PSC existing Credit and Private Equity strategies
Significant gap in the mid-market that we believe Pollen Street is well positioned to exploit leveraging our leading asset-based franchise
Over £7bn invested across 142 credit and equity transactions with no principal loss 2
Leading European Asset Based investor capturing £10-15bn of deal flow annually and deep mid-market Private Equity expertise across the Financial Services sector
5 transactions closed in last 12 months for £200m despite no dedicated fund
Significant pipeline – generated across our network
Potential to seed fund with recent completed transactions
£30m GP commitment
Target Net Returns 15%+ 1 with a current-pay cash component targeted to be in excess of 7% per annum
Target returns are estimated and based on current expectations and assumptions. There can be no assurance that target returns will be achieved with respect to any investment and actual results may differ materially from what is assumed in the forecast. Past performance is not indicative of future results. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation. 1. Net IRRs are illustrative, calculated based on a representative carry rate of 15%, management fees of 1.5% and other fees totaling 0.5%. 2. No realised losses for private equity and credit and no assets held below cost as of 31 March 2025. Credit investments comprise of wholesale and structured loan facilities to counterparties and portfolio of loans.
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Credit Team New Joiners
Managing Partner
Partner
Partner
Partner
Partner
Managing Director
Partner
Partner
Investment Director
Investment Director
Partner
Partner
Partner
Partner
Partner
Partner
Investment Director
Investment Director
Investment Director
Investment Director
Investment Director
Investment Director
Investment Director
Partner
Investment Director
Investment Director
Investment Director
Senior Associate
Investment Manager
Investment Manager
Investment Director
Senior Associate
Investment Manager
Senior Associate
Senior Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Managing Director
Director
Partner
Partner
General Counsel
Senior Associate
CFO
CCO & CRO
CTO
Associate
Associate
Director
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Information as at 1 July 2025
Structured equity capital into high quality mid-market businesses with liquidation preference and equity upside
Holdco facilities to asset- rich companies secured on the assets
Acquiring seasoned and positively selected portfolios of granular NPL, RPL and REOs that are well progressed through liquidation process
Financing secondary portfolios of diversified and well progressed litigation claims
Mezz facilities secured on diversified portfolio of assets with contractual cash flows
Special opportunities backed by real estate
Secured notes in asset rich regulated businesses
Acquiring portfolios of loans / receivables with predicable cash flows
There can be no assurances that Pollen Street Capital will be able to identify or acquire investments based on the criteria specified herein, or that, if acquired, such investments will be profitable
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3%-5%
13%-18%
Target returns are estimated and based on current expectations and assumptions. There can be no assurance that target returns will be achieved with respect to any investment and actual results may differ materially from what is assumed in the forecast. Target portfolio characteristics are included for illustrative purposes only and there can be no assurance that each fund investment will be consistent with such target characteristics. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation.
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80% OF COMPLETED DEALS SOURCED DIRECTLY
This is for indicative purposes. There can be no guarantee that the composition outlined here will be reflected in Pollen Street Capital and is possible that not all investments referenced in the pipeline will be made by the strategy. Past performance is no indication of future results. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. ABL and PE pipeline is based on analysis/review as of January 2025. 1. ABL and PE opportunities based on Pollen Street industry experience.
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Financing dates: Oct 2024
Financing dates: Aug 2024
Financing dates: Jan 2025
Financing dates: Jan 2025
Slipstream is a production music business that was founded in 2021, providing content creators with access to its library of production music. It owns the well-established and highly diversified music catalogues with over 700k songs, it is the largest independent owner of production music in the world. Senior asset secured position with significant warrants delivering 14% contractual cash returns with opportunity to deliver 20%-30% Gross IRR
Under the Italian government Ecobonus incentive scheme, construction and real estate development companies carrying out eligible residential energy efficiency projects generate “use it or lose it” tax credits. PSC funds a granular portfolio of government tax credits with contractual cashflows through forward sale binding agreements to a diverse range of corporates with >125% coverage.
Glow is a consumer lender focused on white label partnerships with telecom businesses and device manufacturers to provide point of sale financing for handset sales around the world. Glow partnered with Samsung UK in 2021, providing a white label solution called Samsung Finance. Glow funds Samsung’s super prime customers at the point of purchase. 16% contractual return with significant downside protection from Glow junior cash equity and significant excess spread.
Acquisition of a small portfolio of litigation claims from Roma TPL, the consortium operating bus services for the City of Rome, owed by the Municipality of Rome Acquired post final judgement with good visibility of cash payment with exclusivity to purchase further claim Opportunistic with significant discount received due to liquidity issues of Roma TPL. purchase
1. Estimated gross returns for each deal. This is for indicative purposes. These investments were made by other Pollen Steet Funds and not the Fund itself. These are indicative recent transactions that fit the mandate of the Credit Opportunities strategy. Past performance is no indication of future results. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation.
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PROJECT CALAIS
PROJECT MILLENIUM
PROJECT GLADE
PROJECT RIO
Italian Government Receivables
Granular Commercial Litigation
Greek Reperforming Mortgages
Pref Equity Mid Sized UK Bank
Opportunity the acquisition of granular public administration receivables. to finance Attractive discount on portfolio through partnering with a local special servicer which is acquiring servicing team alongside our asset purchase enabling wind down of sellers position. Moving servicing to local special servicer with expertise in full legal process and enforcement driving recovery of principal and late payment interest. Attractive market opportunity as local banks limited capacity due to regulatory capital changes
Opportunity to partner with a leading UK commercial litigation firm to fund small granular commercial litigation claims. The litigation funding market is primarily focused on funding larger claims, with large profit multiples leaving a gap for smaller commercial disputes. The parties behind these disputes are trading businesses and individuals who are interested in resolving as soon as possible leading to low duration and high IRRs. PSC funding litigations claims on a preferential basis with shared upside and no upfront costs.
Several opportunities to finance portfolios of reperforming Greek mortgages out of the HAPS securitization vehicles to generate liquidity for noteholders. Highly granular low LTV mortgages with good recent payment history and strong incentives for borrowers to continue paying. Innovative structure capitalizing on recent transaction Pollen closed in Q2 2025 with preferential returns and a share of the upside with seller providing deferred consideration as additional subordination.
Opportunity to provide preferred equity to a highly profitable growing UK bank. The bank is primarily focused on property lending with a diversified loan book across BTL mortgages, bridging, commercial mortgages and development finance. The asset security underpinning the loan book provides strong downside protection and stable risk adjusted yields. The business generated £50m+ of PBT in FY24 with a balance sheet of ~£5bn and a health capital ratio of ~15%.
1. Estimated gross returns for each deal. This is for indicative purposes. 2. There can be no guarantee that the composition outlined here will be reflected in Pollen Street Capital and is possible that not all investments referenced in the pipeline will be made by the strategy.
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For illustrative purposes only. Case studies have been selected in order to provide examples of the types of investments previously made by Pollen Street Capital. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein, or that any investment will be profitable. Please refer to the disclaimers for additional important information.
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Slipstream is a production music business that was founded in 2021, providing content creators with access to its library of production music. It owns the well-established music catalogues of Cavendish Music (oldest production music catalogue in the UK est in 1937), 5 Alarm and Jingle Punks. With a catalogue of over 700k songs, it is the largest independent owner of production music in the world. Slipstream have contracts with the largest production houses in the world, including Netflix, Warner Media, Universal, AMC, FX, NBC, ESPN, ABC, Discovery and Apple. Production music is a specialized form of music created specifically for use in TV, film and paid advertisements. The music is composed, recorded and produced to be synchronized with visual media. Unlike commercial music, production music is pre-cleared for copyright and ready for immediate use in any project, making it a convenient and cost-effective option for producers of content.
Senior credit facility provided to a Slipstream SPV secured on a portfolio of music rights and royalties.
Senior exposure secured against granular portfolio of music royalties.
Underlying music catalogue comprises >700k individual song cues and a portfolio of contracted revenue streams from existing royalties. Our SPV has rights to receive these royalties in perpetuity. Underlying royalties are collected from TV shows that have long historical revenue data which back our statistical analysis on forecasted cashflows. The underlying portfolio is highly cash generative, creating ~$20m of top line cashflows per annum.
PSC funding into a UK SPV. All IP rights is owned by the SPV, with 100% of the cashflows paid directly into the SPV bank accounts.
Comprehensive covenant suite covering the portfolio performance and the financial position of the servicer.
Secured corporate guarantee and fixed and floating charges over relevant bank accounts.
Third party music administrator Kobalt collect 100% of cashflows from the royalties on our behalf.
Third party valuation provided by Virtu, a leading music advisory business who valued the portfolio at $79m
The facility is expected gross IRR of 20%+ IRR
Total Value
0%
– PSC provide a $45m loan against the portfolio of cues, secured on 100% of the cashflows produced by the music royalties.
Senior Exposure (PSC)
– Portfolio is valued at $79m by third party Virtu. PSC is secured at a 57% advance rate against the valuation of the portfolio.
57%
Key Statistics Facility
Cash Equity
– Portfolio generates $20m of gross cashflows per annum and is expected to increase into 2025.
Senior Secured
100%
Country Exposure
Global
Further revenue potential of library
– PSC also has a secured corporate guarantee over the Parent.
Industry
Music Royalties
Investment
$45m
Goodwill
Sourcing
Direct
Past performance is no indication of future results. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation. The following data is based on internal PSC calculations, not all of which have been audited, and is subject to change. Actual results may differ from the results presented. Gross performance results are shown gross of investment management and performance fees, as well as all organisational and ongoing fund fees, costs and expenses (including audit and depository services). Return targets and structural protections are intended to be indicative. There can be no guarantee that any or all of the prospective investments will meet these investment criteria or that the target returns are achieved. The target returns are premised on a number of factors number of factors including prior investments made by funds managed or advised by Pollen Street and opportunities that Pollen Street is currently seeing and/or expects to see in the future, and assumptions with respect to the Fund's portfolio investment returns and the costs and expenses applicable to the Fund which are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside of Pollen Street's control. There can be no assurance that the assumptions made in connection with the target returns will prove accurate, and actual results may differ materially, including the possibility that an Investor may lose some or all of any invested capital. The inclusion of the target returns herein should not be regarded as an indication that Pollen Street or any of its affiliates or their respective representatives consider the target returns to be a reliable prediction of future events, and the target returns should not be relied upon as such target returns are neither a forecast nor a guarantee. Neither Pollen Street nor any of its affiliates or any of their respective representatives have made or make any representation to any person regarding the target returns and none of them intends to update or otherwise revise the target returns to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the target returns are later shown to be incorrect.
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Samsung is one of the largest manufacturers of mobile phones in the world, currently holding 30% market share in the UK. As devices have become more expensive, demand for handset finance has increased materially, particularly when 0% APR financing options are provided
Highly granular portfolio of super prime consumer loans, secured across 300k individual exposures with high credit scores and low evidenced default rates. To drive demand Samsung offer interest free financing with Glow returns driven by receiving discounts to the capital balance. The margins negotiated are highly attractive (~12% yield) given the super prime underlying credit (~0.5% historical loss rate). Citi’s senior facility is keenly priced (S+1.6%) creating significant excess profit that is junior to our capital (11%) in addition to the cash equity. Pollen Street’s facility can withstand in excess of 10x increase in base case losses before our interest is impaired. This stress is more than double the stresses applied in AAA rating stresses applied to UK consumer ABS (typically 5x). 16% Gross expected IRR. Very attractive risk adjusted returns. The facility is expected to deliver gross IRR of 16% and MOIC of 1.45x. 0% / 0% Cost / Total Value
Fixed and floating charges over the Borrower Collection Account, Funding Account, all receivables, real property & IP. SPV is bankruptcy remote with a third-party servicer, allowing for a seamless run-off in the unlikely event of financial difficulty. Comprehensive Bad acts guarantee provided by the Parent providing additional recourse beyond the SPV assets.
Glow is a UK consumer lender focused on white label partnerships with telecom businesses and device manufacturers to provide point of sale financing for handset sales around the world. Glow partnered with Samsung UK in 2021, providing a white label solution called Samsung Finance. Customers are given the opportunity to pay for their Samsung goods with Samsung Finance at the check-out. Glow has since originated in excess of £250m through the Samsung Finance to prime customers. Loan performance has been extremely strong with ~0.5% loss rates.
– Citi advance 87.5% against the eligible loan receivables at S+140bps.
Senior Exposure (Citi)
– PSC will advance from 87.5 to 95% with 5% of subordinated cash equity coming from Glow.
Key Statistics Facility
87.5% / 76.5%
– Underlying facilities yield 12% (through discount from Samsung) and generate significant excess spread with very low and stable loss rates given super prime profile of the customers.
Mezzanine Facility
Mezzanine Exposure (PSC)
Country Exposure
UK
95% / 84%
Equity
Industry
Unsecured Consumer Credit
100% / 89%
– Profits create an additional 11% of subordination.
£20m committed + £20m accordion
Investment
Excess Spread
Na / 100%
Sourcing
Direct
Past performance is no indication of future results. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation The following data is based on internal PSC calculations, not all of which have been audited, and is subject to change. Actual results may differ from the results presented. Gross performance results are shown gross of investment management and performance fees, as well as all organisational and ongoing fund fees, costs and expenses (including audit and depository services). Return targets and structural protections are intended to be indicative. There can be no guarantee that any or all of the prospective investments will meet these investment criteria or that the target returns are achieved. The target returns are premised on a number of factors number of factors including prior investments made by funds managed or advised by Pollen Street and opportunities that Pollen Street is currently seeing and/or expects to see in the future, and assumptions with respect to the Fund's portfolio investment returns and the costs and expenses applicable to the Fund which are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside of Pollen Street's control. There can be no assurance that the assumptions made in connection with the target returns will prove accurate, and actual results may differ materially, including the possibility that an Investor may lose some or all of any invested capital. The inclusion of the target returns herein should not be regarded as an indication that Pollen Street or any of its affiliates or their respective representatives consider the target returns to be a reliable prediction of future events, and the target returns should not be relied upon as such target returns are neither a forecast nor a guarantee. Neither Pollen Street nor any of its affiliates or any of their respective representatives have made or make any representation to any person regarding the target returns and none of them intends to update or otherwise revise the target returns to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the target returns are later shown to be incorrect.
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Under the Italian government Ecobonus incentive scheme, construction and real estate development companies carrying out eligible residential energy efficiency projects generate “ use it or lose it” tax claims (equal to 110% of value of such works). These may be sold or utilised to set off corporate tax liabilities over a period of 4 yrs.
Opportunity to front the acquisition of tax claims from Italian construction companies/general contractors at significant discount, selling them to large corporates with ample tax capacity and good credit standing with ~18% contracted up- lift in price. Market opportunity linked to supply/demand shift due to combination of i) Italian Banks bid on tax claims evaporating having exceeded allocated tax capacity for this asset (~€ 90bn on BS so far), ii) strict RWA rules imposed on acquiring such tax claims for trading, iii) strong pipeline for completed eligible works and material stock of claims peaking at the time of lower bank demand. Banca Sistema will act as the servicer for the deal which entails managing the purchase and sales process. It is a requirement by operational law that this role is taken by a regulated Italian bank
Italian Securitisation protections: tax claims to be held in dedicated SPV, sponsored and controlled by PSC with statutory protections covering asset and cash flow pledge, shorter claw back period and statutory bank account pledge.
Corporate recourse: SPV will back to back purchases with contracted sales to multiple corporate clients with ample tax capacity to off set and monetise such claims.
The total stock of tax claims not yet set-off and available for sale is estimated to be over € 50bn.
Sales to generate predictable monthly cashflows over 4 years, enabling the corporate buyer to offset a wide range of Italian tax liabilities accruing monthly, e.g. employee's social security contributions, income tax and severance, corporate income tax and VAT.
There are multiple sellers of such claims with no material tax liabilities ready to sell the tax claims up-front at ca.76% of nominal value, to avoid losing them. We have identified a few medium/large and credit worthy corporates willing to off-set their tax liabilities by buying tax claims at the point of set off for 95-96%.
.
Significant demand from Italian corporates to reduce future tax liability by 4-5% (over next 4 yrs).
The opportunity is expected to generate returns of ~17% Gross IRR
Key Statistics Facility
Italian Securitisation
Country Exposure
Italy
Industry
Government Tax Claims
Investment
€100m
Sourcing
Direct
Past performance is no indication of future results. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation The following data is based on internal PSC calculations, not all of which have been audited, and is subject to change. Actual results may differ from the results presented. Gross performance results are shown gross of investment management and performance fees, as well as all organisational and ongoing fund fees, costs and expenses (including audit and depository services). Return targets and structural protections are intended to be indicative. There can be no guarantee that any or all of the prospective investments will meet these investment criteria or that the target returns are achieved. The target returns are premised on a number of factors number of factors including prior investments made by funds managed or advised by Pollen Street and opportunities that Pollen Street is currently seeing and/or expects to see in the future, and assumptions with respect to the Fund's portfolio investment returns and the costs and expenses applicable to the Fund which are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside of Pollen Street's control. There can be no assurance that the assumptions made in connection with the target returns will prove accurate, and actual results may differ materially, including the possibility that an Investor may lose some or all of any invested capital. The inclusion of the target returns herein should not be regarded as an indication that Pollen Street or any of its affiliates or their respective representatives consider the target returns to be a reliable prediction of future events, and the target returns should not be relied upon as such target returns are neither a forecast nor a guarantee. Neither Pollen Street nor any of its affiliates or any of their respective representatives have made or make any representation to any person regarding the target returns and none of them intends to update or otherwise revise the target returns to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the target returns are later shown to be incorrect.
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The seller was liquidity constrained as its public bus concession with the City of Rome ended in Oct-24 and several creditors were still unpaid, the most pressing being overdue employee salaries. The company had to raise financing in order to be able to continue operating and provide services under other contracts with the City of Rome (leasing and maintaining buses etc). Proceeds from selling the claims formed a critical part. The inflation-adjustment claim already carries a final judgment worth at least € 20m, with another € 40m for 2010-2020 likely to be recovered through additional litigation. The commercial-velocity claim covers the extra buses and drivers Rome TPL needed because slower running speeds inflated costs. This claim is worth a potential € 145 m/€ 200m. Although solid precedents exist, the case must still pass through three tiers of Italian courts, though an out-of-court settlement could arrive sooner.
Italian Securitisation protections: claims to be held in dedicated SPV, sponsored and controlled by PSC with statutory protections covering asset and cash flow pledge, shorter claw back period and statutory bank account pledge.
The Italian public sector litigation market offers sizeable opportunities for PSC with focus on public service contracts and in general supply contracts to PSE. The liquidating consortium managing Rome bus services (Rome TPL now Serv Comm) had two portfolios of litigation claims: – Enforceable claims relating to negative inflation adjustments applied to the tariff paid on the bus service contract for the period May-2020 to Oct-2024 and also for the period Jun-2010 to May-2020 – Litigation claims relating to the official measured commercial velocity which had been significantly lower than the commercial velocity assumed for the adjudication of the tender for the concession tariff calculation.
The opportunity is expected to generate returns of 50%+ Gross IRR.
Key Statistics
Purchase of portfolio of claims via Italian Securitisation
Facility
Country Exposure
Italy
Industry
PSE Litigation Claims
Investment
€18m [€13m + € 5m]
Sourcing
Direct
Past performance is no indication of future results. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. Please also refer to the Disclaimer and Track Record Notes at the back of the presentation The following data is based on internal PSC calculations, not all of which have been audited, and is subject to change. Actual results may differ from the results presented. Gross performance results are shown gross of investment management and performance fees, as well as all organisational and ongoing fund fees, costs and expenses (including audit and depository services). Return targets and structural protections are intended to be indicative. There can be no guarantee that any or all of the prospective investments will meet these investment criteria or that the target returns are achieved. The target returns are premised on a number of factors number of factors including prior investments made by funds managed or advised by Pollen Street and opportunities that Pollen Street is currently seeing and/or expects to see in the future, and assumptions with respect to the Fund's portfolio investment returns and the costs and expenses applicable to the Fund which are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside of Pollen Street's control. There can be no assurance that the assumptions made in connection with the target returns will prove accurate, and actual results may differ materially, including the possibility that an Investor may lose some or all of any invested capital. The inclusion of the target returns herein should not be regarded as an indication that Pollen Street or any of its affiliates or their respective representatives consider the target returns to be a reliable prediction of future events, and the target returns should not be relied upon as such target returns are neither a forecast nor a guarantee. Neither Pollen Street nor any of its affiliates or any of their respective representatives have made or make any representation to any person regarding the target returns and none of them intends to update or otherwise revise the target returns to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the target returns are later shown to be incorrect.
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+44 20 3728 6746 lindsey.mcmurray@pollencap.com
+44 20 3728 6747 matthew.potter@pollencap.com
+1 512 298 0537 william.tice@pollencap.com
+44 20 3728 6755 magnus.christensson@pollencap.com
+44 20 3744 6516 raj.dutta@pollencap.com
+1 512 298 0535 brandon.wright@pollencap.com
+44 20 3917 7056 natasha.jacobs@pollencap.com
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Track record excludes run off legacy deals from Pollen Street Secured Lending plc which were made prior to PSC managing the vehicle. In addition it excludes the run off consumer organic loan originations in Honeycomb Investment Trust plc which will not form part of the strategy for PSC Credit IV. Semi annual cohorts group investments made by the date of Investment. This date represents the first cash flow of the relevant investment. Castlehaven, Sancus and Zorin which are ongoing loan by loan whole loan purchase arrangements have been presented in the vintage in which it completed. Invested refers to the total funds invested, including transaction fees in an investment by Honeycomb Investment Trust plc or Pollen Street Secured Lending plc. Non-GBP denominated invested capital has been translated to GBP at the applicable exchange rate at the date of funding. This exchange rate is assumed to stay constant through the life of the investment. Realised refers to the total cash proceeds from an investment, net of any realisation costs. Non-GBP denominated realised proceeds have been translated to GBP at the same exchange rate as at the date of funding the transaction. Unrealised refers to the unrealised valuation of the investments as of 31 March 2025 and has been determined by Pollen Street in accordance with its valuation policy. There can be no assurance that the unrealised assets will be ultimately realised at the valuations shown herein. The ultimate proceeds received from unrealised investments may vary materially from the unrealised values. In applying the valuation techniques, Pollen Street exercises significant judgment. Actual realised proceeds will depend on, among other factors, future credit performance of the assets, the macro economic conditions and any related transaction costs, all of which may differ from the assumptions on which the unrealised valuations contained herein are based. The unrealised value excludes stage 1 IFRS 9 impairment provisions and excludes any double counting that would result from effect interest rate accounting and cash recognition included in Realised above. Total Value is the sum of realised and unrealised. Gross IRRs are calculated based on the net cash flow from the portfolio aggregated on a monthly basis. Gross IRRs and Gross MOICs are calculated before fund expenses, management fees, and carried interest/performance fees, which in the aggregate may be substantial and would reduce returns. All calculations are performed before the impact of any leverage. All calculations are performed before the impact of taxation. Past performance is not indicative of future results. There can be no assurance that the Fund will achieve comparable results, be able to implement its investment strategy or avoid losses. Investors should note that where performance data (including IRR and MOIC) stated herein is gross, it does not take account of carried interest, management and other fees, the effect of which could be material and would reduce returns. Past performance of any investments described herein is provided for illustrative purposes only and is not indicative of the Fund’s future investment results. Where a capital call credit facility has been used to finance investments, IRR figures are based on the investor capital call due date rather than the prior date on which the facility was drawn for investment; this may have the result of increasing IRR calculations (in some cases, materially). The target returns are premised on a number of factors number of factors including prior investments made by funds managed or advised by Pollen Street and opportunities that Pollen Street is currently seeing and/or expects to see in the future, and assumptions with respect to the Fund's portfolio investment returns and the costs and expenses applicable to the Fund which are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside of Pollen Street's control. There can be no assurance that the assumptions made in connection with the target returns will prove accurate, and actual results may differ materially, including the possibility that an Investor may lose some or all of any invested capital. The inclusion of the target returns herein should not be regarded as an indication that Pollen Street or any of its affiliates or their respective representatives consider the target returns to be a reliable prediction of future events, and the target returns should not be relied upon as such target returns are neither a forecast nor a guarantee. Neither Pollen Street nor any of its affiliates or any of their respective representatives have made or make any representation to any person regarding the target returns and none of them intends to update or otherwise revise the target returns to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the target returns are later shown to be incorrect
"Invested" or "Cost" refers to the total equity invested, including transaction fees and hedging costs, net of any syndication, in an investment by Fund I, Fund II or Fund III. Non-GBP denominated invested equity has been translated to GBP at the applicable exchange rate as at the date of funding. Fund I refers collectively to the parallel limited partnerships comprising the Special Opportunities Fund; Fund II refers to Special Opportunities Fund (Guernsey) LP, a Guernsey limited partnership. Funds I & II contained other deals which were not financial and business services deals which are not shown in this track record as the Manager considers them not to be representative of the financial and business services strategy. Further detail available upon request. Realised refers to the total cash proceeds from an investment, net of any realisation costs. Non-GBP denominated realised proceeds have been translated to GBP at the applicable exchange rate as at the date the proceeds are received by the fund. Unrealised refers to the unrealised valuation of the investments as of 30 th June 2021 and has been determined by Pollen Street in accordance with its valuation policy. There can be no assurance that the unrealised assets will be ultimately realised at the valuations shown herein. The ultimate proceeds received from unrealised investments may vary materially from the unrealised values. In applying the valuation techniques, Pollen Street exercises significant judgment. Actual realised proceeds will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the unrealised valuations contained herein are based.
Total Value is the sum of Realised and Unrealised.
Gross IRRs are calculated based on cash inflows and outflows from portfolio companies aggregated on a quarterly basis. Gross IRRs and Gross MOICs are calculated before fund expenses, management fees, and carried interest, which in the aggregate may be substantial and would reduce returns. Fund I & II net IRRs and MOICs are calculated on a pro forma basis by allocating Management fees and fund expenses are between (a) Financial and Business Services deals and (b) the remaining deals. Fund expenses and management fees are allocated between deal segments in proportion to the total outstanding investment cost of the two segments at the time of the fee or expense was incurred. Carried interest is allocated in proportion to the total profit of each deal segment over the life of the funds.
All calculations are performed before the impact of taxation
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Important notice to recipients
This confidential presentation, together with the verbal or written comments of any person presenting it (collectively, the “ Pre sentation”) is provided by Pollen Street Capital Limited, any of its affiliates (together, the “Pollen Street Group”) and/or certain other non - Pollen Street providers (each a “Non -Pollen Street Provider”) for discussion purposes only and is not, and may not, be relied on in any manner as legal, tax, regulatory, investment or accounting advice. The Pollen Street Group does not owe any recipient any fiduciary duties in connection with or related to the contents of the Presentation. This Presentation is intended to facilitate discussion and is not necessarily meaningful or complete without such supplemental discussion. This Presentation does not constitute an offer document or an offer of transferable securities to the public and should not be considered as an invitation to subscribe for, or a solicitation of any offer or invitation to subscribe for, or recommendation that any person should subscribe for, any interests in any fund or other investment vehicle (each, a “Fund,” and together, the “Funds”) managed and/or advised by the Pollen Street Group. Nothing contained in this Pres entation shall be deemed to be binding against, or to create any obligations or commitment on the part of, the Pollen Street Group or any of its directors, officers, employees, partners, members, representatives, advisers or agents and, accordingly, to the maximum extent permitted by law, none shall be liable (including in negligence) for any direct, indirect or consequential losses, damages, costs, expenses or liabilities suffered, incurred or otherwise arising out of or in connection with the use or reliance on this Presentation. Neither this document nor any copy of it may be taken or transmitted into or distributed in any jurisdiction where such distribution or use would be contrary to local law, rule or regulation. This Presentation identifies a number of benefits inherent in the Pollen Street Group’s services and operations on behalf of the Fund, although the Fund is also subject to a number of material risks associated with these benefits, as further identified in the Fund’s definitive documents. Although the Poll en Street Group believes that the Pollen Street Group, its personnel and the resources and methodologies used, employed or retained by the Pollen Street Group will have competitive advantages in identifying, diligencing, monitoring, consulting, improving and ultimately selling investments on behalf of the Fund, there can be no guarantee that the Pollen Street Group will be able to maintain such advantages over time, outperform third parties or the financial markets generally, or avoid losses. For additional information regarding risks and potential conflicts of interest regarding an investment in the Fund, please see the risk factors in the Fund’s definitive documents. Each Fund may be structured with one or more investment vehicles through which investors may participate and each such investment vehicle may be subject to different regulatory requirements, including for pre-marketing and marketing purposes. The ability to participate in any investment vehicle may be subject to regulatory requirements or restrictions in the applicable jurisdictions and participation in a particular investment vehicle may not be available to all investors. Any offer or solicitation relating to the interests of a Fund will only be made by delivery of the final private placement memorandum of the Fund (as amended, restated, supplemented or otherwise modified , the “PPM”) and only where permitted by law. This Presentation is qualified in its entirety by the more detailed information in the PPM and the offering and governing documents of each investment vehicle. By accepting and/or viewing this Presentation, you agree that (i) the Presentation and the information contained herein must be kept strictly confidential, is not for public dissemination and is for the exclusive use of the persons authorised to receive the Presentation; (ii) the Presentation and information contained herein may not be used, reproduced, redistributed or otherwise communicated to others (other than to a recipient’s affiliates on a need -to-know basis, provided that such affiliate agrees to be bound by obligations of confidentiality no less stringent than those set out herein prior to any disclosure to such recipient) or referred to publicly in any format, in whole or in part, for any other purpose except as expressly provided herein without the express written approval of a member of the Pollen Street Group; (iii) you will keep confidential the Presentation and all information contained herein not explicitly in the public domain; (iv) the Presentation may contain or refer to information which could be h ighly confidential, price sensitive, “inside information” or proprietary “trade secrets” under applicable law; and (v) you will only use the Presentation and the information contained he rei n for informational purposes. Recipients’ attention is drawn to their obligations under applicable insider dealing and market abuse regimes. It is for you to determine whether any information contained in the Presentation is insider information or a trade secret and to ensure that you comply with applicable laws, policies, rules and regulations in that regard. By accepting and/or viewing this Presentation, you acknowledge that the disclosure of this Presentation or any of the information contained herein may result in competitive disadvantage and cause irreparable harm to the Pollen Street Group and may breach applicable securities or other laws. The Presentation and its contents are proprietary to the Pollen Street Group. By acceptance hereof, you agree to return this Presentation to the Pollen Street Group promptly upon request and to destroy any other materials containing information transmitted by or provided in connection with the Presentation (including any copies or extracts thereof). References to EBITDA, growth, sales, margin, profit, revenues, debt amounts, or any similar terms or derivatives thereof, are investment characteristics or metrics that may or may not correlate to investment performance. These figures are not indications or guarantees of investment performance of any Pollen Street Group fund or investment and should not be relied on as such. Additionally, these figures are generally presented on a gross basis due to the lack of a mechanism to reflect precisely the effects of management fees, fund expenses, taxes, carried interest or other amounts borne by investors.
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1. Registration does not imply a specific degree of skill or training.
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