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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