City private equity house Pollen Street said it was on track to raise a €1bn (£860m) deal war chest today as it bumped up its assets under management in the first three months of the year.
In a trading update today, the London-based investor said its total assets under management had stepped up to £4.4bn in the three months to March, up from £4.2bn at the start of the year.
The firm has been raising cash from investors for its private equity and private credit funds in recent months and said today that fundraising was “progressing well across both strategies.”
“We remain confident of reaching our target commitment of €1bn for Private Equity Fund V,” the firm said in a statement.
Pollen Street’s investment division also delivered a boost in returns to £518m in the first three months 2024, equivalent to a return of 9.5 per cent.
Bosses said the increase in returns was due to the higher returns on private equity assets after the allocation of more of its balance sheet to Pollen Street’s Private Equity funds.
Pollen Street has already been on a deals footing this year after snapping up wealth manager Mattioli Woods in a £432m in March, in one of scores of buyouts on the London market this year.
The acquisition, which is subject to regulatory approval, is expected to become effective during the second or third quarter of 2024.