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PGIM Private Capital Provided Record $16.1B in Private Debt Globally in 2022

February 13, 2023, 07:56 AM
Filed Under: Private Equity News

PGIM Private Capital provided $16.1 billion of senior debt and junior capital to 241 middle-market companies and projects globally in 2022, completing a second consecutive record year of originations for the firm. PGIM Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc.

“Our second consecutive year of record originations demonstrates our certainty of execution amidst a shifting market environment,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Our global origination network and disciplined credit judgment, built on nearly 100 years of investing experience, has been key to our steady flow of transactions, which has enabled us to generate attractive, durable returns for our investors worldwide.”

2022 Highlights:

  • $12.9 billion of investment-grade investments, $2.6 billion of below-investment-grade investments; $584 million of mezzanine and private equity investments.
  • 102 new issuers across a range of industries added to the portfolio and 139 existing borrower companies returned for further funding.
  • $10.2 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.
  • $4.7 billion in Real Assets business, including energy, power, infrastructure, and credit tenant lease financing.
  • $1.7 billion in Direct Lending investments, across 42 transactions.
  • Completed fundraising for PGIM Senior Loan Opportunities I, L.P., PGIM Private Capital’s inaugural Direct Lending fund.

PGIM Private Capital’s direct lending platform has continued to expand, maintaining strong origination activity globally. In 2022 the team closed their first direct lending investments in France and New Zealand, supporting a public to private transaction for Generix Group, a global provider of integrated software solutions in France, and Salus Aviation Limited, a specialist aviation group in New Zealand.

PGIM Private Capital’s Real Assets platform originated more than $2.7 billion in energy and power transactions, over $900 million in credit tenant lease transactions, and over $850 million across infrastructure investments, including a direct origination for Salaverry Terminal Internacional S.A., a maritime port facility in Peru.

PGIM Private Capital has also seen strong corporate finance activity across Europe, with nearly $1.8 billion invested by the London office and over $2.0 billion collectively by the Paris, Frankfurt, Madrid and Milan offices. Notably, the Paris team invested over $1 billion across 10 financings, marking a record year for the team.

Weaver continued, “As the investment landscape for 2023 continues to evolve, shaped by rising rates and inflation, our long-term, patient approach to lending continues to be well-positioned to support our borrowers and investors worldwide.”

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