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PGIM Private Capital Provides Nearly $6.7B of Senior Debt and Junior Capital Globally in 1H 2023

July 13, 2023, 07:50 AM
Filed Under: Private Equity News

PGIM Private Capital provided nearly $6.7 billion of senior debt and junior capital to more than 120 middle-market companies and projects globally in the first half of 2023. PGIM Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the $1.27 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

“This year has seen continued high demand for private credit solutions as other sources of finance have become more scarce. The ability to originate loans directly with companies gives us a unique insight into the condition of middle-market companies, and it’s clear that the need for private credit is significant and growing,” said Matt Douglass, senior managing director and head of PGIM Private Capital. “In spite of volatile markets and a challenging macroeconomic background, our teams’ experience through multiple credit cycles and a stable capital base has allowed us to both be a reliable source of capital for businesses worldwide and provide quality investment opportunities for our investors.”

First-Half 2023 Highlights:

  • $4.5 billion of investment-grade investments, $1.8 billion of below-investment-grade investments, $352 million of mezzanine and private equity investments.
  • 51 new issuers across a range of industries added to the portfolio and 78 existing borrower companies returned for further funding.
  • $3.7 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.
  • $1.9 billion in real assets sectors, including energy, power, infrastructure, credit tenant lease financing, and structured credit.
  • $352 million of mezzanine investments including two new energy platforms through PGIM Energy Partners, PGIM Private Capital’s middle-market energy fund.
  • Over $1.4 billion in Direct Lending transactions across more than 30 transactions.
  • Entered into an agreement to acquire a majority interest in Deerpath Capital Management, a U.S. private credit and direct lending manager focused on primarily financing private equity sponsor-backed companies in the lower middle market.

PGIM Private Capital’s Direct Lending platform reached a record first half of activity for the firm, with more than $1.4 billion originations globally. The platform continues to expand globally, with the team closing the first direct lending transaction in the Netherlands, providing Continental Candy Industries, a European private label producer of confectionery products, with financing to support the company’s growth strategy.

PGIM Private Capital’s Real Assets platform also continues to expand internationally across Continental Europe, Australia and Latin America through our local presence and industry experience. Notably the team closed direct transactions with a toll road operator in Spain and a pipeline operator in Colombia.

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