PGIM Private Capital provides nearly $6.5B in first half of 2021

Jul 18, 2021 | News

PGIM Private Capital provided nearly $6.5bn of senior debt and junior capital to more than 100 middle-market companies and projects globally in the first half of 2021, marking the second largest first-half origination volume over the past decade, as markets across the globe begin to move beyond the pandemic.

PGIM Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.5 trillion global investment management business of Prudential Financial. $5.5bn of investment-grade investments, $808m of below-investment-grade investments; $209m of mezzanine and private equity investments.

“2021 has affirmed the strength of our global origination network and industry expertise, with a broad range of corporate finance and real assets transactions completed. Our global investment pace accelerated in the first half of 2021, demonstrating our unwavering commitment to supporting the financing needs of companies through any economic environment,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Throughout the past eighteen months, we have consistently provided capital and perspectives to our partners, while generating attractive returns for our investors worldwide.”

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PGIM Private Capital’s direct lending business has outpaced origination targets, with nine transactions with new issuers closed globally, including a joint deal with the Sydney corporate finance team for ZircoDATA, a provider of off-site secured document storage and management.

PGIM Private Capital has also seen strong activity in the U.K. and Europe, including a $200m green shelf facility with South West Water, which marks the company’s first sustainable private placement through their sustainable financing framework.

PGIM Private Capital’s Real Assets platform originated more than $890 million in energy and power projects, including a $60m below-investment-grade origination for Rougaroux Power Holdings, LLC, an indirect owner of a 192 MW operating hydroelectric project located in Louisiana.

Said Weaver, “As the global economy continues to reopen, we look forward to maintaining our investment momentum and strong origination activity through the balance of the year.”

PGIM Private Capital manages more than $20 billion in outside non-affiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprised of Direct Lending, PGIM Capital Partners and PGIM Energy Partners mezzanine funds.

Source: Business Wire

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