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PGIM Private Capital provides $13B in private debt to middle-market companies in 2019

PRU | February 6, 2020

CHICAGO

PGIM Private Capital provided $13 billion of senior debt and junior capital to 228 middle-market companies and projects globally in 2019. PGIM Private Capital, a leading source of private capital for public and private companies, is the private capital arm of PGIM Inc., the $1.3 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

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Allen Weaver, Senior Managing Director and Head of PGIM Private Capital (Photo: Business Wire)

“2019 was an important year of change and growth for us,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Our name change to PGIM Private Capital reinforces our connection to the global PGIM brand and underscores the investment products we offer institutions seeking exposure and attractive returns through private debt and mezzanine investments. This year we deployed capital across the risk spectrum, meeting the needs of nearly a hundred new clients and over a hundred existing clients across a range of industries.”

“Our mezzanine businesses successfully closed 15 mezzanine deals globally, of which 10 were sponsorless transactions,” said Jeffrey Dickson, managing director and head of PGIM Private Capital’s alternative investments. “We also originated 14 direct lending deals, totaling almost $600 million. This includes three companies in Europe and two in the energy market.”

Highlights include:

$10.5 billion of investment-grade investments; $1.8 billion of below-investment-grade investments; $465 million of mezzanine and private equity investments.
Over $3.5 billion invested in key sectors including: energy, global infrastructure, credit tenant lease, and equipment financing.
$4.6 billion invested in the U.K., Europe, Latin America, and Australasia.

“Our relationship focus and patient capital approach have made us a reliable financial partner,” said Weaver. “We believe these differentiators will enable us to continue growing in 2020 and beyond.”

About PGIM Private Capital

PGIM Private Capital has been a leading provider of private placements, mezzanine debt, and equity to companies for more than 75 years. Managing a portfolio of more than $94 billion as of Dec. 31, 2019, PGIM Private Capital offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies worldwide. The global regional office network has locations in Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Mexico City1; Milan; Minneapolis; Newark, New Jersey; New York; Paris; San Francisco and Sydney.2

About PGIM and Prudential Financial, Inc.

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.3 trillion in assets under management as of Dec. 31, 2019. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

1 Operates through PGIM Real Estate Mexico S.C.
2 Operates through PGIM (Australia) Pty Ltd.
3 Pensions & Investments’ Top Money Managers list, May 27, 2019; based on Prudential Financial total worldwide institutional assets under management as of Dec. 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.