PGIM Private Capital Provides Nearly $10 Billion in Senior Debt and Junior Capital Worldwide in H1 2022
CHICAGO–(BUSINESS WIRE)–PGIM Private Capital provided nearly $10.0 billion of senior debt and junior capital to more than 140 mid-market companies and projects globally in the first half of 2022, marking a record first-half origination volume for the company. PGIM Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc. (NYSE: ERP).
“Our record origination volume in the first half demonstrates the strength of our global network, as we continue to grow and deepen the global presence of our alternatives, real assets and corporate finance platforms,” said said Allen Weaver, Senior Managing Director and Head of PGIM. Private capital. “Our unique global investment approach allows us to generate consistent returns and create portfolio diversification for our investors, while continuing to support our partners around the world.”
Highlights of the first half of 2022:
$8.4 billion in higher quality investments, $1.3 billion in lower quality investments; $190 million in mezzanine and private equity investments.
56 new issuers from various sectors were added to the portfolio and more than 100 existing corporate borrowers returned for additional funding.
$6.8 billion in global corporate finance investments across North America, UK, Europe, Latin America and Australasia.
$2.6 billion in real asset sectors, including energy, power, infrastructure and tenant leasing.
$190 million invested in 12 mezzanine investments, including PGIM Private Capital’s first mezzanine investment in Latin America.
Over $720 million in direct lending transactions, spread across 16 deals.
Completed fundraising for PGIM Senior Loan Opportunities I, LP, PGIM Private Capital’s first direct lending fund.
PGIM Private Capital’s Real Assets platform has generated over $1.4 billion in energy and power transactions, over $600 million in leasing transactions and over $475 million in investments in infrastructure, including a direct origin of 180 million euros for Autopistas del Atlántico Concesionaria Española, SA, which holds the concession contract for the AP-9, a 220 km motorway through Galicia, in Spain.
PGIM Private Capital also saw strong activity in corporate finance in the UK, Europe and Latin America, including a green shelf draw with existing partner Xior Student Housing in Belgium, funding investments in as part of the company’s green financing.
Says Weaver, “Our strong origination activity, with new and existing borrowers, affirms our focus on building long-term local relationships that endure through economic cycles. We look forward to remaining a reliable and trusted partner for businesses and investors around the world. »
ABOUT PGIM CAPITAL PRIVATE
PGIM Private Capital manages over $20.0 billion in unaffiliated external assets through its Institutional Asset Management Unit and Alternative Investments Unit, comprised of mezzanine funds Direct Lending, PGIM Capital Partners and PGIM Energy Partners. PGIM Private Capital manages a $96.4 billion portfolio of private equity and mezzanine investments through its network of regional offices (Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Madrid; Mexico City¹; Milan; Minneapolis; Newark, New Jersey; New York; Paris; San Francisco; and Sydney²) and buys up to $13.0 billion per year primarily in senior debt and junior capital. All data as of March 31, 2022. For more information, please visit pgimprivatecapital.com.
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), one of the world’s leading investment managers with over $1.4 trillion in assets under management as of March 31 2022. With offices in 17 countries, PGIM’s business offers a range of investment solutions for retail and institutional investors worldwide across a wide range of asset classes, including public fixed income, private fixed income, fundamental stocks, quantitative stocks, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is in no way affiliated with Prudential plc, incorporated in the United Kingdom, or Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, visit news.prudential.com.
1 The Mexico City office operates through PGIM Real Estate Mexico SC
2 The Sydney office operates through PGIM (Australia) Pty Ltd.
In the United Kingdom, the information is provided by PGIM Private Capital Limited whose registered office is: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Capital Limited is authorized and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (firm reference number 172071) and registered in England under number 1331817. In the European Economic Area (“EEA”) , the information is issued by PGIM Private Capital (Ireland) Limited whose registered office is: Pramerica Drive, Letterkenny Business and Technology Park, Letterkenny, Co Donegal, F92 W8CY, Ireland. PGIM Private Capital (Ireland) Limited is authorized and regulated by the Central Bank of Ireland and registered in Ireland under company number 635793 operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Private Capital Limited on the basis of provisions, exemptions or licenses available to PGIM Private Capital Limited under temporary authorization agreements following the exit of the United Kingdom from the European Union. These documents are issued by PGIM Private Capital Limited and/or PGIM Private Capital (Ireland) Limited to persons who are professional clients as defined by the FCA rules and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).