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PGIM Private Capital provided record $14.5B in private debt globally in 2021
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Rhea-AI Summary
In 2021, PGIM Private Capital achieved record originations of $14.5 billion, financing 216 middle-market companies and projects. Their portfolio reached $101.2 billion in assets under management. Highlights include $12.0 billion in investment-grade investments, $10.4 billion in Global Corporate Finance, and $3.5 billion in Real Assets. The firm opened a new office in Madrid, investing $417 million and successfully closed sustainable deals. Senior Managing Director Allen Weaver emphasized their commitment to providing investors with access to private credit investments.
Positive
Achieved record originations of $14.5 billion in 2021.
Portfolio growth to $101.2 billion in assets under management.
$12.0 billion of investment-grade investments made.
Established a new office in Madrid with an investment of $417 million.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
PGIM Private Capital provided $14.5 billion of senior debt and junior capital to 216 middle-market companies and projects globally in 2021, completing a 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 $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
“Our record origination activity is a testament to our unwavering commitment and stability through any market conditions.” -- Allen Weaver, Senior Managing Director at PGIM Private Capital (Photo: Business Wire)
“Our record origination activity is a testament to our unwavering commitment and stability through any market conditions,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Our unique approach to lending has been key to our steady flow of transactions, which has enabled us to provide investors access to attractive private credit investments. Throughout the year we remained a trusted partner to both borrowers and investors worldwide.”
PGIM Private Capital’s portfolio grew to a record $101.2 billion in assets under management at year-end.
2021 Highlights:
$12.0 billion of investment-grade investments, $2.0 billion of below-investment-grade investments; $515 million of mezzanine and private equity investments.
96 new issuers across a range of industries added to the portfolio and 126 existing borrower companies returned for further funding.
$10.4 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.
$3.5 billion in Real Assets business, including energy, power, infrastructure, and credit tenant lease financing.
$1.1 billion in Direct Lending transactions, across 54 transactions.
Closing of our first sustainable power deal, under the PGIM Sustainable Power Program.
Opening of our Madrid office, Prudential’s inaugural presence in Spain, with $417 million invested in 2021.
PGIM Private Capital has seen strong activity in the U.K. and Europe, including an $88 million investment with Enpal, a Germany-based solar leasing company, to finance the installation of more than 15,000 residential PV systems.
PGIM Private Capital’s Real Assets business originated more than $1.6 billion in energy and power projects, including a deal for Tealov S.A., which will support the long-term reliability of the national electricity system in Uruguay and enable increased renewable energy production.
PGIM Private Capital has also seen strong activity in corporate finance around the world, including in Latin America with $556 million invested across eight deals by our Mexico City office. Notably, the team closed a $90 million investment for Procaps Group, S.A., a leading manufacturer of high-quality medicines, which marks our first transaction in Colombia.
Said Weaver, “As we continue to leverage our global network into 2022, we look forward to offering unique deal flow to investors and building strong relationships with issuers.”
ABOUT PGIM PRIVATE CAPITAL
PGIM Private Capital manages more than $20.0 billion in outside nonaffiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprising Direct Lending, PGIM Capital Partners and PGIM Energy Partners mezzanine funds. PGIM Private Capital manages a $101.2 billion portfolio of private placements and mezzanine investments through its regional office network (Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Madrid; Mexico City¹; Milan; Minneapolis; Newark, New Jersey; New York; Paris; San Francisco and Sydney²) and purchases up to $15.0 billion annually in predominantly senior debt and junior capital. All data as of Dec. 31, 2021. For more information, please visit pgimprivatecapital.com.
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU). PFI ranks among the top 10 largest asset managers in the world³ with $1.5 trillion in assets under management as of Dec. 31, 2021. With offices in 17 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 Financial, Inc. (PFI) 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. For more information please visit news.prudential.com.
1
The Mexico City office operates through PGIM Real Estate Mexico S.C.
2
The Sydney office operates through PGIM (Australia) Pty Ltd.
3
PGIM is the investment management business of Prudential Financial, Inc. (PFI); PFI is the 10th largest investment manager (out of 477 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on May 31, 2021. This ranking represents global assets under management by PFI as of Dec. 31, 2020.
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What were PGIM Private Capital's originations in 2021?
PGIM Private Capital achieved record originations of $14.5 billion in 2021.
How much does PGIM Private Capital manage in assets as of 2021?
PGIM Private Capital manages a portfolio of $101.2 billion in assets as of year-end 2021.
What types of investments did PGIM Private Capital make in 2021?
In 2021, PGIM Private Capital made $12.0 billion in investment-grade investments and $2.0 billion in below-investment-grade investments.
Where did PGIM Private Capital open a new office in 2021?
PGIM Private Capital opened a new office in Madrid in 2021.
What is the significance of the $14.5 billion originations for PGIM?
The $14.5 billion in originations represents a record year for PGIM Private Capital, indicating strong market demand and successful lending operations.
