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PGIM Private Capital provided record $16.1B in private debt globally in 2022
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Rhea-AI Summary
PGIM Private Capital announced record originations of $16.1 billion in 2022 across 241 middle-market companies, marking a second consecutive year of growth. Notable highlights include $12.9 billion in investment-grade investments and $4.7 billion in Real Assets projects. The firm successfully supported new issuers and returned borrowers, showcasing its strong origination network and disciplined credit judgment. PGIM manages a portfolio valued at $96.6 billion, with an emphasis on private placements and mezzanine investments. As rising inflation and rates shape the investment landscape for 2023, PGIM remains well-positioned to support investors and borrowers.
Positive
Record originations of $16.1 billion in 2022, a second consecutive year of growth.
$12.9 billion in investment-grade investments indicates strong market demand.
Successfully added 102 new issuers and retained 139 existing borrowers.
$4.7 billion in Real Assets demonstrates diversification and growth.
Strong global origination activity maintained, with expansions into France and New Zealand.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
PGIM Private Capital provided $16.1 billion of senior debt and junior capital to 241 middle-market companies and projects globally in 2022, completing a second consecutive 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 $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Allen Weaver, Senior Managing Director at PGIM Private Capital (Photo: Business Wire)
“Our second consecutive year of record originations demonstrates our certainty of execution amidst a shifting market environment,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Our global origination network and disciplined credit judgment, built on nearly 100 years of investing experience, has been key to our steady flow of transactions, which has enabled us to generate attractive, durable returns for our investors worldwide.”
2022 Highlights:
$12.9 billion of investment-grade investments, $2.6 billion of below-investment-grade investments; $584 million of mezzanine and private equity investments.
102 new issuers across a range of industries added to the portfolio and 139 existing borrower companies returned for further funding.
$10.2 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.
$4.7 billion in Real Assets business, including energy, power, infrastructure, and credit tenant lease financing.
$1.7 billion in Direct Lending investments, across 42 transactions.
Completed fundraising for PGIM Senior Loan Opportunities I, L.P., PGIM Private Capital’s inaugural Direct Lending fund.
PGIM Private Capital’s direct lending platform has continued to expand, maintaining strong origination activity globally. In 2022 the team closed their first direct lending investments in France and New Zealand, supporting a public to private transaction for Generix Group, a global provider of integrated software solutions in France, and Salus Aviation Limited, a specialist aviation group in New Zealand.
PGIM Private Capital’s Real Assets platform originated more than $2.7 billion in energy and power transactions, over $900 million in credit tenant lease transactions, and over $850 million across infrastructure investments, including a direct origination for Salaverry Terminal Internacional S.A., a maritime port facility in Peru.
PGIM Private Capital has also seen strong corporate finance activity across Europe, with nearly $1.8 billion invested by the London office and over $2.0 billion collectively by the Paris, Frankfurt, Madrid and Milan offices. Notably, the Paris team invested over $1 billion across 10 financings, marking a record year for the team.
Weaver continued, “As the investment landscape for 2023 continues to evolve, shaped by rising rates and inflation, our long-term, patient approach to lending continues to be well-positioned to support our borrowers and investors worldwide.”
ABOUT PGIM PRIVATE CAPITAL
PGIM Private Capital manages a $96.6 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 $16.0 billion annually in predominantly senior debt and junior capital. Of the $96.6 billion portfolio, PGIM Private Capital manages more than $20.0 billion in outside non-affiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprising Direct Lending, PGIM Capital Partners and PGIM Energy Partners mezzanine funds. All data as of Dec. 31, 2022. For more information, please visit pgimprivatecapital.com.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.2 trillion in assets under management as of Dec. 31, 2022. With offices in 18 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.
All data as of Dec. 31, 2022. In the United Kingdom, information is issued by PGIM Private Capital Limited with registered office: 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 No. 1331817. In the European Economic Area (“EEA”), information is issued by PGIM Private Capital (Ireland) Limited with registered office: 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 in reliance of provisions, exemptions or licenses available to PGIM Private Capital Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Private Capital Limited and/or PGIM Private Capital (Ireland) Limited to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).
