PGIM Private Capital provides nearly $10B of senior debt and junior capital globally in 1H 2022

Rhea-AI Summary

In the first half of 2022, PGIM Private Capital achieved nearly $10.0 billion in senior debt and junior capital origination, a record for the firm. The total includes $8.4 billion in investment-grade and $1.3 billion in below-investment-grade investments. Highlights also featured investments across global markets including $6.8 billion in corporate finance and $2.6 billion in real assets. PGIM Private Capital manages over $20.0 billion in assets, emphasizing strong borrower relationships and portfolio diversification.

Positive

• Record origination volume of nearly $10.0 billion in the first half of 2022.
• $8.4 billion in investment-grade and $1.3 billion in below-investment-grade investments.
• Strong corporate finance investments totaling $6.8 billion across multiple regions.
• Real assets investments reached $2.6 billion, supporting various sectors such as energy and infrastructure.
• Successful fundraising for PGIM Senior Loan Opportunities I, L.P.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- PGIM Private Capital provided nearly $10.0 billion of senior debt and junior capital to more than 140 middle-market companies and projects globally in the first half of 2022, marking a record first-half origination volume for the firm. 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: PRU).

“Our record first-half origination volume 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.” - Allen Weaver, Senior Managing Director at PGIM Private Capita (Photo: Business Wire)l

“Our record first-half origination volume 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 Allen Weaver, senior managing director and head of PGIM Private Capital. “Our unique global investment approach allows us to generate steady returns and create portfolio diversification for our investors, while continuing to support our partners worldwide.”

First-Half 2022 Highlights:

• $8.4 billion of investment-grade investments, $1.3 billion of below-investment-grade investments; $190 million of mezzanine and private equity investments.
• 56 new issuers across a range of industries added to the portfolio and over 100 existing borrower companies returned for further funding.
• $6.8 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.
• $2.6 billion in real assets sectors, including energy, power, infrastructure, and credit tenant lease financing.
• $190 million invested across 12 mezzanine investments, including PGIM Private Capital’s first mezzanine investment in Latin America.
• Over $720 million in Direct Lending transactions, across 16 transactions.
• Completed fundraising for PGIM Senior Loan Opportunities I, L.P., PGIM Private Capital’s inaugural Direct Lending fund.

PGIM Private Capital’s Real Assets platform originated more than $1.4 billion in energy and power transactions, over $600 million in credit tenant lease transactions, and over $475 million across infrastructure investments, including a €180 million direct origination for Autopistas del Atlántico Concesionaria Española, S.A., which holds the concession agreement for the AP-9, a 220-km highway across Galicia, Spain.

PGIM Private Capital has also seen strong activity in corporate finance in the U.K., Europe, and Latin America including a green shelf facility draw with existing partner Xior Student Housing in Belgium, funding investments under the company’s green financing framework.

Said Weaver, “Our strong origination activity, with both 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 to companies and investors globally.”

ABOUT PGIM PRIVATE CAPITAL

PGIM Private Capital manages more than $20.0 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. PGIM Private Capital manages a $96.4 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 $13.0 billion annually in predominantly senior debt and junior capital. All data as of March 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 $1.4 trillion in assets under management as of March 31, 2022. 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.

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).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220720005728/en/

Media:

Guy Nicholls

+ 44 (0)20-7766-2400

guy.nicholls@pgim.com

Source: PGIM Private Capital

FAQ

What was the origination volume for PGIM Private Capital in the first half of 2022?

PGIM Private Capital achieved nearly $10.0 billion in origination volume.

How much did PGIM Private Capital manage in assets?

PGIM Private Capital manages over $20.0 billion in assets.

What types of investments did PGIM Private Capital make in the first half of 2022?

In the first half of 2022, PGIM Private Capital made $8.4 billion in investment-grade investments and $1.3 billion in below-investment-grade investments.

How much was invested in corporate finance globally by PGIM Private Capital?

PGIM Private Capital invested $6.8 billion in Global Corporate Finance.

What are the highlights for PGIM Private Capital's real assets investments?

PGIM Private Capital's real assets investments reached $2.6 billion, including energy and infrastructure sectors.