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PGIM Private Capital raises $2.4 billion for Direct Lending fund, PGIM Senior Loan Opportunities I, L.P.
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PGIM Private Capital has successfully raised over $2.4 billion for its inaugural Direct Lending fund, PGIM Senior Loan Opportunities I, L.P. (PSLO I). This fund, aimed at non-affiliated investors, marks a significant milestone in PGIM’s direct lending strategy. Supported by institutional investors globally, PSLO I’s final closing occurred in January 2022. With nearly 50% of the capital already deployed, PGIM continues to strengthen its origination capabilities in the middle market across North America, Europe, and Australia.
Positive
Raised over $2.4 billion for the PGIM Senior Loan Opportunities I fund, indicating strong investor interest.
Nearly 50% of fund capital already deployed, showcasing active investment momentum.
Backed by a range of blue-chip institutional investors including insurance companies and pension funds.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
PGIM Private Capitalhas completed fundraising for PGIM Senior Loan Opportunities I, L.P. (“PSLO I”), with available capital commitments exceeding $2.4 billion. PSLO I marks PGIM Private Capital’s inaugural Direct Lending fund subscribed by unaffiliated investors, following over two decades of successful capital deployment in comparable direct lending strategies for affiliated investors.PGIM Private Capitalis a leading source of private credit 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).
“The closing of PSLO I validates our unique investment proposition in the Direct Lending asset class, leveraging our world-class origination approach to create portfolio diversification among both non-sponsored and sponsored issuers in the middle market.” -- Jeffrey Dickson, Executive Managing Director and Head of Alternatives, PGIM Private Capital
PGIM Senior Loan Opportunities I, L.P., achieved its final closing in January 2022, within one year of its first closing and amid ongoing economic uncertainty. The fund is supported by a blue-chip institutional investor base including insurance companies, pension funds and sovereign wealth fundsacross the U.S., Europe and Asia.
“The closing of PSLO I validates a unique investment proposition in the Direct Lending asset class, leveraging our world-class origination approach to create portfolio diversification among both non-sponsored and sponsored issuers in the middle market,” said Jeff Dickson, executive managing director and head of Alternatives, PGIM Private Capital. “Our deep expertise across geographic markets and relationship-oriented approach to lending have served us well as we continue to deploy capital.”
PGIM Private Capital’s Direct Lending approach is based on establishing close, long-term relationships with counterparties, which often enables more exhaustive due diligence and better investment suitability determination. The fund’s strategy accelerates PGIM Private Capital’s investment efforts to support middle-market companies primarily operating in North America, Europe and Australia. Early deployment momentum has been strong with nearly 50% of the fund’s capital already invested, signaling strong continued growth in PGIM Private Capital’s direct lending origination capability.
“The closing of our first Direct Lending fund is a testament to our disciplined credit judgment and cycle-tested track record,” added Matthew Harvey, executive managing director and head of Direct Lending, PGIM Private Capital. “Our unique approach to non-sponsored and geographic issuer diversification, coupled with a core allocation to traditional sponsored transactions, resonates with sophisticated institutional investors and is increasingly differentiated as the Direct Lending asset class matures.”
Said Dickson, “We look forward to supporting our partners through our unique global origination resources and to generating attractive, durable returns for our investors worldwide.”
ABOUT PGIM PRIVATE CAPITAL
PGIM Private Capital manages more than $20 billion in outside non-affiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprised of Direct Lending, mezzanine and related 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 invests up to $15 billion annually in privately originated and issued senior debt and junior capital securities. 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
Prudential Financial, Inc. (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 is PGIM Private Capital's recent fundraising achievement?
PGIM Private Capital raised over $2.4 billion for its inaugural Direct Lending fund, PGIM Senior Loan Opportunities I, L.P.
When did PGIM Senior Loan Opportunities I, L.P. close?
The fund achieved its final closing in January 2022.
What percentage of PGIM Senior Loan Opportunities I's capital has been deployed?
Nearly 50% of the fund's capital has been deployed.
Who are the primary investors in PGIM's new fund?
The fund is supported by a diverse range of institutional investors, including insurance companies, pension funds, and sovereign wealth funds.
How does PGIM Private Capital's Direct Lending strategy work?
PGIM's Direct Lending strategy focuses on creating long-term relationships with lenders to ensure better investment suitability and thorough due diligence.
