CHICAGO, July 20, 2020 - PGIM Private Capital provided $4.7 billion of senior debt and junior capital to middle-market companies and projects globally in the first half of 2020, including $3.4 billion from March to June, during the COVID-19 global pandemic. PGIM Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.3 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
“Throughout the global pandemic and resulting market volatility, we have continued to be a reliable financial partner for our portfolio companies,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “In times of stress, the steady, patient commitment our team brings in supporting the needs of our partners—both investors and borrowers—is more important than ever.”
First Half 2020 Highlights:
- $4.2 billion of investment grade investments; $351 million of below investment grade investments; $193 million of mezzanine and private equity investments.
- 29 new issuers across a range of industries added to the portfolio and 59 existing borrower companies returned for further funding.
- $3.3 billion in Global Corporate Finance investments, across North America, the U.K., Europe, Latin America and Australasia.
- $1.4 billion invested in real assets sectors, including energy, global infrastructure, lease and commercial asset financing.
Added Weaver, “We are cautiously optimistic regarding the future of our core middle market borrowers. We remain committed to supporting them as economies across the globe slowly re-open. We have been impressed with how our portfolio companies have handled the challenges of the pandemic and believe our investors will be well served by the quality of their management teams.”
PGIM Private Capital manages nearly $20 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 $90.6 billion portfolio of private placements and mezzanine investments through its regional office network (Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Mexico City1; Milan; Minneapolis; Newark, New Jersey; New York; Paris; San Francisco and Sydney2) and purchases up to $13 billion annually in predominantly senior debt and junior capital. All data as of March 31, 2020. For more information, please visit pgimprivatecapital.com.
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.3 trillion in assets under management as of March 31, 2020. With offices in 16 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 As ranked in Pensions & Investments’ Top Money Managers list, May 27, 2019; based on PFI total worldwide institutional assets under management as of Dec. 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.