PGIM Private Capital provided nearly $6.5 billion of senior debt and junior capital to more than 100 middle-market companies and projects globally in the first half of 2021, marking the second largest first-half origination volume over the past decade, as markets across the globe begin to move beyond the 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 $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
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Allen Weaver, Senior Managing Director and Head of PGIM Private Capital President and CEO, PGIM Real Estate (Photo: Business Wire)
“2021 has affirmed the strength of our global origination network and industry expertise, with a broad range of corporate finance and real assets transactions completed. Our global investment pace accelerated in the first half of 2021, demonstrating our unwavering commitment to supporting the financing needs of companies through any economic environment,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Throughout the past eighteen months, we have consistently provided capital and perspectives to our partners, while generating attractive returns for our investors worldwide.”
First-Half 2021 Highlights:
- $5.5 billion of investment-grade investments, $808 million of below-investment-grade investments; $209 million of mezzanine and private equity investments.
- 44 new issuers across a range of industries added to the portfolio and 61 existing borrowers returned for further funding.
- $4.7 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America, and Australasia.
- $1.6 billion in Real Assets investments, including energy, power, infrastructure, and credit tenant lease financing.
- Over $200 million invested across 10 mezzanine investments, including a mezzanine energy financing.
- Over $400 million in Direct Lending transactions, across 12 new and follow-on transactions.
- Opening of our Madrid office, Prudential’s inaugural presence in Spain, with notable activity YTD, including a €125 million origination for Club Atlético de Madrid S.A.D.
PGIM Private Capital’s direct lending business has outpaced origination targets, with nine transactions with new issuers closed globally, including a joint deal with the Sydney corporate finance team for ZircoDATA, a provider of off-site secured document storage and management.
PGIM Private Capital has also seen strong activity in the U.K. and Europe, including a $200 million green shelf facility with South West Water, which marks the company’s first sustainable private placement through their sustainable financing framework.
PGIM Private Capital’s Real Assets platform originated more than $890 million in energy and power projects, including a $60 million below-investment-grade origination for Rougaroux Power Holdings, LLC, an indirect owner of a 192 MW operating hydroelectric project located in Louisiana.
Said Weaver, “As the global economy continues to reopen, we look forward to maintaining our investment momentum and strong origination activity through the balance of the year.”
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, PGIM Capital Partners and PGIM Energy Partners mezzanine funds. PGIM Private Capital manages a $97.7 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 billion annually in predominantly senior debt and junior capital. All data as of March 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 March 31, 2021. 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 |
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. |
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). |
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Contacts
Lizzie Lowe
862-227-5850
lizzie.lowe@pgim.com
