PGIM Private Capital announced that it provided $10 billion of senior debt and junior capital to more than 140 middle market companies in the first half of this year.
The record first half volume for the firm was global in scale and across mezzanine and private equity investments with $8.4 billion going to investment grade debt and $1.3 billion in below investment grade.
The private capital arm of $1.4 trillion global investment management firm PGIM, Chicago-based PGIM Private Capital manages more than $20 billion in outside non-affiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprising direct lending, mezzanine and related funds.
PGIM Private Capital said that it completed $720 million in 16 direct lending transactions as fundraising was completed for PGIM Senior Loan Opportunities I and PGIM Private Capital’s inaugural Direct Lending fund.
“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, in a statement. “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.”
The global approach is evident in PGIM Private Capital’s Real Assets platform that 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 ($184 million) direct origination for Autopistas del Atlántico Concesionaria Española, S.A.
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.
Weaver added that the firm’s strong origination activity was across new and existing borrowers.
PGIM Private Capital worked with 56 new issuers across a range of industries added to the portfolio and over 100 existing borrower companies returned for further funding, officials said.
“We look forward to remaining a reliable and trusted partner to companies and investors globally,” he said.