PGIM Private Capital completed fundraising for PGIM Capital Partners VI with capital commitments of $2.23 billion.

PGIM Capital Partners VI is more than 20% larger than Fund V, which closed in 2016. 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.

PGIM Capital Partners VI launched in Q1/20 and received its final commitment in December 2020 amid unprecedented market volatility due to the COVID-19 global pandemic. The fund closed with 24 investors across five countries and three continents, including re-up support from existing limited partners.

“Throughout the global pandemic and resulting market volatility, we have continued to deploy flexible junior capital to the middle-market,” Jeff Dickson, executive managing director and head of alternatives for PGIM Private Capital, said. “Our long-term, patient approach to investing has served us, our borrowers and our investors well during this time of uncertainty. We appreciate the continued confidence of our investor base and believe this successful fundraising effort is a testament to the strategy and value proposition of PGIM Private Capital in the middle market.”

The Fund VI strategy, much like the previous five funds, will continue to pursue middle market financing opportunities primarily within the United States, Canada, the U.K. and Western Europe.

“Our funds have been cycle-tested,” Allen Weaver, senior managing director and head of PGIM Private Capital, said. “The volatility experienced in 2020 has solidified our role as a reliable and trusted partner to middle market issuers and our investors.”