PGIM Private Capital provided $14.5 billion of senior debt and junior capital to 216 middle-market companies and projects globally in 2021, completing a record year of originations for the firm. PGIM Private Capital is a provider 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.
“Our record origination activity is a testament to our unwavering commitment and stability through any market conditions,” Allen Weaver, senior managing director and head of PGIM Private Capital, said. “Our unique approach to lending has been key to our steady flow of transactions, which has enabled us to provide investors access to attractive private credit investments. Throughout the year we remained a trusted partner to both borrowers and investors worldwide.”
PGIM Private Capital’s portfolio grew to a record $101.2 billion in assets under management at year-end.
2021 Highlights:
- $12 billion of investment-grade investments, $2 billion of below-investment-grade investments; $515 million of mezzanine and private equity investments.
- 96 new issuers across a range of industries added to the portfolio and 126 existing borrower companies returned for further funding.
- $10.4 billion in global corporate finance investments across North America, the UK, Europe, Latin America and Australasia.
- $3.5 billion in real assets business, including energy, power, infrastructure and credit tenant lease financing.
- $1.1 billion in direct lending transactions, across 54 transactions.
- Closing of PGIM Private Capital’s first sustainable power deal, under the PGIM Sustainable Power Program.
- Opening of PGIM Private Capital’s Madrid office, Prudential’s inaugural presence in Spain, with $417 million invested in 2021.
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PGIM Private Capital has seen strong activity in the UK and Europe, including an $88 million investment with Enpal, a Germany-based solar leasing company, to finance the installation of more than 15,000 residential PV systems.
PGIM Private Capital’s real assets business originated more than $1.6 billion in energy and power projects, including a deal for Tealov S.A., which will support the long-term reliability of the national electricity system in Uruguay and enable increased renewable energy production.
PGIM Private Capital has also seen strong activity in corporate finance around the world, including in Latin America with $556 million invested across eight deals by PGIM Private Capital’s Mexico City office. Notably, the team closed a $90 million investment for Procaps Group, a manufacturer of high-quality medicines, which marks PGIM Private Capital’s first transaction in Colombia.
“As we continue to leverage our global network into 2022, we look forward to offering unique deal flow to investors and building strong relationships with issuers,” Weaver said.
