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 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.
“Throughout the global pandemic and resulting market volatility, we have continued to be a reliable financial partner for our portfolio companies,” Allen Weaver, senior managing director and head of PGIM Private Capital, said. “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 UK, Europe, Latin America and Australasia.
- $1.4 billion invested in real assets sectors, including energy, global infrastructure, lease and commercial asset financing.
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“We are cautiously optimistic regarding the future of our core middle market borrowers,” Weaver said. “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.”
