Private Credit

Direct Lending

A diversified, middle market direct lending business focused on first lien, floating rate, senior secured loans.

Birmingham, UK: June 29, 2018: Selfridges is one of Birmingham city's most distinctive and iconic landmarks. It is part of the Bullring Shopping Centre.

Overview

Investment Strategy

PGIM's Direct Lending capabilities on providing senior secured loans. These loans benefit from liquidation preference, contractual debt repayment, full covenants, and terms protections. Key tenants of our strategy include: 

  • Focus on the middle market ($10-100mm of EBITDA)
  • Industry generalist approach 
  • Geographic focus on North America, Western Europe and Australia 
  • Non-sponsored and sponsored portfolio mix
  • Typical senior leverage in the 2.5x-4.5x range
  • Sole, Lead, or Co-Lead on 86% of deals since inception
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GLOBAL ORIGINATIONS NETWORK

Our Direct Lending strategy originates loans through PGIM’s network of 15 offices with dedicated Private Credit teams across the globe – providing access to direct deal flow – and through comprehensive coverage of sponsors and intermediaries with dedicated direct lending coverage in select offices. Our ability to originate both non-sponsored and sponsored loans enables selectivity and relative value selection as markets move at difference cadence. 

Direct Lending at a Glance*

$14.0B

Originated Since 2000

3.2x

Average Entry Senior Leverage

410

Number of Loans

Transactions

PGIM's Transaction Profiles

Non-Sponsored

Issuer Profile: $25-100MM EBITDA; often family-owned companies with substantial operating history

Transaction Types: Non-change-of-control (recaps, refinancings, MBOs, growth)

Sponsored

Issuer Profile: $10-100MM EBITDA

Transaction Types: Change of control or growth

Featured Transactions

Undisclosed

UK Based Provider of Transport and Logistic Staffing Services


Senior Secured Term Loan
Suborinated Notes
Preferred Equity
Sole Lead Arranger

Non-Sponsored

 

Undisclosed

French Based Software Provider for Supply Chain Management Solutions


Senior Secured Term Loan
Delayed Draw Term Loan

Sponsored

 

$165M

US Based Value-Added Distributor of Machine Solutions


Senior Secured Credit Facility
Term Loan
Leader

Sponsored

 

Undisclosed

UK Offsite Modular Building Specialists


Senior Secured Term Loan
Term Loan
Delayed Draw Term Loan
Sole Lead Arranger


Sponsored

 

Team

Investment Committee

Insights

Featured Direct Lending Insights

*Sources of data (unless otherwise noted) are as of 6/30/2025.

Contact

Discuss Direct Lending Opportunities

Learn more about how PGIM's direct lending opportunities can help your business.