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Direct lending is not a uniform market. As capital continues to move toward larger transactions, differences between large-cap and middle-market opportunities become increasingly apparent.
Core and lower middle-market conditions can offer lenders greater say in negotiating and monitoring loans versus the large-cap category where competition can extract compromise. The middle market’s more fragmented borrower base can better position lenders to influence yield potential, entry leverage and structural protection.
Explore why borrower size is an important starting point when evaluating a private credit strategy and how PGIM’s focus on disciplined middle-market lending seeks to support more resilient outcomes.
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The views expressed herein are those of PGIM investment professionals at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Neither PFI, its affiliates, nor their licensed sales professionals render tax or legal advice. Clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation. Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.
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