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.

Investment Strategy

PGIM Private Capital Direct Lending focuses 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

We have managed our Direct Lending strategy since 2000, investing $12.8 billion in the asset class over our 24-year track record.*

Our disciplined underwriting, experienced investment committee, and in-house workouts resources have allowed us to generate what we believe are strong risk-adjusted returns through market cycles with low default and loss rates.

GLOBAL ORIGINATIONS NETWORK

Our Direct Lending strategy originates loans through PGIM Private Capital’s network of 15 offices 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.