PGIM Private Capital provides nearly $13.7B of senior debt and junior capital globally in 2023PGIMPrivateCapitalprovidesnearly$13.7Bofseniordebtandjuniorcapitalgloballyin2023

“I would expect our origination pace to be strong in 2024. Even though continued economic and geopolitical uncertainty may pressure M&A activity and cause some issuers to defer financing decisions, companies and sponsors will value certainty of execution and trusted partners who can deliver in these market conditions. I am optimistic that our stability and continued expansion of our origination network and investment capabilities will drive solid levels of activity in these conditions.”

2023 Highlights:

• $10.0 billion of investment-grade investments, $3.1 billion of below-investment-grade investments, $503 million of mezzanine and private equity investments.
• 106 new issuers across a range of industries added to the portfolio and 159 existing borrower companies returned for further funding.
• $7.4 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America and Australasia.
• $4.7 billion in real assets sectors, including energy, power, infrastructure, credit tenant lease financing, and structured credit.
• $503 million of mezzanine investments including 3 new energy platforms through PGIM Energy Partners, PGIM Private Capital’s middle-market energy fund.
• Over $2.0 billion in Direct Lending transactions, across nearly 50 transactions, marking a record year of Direct Lending activity.
• Acquired a majority interest in Deerpath Capital Management, a U.S. private credit and direct lending manager focused on primarily financing private equity sponsor-backed companies in the lower middle market.
• Launch of PGIM Private Capital’s middle-market CLO platform, Windhill, with our first issuance completed in December 2023 for $396 million.

PGIM Private Capital’s Direct Lending reached a record year of originations at over $2.0 billion, despite a decline in M&A volumes across the market. The platform continues to deploy capital across the U.S., European, and Australian markets and cultivate new sponsored and non-sponsored relationships, including closing the first direct lending transaction in the Netherlands.

PGIM Private Capital’s Real Assets platform originated nearly $2.6 billion in energy and power transactions, nearly $1.2 billion across infrastructure investments, and $875 million in credit tenant lease transactions. The team maintains strong origination activity both domestically and internationally, including closing a direct, below-investment-grade origination for Sentinel Midstream, a midstream solutions provider in Texas and Louisiana.

ABOUT PGIM Private Capital

PGIM Private Capital manages a $101.5 billion portfolio of private placements, mezzanine, and direct lending investments through its regional office network (Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Madrid; Mexico City¹; Milan; Minneapolis; Newark, New Jersey; New York; Paris; San Francisco; and Sydney²) and purchases up to $16.0 billion annually in predominantly senior debt and junior capital. PGIM Private Capital manages more than $20.0 billion in outside non-affiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprising Direct Lending, PGIM Capital Partners and PGIM Energy Partners mezzanine funds. All data as of Dec. 31, 2023. For more information, please visit pgimprivatecapital.com.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), is a leading asset manager in the world³ with $1.3 trillion in assets under management as of Dec. 31, 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹ The Mexico City office operates through PGIM Real Estate Mexico S.C.

² The Sydney office operates through PGIM (Australia) Pty Ltd.

³ PGIM is the investment management business of Prudential Financial, Inc. (PFI). PFI is the 11th-largest investment manager (out of 434 firms surveyed) in terms of worldwide institutional assets under management based on Pensions & Investments’ Top Money Managers list published June 2023. This ranking represents institutional client assets under management by PFI as of Dec. 31, 2022. Participation in the P&I ranking is voluntary and open to managers that have any kind of U.S. institutional tax-exempt AUM. Managers self-report their data via a survey. P&I sends the survey to previously identified managers and to any new managers asking to participate in the survey/ranking. No compensation is required to participate in the ranking.

In the United Kingdom, information is issued by PGIM Private Capital Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Capital Limited is authorized and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 172071) and registered in England No. 1331817. In the European Economic Area (“EEA”), information is issued by PGIM Private Capital (Ireland) Limited with registered office: Pramerica Drive, Letterkenny Business and Technology Park, Letterkenny, Co Donegal, F92 W8CY, Ireland. PGIM Private Capital (Ireland) Limited is authorized and regulated by the Central Bank of Ireland and registered in Ireland under company number 635793 operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Private Capital Limited in reliance of provisions, exemptions, or licenses available to PGIM Private Capital Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Private Capital Limited and/or PGIM Private Capital (Ireland) Limited to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).