Private Fixed Income

Investment grade and below investment grade fixed-rate debt to middle market issuers.

Overview

Why Private Fixed Income?

We believe a fixed income allocation can offer investors a yield-enhancing complement to public bond porfolios. PGIM has invested in private placements since the 1940s, opening its Investment Grade strategy to instituional investors in 1976 and Below Invesment Grade in 2004.

Time-Tested Credit Approach

Private credit business built over 75+ years
Extensive underwriting and investment process
Seek downside protection through terms, covenants and in-house workout resources

Differentiated Origination

Local teams across 15 offices calling directly on companies
Bilateral investments represent majority of deal flow and allow for selectivity in agented transactions

Strong Diversification

Well diversified across industries, with limited overlap to the public bond market
Exposure across North America, Europe, and Australia/New Zealand, providing broad geographic diversification

Investment Grade
Below Investment Grade

Senior, unsecured fixed-rate debt
Vehicles Available: Commingled vehicle (PRIVEST) available to qualified U.S. pension plans. Comparable strategies available under individual managed accounts.

Investment Grade at a Glance

$9.4B

Nav

350+

Number of Issuers Represented

BBB+

Average Credit Quality

Senior secured or unsecured, fixed-rate debt
Focus on high quality high yield (BB+) with an up to 10% “distressed” sleeve
Vehicles Available: Commingled vehicle (PRIVEST Plus) available to qualified U.S. pension plans. Comparable strategies available under individual managed accounts.

Below Investment Grade at a Glance

$634M

Nav

55+

Number of Issuers Represented

BBB-

Average Credit Quality

Team