RISKS

An investment in the Fund involves a high degree of risk, including the risk that the entire amount invested may be lost. The Fund is primarily designed to purchase certain investments, which will introduce significant risk to the Fund, including asset performance, price volatility, administrative and counterparty risk. The return may increase or decrease as a result of currency fluctuations. Also, the use of financial derivative instruments may result in increased gains or losses within the Fund.

There is no guarantee that the Fund will achieve its investment objective. Prospective and existing investors should carefully consider the risks involved in an investment in the Fund. In addition to reading this document, prospective and existing investors should read the Prospectus of PGIM Alternatives SCA-SICAV and the accompanying Sub-Fund Annex for the PGIM Global Private Credit SCA as set out in the Prospectus (collectively the "Fund Documents") and are urged to consult their own legal, tax and financial advisors about the risks of investing in the Fund. Investments are not guaranteed by PGIM, its affiliates, or any governmental agency.

Unless otherwise defined herein, defined terms used below are as defined in the Fund Documents.

NOTICE

All investments involve risk, including the possible loss of capital.

Investing in the Fund involves certain risks and may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its investment strategy because of market, economic, regulatory, geopolitical and other conditions.

The Fund’s risks include, but are not limited to, some or all of the risks discussed below: 

• The Fund is newly established and has no operating history. Investors therefore have limited basis on which to evaluate performance. The Fund is subject to the business risks and uncertainties associated with recently formed businesses, including the risk that the Fund will not achieve our investment objectives and the value of a shareholder’s investment could decline substantially or become worthless.
• The Fund is only partially liquid. Redemption requests may be subject to notice periods, gates, suspensions or other liquidity management tools. Investors should be prepared to hold their investment for the medium to long term. See below for further details on liquidity risk.
• Past performance is not a reliable indicator of future results. Performance figures may be based on unaudited or estimated data and are subject to revision.
• Fees, expenses and transaction costs will reduce the Fund’s returns. Certain costs may be borne indirectly through underlying investments.
• The Fund is an alternative investment fund subject to regulatory requirements that may change over time. Future regulatory developments, including in the EU and the UK, could increase costs, restrict operations or otherwise adversely affect the Fund.
• The Fund is subject to certain conflicts of interest arising out of its relationship with PGIM and its affiliates, including the fact that the investment objective of the Fund may be the same as or similar to other funds managed by the Investment Manager. Some members of the Board of Managers are also executives of PGIM and/or one or more of its affiliates. There is no guarantee that the policies and procedures adopted by the Fund, PGIM, the AIFM, the Investment Manager and their affiliates, will enable the Fund to always identify, adequately address or mitigate these conflicts of interest.
• The activity of identifying, completing and realising attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance that the Fund will be able to locate, consummate and exit investments that satisfy its objectives or realise upon their values or that the Fund will be able to fully invest its Shareholders’ investment. There is no guarantee that investment opportunities will be allocated to the Fund or that the activities of PGIM’s other funds having similar or overlapping investment objectives will not adversely affect the interests of the Fund.
• The Fund’s investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in its shares may not be suitable for someone with lower risk tolerance.
• There is no guarantee that the Fund’s objective will be achieved or that dividends or distributions will be paid. The investments the Fund makes in accordance with its investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal.

The Fund invests in debt instruments, which may be unsecured and structurally or contractually subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured; "covenant-lite” obligations which may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement; below investment grade securities, which have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal; original issue discount or payment-in-kind (“PIK”) instruments may be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash; non-performing debt, which are debt instruments that the Fund may invest that may be or become nonperforming and possibly in default; distressed/defaulted securities, which are securities of companies that subsequently become involved in bankruptcy proceedings, reorganizations or financial restructurings, and that may face pending covenant violations or significant debt maturities; and non-U.S. investments, which may include investments denominated in U.S. dollars or in non-U.S. currencies and may involve a broad range of economic, non-U.S. currency and exchange rate, political, legal, tax and financial risks not typically associated with investments in U.S. companies.

Loans that the Fund may invest in include loans that are first lien, second lien, third lien or that are unsecured. In addition, the loans the Fund will invest in will usually be rated below investment grade or may also be unrated. Loans are subject to credit risk, liquidity risk, below investment grade instruments risk and management risk. The Fund may invest in derivative instruments, such as foreign currency forward contracts, options contracts, futures contracts, options on futures contracts, indexed securities, credit linked notes, credit default swaps and other swap agreements for hedging, investment, risk management, or leverage purposes, or to manage exchange rates or the duration of the Fund’s portfolio. Derivative transactions may subject the Fund to increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements. The Investment Manager will originate loans on behalf of the Fund. Loan origination involves a number of particular risks that may not exist in the case of secondary debt purchases. There can be no assurance that the Investment Manager and the Fund will correctly evaluate the value of the assets collateralising these loans or the prospects for successful repayment or a successful reorganization or similar action. Loans to private companies involve risks that may not exist in the case of more established and/or publicly traded companies.

The Fund is subject to liquidity risk in which the Fund’s shares constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our shares on a national securities exchange. There can be no guarantee that we will conduct a public offering and list our shares on a national securities exchange. In exceptional circumstances, the Fund may make exceptions to, modify or suspend, in whole or in part, the redemption program if in the Investment Manager’s reasonable judgment it deems such action to be in the Fund’s best interest and the best interest of the Fund’s investors, such as when redemptions of Shares would place an undue burden on the Fund’s liquidity, adversely affect the Fund’s operations, risk having an adverse impact on the Fund that would outweigh the benefit of redemptions of Shares or as a result of legal or regulatory changes. Material modifications, including any amendment to the 5% quarterly limitations on redemptions and suspensions of the redemption program will be promptly disclosed to Shareholders. If the redemption program is suspended, the Investment Manager will be required to evaluate on a monthly basis whether the continued suspension of the redemption program is in the Fund’s best interest and the best interest of its investors. Redemption of Shares by the Fund will likely be the only way for you to dispose of your Shares. The Fund expects to redeem Shares at a price equal to the applicable NAV as of the Redemption Date and not based on the price at which you initially purchased your Shares. Subject to limited exceptions, Shares redeemed within one year of the date of issuance may be subject to a redemption fee. As such, you may receive less than the price you paid for your Shares when you sell them pursuant to the Fund’s redemption program. The vast majority of the Fund’s assets are expected to consist of Investments that cannot generally be readily liquidated without impacting the Fund’s ability to realise full value upon their disposition. Therefore, the Fund may not always have a sufficient amount of cash to immediately satisfy Redemption Requests. As a result, your ability to have your Shares redeemed by the Fund may be limited and at times you may not be able to liquidate your investment (in part or in full). Investment in the Fund therefore requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund.

The Fund is subject to interest rate risk, in which general interest rate fluctuations may have a substantial negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse effect on the Fund’s ability to achieve its investment objective and the rate of return on invested capital; prepayment risk that the investments it makes may be repaid prior to maturity.

Shareholders must be prepared to bear the economic risk of an investment in our shares for an extended period of time. The Fund intends to borrow money (within the limits set out in the Prospectus). The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for loss on invested equity capital. If the Fund uses leverage to partially finance its investments, through borrowing from banks and other lenders, investors will experience increased risks of investing in the Fund’s shares. This leverage may also subject the Fund and its Investments to restrictive financial and operating covenants, which may limit flexibility in responding to changing business and economic conditions. We may be required to obtain various licenses in order to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, in the future in connection with one or more investments. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences. 

For further information on the Fund’s risks, please refer to the Fund Documents.

SFDR: PGIM Global Private Credit SCA (as used in this paragraph, the “Fund”) promotes environmental and/or social characteristics as identified in the Fund’s Offering Documents. The Fund may make one or more "sustainable investments" within the meaning of Article 2(17) of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 (the “SFDR”) but does not commit to make any such investment. As a result, the Fund is currently classified as an Article 8 financial product under the SFDR. Note, there is currently no formal acknowledgement of the classification by the relevant EEA competent authorities and there is no guarantee that any regulator will classify the Fund as such. The environmental and social characteristic promoted by the Fund is engagement with the aim of achieving a minimum environmental, social, sustainability profile of companies in which the Fund invests. There is no minimum ESG score which must be achieved in order for an investment to be made by the Fund. 

THE DISCLOSURES IN THIS DOCUMENT ARE NOT A COMPLETE LIST OF THE IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN THE FUND AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN THE FUND DOCUMENTS, WHICH MUST BE REVIEWED CAREFULLY.

In the United Kingdom, information is issued by PGIM Limited with registered office at Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR, which is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Reference No. 193418). In the European Economic Area (“EEA”), information may be issued by PGIM Investments (Ireland) Limited or PGIM Limited depending on the jurisdiction. PGIM Investments (Ireland) Limited, with registered office at 2nd Floor, 5 Earlsfort Terrace, Dublin 2, Ireland, is authorised and regulated by the Central Bank of Ireland (Reference No. C470709) and operates on the basis of a European passport and through its branches in Italy, Germany and the Netherlands.. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance on provisions, exemptions or licenses available to PGIM Limited including those available under temporary permission arrangements following the exit of the United Kingdom from the European Union. This information is issued by PGIM Limited and/or PGIM Investments (Ireland) Limited   to persons in the UK who are professional clients as defined under the rules of the FCA and/or to persons in the EEA who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In Switzerland, information is issued by PGIM Limited, through its representative office in Zurich with registered office at Limmatquai 4, 8001 Zürich, Switzerland, which is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”). This information is issued to persons in Switzerland who are professional or institutional clients within the meaning of Art.4 para 3 and 4 FinSA. In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. with registered office at 88 Market Street, #43-06 CapitaSpring, Singapore 048948, which is regulated by the Monetary Authority of Singapore (“MAS”) (Capital Markets Services License No. CMS100017). In Hong Kong, information is issued by PGIM (Hong Kong) Limited with registered office at Units 4202-4203, 42nd Floor Gloucester Tower, The Landmark 15 Queen’s Road Central Hong Kong, regulated by the Securities & Futures Commission in Hong Kong (BVJ981) (“SFC”), to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (“SFO”) (Cap.571). PGIM Limited, PGIM Investments (Ireland) Limited, PGIM (Singapore) Pte. Ltd. and PGIM (Hong Kong) Limited are indirect, wholly-owned subsidiaries of PGIM, Inc. (“PGIM” and the “Investment Manager”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. 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. PGIM, the PGIM logo and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. 

If there is any conflict between this information and the Fund Documents, the Fund Documents shall prevail. 

This material does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. 

This material is not suitable for distribution in the United States or to U.S. Persons. The Fund is not registered under the U.S. Securities Act of 1933, as amended, nor the U.S. Investment Company Act of 1940, as amended.

 Distribution of this material to any person other than the person to whom it was originally delivered and to such person’s advisers is unauthorised, and any reproduction of these materials, in whole or in part, or the divulgence of any of the contents hereof, without the prior consent of PGIM Limited, PGIM Investments (Ireland) Limited,   PGIM (Singapore) Pte. Ltd. and/or PGIM (Hong Kong) Limited, is prohibited.

Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable laws and regulations in connection with its distribution. The information and opinions contained herein are current as of the date of issuance and are subject to change without notice. PGIM Limited, PGIM Investments (Ireland) Limited, PGIM (Singapore) Pte. Ltd., and/or PGIM (Hong Kong) Limited have no obligation to update any or all of such information. 

These materials do not constitute investment advice, should not be used as the basis for any investment decision and are provided for information purposes only. Past performance is not a guarantee or a reliable indicator of future results.

These materials do not take into account individual client circumstances, objectives, or needs. No determination has been made regarding the suitability of any securities, financial instruments or strategies for particular clients or prospects. These materials do not purport to provide any legal, tax or accounting advice. 

Information for persons in Hong Kong: The Fund is not authorised by the SFC in Hong Kong pursuant to section 104 of the SFO. This document has not been approved by the SFC in Hong Kong, nor has a copy been registered with the Registrar of Companies in Hong Kong. Accordingly, shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than to “professional investors” within the meaning of Section 1 of Part 1 of Schedule 1 to the SFO and any rules made under the SFO, or in other circumstances which do not result in this document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) or which do not constitute an offer or invitation to the public for the purposes of the CWUMPO or the SFO.

Information for persons in Singapore:  The Fund and the offer of shares, which are the subject of this document, do not relate to a collective investment scheme which is authorised by the MAS under section 286 of the Securities and Futures Act 2001 of Singapore (the “SFA”) or recognised by the MAS under section 287 of the SFA, and shares of the Fund are not allowed to be offered to the retail public. Pursuant to Section 305 of the SFA, read in conjunction with Regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (the "Regulations"), the Fund has been entered into the list of restricted schemes maintained by the Monetary Authority of Singapore for the purposes of the offer of shares in the Fund made or intended to be made to relevant persons (as defined in section 305(5) of the SFA), or, the offer of shares in the Fund made or intended to be made in accordance with the conditions of section 305(2) of the SFA. These materials do not constitute an offer or solicitation by anyone in Singapore or any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

© 2026 Prudential Financial, Inc. (PFI) of the United States and its related entities.

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