PGIM Real Estate provides $141M in floating-rate financing for affordable housing portfolio in the Bronx
This affordable housing portfolio comprises 2,021 units across 34 properties, totaling 2.1 million square feet, located in the northern Bronx.
PGIM launches Better Future Fund to pursue future growth and sustainable competitive advantages
LONDON, 21 March 2025 – PGIM, the US$1.38 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has enhanced its equities offering with the launch of the PGIM Jennison Better Future Fund (the “Fund”). The Fund is a sub-fund of the Irish-domiciled UCITS fund umbrella, PGIM Funds plc, and is available to institutional and wholesale investors.
Managed by PGIM’s active equity manager, Jennison Associates, this thematic global equity portfolio seeks to invest in high growth companies where the duration or magnitude of the growth is being underestimated, and which align to a select group of UN Sustainable Development Goals (SDGs). The Fund invests in companies that Jennison believes have disruptive technologies or services and exhibit dynamic new product development, and whose market opportunity is expanding.
Through a bottom-up stock selection approach, the global portfolio has a concentration of 25-40 companies, with no maximum or minimum limit on country or sector weights. While the Fund strategy is benchmark-agnostic, the Fund’s performance is benchmarked against the MSCI All Country World Index.
The investment team is led by Mark Baribeau, head of Global Equity, and Rebecca Irwin, portfolio manager and equity analyst, at Jennison Associates. The portfolio management team averages nearly 20 years of experience at Jennison and is supported by its global growth sector analysts and sustainability research team.
“The Better Future Strategy launched in March 2022 as a natural extension of the Jennison Global Equity team’s long-term record of successfully investing in global growth companies”, Baribeau said. “Our aim is the pursuit of healthy revenue and profit growth, in companies that are helping to create more sustainable and inclusive growth. The Fund therefore also aligns with several United Nations’ Sustainability Development Goals and incorporates these into its analysis at all times.”
Matt Shafer, head of International Distribution, PGIM Investments, said: “We are launching the Fund in response to strong demand from our international clients to continue to deliver long-term investment returns while contributing towards a more sustainable and inclusive world. We believe that companies which address global challenges will experience rising demand for their products and services.”
The Fund is classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR). The investment team incorporates analysis of environmental, social and governance (ESG) factors into its investment process. The Fund’s investment process also includes a number of ESG-related exclusions.
It is intended to initially register the Fund for sale in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Singapore (institutional investors only), Spain, Sweden, Switzerland and the UK. The registration status of the Fund is available at pgimfunds.com.
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 risk and counterparty risk. No guarantee or representation is made that any fund’s investment program will be successful, or that such fund’s returns will exhibit low correlation with an investor’s traditional securities portfolio.
The Fund may be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Fund is suitable only for persons who can bear the economic risk of the loss of their investment and who meet the conditions set forth in the Fund Documents. There can be no assurances that the Fund will achieve its investment objective. Prospective and existing Shareholders should carefully consider the risks involved in an investment in the Fund, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Shareholders should consult their own legal, tax and financial advisors about the risks of an investment in the Fund. Any such risk could have a material adverse effect on the Fund and its Shareholders.
The return may increase or decrease as a result of currency fluctuations. The use of financial derivative instruments may result in increased gains or losses within the Fund.
Where an investor’s own currency is different from the currency of the Fund, the return on investment may be affected by fluctuations in the currency exchange rate. The NAV of the Fund is calculated on a daily basis and published on the Fund’s website at the following address: pgimfunds.com.
Currency Risk: The value of investments in the Fund that are designated in a currency other than the base currency for the Fund may rise and fall due to exchange rate fluctuations.
Custodial Risk: Assets which are traded in markets where custodial and/or settlement systems are not fully developed may be exposed to risk in circumstances where the custodian will have no liability.
Emerging Market Risk: The Fund invests in emerging markets, which may experience political, market, social, regulatory, and/or economic instabilities. These instabilities may reduce the value of the Fund’s investments.
Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations. There is the risk that the growth investment style may be out of favour for a period of time, and when the style is out of favour the Fund may underperform the market in general.
Market Risk: Investments are subject to normal market fluctuations and the risks inherent in investment in international securities markets.
Political Risk: The value of the Fund’s investments may be affected by uncertainties such as international policy developments, social instability, and changes in government policies. This can result in more pronounced risks where conditions have a particular impact on one or more countries or regions.
Principal Investment Strategies: Because the Fund may invest a large portion of its assets in a single country or region of the world, the Fund’s investments may be geographically concentrated, which can result in more pronounced risks based upon economic conditions that impact one or more countries or regions. Additionally, the Fund may invest in companies of any capitalisation. The investment risk associated with small- to middle-capitalisation companies is higher than that normally associated with larger, older companies.
Socially Responsible Investment Risk: The Fund may achieve lower returns than an equivalent fund which does not pursue a socially responsible mandate.
ABOUT PGIM INVESTMENTS
PGIM Investments offers more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities and real estate. PGIM Funds plc is an Ireland-domiciled UCITS umbrella fund serving institutional and wholesale investors across the globe. For a full list of funds available in your region, visit pgimfunds.com.
ABOUT JENNISON ASSOCIATES LLC
Founded in 1969, Jennison Associates offers a range of equity and fixed income investment strategies. Its equity expertise spans styles, geographies and market capitalisations. Its fixed income capability includes investment-grade active and structured strategies of various durations. Original fundamental research, specialised investment teams, strong client focus, and highly experienced investment professionals are among the firm’s competitive distinctions. As of 30 Sept. 2024, Jennison managed US$214 billion in client assets. Jennison is an affiliate manager of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 19 countries, our more than 1,450 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with US$1.38 trillion in assets under management*, PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialised expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information 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.
*As of 31 Dec. 2024
In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Netherlands B.V. with registered office: Gustav Mahlerlaan 1212, 1081 LA Amsterdam, The Netherlands. PGIM Netherlands B.V. is authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licences available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. 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). In Italy, information is provided by PGIM Limited authorised to operate in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB).
All investments involve risk, including the possible loss of capital. Funds are available for professional investors only. An investor must review the Fund’s prospectus, supplement, and Key Investor Information Document (“KIID”) or Key Information Document (the “KID”), depending on the jurisdiction (together, the “Fund Documents”) before making a decision to invest. The Fund Documents are available at PGIM Limited (at its registered office at Grand Buildings, 1-3 Strand Trafalgar Square, London, WC2N 5HR, United Kingdom or at pgimfunds.com) and/or PGIM Investments (Ireland) Limited (at its registered office at 2nd Floor, 5 Earlsfort Terrace, Dublin 2, Ireland or at pgimfunds.com) and/or PGIM Netherlands B.V. (at its registered office at Gustav Mahlerlaan 1212, 1081 LA, Amsterdam, The Netherlands or at pgimfunds.com) and/or PGIM Luxembourg S.A. (at its registered office at 2, boulevard de la Foire, L-1528 Luxembourg or at pgimfunds.com). The KIIDs/KIDs can be obtained from pgimfunds.com and are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive). In addition, a summary of investor rights is available from pgimfunds.com. The summary is available in English. The sub-funds of the company are currently notified for marketing into a number of EU Member States under the UCITS Directive. PGIM Funds plc can terminate such notifications for any share class and/or sub-fund of the company at any time using the process contained in Article 93a of the UCITS Directive.
2025-0129
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