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Press Release

PGIM Private Capital raises $2.23B for sixth mezzanine fund, PGIM Capital Partners VI, L.P.PGIMPrivateCapitalraises$2.23Bforsixthmezzaninefund,PGIMCapitalPartnersVI,L.P.

By PGIM Global Communications — Dec 18, 2020

3 mins

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CHICAGO, Dec. 18, 2020 – PGIM Private Capital has completed fundraising for PGIM Capital Partners VI, L.P., surpassing its fundraising target with capital commitments of $2.23 billion. PGIM Capital Partners VI is more than 20% larger than Fund V, which closed in 2016. PGIM Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).

PGIM Capital Partners VI launched in Q1 2020 and received its final commitment in December 2020, amid unprecedented market volatility due to the COVID-19 global pandemic. The fund closed with 24 investors across five countries and three continents, including significant re-up support from existing limited partners.

“Throughout the global pandemic and resulting market volatility, we have continued to deploy flexible junior capital to the middle-market,” said Jeff Dickson, executive managing director and head of Alternatives, PGIM Private Capital. “Our long-term, patient approach to investing has served us, our borrowers and our investors well during this time of uncertainty. We appreciate the continued confidence of our investor base, and believe this successful fundraising effort is a testament to the strategy and value proposition of PGIM Private Capital in the middle-market.”

The Fund VI strategy, much like its previous five funds, will continue to pursue middle-market financing opportunities primarily within the United States, Canada, the U.K. and Western Europe.

“Our funds have been cycle-tested,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “The volatility experienced in 2020 has solidified our role as a reliable and trusted partner to middle-market issuers and our investors.”

Media Contact

Lizzie Lowe

973-802-8786

lizzie.lowe@pgim.com

“Throughout the global pandemic and resulting market volatility, we have continued to deploy flexible junior capital to the middle-market. Our long-term, patient approach to investing has served us, our borrowers and our investors well during this time of uncertainty.”
Jeffrey DicksonExecutive Managing Director and Head of AlternativesPGIM Private Capital

About PGIM Private Capital

PGIM Private Capital manages more than $20 billion in outside nonaffiliated assets through its Institutional Asset Management unit and Alternative Investments unit, comprised of PGIM Capital Partners and PGIM Energy Partners mezzanine funds, and Direct Lending. PGIM Private Capital manages a $97.5 billion portfolio of private placements and mezzanine investments through its regional office network (Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles; Mexico City1; Milan; Minneapolis; Newark, New Jersey; New York; Paris; San Francisco and Sydney2) and purchases up to $13 billion annually in private senior debt and junior capital. All data as of Sept. 30, 2020. For more information, please visit pgimprivatecapital.com.

About PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than US$1.4 trillion in assets under management as of September 30, 2020. With offices in 16 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 Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.

For media use only. All investments involve risk, including the possible loss of capital.

This press release is not intended to constitute marketing of any fund under the EEA's Alternative Investment Fund Managers Directive ('AIFMD') as implemented in the relevant EEA jurisdiction.  'Marketing' as defined under AIFMD shall only take place in the relevant jurisdiction where the alternative investment fund manager has registered as required under AIFMD for marketing or where an investor has approached the alternative investment fund manager on a reverse-enquiry basis.  No fund mentioned in this press release is available for new investors.

In the United Kingdom and various other jurisdictions in Europe, this press release is issued by PGIM Private Capital Limited (‘PPC Ltd’), authorised and regulated by the Financial Conduct Authority (registration number 172071) of the United Kingdom and duly passported in various jurisdictions in the European Economic Area to provide discretionary investment advice.

  • By PGIM Global CommunicationsNewsroom, PGIM

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For Professional Investors only.* All investments involve risk, including the possible loss of capital.

This material is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. PGIM is the principal asset management business of Prudential Financial, Inc. and a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training.

The information on this website is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In making the information available on this website, PGIM, Inc. and its affiliates are not acting as your fiduciary.    

In the United Kingdom, this website may be issued by PGIM Private Alternatives (UK) Limited or PGIM Private Capital Limited.  In the European Economic Area (“EEA”), this website may be issued by PGIM Private Capital (Ireland) Limited or PGIM Luxembourg S.A. or PGIM Real Estate Germany AG.

PGIM, Inc. has its headquarters at 655 Broad Street, Newark, NJ 07102. PGIM Private Capital (Ireland) Limited has its registered office at IDA Business Park, Letterkenny, Co. Donegal, F92 FP83, Ireland. PGIM Private Capital (Ireland) Limited is authorised and regulated by the Central Bank of Ireland and registered in Ireland under company number 635793 operating on the basis of a European passport. PGIM Limited and PGIM Private Alternatives (UK) Limited have their registered offices at 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). PGIM Private Alternatives (UK) Limited is authorised and regulated by the FCA of the United Kingdom (Firm Reference Number: 181389). PGIM Private Capital Limited has its registered address at 1 London Bridge, London SE1 9BG and is authorised and regulated by the FCA of the United Kingdom (Firm Reference Number: 172071). PGIM Luxembourg S.A., Netherlands Branch is registered with the Netherlands Chamber of Commerce under number 85998877 and has its local offices at Gustav Mahlerlaan 1212, 1088LA Amsterdam, The Netherlands. PGIM Luxembourg S.A. has its registered address at 2 Boulevard de la Foire, L-1528 Luxembourg and is authorised and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg (registration number A00001218). PGIM Real Estate Germany AG has its registered address at Wittelsbacher Platz 1, 80333 Munchen, Germany and is authorised and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) in Germany (registration number 10138142).

In Japan, information is provided by PGIM Japan Co., Ltd. (“PGIM Japan”) and/or PGIM Real Estate (Japan) Ltd. (“PGIMREJ”).  PGIM Japan, a registered Financial Instruments Business Operator with the Financial Services Agency of Japan offers various investment management services in Japan.  PGIMREJ is a Japanese real estate asset manager that is registered with the Kanto Local Finance Bureau of Japan.

In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser. This material is issued by PGIM Singapore for the general information of “institutional investors” pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the “SFA”) and “accredited investors” and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is issued by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean qualified institutional investors on a cross-border basis.   

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. 

*PGIM.com/Podcasts and its content is intended for informational or educational purposes only and is not directed exclusively to Professional Investors. 

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