ALL THE CREDIT 

There’s been a noticeable shift in credit markets with leveraged loans and private credit rising to new prominence post-GFC. Direct lending, once largely concentrated to small and middle market borrowers, has experienced outsized growth and afforded private credit the scale to move upmarket as a meaningful player in large-cap lending. This episode will examine private credit’s market evolution, the asset class's appeal, and how large-cap companies are utilizing private credit as a financing tool. We then discuss how integrating our public and private capabilities here at PGIM provides a distinct advantage in identifying and capitalizing on large-cap investment opportunities.

PGIM’s Brian Barnhurst, CFA, Global Head of Credit Research, hosts this discussion with Janet Crowe, Global Head of Large Cap Direct Lending and Senior Portfolio Manager, and Kyle Ulep, Senior Portfolio Manager.

Recorded on October 15, 2025.