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About
Scale and Expertise
PGIM is a global CLO manager that manages or subadvises both cash and synthetic CLO/CDO structures. Our U.S.- and London-based CLO product management team supports portfolio management and credit research groups, with dedicated analysts assigned to each CLO. In this role, analysts provide portfolio, trading, and administrative support.
Investment Objective
PGIM Fixed Income’s emphasis is on constructing diverse, high-quality portfolios with expected default rates below and recovery rates above market levels over the lifetime of the CLO transaction. CLO portfolios are constructed and managed in such a way as to maintain compliance with the various CLO-specific quality tests and constraints. A CLO portfolio's performance is also not tracked versus a set benchmark but instead is measured by the results of portfolio quality tests and equity distributions versus similar vintage structures across the market.
Investment Philosophy
Our bank loan investment philosophy is to build balanced and well-diversified portfolios of leveraged loans in companies with robust operating characteristics and defensible market positions. We look for management teams with strong track records and experience in managing levered capital structures. Above all, we focus on companies’ ability to generate stable cash flow. The credit team performs bottom-up analyses of each issuer and makes a formal recommendation as to whether to add that issuer to the approved list, and then portfolio managers evaluate and maximize relative value among the approved universe.
Investment Process
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CLO Offices
PGIM sourced data as of March 31, 2026. Assets under management (AUM) shown for Public Fixed Income and Multi-Asset. AUM/AUA shown for Public Equity and Private Markets. Public Equity includes AUA of $13.5B (net AUM is $190.3B). Private Markets AUM/AUA includes private credit, real assets, private equity, hedge funds, and CLO management. Private Markets includes real estate AUA of $50.1B (net AUM of $134.3B). AUM/AUA based on company estimates and subject to change. Asset totals may not sum due to rounding and double counting.
PGIM does not pay a fee to participate in or to distribute the results of these awards. 1. Source: Creditflux Global CLO Manager Rankings based on global principal liabilities (debt and equity) as of December 2025. Ranking listed here is based on an aggregation of PGIM and Deerpath managed CLO AUM. 2. Source: PGIM as of March 31, 2026. 3. As of March 31, 2026. 4. Source: Creditflux, September 2021, based on 2020 calendar year. 5. Source: Creditflux, May 2017, based on 2016 calendar year. 6. Source: Global Capital, May 2016, based on 2015 calendar year. 7. Source: Creditflux, May 2015, based on 2014 calendar year and May 2016, based on 2015 calendar year. 8. Source: Creditflux, June 2014, based on 2013 calendar year. 9. Source: Creditflux, June 2014, based on 2013 calendar year. 10. Source information is not fully visible in the image and appears to be cut off.
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