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Overview
What is Direct Lending?
Direct lending capital is an avenue for companies to access capital as an alternative to the syndicated loans or senior floating-rate capital traditionally provided by banks. Direct lending loans are provided by "non-bank" lenders, such as institutional investors.
The direct lending market has become a permanent source of capital for borrowers. It is largely a leveraged buyout-driven, sponsor-led market, but relies on private placement-style credit and terms underwriting.
Who We Work With
Our Team
Sarah Bittner
Senior Director, North America Direct Lending
Dianna Carr-Coletta
Managing Director, North America Direct Lending
Nick Clarke
Senior Director, North America Direct Lending
Jack Gilbert
Senior Director, Europe & UK Direct Lending
Chris Halloran
Managing Director, North America Direct Lending
Matthew Harvey
Managing Director & Head of Direct Lending
PJ LaFemina, CFA
Executive Director, North America Direct Lending
Anthony Ma
Executive Director, Direct Lending Group
Elise Moulinier
Executive Director, Europe & UK Direct Lending
Tolgar Sirvanci, CFA
Managing Director & Senior Credit Officer
David B. Thompson, Jr.
Managing Director, North America Direct Lending
Kyle Ulep
Managing Director, North America Direct Lending
Related Insights
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PGIM's differentiated approach to Direct LendingMatt Harvey, Head of Middle Market Direct Lending, shares the direct lending strategies that set PGIM apart.
Read More
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United States Overview: 2025 Review & 2026 OutlookRegional US offices discuss 2025 activity & 2026 Outlook.
Read More
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Australia – Year in Review & OutlookPGIM’s Private Credit Investment Team in Sydney reflects on private credit middle market activity in Australia throughout 2025, and discusses what’s to come in 2026.
Read More
Understanding Direct Lending
PGIM typically finances direct lending transactions ranging from $25 - $400 million.
Collapse SectionDirect lending loans can be leveraged for multiple different financing objectives, including:
- Recapitalizations/dividend recapitalizations
- Growth
- Acquisitions
- Shareholder buyouts
- Generational transfers
- Non-sponsored management buyouts
- Sponsored leveraged buyouts
- Cross-border financings
Direct lending loans are primarily first lien, senior secured floating-rate loans but can also be second lien, revolvers, or accordion/delayed-draw facilities. They have flexible amortization profiles and final maturities that usually range from 5 to 6 years.
Collapse SectionCompanies choose PGIM for direct lending because of our relationship-focused approach, flexible repayment terms, and ability to support multi-currency, cross-border transactions. We take a holistic approach to understanding each business and its objectives, allowing us to structure financing solutions that align with companies’ long-term goals.
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