The Fund invests in debt instruments, which may be unsecured and structurally or contractually subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured; "covenant-lite” obligations which may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement; below investment grade securities, which have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal; original issue discount or payment-in-kind (“PIK”) instruments may be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash; non-performing debt, which are debt instruments that the Fund may invest that may be or become nonperforming and possibly in default; distressed/defaulted securities, which are securities of companies that subsequently become involved in bankruptcy proceedings, reorganizations or financial restructurings, and that may face pending covenant violations or significant debt maturities; and non-U.S. investments, which may include investments denominated in U.S. dollars or in non-U.S. currencies and may involve a broad range of economic, non-U.S. currency and exchange rate, political, legal, tax and financial risks not typically associated with investments in U.S. companies.

Loans that the Fund may invest in include loans that are first lien, second lien, third lien or that are unsecured. In addition, the loans the Fund will invest in will usually be rated below investment grade or may also be unrated. Loans are subject to credit risk, liquidity risk, below investment grade instruments risk and management risk. The Fund may invest in derivative instruments, such as foreign currency forward contracts, options contracts, futures contracts, options on futures contracts, indexed securities, credit linked notes, credit default swaps and other swap agreements for hedging, investment, risk management, or leverage purposes, or to manage exchange rates or the duration of the Fund’s portfolio. Derivative transactions may subject the Fund to increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements. Th Fund’s subadvisor will originate loans on behalf of the Fund. Loan origination involves a number of particular risks that may not exist in the case of secondary debt purchases. There can be no assurance that the subadviser and the Fund will correctly evaluate the value of the assets collateralizing these loans or the prospects for successful repayment or a successful reorganization or similar action. Loans to private companies involve risks that may not exist in the case of more established and/or publicly traded companies.

The Fund is subject to interest rate risk, in which general interest rate fluctuations may have a substantial negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse effect on the Fund’s ability to achieve its investment objective and the rate of return on invested capital; prepayment risk that the investments it makes may be repaid prior to maturity; and liquidity risk in which the Fund’s shares constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our shares on a national securities exchange. There can be no guarantee that we will conduct a public offering and list our shares on a national securities exchange. Investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares.

Shareholders must be prepared to bear the economic risk of an investment in our shares for an extended period of time. The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for loss on invested equity capital. If the Fund uses leverage to partially finance its investments, through borrowing from banks and other lenders, investors will experience increased risks of investing in the Fund’s shares. The Fund may be required to obtain various state licenses in order to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.

These materials are neither intended as investment advice nor an offer or solicitation with respect to the purchase or sales of any security or financial instruction.  These materials are not intended to be an offer with respect to the provision of investment management services. 

Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the fund. Contact your financial professional for a prospectus. Read it carefully before investing.

Prudential Investment Management Services LLC (PIMS) is a FINRA member firm. PIMS and PGIM, Inc. (PGIM) are Prudential Financial companies. PGIM is organized as a limited liability company under the laws of the state of Delaware. PGIM is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. that was organized in 1984. PGIM is a registered investment adviser with three business units: PGIM Private Capital (PGIM's dedicated private credit asset management business); PGIM Real Estate (the real estate investing and financing unit within PGIM); and PGIM Fixed Income (the primary public fixed income asset management unit of PGIM). © 2025 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate

Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete or passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense.  Before investing you must consider the Fund's investment objectives, risks, charges, and expenses. This material must be read in conjunction with the Fund's prospectus in order to fully understand all the implications and risks of an investment in the Fund. This material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus to individuals who meet minimum suitability requirements in their jurisdiction. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business.  This material includes information pertaining only to PGIM Private Credit Fund.  Any recipient of this material acknowledges that their receipt of the material is not an approval to market or offer interests in the Fund.  An investment in the Fund may not be in the best interest of, or suitable for, all investors.  Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are suitable for eligible, long-term investors who are willing to forego liquidity and put capital at risk for an indefinite period of time.  There can be no assurance that PGIM's targets will be realized or that PGIM will be successful in finding investment opportunities that meet these anticipated return parameters. Returns will be lower after deduction of fees, expenses and taxes.  Past performance is not indicative nor a guarantee of future returns.  PGIM has not made any representation or warranty, expressed or implied, with respect to fairness, correctness, accuracy, reasonableness, or completeness of any of the information contained herein (including but not limited to information obtained from third parties unrelated to PGIM), and expressly disclaims any responsibility or liability therefor. PGIM has no responsibility to update any of the information provided in this summary document. Shares of the Fund may only be offered in jurisdictions where the Fund is authorized for distribution.