PGIM has launched a global private credit fund for wealth investors across the UK, continental Europe and Asia.
The $1.4tn (£1tn) asset management arm of Prudential Financial has launched the Luxembourg-domiciled Part II UCI fund, PGIM Global Private Credit Fund SCA.
The vehicle will invest in middle-market companies across North America, Europe and Australia, targeting businesses with EBITDA of between $10m and $75m. It will be led by Matthew Harvey, global head of middle market direct lending.
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According to the firm, a portion of the portfolio will be allocated to non-sponsored loans to privately held companies, providing wealth investors with access to a broader segment of the market. In the US, more than 90 per cent of the addressable market remains non-sponsored.
PGIM added that the European direct lending market also presents opportunities, with the asset class remaining less developed than in the US but continuing to grow structurally.
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“This UCI offers an alternative and diversified return stream to help manage the risk and return profiles of portfolios,” said Matt Shafer, head of international wealth at PGIM. “As more wealth investors turn to private credit, we believe that we can deliver the expertise, alignment and differentiation that they are looking for through drawing upon over two decades of experience managing direct lending strategies for institutional investors.”
On the back of the launch of the fund, the firm manages more than $100bn in private credit assets and has more than two decades of institutional direct lending experience.
