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Bailey McCann, Opalesque New York: Chicago-based Prudential Capital Partners has closed its fifth mezzanine fund on $1.8 billion. The fund beat its $1.4 billion target, with some 70 percent of existing investors committing to the new fund. Prudential Capital Partners is the middle-market mezzanine fund business sponsored by Prudential Capital Group, the $78 billion private placement arm of PGIM, Prudential Financial, Inc's, global investment management business.
Fund V has been in market since April 2016. The firm's fourth mezzanine fund raised $1.15 billion in 2013. With its fifth fund, Prudential Capital Partners has raised more than $5.3 billion from institutional investors since launching its first mezzanine fund in 2001.
The investment professionals of Prudential Capital Group will co-invest alongside Fund V in each of its investments using a separate $98 million vehicle.
Prudential Capital Partners Fund V will follow a slightly expanded version of the firm's predecessor funds, which make investments ranging from $10 to $100 million to fund acquisitions, recapitalizations, growth capital financings, and management led and sponsored leveraged buyouts for middle-market companies in traditional industries in North America. In addition, Fund V has capacity to make investments in middle market companies within the U.K. and Western Europe.
For 2016, Prudential Capital Partners completed nearly $260 million of investments across 11 manufacturing, ...................... To view our full article Click here
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