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Laxman Pai, Opalesque Asia: PGIM, the investment management arm of Life insurer Prudential Financial, has raised $4.2 billion for its latest middle-market direct lending strategy.
The PGIM Senior Loan Opportunities II (PSLO II) fund marks one of the largest fundraises for direct lending funds, the core segment of the private credit market, this year.
The strategy will focus on senior secured financing for middle-market companies across North America, Europe, and Australia. Loans will be made to both private equity-sponsored and non-sponsored businesses.
According to a media release from the global asset management business, PSLO II, the second commingled private credit fund available to unaffiliated investors, attracted commitments from a diverse group of institutional investors, including insurance companies, pension funds, and sovereign wealth funds.
PSLO II's strategy focuses on delivering attractive risk-adjusted returns through a diversified portfolio of directly originated senior loans to both sponsored and non-sponsored issuers, said the release. The fund has already begun deploying capital, with a strong pipeline of opportunities and a well-developed investment portfolio, it added.
Matt Harvey, head of middle market direct lending for PGIM's private capital business, said: "Much of the growth in direct lending in recent years has been in sponsor-backed deals. But that channel is no longer sufficient to achieve appropriate diversification and de...................... To view our full article Click here
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