PGIM, the global asset management division of Prudential Financial, has launched the PGIM Global Private Credit Fund SCA, a Part II UCI fund for wealth investors in the UK, Europe and Asia.
A Part II UCI fund is Luxembourg-regulated and operates as an Alternative Investment Fund (AIF).
The strategy aims to deliver income, long-term capital appreciation and diversification by investing in secured loans to middle-market companies, focusing on less cyclical industries in North America, Europe and Australia.
PGIM’s teams focus on companies with EBITDA of $10m to £75m, seen to have attractive risk-adjusted returns and higher spreads.
It aims to provide wealth investors access to a broader, more diverse segment of the market and a portfolio that is complementary to private-equity sponsored loans.
The fund will be managed by PGIM’s global head of middle market direct lending, Matthew Harvey. It is domiciled in Luxembourg and has initially been passported for marketing in Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Sweden and Switzerland.
Harvey said: “Our new Part II UCI leverages a differentiated strategy built on broad loan and sector diversification, a targeted middle market focus, global reach and deep, local origination access.”
Matt Shafer, head of international wealth at PGIM, added: “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.”
See also: When private credit cockroaches spread, LIONS hold their ground
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