In the course of the first six months of the 12 months, PGIM Non-public Capital offered $7.5bn (£5.76bn) of senior debt and junior capital to greater than 130 middle-market firms and tasks, the corporate has revealed.
This included $5.5bn of investment-grade investments, $1.7bn of below-investment-grade investments, and greater than $230m in mezzanine and personal fairness investments.
The corporate added 56 new issuers to its portfolio, whereas 76 present borrowing firms returned for added funding.
Learn extra: PGIM expects sturdy 2024 for personal debt after $13.7bn funding
“The primary half of 2024 has been extra secure for issuance than the identical interval final 12 months,” mentioned Matt Douglass, senior managing director and head of PGIM Non-public Capital.
“This 12 months we’ve seen M&A exercise decide up considerably, a much less unsure financial surroundings and higher acceptance of upper charges which has fed by to a pickup in financing exercise.
Learn extra: PGIM to take a position “important {dollars}” in personal options
“We anticipate momentum to proceed with firms which have delay financing selections regularly adjusting their expectations and price constructions in anticipation of a higher-for-longer charge surroundings, and persevering with to search for long-term companions to offer credit score options.”
$1.1bn of the $7.5bn complete was allotted by way of direct lending transactions, throughout greater than 30 transactions in 9 international locations.
Earlier this 12 months, PGIM Non-public Capital launched its first European Lengthy-Time period Funding Fund (ELTIF), centered on European direct lending.
Learn extra: PGIM chief says personal credit score is maturing regardless of market challenges
