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PGIM Personal Capital has launched its first European Lengthy-Time period Funding Fund (ELTIF), centered on direct lending.
The asset supervisor’s personal capital arm mentioned that the ELTIF will assist its mortgage origination efforts in Europe, offering flexibility to increase loans throughout the continent with a extra numerous mixture of debtors.
The ELTIF is an EU construction that has been heralded as a approach to democratise entry to non-public belongings, together with personal credit score.
PGIM Personal Capital’s direct lending technique focuses on the core center market, with its portfolio together with each sponsored and non-sponsored loans.
“Nearly all of our mortgage origination is completed on a direct foundation, constructing one-on-one relationships with corporations,” mentioned Matt Harvey, head of direct lending at PGIM Personal Capital.
Learn extra: PGIM chief says personal credit score is maturing regardless of market challenges
“This ELTIF construction will give us the pliability we have to companion with the widest vary of corporations and allow us to additional meet the rising want for personal credit score options from debtors throughout Europe.”
PGIM Personal Capital manages a $101.5bn (£80bn) portfolio of personal placements, mezzanine and direct lending investments, and purchases as much as $16bn yearly in predominantly senior debt and junior capital.
It’s a part of PGIM, which is the $1.34tn world asset administration enterprise of Prudential Monetary.
Learn extra: Zurich companions with Pemberton to launch personal debt ELTIF
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