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Throughout the first six months of the yr, PGIM Non-public Capital supplied $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 current borrowing firms returned for added funding.
Learn extra: PGIM expects robust 2024 for personal debt after $13.7bn funding
“The primary half of 2024 has been extra steady for issuance than the identical interval final yr,” mentioned Matt Douglass, senior managing director and head of PGIM Non-public Capital.
“This yr we’ve seen M&A exercise decide up considerably, a much less unsure financial setting and higher acceptance of upper charges which has fed by to a pickup in financing exercise.
Learn extra: PGIM to speculate “important {dollars}” in personal options
“We anticipate momentum to proceed with firms which have postpone financing selections regularly adjusting their expectations and value constructions in anticipation of a higher-for-longer price setting, 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 nations.
Earlier this yr, PGIM Non-public Capital launched its first European Lengthy-Time period Funding Fund (ELTIF), targeted on European direct lending.
Learn extra: PGIM chief says personal credit score is maturing regardless of market challenges
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