PGIM Private Capital launches ELTIF investment vehicle to support global direct lending strategy

29 May 2024

PGIM Private Capital has launched its first European Long-Term Investment Fund (ELTIF) to support its direct lending strategy.

With US$101.5 billion in AUM, PGIM Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the US$1.34 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

The ELTIF will support PGIM Private Capital’s loan origination efforts in Europe, providing flexibility to extend loans across the continent with a more varied mix of borrower type.

PGIM Private Capital’s direct lending origination strategy focusses on core middle-market lending, with an ability to underwrite sponsored and non-sponsored loans, targeting a balanced portfolio mix over time. It is based on establishing close, long-term relationships with counterparties, which often enables more exhaustive due diligence and better investment suitability determination.

Matt Harvey, head of Direct Lending at PGIM Private Capital, commented: “The majority of our loan origination is done on a direct basis, building one-on-one relationships with companies. This ELTIF structure will give us the flexibility we need to partner with the widest range of companies and enable us to further meet the growing need for private credit solutions from borrowers across Europe.”

Source: PGIM
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