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Jul 20, 2021
 in 
Economics

2021 Mid-Year Review

In the first half of 2021, we provided nearly US$6.5 billion of senior debt and junior capital to more than 100 middle-market companies and projects, marking the second largest first half origination volume over the past decade. 2021 has affirmed the strength of our global origination network and demonstrated our unwavering commitment to supporting our borrowers through any economic environment.

As markets across the globe begin to move beyond the pandemic, we are pleased to share some 1H21 highlights.​

  • 107 transactions totaling nearly US$6.5 billion invested worldwide, with US$98 billion in assets under management as of 31.3.21.
  • US$5.5 billion of investment grade investments, US$808 million of below investment grade investments; US$209 million of mezzanine and private equity investments.
  • 44 new issuers across a range of industries added to the portfolio and 61 existing borrowers returned for further funding.
  • US$4.7 billion in Global Corporate Finance investments across North America, the UK, Europe, Latin America, and Australasia, including a direct growth financing for an Australia-based air transport company, Alliance Aviation Services.
  • US$1.6 billion in Real Assets investments, including energy, power, infrastructure, and credit tenant lease financing, including a US$60 million below investment grade origination for Rougaroux Power Holdings, LLC, an indirect owner of a 192 MW operating hydroelectric project located in Louisiana.
  • Over US$200 million invested across 10 mezzanine investments, including a mezzanine energy financing.
  • Over US$400 million in Direct Lending transactions, across 12 new and follow-on transactions.
  • Opening of our Madrid office, Pricoa's inaugural presence in Spain, with notable activity YTD, including a €125 million origination for Club Atlético de Madrid S.A.D.
  • Over US$1 billion lent across UK and Irish companies out of our London office, with over 80% of YTD lending through direct transactions.​
We are pleased to continue our relationship with Pricoa, signing our first sustainable private placement supports our long term aim to provide all the company’s funding through our sustainable financing framework. We value Pricoa's shared commitment and their supportive approach to help to deliver our sustainable goals.

Paul Boote, Group Finance Director
South West Water

As the global economy continues to reopen, we look forward to maintaining our investment momentum and strong origination activity through the balance of the year. Looking ahead, we are excited to continue building enduring relationships and helping our partners achieve their long-term capital needs.

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Pricoa Private Capital (‘PPC’) is a trading name of PGIM, Inc. (‘PGIM’), the principal asset management business of Prudential Financial, Inc. ('PFI'), and it is also a trading name of PGIM Private Capital Limited and PGIM Private Capital (Ireland) Limited. In the United Kingdom, information is issued by PGIM Private Capital Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Capital Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 172071) and registered in England No. 1331817. In the European Economic Area (“EEA”), information is issued by PGIM Private Capital (Ireland) Limited with registered office: Pramerica Drive, Letterkenny Business and Technology Park, Letterkenny, Co Donegal, F92 W8CY, Ireland. PGIM Private Capital (Ireland) Limited is authorised and regulated by the Central Bank of Ireland and registered in Ireland under company number 635793 operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Private Capital Limited in reliance of provisions, exemptions or licenses available to PGIM Private Capital Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Private Capital Limited and/or PGIM Private Capital (Ireland) Limited to persons who are professional clients as defined  under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).