PGIM Closes $619M Energy Credit Fund
PGIM, the global asset management business of Prudential Financial, Inc., has announced the final close of PGIM Energy Partners II, L.P. (PEP II), the second commingled private credit fund in its middle market energy series. The vehicle closed with $619 million in available capital from a mix of legacy and new investors, including insurance companies, pension funds, and family offices.
PEP II will focus on providing financing solutions for middle market upstream oil and gas and midstream companies across North America, targeting opportunities in asset development, acquisitions, refinancings, and recapitalizations. The fund is structured to deploy senior debt, junior debt, and structured equity tailored to company needs.
“Demand for oil and gas production is poised to continue as a key component of the future energy mix, creating a strong structural demand potential from middle market companies for reliable, strategic capital,” said Matt Baker, head of PGIM Energy Partners. “Many of these companies remain non-sponsored and our advantage is that we have a broad, local sourcing network and sector knowledge that equips us to be effective partners to them.”
The fund has already partnered with one upstream company in Fund II and is actively reviewing a pipeline of new investment opportunities. With more than $10 billion in energy assets under management and over 40 years of sector experience, PGIM maintains a broad portfolio of investments spanning more than 120 energy companies.
Connect Money will spotlight rising stars who have made a valuable contribution to the alternative investment industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is September 10. Click here to submit your nominations.
