Prudential Capital Group, a mezzanine fund sponsor and investment management business of the Prudential Insurance Company of America have closed a $619m mezzanine fund focused on middle-market companies.
According to Prudential Capital’s senior managing director Allen Weaver, the appeal of mezzanine funds helped the group exceed its fund-raising goal by a flattering margin.
The fund, Prudential Capital Partners, surpassed its initial $500m target fund size by more than $100m (more than 20%) with commitments from 21 investors. Investors range from pension funds to foreign and domestic money managers, investment banks, individual investors, and Prudential's general account.
In addition, the senior investment professionals of Prudential Capital Group have funded a $20m co-investment vehicle, which will be invested alongside the fund. The mezzanine and co-investment funds are expected to be fully invested within three to four years.
Prudential Capital Partners has funded four mezzanine investments totalling $70m. The mezzanine fund will make investments ranging from $5m to $40m to fund acquisitions, buyouts and recapitalisations for middle-market companies in traditional industries.
By Janet Du Chenne
The Department for Work and Pensions (DWP) has launched a website dedicated to signposting people to where they can receive guidance typically associated with a so-called 'mid-life MOT'.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.