Borrower credit deterioration
The portfolio consists of private loans where repayment depends on borrower cash flow and collateral value.
- Scope
- Direct lending and trade finance portfolio
- Materiality
- high
TriLinc Global Impact Fund LLC
TriLinc Global Impact Fund LLC is a U.S.-based investment fund organized as a limited liability company that provides debt financing through a network of wholly owned subsidiary investment vehicles. Its portfolio is focused on lending to businesses across emerging and frontier markets in Asia, Africa, Latin America, Europe, and North America, with a particular emphasis on trade finance and operating-company loans.
| % | |
|---|---|
| Direct lending | 45% Loans made to operating companies for working capital, growth, or refinancing needs. |
| Trade finance | 30% Shorter-duration financing tied to trade receivables, inventory, or cross-border commerce. |
| Regional investment vehicles | 15% Subsidiary funds and special-purpose entities used to deploy capital by geography. |
| Impact investing | 10% Debt investments structured to support measurable social and economic outcomes. |
The fund lends to privately held businesses that need non-bank financing, especially companies operating in emerging...
- Operating companies in emerging marketsprimary
Borrowers use term loans or structured debt for expansion, refinancing, or liquidity support.
- Trade finance borrowersprimary
Companies financing receivables, inventory, and cross-border trade flows.
- Regional portfolio companiessecondary
Businesses in Asia, Africa, Latin America, Europe, and North America financed through regional subsidiaries.
- Impact-oriented sponsors and borrowerssecondary
Counterparties seeking capital aligned with social and economic development goals.
The fund deploys capital through subsidiaries organized around Asia, Africa, Latin America, Europe, and North America,...
- •Loans have been made in South America, Asia, Africa, North America, and Europe
- •Subsidiaries are organized by region and strategy, including trade finance vehicles
- •Emerging-market exposure increases sensitivity to local legal and currency conditions
- •Cross-border lending requires country-specific underwriting and servicing
The fund’s strategy is to originate and manage private credit investments across multiple emerging-market regions...
01
Maintain diversified regional lending platformsmedium-term
Diversification reduces concentration risk across countries and sectors.
02
Originate attractive private credit opportunitiesshort-term
The fund relies on sourcing borrowers that need non-bank capital and can support structured lending terms.
03
Preserve credit quality through underwriting and monitoring
Loan performance drives asset values, income, and recoveries in a private credit portfolio.
The main risks are borrower credit deterioration, country and currency volatility, and legal or restructuring...
Emerging-market country risk
Lending spans multiple jurisdictions with different legal systems, enforcement regimes, and macro conditions.
- Scope
- Asia, Africa, Latin America, Europe, North America
- Materiality
- high
Workout and restructuring risk
Problem loans may require restructuring, court approval, or extended recovery timelines.
- Scope
- Distressed or underperforming borrowers
- Materiality
- high
Currency and transfer risk
Cross-border lending can be affected by FX movements and restrictions on moving cash across borders.
- Scope
- Non-U.S. borrowers and subsidiaries
- Materiality
- medium
Fair value of illiquid loans
Can materially change net asset value and investment income
Impairment and collectability
Can reduce reported earnings and asset values
Restructuring accounting
Can change timing of income and recovery estimates
PGIM Private Credit Fund
PGIM
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: 29/04/2026