PGIM Private Credit Fund

PGIM Private Credit Fund is a U.S.-based closed-end business development company that invests primarily in privately originated private credit instruments. Its portfolio is centered on direct lending to middle-market companies, with a focus on senior secured loans and a limited allocation to other credit instruments and geographies.

— PGIM Private Credit Fund
%
Senior secured direct lending70% Privately negotiated first lien loans to middle-market borrowers.
Junior and unsecured credit15% Second lien, third lien, and unsecured debt investments.
Other private credit instruments10% Privately placed bonds, notes, and related credit instruments.
Liquid credit and cash5% Cash, cash equivalents, and broadly syndicated loans used for liquidity.

PGIM Private Credit Fund does not sell products to end consumers; it provides capital to privately held companies...

  • U.S. middle-market borrowersprimary

    Privately held U.S. companies that borrow for growth, refinancing, or acquisitions through direct lending.

  • Senior secured loan borrowersprimary

    Companies seeking first lien financing with covenant and collateral support.

  • Non-U.S. portfolio companiessecondary

    Borrowers in Canada, Europe, Australia, and Latin America accessed within the fund's allocation limits.

  • Liquidity sleeve counterpartiessecondary

    Issuers of liquid fixed-income securities and broadly syndicated loans used for cash management.

The fund is primarily invested in middle-market companies located in the United States...

  • •Primary exposure is to U.S. middle-market borrowers
  • •Up to 30% of assets may be invested outside the United States
  • •Non-U.S. exposure is mainly Canada, Europe, Australia, and Latin America
  • •Geography affects currency, legal, and credit-risk profiles

The fund's strategy is to generate current income and, to a lesser extent, capital appreciation through privately...

01
Maintain a senior-secured direct lending focusshort-term

First-lien structures and collateral support are intended to improve downside protection.

02
Expand and manage diversified private credit exposuremedium-term

Broader sourcing across sectors and geographies can improve deployment and portfolio diversification.

03
Preserve liquidity for portfolio and funding needsshort-term

A liquid sleeve helps manage borrowings, commitments, and portfolio cash needs.

The fund is exposed to credit risk, valuation risk, and leverage risk because it lends to below-investment-grade...

high

Credit default and deterioration in portfolio companies

The fund lends to below-investment-grade middle-market borrowers that may face business stress or refinancing risk.

Scope
Senior secured and junior private loans
Materiality
high
high

Fair value estimation risk

Many investments lack readily available market quotations and must be valued using judgmental inputs.

Scope
Private loans and other illiquid credit instruments
Materiality
high
medium

Leverage and borrowing base constraints

The revolving credit facility can magnify asset value changes and is subject to borrowing-base availability.

Scope
Revolving credit facility
Materiality
medium
medium

Foreign exposure and currency risk

Up to 30% of assets may be invested outside the U.S., creating cross-border and FX exposure.

Scope
Canada, Europe, Australia, Latin America
Materiality
medium
Fair value of portfolio investments
Affects net asset value and unrealized gains/losses
PIK interest and deferred interest
Affects reported investment income and accrual quality
Original issue discounts and prepayment premiums
Can create timing differences in income recognition
Borrowings and commitment fees
Affects leverage disclosure and financing cost presentation

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: 29.4.2026