PGIM Private Credit Fund Shifts Strategy
Ticker: PGIM · Form: 8-K · Filed: Jul 26, 2024 · CIK: 1923622
| Field | Detail |
|---|---|
| Company | Pgim Private Credit Fund (PGIM) |
| Form Type | 8-K |
| Filed Date | Jul 26, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $113.6 m, $129.7 m, $20.4 million, $2.5 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: strategy-change, credit-fund, middle-market
TL;DR
PGIM Private Credit Fund is changing its investment strategy to focus on senior secured loans for middle-market companies.
AI Summary
On July 22, 2024, PGIM Private Credit Fund announced a new investment strategy focused on originating and acquiring senior secured loans to middle-market companies. This strategic shift aims to enhance the fund's investment opportunities and potentially improve returns for its investors.
Why It Matters
This strategic change by PGIM Private Credit Fund could lead to new investment opportunities in the middle-market lending space, potentially impacting the availability and terms of credit for these companies.
Risk Assessment
Risk Level: medium — Shifting investment strategy can introduce new risks associated with different asset classes and market conditions.
Key Players & Entities
- PGIM Private Credit Fund (company) — Registrant
- July 22, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 655 Broad Street Newark, New Jersey 07102-4410 (address) — Principal executive offices
FAQ
What is the new investment strategy for PGIM Private Credit Fund?
The fund is shifting its strategy to focus on originating and acquiring senior secured loans to middle-market companies.
When was the earliest event reported in this filing?
The earliest event reported was on July 22, 2024.
In which state is PGIM Private Credit Fund incorporated?
PGIM Private Credit Fund is incorporated in Delaware.
What is the principal executive office address for PGIM Private Credit Fund?
The principal executive office is located at 655 Broad Street Newark, New Jersey 07102-4410.
What was the former name of PGIM Private Credit Fund?
The former name was PGIM Senior Loan Opportunities Fund.
Filing Stats: 758 words · 3 min read · ~3 pages · Grade level 9.6 · Accepted 2024-07-26 15:24:21
Key Financial Figures
- $113.6 m — 30, 2024, the Fund's aggregate NAV was $113.6 million, the fair value of its investment
- $129.7 m — r value of its investment portfolio was $129.7 million, and it had $20.4 million of debt
- $20.4 million — ortfolio was $129.7 million, and it had $20.4 million of debt outstanding (at principal). St
- $2.5 billion — ly offering on a continuous basis up to $2.5 billion in Shares (the " Offering "). Additiona
Filing Documents
- tm2420238d1_8k.htm (8-K) — 39KB
- 0001104659-24-082994.txt ( ) — 204KB
- none-20240722.xsd (EX-101.SCH) — 3KB
- none-20240722_lab.xml (EX-101.LAB) — 33KB
- none-20240722_pre.xml (EX-101.PRE) — 22KB
- tm2420238d1_8k_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. July 2024 Distributions On July 22, 2024, PGIM Private Credit Fund (the " Fund ") declared a regular distribution for Class S shares, Class D shares and Class I shares of beneficial interest (the " Shares ") in the amounts per share set forth below: Distribution Class S Common Shares $ 0.20680 Class D Common Shares $ 0.22100 Class I Common Shares $ 0.22500 The distribution for the Shares is payable to shareholders of record as of the open of business on July 29, 2024 and will be paid on or about August 30, 2024. This distribution will be paid in cash or reinvested in shares of the Fund's Shares for shareholders participating in the Fund's distribution reinvestment plan (" DRIP ").
01. Other Events
Item 8.01. Other Events. Net Asset Value The net asset value (" NAV ") per share of each class of the Fund as of June 30, 2024, as determined in accordance with the Fund's valuation policy, is set forth below. NAV as of June 30, 2024 Class S Common Shares $ 25.34 Class D Common Shares $ 25.33 Class I Common Shares $ 24.89 As of June 30, 2024, the Fund's aggregate NAV was $113.6 million, the fair value of its investment portfolio was $129.7 million, and it had $20.4 million of debt outstanding (at principal). Status of Offering The Fund is currently publicly offering on a continuous basis up to $2.5 billion in Shares (the " Offering "). Additionally, the Fund has sold shares that are exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereunder (the " Private Offering "). The following table lists the Shares issued and total consideration for both the Offering and the Private Offering as of the date of this filing, reflective of transfers between share classes. The table below does not include Shares sold through the Fund's DRIP. The Fund intends to continue selling Shares in the Offering and the Private Offering on a monthly basis. Common Shares Issued Total Consideration Offering: Class S Common Shares — $ — Class D Common Shares — $ — Class I Common Shares 41,639 $ 1,027,500 Private Offering: Class S Common Shares 382 $ 10,000 Class D Common Shares 382 $ 10,000 Class I Common Shares 4,285,940 $ 109,102,500 Total Offering and Private Offering * 4,328,343 $ 110,150,000 * Amounts may not sum due to rounding. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PGIM PRIVATE CREDIT FUND Date: July 26, 2024 By: /s/ Elyse M. McLaughlin Name: Elyse M. McLaughlin Title: Treasurer and Principal Accounting