Prudential Capital Partners raises $1.15 billion for its fourth mezzanine fund
More than $2.1 billion invested in mezzanine and private equity since 2000
CHICAGO--(BUSINESS WIRE)-- Prudential Capital Partners has raised $1.15 billion for its fourth mezzanine fund, Prudential Capital Partners IV, L.P., exceeding its $1 billion fund raising target and bringing to more than $3.5 billion the amount raised since 2000, the company announced today. Prudential Capital Partners is the middle-market mezzanine fund business sponsored by Prudential Capital Group, a private fixed-income investment business of Prudential Financial, Inc. (NYS: PRU) .
Investors include public and corporate pension funds, insurance companies, fund-of-funds managers, foundations, and family offices. In addition to eleven new investors committing to the new fund, more than 70 percent of existing investors re-committed in Fund IV.
"As investors are increasingly searching for current yield in a low interest rate environment, the number of credit related funds in the market is on the rise," said Jeffrey Dickson, managing principal of Prudential Capital Partners. "In this crowded marketplace, our consistency of strategy, team and performance over time has really helped to set us apart in fund raising and has enabled us to raise four funds of increasing size over the last twelve years. We look forward to continuing our role as a leading capital provider to the middle-market."
Prudential Capital Partners has funded 93 mezzanine and equity investments since 2000 and has realized or partially realized 52 of those investments. Prudential Capital Partners and Prudential Capital Group are actively seeking North American financing opportunities for Fund IV, which is expected to make investments over the next three to five years.
Fund IV will follow an investment strategy consistent with that of the first three funds: making investments ranging from $10 to $100 million to fund acquisitions, recapitalizations, growth capital financings, and management led and sponsored leveraged buyouts for middle-market companies in traditional industries.
In addition to Dickson, other principals of Prudential Capital Partners, IV, L.P., include Mark Hoffmeister, Paul Meiring, Charles King, Allen Weaver, Robert Derrick and Scott Von Fischer. The team has on average 28 years of private investment experience with specific expertise in mezzanine investments, having been responsible for the design and implementation of Prudential Capital Group's mezzanine strategy since 1995.
Prudential Capital Group has been a leading provider of private debt, mezzanine and equity securities to companies worldwide for more than 70 years. Managing a portfolio of more than $65 billion as of September 30, 2012, Prudential Capital offers senior debt and mezzanine capital, leveraged leases, credit tenant leases, and equipment finance to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Minneapolis, Newark, N.J., New York, Paris and San Francisco. For more information, please visit www.prudentialcapitalgroup.com.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.005 trillion of assets under management as of September 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
John Chartier, 973-802-9829
KEYWORDS: United States North America Illinois New York
The article Prudential Capital Partners raises $1.15 billion for its fourth mezzanine fund originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.