Prudential Capital Energy Partners raises $343 million for first energy mezzanine fund
Prudential Capital Energy Partners has completed fundraising for its
first energy mezzanine fund, Prudential Capital Energy Partners Fund I,
L.P., closing at $343 million. Prudential Capital Energy Partners (PCEP)
is the middle-market energy mezzanine fund business sponsored by Prudential
Capital Group, the $81.4 billion private capital arm of PGIM,
the $1 trillion global investment management businesses of Prudential
Financial, Inc. (NYSE:
PRU).
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Randall Kob, Prudential Capital Energy Partners (Photo: Business Wire)
Fund I will follow an investment strategy consistent with its
predecessor legacy investment programs, making investments ranging from
$10 to $50 million to fund primarily mezzanine debt investments in the
middle-market North American upstream oil and gas, conventional and
renewable power sectors.
“We are pleased to close our initial fund and commence the deployment of
capital into the vibrant oil and gas and power sectors of the energy
industry,” said Randall
Kob, managing principal of Prudential Capital Energy Partners. “Our
team’s deep experience, continuity and strong performance across
multiple economic and commodity cycles establish a solid foundation to
generate attractive returns.”
As of June 30, 2018, PCEP has invested in four portfolio companies,
including Carbon California and Prairie Provident Resources, for funding
initiatives such as the expansion of new and existing energy facilities
as well as supporting ongoing financing needs during rapid growth.
“The upstream and power sectors are dynamic and highly capital-intensive
sectors within energy that will continue to create ample investment
opportunities for the Fund,” added Kob. “Our broad sourcing network
across 10 investment teams will provide our investors with
differentiated deal flow that is largely sourced on a direct,
face-to-face basis.”
In addition to Kob, other principals of Prudential Capital Energy
Partners, L.P., include Ric
Abel, Matt
Baker, Wendy
Carlson, Brian
Thomas and Allen
Weaver. This team has a combined average of 27 years of private
investment experience, including 21 years on average with Prudential
Capital Group.
Similar to Prudential Capital Group’s other affiliated corporate
mezzanine funds, known as Prudential
Capital Partners, the investment professionals of Prudential Capital
Group will co-invest alongside the fund using a separate $38 million
vehicle.
About Prudential Capital Group
Prudential
Capital Group has been a leading provider of private placements,
mezzanine debt and equity to companies for more than 75 years, managing
a portfolio of more than $81 billion as of June 30, 2018. Prudential
Capital offers senior debt, mezzanine financing, leveraged leases,
project financing, credit tenant leases as well as asset financing to
companies worldwide. The global regional office network has locations in
Atlanta; Chicago; Dallas; Frankfurt, Germany; London; Los Angeles;
Milan; Minneapolis; New York; Newark, New Jersey; Paris; San Francisco
and Sydney.* For more information, please visit prudentialcapitalgroup.com.
*Operates through PGIM (Australia) Pty Ltd.
About PGIM and Prudential Financial, Inc.
With 15 consecutive years of positive third-party institutional net
flows, PGIM,
the global asset management businesses of Prudential Financial, Inc.,
ranks among the top 10 largest asset managers in the world with more
than $1 trillion in assets under management as of June 30, 2018. PGIM’s
businesses offer a range of investment solutions for retail and
institutional investors around the world across a broad range of asset
classes, including fundamental equity, quantitative equity, public fixed
income, private fixed income, real estate and commercial mortgages. Its
businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and
services, including life insurance, annuities and retirement-related
services. For more information about PGIM, please visit pgim.com.
For more information about Prudential, please visit news.prudential.com.
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