PGIM - the global asset management business of Prudential Financial, Inc. (PRU) Thursday announced that it has closed PGIM Energy Partners II - PEP II with $619 million in capital from legacy and new institutional investors, including insurers, pensions, and family offices.
The fund finances upstream oil and gas and midstream companies in North America, offering senior debt, junior debt, and structured equity solutions for development, acquisitions, refinancings, and recapitalizations.
Matt Baker, head of PGIM Energy Partners, noted sustained demand for oil and gas and highlighted PGIM's sourcing network and sector expertise as key advantages in supporting non-sponsored middle market firms. He credited investor confidence for fueling a strong pipeline of opportunities.
To date, PEP II has partnered with one upstream company and is reviewing additional investments. PGIM manages approximately $10 billion in energy assets across more than 120 companies, leveraging over four decades of sector experience.
PRU currently trades at $107.07 or 0.06% lower on the NYSE.
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