Prudential Capital wraps up fifth mezzanine fund at $1.8 bln

Prudential Capital Partners, the middle-market mezzanine debt and equity fund management business sponsored by Prudential Capital Group, has closed its fifth mezzanine fund at a hard cap of $1.8 billion. The original target was $1.4 billion.

Prudential Captial Partners V L.P. will focus on making investments ranging between $10 million and $100 million to fund acquisitions, recapitalizations, growth-capital financings, and management-led and sponsored leveraged buyouts for middle-market companies in traditional industries in North America. The fund will also target mid-market companies in the U.K and Western Europe.

Prudential Capital Partners V’s limited partners included corporate pension funds, insurance companies, fund-of-funds managers, foundations and family offices.

Fund V launched in April 2016 and closed last month.

The firm’s fourth mezzanine fund raised $1.15 billion in 2013. No information was available on the fund’s performance.

According to the firm, Prudential Capital Group has raised more than $5.3 billion across five funds and invested $3.2 billion in 125 companies since launching its inaugural mezzanine fund in 2001.

Photo: The sun reflects in a window above the raised lettering of the former Prudential Assurance building in the City of London, May 28, 2010. Reuters/Luke MacGregor