PGIM Closes $619M Energy Fund to Back Middle Market Oil and Gas Companies

– PGIM announced the final close of PGIM Energy Partners II, L.P. (“PEP II”), its second commingled private credit fund for unaffiliated investors in its middle market energy series.

– PEP II closed with $619 million in capital from both legacy and new investors.

– The fund attracted a diverse group of institutional investors, including insurance companies, pension funds, and family offices.

– PEP II provides financing to middle market upstream oil and gas and midstream companies in North America.

– The fund offers capital solutions for asset development, acquisitions, refinancings, and recapitalizations.

– Financing is structured through senior debt, junior debt, and structured equity, giving the fund flexibility and differentiation from comparable strategies.

– Matt Baker, head of PGIM Energy Partners, highlighted ongoing demand for oil and gas as a key driver for structural capital needs among middle market companies.

– Many target companies remain non-sponsored, and PGIM leverages its broad local sourcing network and sector knowledge to partner effectively.

– PEP II has already partnered with one upstream company and is evaluating a strong pipeline of investment opportunities.

– PGIM manages approximately $10 billion in energy assets, with investments in more than 120 companies and over four decades of sector experience.

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