In 2020, we responded to uncertainty with resilience, serving our partners and giving them the confidence to succeed. As we enter 2021, we have reflected on our performance and core principles, and we are proud to share that amidst the challenges of last year, we remained steadfast to what we believe in most: long-term relationships and long-term, patient capital.
Our values carry us through challenging times;
we are pleased to share some 2020 highlights.
- 187 transactions totaling $12.5 billion invested worldwide, closing the year with $100 billion in assets under management.
- 149 investment grade transactions totaling $10.9 billion, with record activity seen in the fourth quarter culminating in the second largest annual volume for us. Nearly 60 investment grade partners worked with us for the first time, including SanMar, a family-owned apparel distributor that strives to make a difference in everything they do.
- 32 below investment grade transactions totaling $1.2 billion, including a direct financing for CPV Three Rivers to fund construction of a combined cycle power plant.
- 53 transactions totaling $3.9 billion invested across the UK, Europe, Latin America, South America, and Australasia, including a growth capex for Italian medical and industrial gas producer, Sol, our fourth transaction with the company since 2012, which saw an increase in demand due to the need for supplying oxygen for hospitals and at-home patients.
- 54 transactions totaling $3.7 billion invested in Real Assets sectors, including airports, power generation, energy infrastructure, and credit tenant lease financings across the US, UK, Europe, Australia, and Latin America.
- Completed fundraising for PGIM Capital Partners VI, surpassing our fundraising target with capital commitments of $2.2 billion despite market volatility. We closed $338 million of mezzanine and private equity investments in 2020, with plenty of junior capital to deploy in 2021.
- Record year of clubbing activity, with eight transactions closed, including the lead in a $500 million club deal with TFI International Inc, who teamed up with us given our existing relationship, unwavering commitment, and ability to serve as a strong anchor.
- 58% of lending was provided to existing borrowers, demonstrating our continuation of existing partnerships and appetite for follow-on funding.
- 62% of lending was conducted directly with borrowers, reinforcing our people-based approach to delivering patient, long-term capital.
There are people that knock on the door and tell you they want to come in with certain levels of capital when times are good, but when you go through a challenging period, those commitment levels decrease. Prudential has always been consistent.
Adam Satterfield, CFO
In 2020, we worked together to keep focused on our shared goals. We are appreciative of our regional office network, which enabled us to stay close to our partners and build new relationships under unprecedented circumstances. As a result, we achieved strong global origination activity amidst universal travel restrictions.
Looking ahead to 2021, we are excited to continue to partner with diverse companies around the world who value real relationships. Above all, we are grateful to remain a long-term partner and look forward to helping you navigate on a shared mission toward success in 2021.