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Prudential Capital Partners IV closes $1.15bn mezzanine fund

21 Dec 2012

The mid-market mezzanine arm of life insurance giant Prudential has beaten its $1bn target for its fourth fund.

Prudential Capital Partners IV gathered $1.15bn from public and corporate pension funds, insurance companies, fund of funds managers, foundations, and family offices, with more than 70 per cent of existing LPs returning with new commitments.

The fundraise trumps the $965m Prudential Capital Partners collected for its third fund in 2009.

Fund IV will invest between $10m and $100m in North American companies as part of recapitalisations, growth financings, sponsored and sponsorless buyouts, and acquisitions.

Prudential Capital’s latest fund is one of the largest mezzanine vehicles in the market.

In October it emerged Carlyle Group was attempting to raise $1bn for a specialised loan fund aimed at mid-market US companies, it is understood.

The fund, named Carlyle GMS Finance according to Bloomberg, will focus on senior secured and unitranche loans – a combination of senior and mezzanine debt.

The firm will also use the fund to invest in other types of company debt and equity, the report added.

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