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MONEY MANAGEMENT

Prudential Capital Partners V reaches $1.8 billion hard cap

Prudential Capital Partners, the middle-market mezzanine business of PGIM's private investment arm Prudential Capital Group, closed its fifth fund, Prudential Capital Partners V, at its $1.8 billion hard cap, spokeswoman Mayura Hooper said in an email.

Prudential Capital Partners V surpassed its $1.4 billion fundraising target within five months. The new fund will not only make investments of $10 million to $100 million in companies in traditional industries in North America, but it will also invest in middle-market companies in the U.K. and Western Europe, unlike predecessor funds.

The new fund is also larger than its predecessor fund, Prudential Capital Partners IV, which closed in 2013 at $1.15 billion.

More than 70% of existing investors recommitted to Fund V. Investors in the fund include the $80 billion Minnesota State Board of Investment, St. Paul.