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Mezzanine finance is a form of capital that bridges the gap between equity and senior debt. Mezzanine capital typically comes in the form of subordinated debt with attached equity warrants. Typical uses include recapitalizations, growth financings, sponsored and sponsorless buyouts, and acquisitions.
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Prudential Capital Partners, L.P., is a $619 million middle-market mezzanine fund sponsored by Prudential Capital Group. The fund closed in July 2001 with commitments from a diverse group of 21 investors. Investors range from pension funds to foreign and domestic money managers, investment banks, family offices, and insurance companies. In addition, the senior investment professionals of Prudential Capital Group have funded a $20 million co-investment vehicle, which has been invested alongside the fund. The fund is fully invested as of June 2005. |
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Prudential Capital Partners II, L.P., is a $775 million middle-market mezzanine fund sponsored by Prudential Capital Group. The fund closed in March 2005 with commitments from a diverse group of 22 investors. Investors include a balanced mix of foreign and domestic pension funds, fund-of-funds managers, insurance companies, banks, and family offices. In addition, the senior investment professionals of Prudential Capital Group have funded a $33 million co-investment vehicle, which will be invested alongside the fund.
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Prudential Capital Partners’ investment philosophy is focused on middle-market companies in traditional industries primarily in North America.
Prudential Capital Group, the fund sponsor, has built a strong and proprietary nationwide, middle-market investment capability through its Regional Office Network with offices in Atlanta, Chicago, Dallas, Frankfurt, London, Newark, New York and San Francisco. Prudential Capital Group manages more than $42 billion private capital portfolio (as of 12/31/08) of investment grade and below investment grade private debt, mezzanine and private equity.
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