Private debt player Pricoa establishes a presence in Australia
Pricoa Capital Group, a private debt investment group under PGIM, Prudential Financial’s global asset management business, has established a team in Sydney to target middle market opportunities in Australia and New Zealand.
Pricoa has been investing in the region for more than two decades, but activity has increased over the past five years. The firm’s Australia and New Zealand portfolio is now worth nearly $3 billion, amounting to 12% of the entire $23 billion cross-border portfolio.
Prudential operates as PGIM outside of North America and has $1 trillion under management for retail and institutional investors across public equities, private fixed income, real state and commercial mortgages. PGIM delegates the origination and management of private placements to Pricoa.
With a global portfolio worth nearly $78 billion, Pricoa provides private debt, mezzanine and equity securities to companies. It invests across the risk spectrum, including investment grade, high yield and mezzanine debt. The firm closed its latest mezzanine fund at $1.83 billion in December 2016.
“Pricoa Capital Group is a relationship-based capital provider. It’s a business imperative for us that we make the commitment to know and understand clients’ local economy and culture to truly understand their businesses. Having a local presence demonstrates our commitment and fosters a long-term relationship with companies,” said Michael Jones, a vice president with Pricoa, in a statement.
Jones manages the 35 company investment relationships in Australia and New Zealand.
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