PGIM Private Credit Fund reported significant financial performance for the six months ending June 30, 2025, with total investment income reaching $13.2 million, a substantial increase from $7.5 million during the same period in 2024. This growth was primarily driven by a rise in interest income from non-controlled/non-affiliated investments, which surged to $12.8 million compared to $7.2 million in the previous year. The fund's net investment income for the period was $9.4 million, up from $6.6 million in 2024, reflecting a net investment income per share of $1.64 for Class I shares.
The fund's total assets increased to $263.5 million as of June 30, 2025, compared to $217.8 million at the end of 2024. This growth was attributed to a rise in the fair value of investments, particularly in first lien debt, which constituted 99.87% of the total investments. The fund's net assets also saw a significant increase, reaching $163.4 million, up from $121.6 million at the end of the previous fiscal year. The net asset value per share for Class I shares was reported at $24.78, slightly down from $24.93 at the end of 2024.
Operationally, PGIM Private Credit Fund expanded its investment portfolio, acquiring $74.7 million in new investments during the first half of 2025, compared to $32.4 million in the same period of 2024. The number of portfolio companies increased to 58, indicating a broader diversification of investments. The fund's debt obligations also rose, with total borrowings amounting to $95.8 million, reflecting an asset coverage ratio of 270.7%, up from 229.1% at the end of 2024.
The fund's management has implemented a series of strategic initiatives, including a waiver of management and incentive fees through the end of 2025, aimed at enhancing shareholder value. The company has also adopted a distribution reinvestment plan, allowing shareholders to reinvest dividends into additional shares. Looking ahead, PGIM Private Credit Fund anticipates continued growth in investment income and portfolio expansion, although it acknowledges potential risks related to market conditions and interest rate fluctuations. The management remains optimistic about the fund's ability to generate sustainable returns while maintaining compliance with regulatory requirements as a business development company.
About PGIM Private Credit Fund
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