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PGIM Global Private Credit Fund
Key Statistics
Fund Size
N/A
Target Return
8.0%
Annualized Return
N/A
Launch Year
2026
Min. Investment
€25,000
Availability
Open through selected distributors
Structure
SCA-SICAV Part II UCI
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% of net investment income above a 5.0% annualised hurdle (1.25% per quarter) with 100% catch-up to 5.72%, paid quarterly; plus 12.5% of cumulative realised capital gains net of losses, paid annually
Hurdle Rate
5%
Catch-Up Mechanism
100% catch-up between 1.25% and 1.43% per quarter (5.0% to 5.72% annualised)
ISIN
LU3291119116
Currencies
USD, EUR, GBP, CHF
Investor Eligibility
Professional/Institutional Investors
Liquidity Options
Monthly subscriptions
Highlights
Allocations
Investment Strategy
Industry Focus
Information about fund
PGIM Global Private Credit Fund at a Glance
PGIM Global Private Credit Fund (legal name PGIM Global Private Credit SCA) is the first sub-fund of PGIM Alternatives SCA-SICAV, a Luxembourg Part II UCI authorised by the CSSF. It took first subscriptions on 29 May 2026 and lends first-lien senior secured floating-rate loans to mid-market companies (EBITDA roughly USD 10 to 75 million) in North America, the UK, Western Europe and Australia, largely through other PGIM vehicles including the Irish PGIM Global Private Credit ELTIF and the US business development company PGIM Private Credit Fund. It is not itself an ELTIF.
Key Terms (prospectus, August 2026)
Minimum
25,000
In share-class currency; 1,000 subsequent, 2,500 residual
Management Fee
up to 1.25%
X classes 0% then 0.625% for 48 months
Servicing Fee
0.85%
Class A only; none on Class I
Performance Participation
12.5%
5.0% p.a. hurdle, 100% catch-up to 5.72%; plus 12.5% of realised gains
Target Return
8–11%
Net p.a. objective per PGIM materials, not guaranteed
Leverage
≤70%
Leverage ratio; AIFMD limits 175% commitment / 500% gross
Liquidity & Eligibility
| Subscriptions | Monthly; 11-business-day cut-off (5 p.m. CET); NAV struck monthly |
| Redemptions | Quarterly as of the last business day of each quarter; 20 business days' notice; settlement within 30 business days |
| Gate | 5% of NAV per quarter (average of three preceding month-end NAVs); excess scaled pro rata and carried forward |
| Early redemption | Discretionary deduction of up to 2% of NAV within 12 months of subscription |
| Eligibility | Professional investors only in all 14 registered jurisdictions incl. the Netherlands (registration table 27 Aug 2026); retail classes possible later with a PRIIPs KID |
| Structure | Luxembourg Part II UCI, SCA-SICAV sub-fund; USD reference currency with EUR/GBP/CHF hedged classes; SFDR Article 8 |
| ISIN | LU3291119116 (EUR-H I Dist); 15 further classes |
Investment and Distribution Team
Matthew Harvey
Managing Director, Head of Direct Lending and lead portfolio manager
Brent Huggins
Senior Director, Deputy Portfolio Manager
Dianna Carr-Coletta
Partner, Direct Lending
Josh Shipley
Managing Director, Global Corporate Finance Partner
Elise Moulinier
Executive Director, Western Europe
Points to weigh: the fund is newly launched with no operating history and no published NAV or fund size yet; most exposure is obtained indirectly through other PGIM funds that charge their own management and incentive fees; redemptions are quarterly, gated at 5% and can be suspended; and access is currently limited to professional clients despite the private-wealth positioning.
Deepdive & Related Funds
Amundi Private Markets ELTIF
Amundi Private Markets ELTIF (“Amundi Prima”) is an evergreen Luxembourg ELTIF launched in November 2024 by Europe’s largest asset manager, run by Amundi Alpha Associates. It allocates flexibly across private equity, private debt and infrastructure in Europe’s real economy (energy transition, digital, social and territorial projects). €1,000 minimum, monthly subscriptions, quarterly redemptions capped at 5% of NAV, SFDR Article 8, KID risk 5/7. Fund size and returns are not yet published.
Apollo European Private Credit ELTIF
Apollo European Private Credit ELTIF (AEPC) is an evergreen, semi-liquid ELTIF 2.0 sub-fund of the Luxembourg-domiciled Apollo Private Markets SICAV. The fund seeks current income from newly originated, primarily first-lien senior secured direct lending to large-cap and upper middle-market European companies, with monthly subscriptions and quarterly redemption windows.
Other PGIM Funds
Apollo Global Diversified Credit ELTIF
Apollo Global Diversified Credit ELTIF (AGDC) is an evergreen ELTIF 2.0 fund investing in a global multi-asset credit strategy of corporate direct lending, asset-backed lending and public fixed income, focused on North America and Europe. A sub-fund of the Luxembourg Apollo Private Markets SICAV authorized by the CSSF in August 2025, it offers monthly subscriptions and quarterly redemptions.
Ares European Strategic Income Fund (AESIF)
Ares European Strategic Income Fund (AESIF) is Ares’ evergreen European direct-lending vehicle: a perpetual-life Luxembourg Part II SICAV (inception January 2024) holding senior secured, floating-rate loans to Western European mid-market companies. €4.7 billion across 358 investments by January 2026, 9.5% annualized net return since inception with ~1% volatility, monthly dealing with 2%/5% gates, 1.25% management fee plus 12.5% performance fee over a 5% hurdle, from €25,000.
Blackstone ECRED
Blackstone European Private Credit Fund (ECRED) is Blackstone’s evergreen European direct-lending vehicle: a Luxembourg SICAV launched in October 2022 that originates floating-rate, first-lien senior secured and unitranche loans to upper-mid-market European companies. €2.5 billion across 243 investments as of February 2026, 8.7% annualized net return since inception (A-A EUR), monthly subscriptions and gated monthly redemptions from €25,000.
BNP Diversified Private Credit Fund
The BNP Paribas Alternative Strategies – Diversified Private Credit Fund is an evergreen private credit fund structured under the ELTIF 2.0 regulatory framework. It offers investors diversified exposure to European private debt markets, including corporate debt, infrastructure debt, and real estate debt. The fund aims to provide attractive returns with quarterly liquidity options and integrates ESG factors into its investment process. Managed by BNP Paribas Asset Management's Private Assets division, the fund leverages the firm's extensive origination network and expertise in private credit markets. The fund has a controlled leverage policy, allowing borrowing up to 50% of NAV. This leverage is intended to optimize investment efficiency rather than speculative gain. The borrowing may be secured against the fund’s assets and used for various liquidity management purposes. Minimum ticket is 30k for retail investors, €1m for the institutional share class.
Carlyle European Tactical Private Credit (ETAC)
Carlyle European Tactical Private Credit ELTIF (ETAC) is a Luxembourg semi-liquid ELTIF that puts 70-80% of assets into senior secured European private credit from Carlyle’s $211 billion credit platform. Class I-EUR returned 9.4% net in 2025 with an 8.0% distribution yield; fees are 1.2% plus 12% over a 4% hurdle; redemptions are quarterly with a 5% gate. €50,000 minimum for retail Class A.
CollerCredit
CollerCredit is a private credit secondaries fund designed to provide investors with diversified exposure to senior direct lending opportunities. The fund invests across vintages, managers, and industrial sectors, with a primary focus on senior secured loans while maintaining flexibility for other credit strategies. CollerCredit aims to generate stable, risk-adjusted returns through a disciplined investment process. Investors can subscribe on a monthly basis, with quarterly redemption options capped at 5% NAV per quarter."
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