PGIM has announced the final close of PGIM Energy Partners II, L.P. ("PEP II"), the second commingled private credit fund available to unaffiliated investors in its middle market energy series. PEP II closed with $619 million in available capital from a combination of legacy and new investors. The fund attracted a diverse group of institutional investors, including insurance companies, pension funds and family offices.

PEP II provides financing to middle market upstream oil and gas and midstream companies in North America. PEP II structures and funds creative capital solutions for asset development, acquisitions, refinancings and recapitalizations through the deployment of senior debt, junior debt and structured equity. This ability to find solutions across senior debt, junior debt and structured equity differentiates the fund from comparable strategies.

Matt Baker, head of PGIM Energy Partners, commented: "Demand for oil and gas production is poised to continue as a key component of the future energy mix,¹creating a strong structural demand potential from middle market companies for reliable, strategic capital. Many of these companies remain non-sponsored and our advantage is that we have a broad, local sourcing network and sector knowledge that equips us to be effective partners to them. Our sourcing network continues to generate a strong pipeline of opportunities. We are grateful for the support and confidence shown by our investors and are excited about the potential opportunities with new and repeat teams."

The fund has partnered with one upstream company in Fund II to date and has an attractive pipeline of investment opportunities that it is currently evaluating. PGIM manages around $10 billion in energy assets with investments in more than 120 companies and has been investing in the energy sector for over four decades.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. ((PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets², PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹Source: McKinsey & Company, Global Energy Perspective 2024, Sept. 17, 2024.

² As of June 30, 2025

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PGIM Announces $619M Final Close of Middle Market Energy Credit Fund