Pricoa Capital Group, an arm of Prudential Financial’s investment management business PGIM, has added a new investment team in Sydney, Australia.
The identities of team members have not yet been revealed, but are expected to be disclosed early next week.
The firm has invested in Australia for more than two decades with a current portfolio close to $3 billion in Australia and New Zealand. This accounts for 12 percent of the $23 billion Pricoa Capital Group’s overall cross-border portfolio.
“Australia is one of the most dynamic and exciting markets within our global reach and thus it makes sense for us to have people on the ground to expand our business,” said Marie Fioramonti, managing director and head of Pricoa Capital Group, based in Chicago.
With investment activities across the globe, the firm has increased its focus in Australia and New Zealand over the past five years.
One of the most recent deals the firm has done in the region was a one-stop financing to support a recapitalisation of The Gap Partnership, a provider of negotiation behavioural change development programmes and client-specific negotiation consulting services.
Pricoa was the sole capital provider in the transaction for a combination of senior debt, a committed senior accordion, subordinated notes and preferred equity.
On a global scale, the group co-invests along with its subsidiary, Pricoa Capital Partners, a mid-market mezzanine fund business in North America and Europe. Last month, Pricoa Capital Partners’ fifth mezzanine fund reached a close on $1.825 billion, surpassing its target of $1.4 billion.
Pricoa Capital Group has been a leading provider of international private capital to companies globally for more than 20 years. It manages a total portfolio of more than $23 billion as of December 31, 2016. The firm’s parent company, Prudential Capital Group, has been a leading provider of private debt, mezzanine and equity securities to companies worldwide for more than 70 years.