Prudential Closes New Mezzanine Fund
The firm's latest fund topped its initial $900 million target
January 21, 2010
Prudential Capital Partners closed its latest mezzanine vehicle, collecting $965 million for its third fund. The firm had originally been targeting $900 million.
The new fund is one of the largest targeting mezzanine in recent months. Last year, Carlyle Mezzanine Partners corralled $553 million for its follow-up effort, while New York Life Capital raised $800 million for its second fund.
Jeffrey Dickson, a managing principal at Prudential, cited the firm's "consistent" strategy focusing on both sponsored and sponsorless financings in the middle market for generating limited partner interest. The fund, like its two predecessors, will target investments ranging from $10 million to $100 million in size, backing acquisitions, buyouts, recapitalizations and growth capital.
Prudential's debut fund raised $619 million in 2001, while its second vehicle was $775 million in size.
In addition to Dickson, Mark Hoffmeister, Charles King, Allen Weaver and Matthew Chanin round out Prudential's principals.
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