PGIM Private Credit Fund is a non-traded Business Development Company (BDC) that lends to U.S. middle market companies. The fund's portfolio consists almost entirely of first lien, senior secured floating rate loans — roughly 99.8% of the portfolio at fair value — spread across 64 companies with a total fair value of ~$362M. Borrowers are private companies with EBITDA generally ranging from $5M to $75M, and loans are used for leveraged buyouts, refinancings, recapitalizations, and acquisitions. Loans are floating rate, tied to SOFR plus a spread, with stated maturities of five to six years. The fund targets first lien positions with average entry leverage below 4.5x debt/EBITDA and below 50% loan-to-enterprise value. The fund lends to both PE-sponsored and non-sponsored companies, with the non-sponsored origination sourced through PGIM Private Capital's regional office network and the sponsored lower middle market handled by Deerpath Capital Management — both Prudential affiliates. The fund earns a net interest spread by borrowing at a lower rate and lending at a higher rate, and uses a revolving credit facility to leverage its equity base. It is externally managed by PGIM Investments, majority-owned by Pruco Life Insurance Company (a Prudential subsidiary), and sells shares continuously at NAV to individual investors through broker-dealers. It is a perpetual-life vehicle with limited liquidity via a quarterly share repurchase program capped at 5% of shares outstanding per quarter.