Pricoa Capital Group, the private capital arm of Prudential Financial’s asset management business PGIM has added a local investment team in Sydney, Australia in a bid to continue its expansion into strong middle market companies in Australia and New Zealand.
“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 in a statement issued on Wednesday.
Pricoa, which also invests in the UK, Europe, and Latin America, has invested in Australia for more than two decades, with an increased focus over the past five years. Its current Australia/New Zealand portfolio has grown to nearly $3 billion about 12 per cent of Pricoa’s overall cross border portfolio of $23 billion.
In Sydney, it is the private placement division of PGIM Australia Pty Ltd, which also operates PGIM Real Estate Group, a real estate investment management business. PGIM is the $1 trillion global investment management business of Prudential Financial Inc, headquartered in the US.
Josh Shipley, Senior Vice President, who has covered the territory for the last decade said, “staffing a local office enables us to serve clients in a more efficient and accessible way, while providing the team with greater opportunities to build relationships with prospective clients.”
Pricoa manages a total portfolio of more than $23 billion as of December 2016. It helps clients diversify capital sources. In some cases, they even are client’s primary source of funding, providing capital for debt refinancing, growth, acquisition financing, stock repurchases, recapitalization and buyouts.