Recalibrating resilience was the dominant theme at PGIM's sixth annual EMEA Investor Forum in London. In this episode, Keshav Rajagopalan shares key insights from sessions on private credit, structured fixed income, digital infrastructure, and CIO perspectives on resilience and long-term portfolio design.

From the evolution of private credit into a core allocation to the role of securitisation in financing growth, and the impact of AI on infrastructure demand, this episode explores how institutional investors are rethinking liquidity, flexibility, and resilience in a world of structural change.

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Key Takeaways:

- Private Credit: From Niche to Core – [02:00]

- Structured Fixed Income and Securitisation in Europe – [06:00]

- Digital Infrastructure and AI: Financing the Future – [12:00]

- CIO Perspectives on Resilience and Systemic Risks – [15:00]

*The views expressed are those of the speakers at the time of recording and may not reflect their current opinions. This content is not investment advice.*

Learn More:

• @PGIM on X: https://twitter.com/pgim

• @PGIM on Instagram: https://www.instagram.com/pgim/

• PGIM on LinkedIn: https://www.linkedin.com/company/pgim

Shareables:

"Securitisation isn't a silver bullet, but it's a critical lever for financing Europe's growth." — Edwin Wilches

"Private credit has evolved from a niche allocation to a core pillar of institutional portfolios." — Tom McCartan

"AI is here to stay. It will transform our lives, but the infrastructure build-out brings both opportunity and risk." — Morgan Laughlin

Energy mezzanine financing occupies a unique position between credit and equity, offering growing companies access to capital without diluting ownership. In this episode, Brian Thomas, Head of Real Assets, Private Credit at PGIM, joins Keshav Rajagopalan to explore the specialised world of energy mezzanine investing. They discuss why this niche strategy matters, how it fits into institutional portfolios, and what's driving demand across conventional energy, power, and renewables.

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Key Takeaways:

- Energy mezzanine financing bridges the gap between senior debt and equity, providing tailored capital solutions for mid-sized companies. – [04:00]

- The energy sector is shifting from rapid growth to a more disciplined, cash-flow-focused phase, creating opportunities for mezzanine capital. – [06:00]

- Financing solutions must align with step-change risk moments, matching capital to project milestones rather than long-term assumptions. – [11:00]

- Mezzanine financing is increasingly relevant in renewables and power, helping developers avoid equity dilution while meeting tight deadlines. – [15:00]

*The views expressed are those of the speakers at the time of recording and may not reflect their current opinions. This content is not investment advice.*

Learn More:

• @PGIM on X: https://twitter.com/pgim

• @PGIM on Instagram: https://www.instagram.com/pgim/

• PGIM on LinkedIn: https://www.linkedin.com/company/pgim

Shareables:

"Energy mezzanine financing is about solving a very specific need—providing capital without forcing companies to dilute ownership at critical growth stages." - Brian Thomas, Head of Real Assets, Private Credit, PGIM

"The energy sector is dynamic, and mezzanine capital gives us the flexibility to tailor solutions for companies navigating step-change risk moments." - Brian Thomas, Head of Real Assets, Private Credit, PGIM

"These are not off-the-rack solutions. Energy mezzanine investing requires deep sector knowledge and bespoke structuring to create real value." - Brian Thomas, Head of Real Assets, Private Credit, PGIM

In this episode, Edwin Wilches, Co-Head of Securitised Products at PGIM, joins Keshav Rajagopalan, to explore the dynamic and fast-evolving world of Asset-Based Finance (ABF). As traditional boundaries between public and private credit continue to blur, they discuss how ABF is emerging as a powerful tool for financing the real economy, offering institutional investors new avenues for diversification, yield, and portfolio resilience.

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Key Takeaways:

• Regulatory shifts and evolving market structures are driving growth in the US, Europe, and beyond – [06:00]

• Institutional investors are turning to ABF for diversification, enhanced yield, and scalable solutions - [07:00]

• Capital demand is rising in areas such as AI infrastructure, data centers, and fund finance. – [15:00]

• Contractual cash flows are central to ABF's appeal for seeking to improve risk-adjusted portfolio returns – [22:00]

*The views expressed are those of the speakers at the time of recording and may not reflect their current opinions. This content is not investment advice.*

Learn More:

• @PGIM on X: https://twitter.com/pgim

• @PGIM on Instagram: https://www.instagram.com/pgim/

• PGIM on LinkedIn: https://www.linkedin.com/company/pgim

Shareables:

"We're financing the real economy. That's what makes this space so exciting—it's not just about returns, it's about impact."— Edwin Wilches, Co-Head of Securitised Products at PGIM

"Contractual cash flows are the foundation of ABF. That's what makes it compelling for insurers, pensions, and other institutions." — Edwin Wilches, Co-Head of Securitised Products at PGIM

"Lending where there is a supply-demand imbalance of capital -- that's where compelling risk-adjusted returns could be found.— Edwin Wilches, Co-Head of Securitised Products at PGIM