PGIM Launches Private Credit CIT for DC Plans

PGIM, the global investment management arm of Prudential Financial Inc., launched its first private credit collective investment trust for defined contribution plans.

The PGIM Investment Grade Private Credit Fund of the Prudential Trust Co. Alternative Investments Collective Trust will be used within professionally managed retirement solutions such as target-date funds, stable value funds and other white label or multimanager investment structures, according to the announcement. The vehicle is designed to provide DC plans with exposure to private credit while addressing plan-level fiduciary, liquidity and operational considerations.

The CIT is sub-advised by PGIM’s multi-sector credit team and provides exposure to investment-grade private placement and investment-grade asset-based finance securities.

“Private markets have long played an important role in institutional portfolios, but access within DC plans has historically been limited,” said Sara Shean, PGIM’s head of institutional DC, in a statement. “This new collective investment trust reflects PGIM’s continued focus on expanding access to private credit through structures that align with the nuanced needs of DC plans while seeking to deliver attractive risk-adjusted outcomes for retirement savers.”

The CIT is expected to be the first of several private market solutions for DC plans launched by PGIM, according to the announcement.

In 2024, CITs surpassed mutual funds to hold the largest share of TDF assets among all TDF vehicles. CITs represented 54% of total target-date assets at the end of 2025, according to Morningstar’s “2026 Target-Date Fund Landscape.”

PGIM managed $264 billion in private credit assets as of March 31. The firm sub-advised $56 billion in assets across more than 55 CITs offered on the Prudential Trust Co. and Great Gray trustee platforms as of December 31, 2025.