Global property funds powerhouse PGIM Real Estate will join the growing throng of players in Australia’s private credit market, raising $300 million for its first private credit fund in Australia, which it says is on track to raise $750 million.

The private credit market has ballooned in the past five years, with Phil King’s Regal Partners and David Di Pilla’s HMC Capital spending a combined $365 million to buy key private credit operations Merricks Capital and Payton Capital respectively.