A. General Description of Advisory Firm. PPPI is a limited partnership established in 1993 that provides investment advisory services to our insurance company affiliates and to other affiliated and unaffiliated investors. PPPI is wholly-owned by PGIM, Inc. (“PGIM”), a registered investment adviser, which is an indirect wholly-owned subsidiary of Prudential Financial, Inc. a publicly held company (“Prudential Financial”) (NYSE Ticker: PRU)1. References to “our employees”, “our investment staff” or “our officers” in this brochure mean officers or employees who work for PPPI or in the PPC business unit of PGIM. Our investment staff is employed by PGIM or one or more affiliates of PGIM. PGIM Private Capital (“PPC”), also known as Prudential Private Capital and Pricoa Private Capital, which is the dedicated corporate private credit division of PGIM, originates, and provides support to PPPI for the management of, the following types of investments which PPC allocates to PPPI managed accounts:
• Private fixed income
• Private floating rate
• Loans
• Equipment loans and leases
• Credit tenant leases
• Infrastructure
• Oil and gas and power (collectively, “Energy Investments”)
• Mezzanine and private equity investments (including Energy Investments that are mezzanine and/or private equity investments) (“Mezzanine Investments”) (collectively, “Private Investments”). References in this brochure to “securities” or “investments” includes each of the Private Investments categories, and references to “issuer” includes the “borrower” where such Private Investment is structured as a loan. Companies that our Clients invest in are referred to as “Portfolio Companies”. B. Description of Advisory Services. We provide investment management and advisory services through single investor individually managed accounts and single investor and commingled insurance company separate accounts offered by our insurance company affiliates and other investment vehicles for which we act as investment manager or sub-adviser (our “Clients”). Our Clients generally co-invest with the general accounts of PGIM’s insurance company affiliates (the “General Account”) and accounts of other Prudential Financial subsidiaries (collectively with the General Account, the “Affiliated Accounts”) as well as other unaffiliated institutional investors. PPPI’s president, who is also a Managing Director of PPC, serves as the portfolio manager

for our Clients (the “Portfolio Manager”). PPPI and PPC have distinct roles in managing PPPI’s Clients’ Private Investments. PPPI negotiates and executes our investment management agreements and has management responsibility for the portfolios and their performance relative to the benchmarks. PPPI’s activities include cash, duration and liquidity management. PPPI establishes tactical allocation instructions to meet portfolio 1 Prudential Financial Inc. is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. 2 | P a g e objectives and align portfolio constraints with the Client’s investment guidelines. PPPI provides Client reporting, including attribution analysis and market conditions, and handles the day to day contact with investors. PPC’s investment staff makes the individual investment decisions and handles the day-to-day investment-related aspects of our Clients’ Private Investments. Please refer to Item 13 below for further details regarding our oversight of our Client accounts. C. Availability of Customized Services for Individual Clients. We offer customized portfolio constraints and reporting. We work closely with PPC to assess the performance of the Private Investments in our Clients’ accounts, establish tactical asset allocation objectives and verify that the assets in each account are invested and reinvested in accordance with the individual investment objectives, guidelines and limits of each account. The investment objectives for each of the accounts we manage are specified in the individual investment management agreement or separate account or fund documents. We further tailor our account management through customized private investment vehicles, including (i) commingled insurance company separate accounts offered by our insurance company affiliates, (ii) single investor private placement accounts for institutional investors, and (iii) individually tailored investment vehicles established and structured to meet the unique needs of specific investors. An insurance company separate account is an investment account that uses pooled money to buy individual assets. These assets are kept separate from the insurance company's general investments and are generally not subject to the claims of the insurance company’s creditors. D. Assets Under Management. PPPI’s total discretionary assets under management as of December 31, 2023, were $25,675,900,000. As of December 31, 2023, we did not manage any non-discretionary assets.