Elyse M. McLaughlin
About Elyse M. McLaughlin
Elyse M. McLaughlin (year of birth: 1974) serves as Treasurer and Principal Accounting Officer of PGIM Private Credit Fund, with length of service as a Fund Officer since September 2022. She is a Vice President within PGIM Investments Fund Administration (since 2017) and previously served as Director within PGIM Investments Fund Administration (2011–2017) . PGIM Private Credit Fund is a closed-end management investment company regulated as a BDC; the proxy materials do not disclose education, age, or executive performance metrics such as TSR, revenue growth, or EBITDA growth for individual officers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PGIM Investments LLC – Fund Administration | Vice President | 2017–present | Fund administration leadership for PGIM Investments; responsibilities described across PGIM Retail, Annuities, and Alternatives funds . |
| PGIM Investments LLC – Fund Administration | Director | 2011–2017 | Fund administration responsibilities prior to promotion . |
| PGIM Private Credit Fund | Treasurer & Principal Accounting Officer | Since Sep 2022 | Treasurer/Principal Accounting oversight for the Fund . |
| PGIM Rock ETF Trust | Treasurer & Principal Accounting Officer | Since Sep 2023 | Treasurer/PAO role for PGIM Rock ETF Trust . |
| Prudential Annuities Funds | Treasurer & Principal Accounting Officer | Since Mar 2023 | Treasurer/PAO role for Prudential Annuities Funds . |
| PGIM Credit Income Fund | Assistant Treasurer | Since Sep 2023 | Assistant Treasurer role . |
| PGIM Private Real Estate Fund, Inc. | Assistant Treasurer | Since Mar 2022 | Assistant Treasurer role . |
| PGIM Retail Funds | Assistant Treasurer | Since Oct 2019 | Assistant Treasurer role . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | The proxy does not disclose any external (non-PGIM/Prudential) roles for Elyse M. McLaughlin . |
Fixed Compensation
- Officers of PGIM Private Credit Fund do not receive direct compensation from the Fund; compensation and expenses for officers and employees are paid by PGIM Investments (the Manager), and the Fund does not have a compensation committee because its executive officers do not receive compensation from the Fund .
| Component | Value/Terms | Source |
|---|---|---|
| Base salary | Not disclosed (paid by Manager, not by the Fund) | |
| Target bonus % | Not disclosed | |
| Actual bonus paid | Not disclosed | |
| Perquisites | Not disclosed | |
| Pension/SERP | Not disclosed | |
| Deferred compensation | Not disclosed |
Performance Compensation
- No individual officer incentive plan details are disclosed in the Fund’s proxy; the Fund does not pay officers .
- Context: Under the Management Agreement, PGIM Investments earns a base management fee (1.25% of net assets, payable monthly in arrears) and an incentive fee (components based on income and capital gains); the Manager contractually waived its base and incentive fees through December 31, 2024 (extended through December 31, 2025), meaning the Fund did not bear these fees during the waiver periods .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
Equity Ownership & Alignment
- The proxy reports no beneficial ownership of PGIM Private Credit Fund Common Shares by Elyse M. McLaughlin in both 2024 and 2025 .
- The Fund’s Code of Ethics text presents mixed statements: in 2025, covered persons (other than Independent Trustees) are prohibited from shorting, options, hedging, or derivatives on Fund securities and require pre-clearance; yet a separate “Hedging Transactions” paragraph states the Code does not expressly prohibit Board Members or officers from hedging Fund securities (reflecting legacy language also present in 2024) .
| Ownership Detail | 2024 | 2025 |
|---|---|---|
| Shares beneficially owned | None | None |
| Ownership % of outstanding | — (none) | — (none) |
| Vested vs. unvested shares | Not disclosed | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed | Not disclosed |
| Shares pledged as collateral | Not disclosed | Not disclosed |
| Stock ownership guidelines (officers) | Not disclosed | Not disclosed |
| Compliance status to guidelines | Not disclosed | Not disclosed |
| Hedging/derivatives policy (officers) | 2024: Code does not expressly prohibit hedging | 2025: Covered persons prohibited from shorting, options, hedging, derivatives on Fund securities; all trades need pre-clearance |
Employment Terms
| Term | Details | Source |
|---|---|---|
| Employment with PGIM Investments Fund Administration | Vice President since 2017; previously Director 2011–2017 | |
| Fund Officer role (PGIM Private Credit Fund) | Treasurer & Principal Accounting Officer since September 2022 | |
| Contract term length/expiration | Not disclosed | |
| Auto-renewal clauses | Not disclosed | |
| Non-compete/non-solicit/garden leave | Not disclosed | |
| Post-termination consulting | Not disclosed | |
| Section 16 filings (officer) | No delinquency noted for officers; delinquent filings noted for PGIM Strategic Investments, Inc. and PICA in 2023/2024 |
Performance & Track Record
- The proxy does not disclose individual officer performance metrics (TSR, revenue growth, EBITDA growth) or specific achievements for Elyse M. McLaughlin .
- Governance context: PGIM Private Credit Fund is managed under a Board structure with Audit and Nominating & Governance Committees; executive officers do not receive compensation directly from the Fund .
Compensation Committee Analysis
| Item | Details | Source |
|---|---|---|
| Compensation committee existence | None; Fund does not have one because officers receive no direct compensation from the Fund | |
| Independent compensation consultant | Not applicable | |
| Committee composition changes | Not applicable |
Related Party Transactions & Fee Waivers (Context)
| Item | Details | Source |
|---|---|---|
| Management Agreement fees | Base management fee: 1.25% of net assets; incentive fee components based on income and capital gains | |
| Fee waivers | Waived in entirety from May 5, 2023 through Dec 31, 2024; extended through Dec 31, 2025 | |
| Expense limitation agreement | Manager caps specified expenses at 0.50% (annualized) for three years from May 5, 2023, subject to reimbursement mechanics |
Risk Indicators & Red Flags
- Delinquent Section 16 filings were noted for PGIM Strategic Investments, Inc. and PICA (Form 3/4 timing) for 2023/2024; no officer-level delinquency was cited .
- The 2025 Code of Ethics prohibits covered persons (other than Independent Trustees) from shorting, options, hedging, or derivatives on Fund securities and requires pre-clearance; however, a “Hedging Transactions” paragraph states hedging is not expressly prohibited in the Code, creating ambiguous language across filings .
Investment Implications
- Alignment: Elyse McLaughlin holds no Fund shares, and officer ownership guidelines are not disclosed, indicating limited direct “skin-in-the-game” alignment at the Fund level; individual pay details are not available because the Fund does not compensate officers .
- Retention risk: Her tenure and progression within PGIM Investments Fund Administration (Director → Vice President) and cross-fund Treasurer/Assistant Treasurer roles suggest continuity in fund administration leadership since 2011–2017 and 2017–present, respectively, though the Fund does not disclose employment contract terms or severance protections .
- Trading signals: With officers prohibited from shorting/options/hedging/derivatives on Fund securities in 2025 and all trades requiring pre-clearance, insider selling pressure from Elyse appears structurally limited; no individual Form 4 patterns are disclosed for her .
- Fee dynamics: Manager fee waivers through year-end 2025 reduce Fund-level expenses and may mitigate potential conflicts tied to management/incentive fees; however, these waivers pertain to manager economics, not to individual officer compensation disclosure .