wk-2025-12-31-ixbrl

Page 2

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors' Report

The Directors present their Annual Report and the audited financial statements of Pricoa Management Partner

Limited (the 'Company') for the year ended 31 December 2025.

The Directors have taken advantage of the small companies exemption in accordance with Section 4l4B of the

Companies Act 2006 (the 'Act'). This report has been prepared in accordance with the special provisions relating

to small companies within Part 15 of the Companies Act 2006.

Principal activities

The Company acts as a Designated Member of Sterling Private Placement Management LLP and will continue

to act in this capacity for the foreseeable future.

The Company is a wholly owned subsidiary of PGIM Financial Limited ('PFL'). PFL is in turn a direct

subsidiary of PGIM, Inc., a company incorporated in the United States, the asset management division of

Prudential Financial, Inc., a company incorporated in the United States and listed on the New York Stock

Exchange (NYSE; PRU), and the parent undertaking of the largest group (the 'PFI Group') for which group

financial statements are prepared. The results of the Company are consolidated into the results of the ultimate

controlling party, Prudential Financial, Inc., which are publicly available at 751 Broad Street, Newark, NJ

07102.

As part of a wider corporate reorganisation, on January the 1st 2026, the Company’s immediate parent, PGIM

Financial Limited, made a capital contribution of the shares it owned in Pricoa Management Partner Limited to

PGIM (Scots) Limited. The shares that were transferred constituted 100% of the Company’s issued share

capital. As a result, PGIM (Scots) Limited became the Company’s new immediate parent entity from that date.

Business review and future developments

During the year the Company continued acting as a designated member. The Company recognised a result of

£nil (2024: £nil). The Directors are satisfied with the performance of the Company for the year and the financial

position at the balance sheet date of the Company.

The Company will continue to manage alternative investment funds and seek new investment opportunities.

The Directors do not foresee any change to the nature of the Company’s activity going forward.

Directors of the Company

The Directors who held office during the year and up to the date of the signing of the financial statements were

as follows:

D. Campbell

J. S. Brown (appointed 28 February 2026)

M. G. Fresson (resigned 28 February 2026)

M. Fioramonti (resigned 30 June 2026)

T. Sirvanci

No interim dividends were paid in the year (2024: £nil). The directors do not recommend the payment of a final

dividend (2024: £nil).

Page 3

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors' Report (continued)

Going concern

The Directors have performed an assessment of the expected performance of the Company for the 12 months

following the signature of the financial statements. The Directors have performed an analysis of actual and

potential impact of the current market conditions on the financial position, including work performed on stress-

testing such as a severe but plausible downside scenario.

Due to the US tariffs and subsequent market volatility, forecasting the potential financial impact on the

Company remains challenging. The Directors are actively monitoring the situation.

Because of the strength of its balance sheet, the members are confident that the Company can meet its liabilities

as they fall due for the next 12 months and is a going concern and the financial statements have been prepared

on a going concern basis.

Directors' indemnity statement

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying

third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in

force during the last financial year and also at the date of approval of the financial statements. The Company

does not have its own Directors' and Officers' liability insurance but is covered by a scheme run by its ultimate

parent, Prudential Financial, Inc., maintained throughout the financial year in respect of itself and its Directors.

Statement of directors' responsibilities in respect of the financial statements

The directors are responsible for preparing the Annual Report and the financial statements in accordance with

applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have prepared the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting

Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a

true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed,

subject to any material departures disclosed and explained in the financial statements;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

company will continue in business.

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and

explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of

the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

Page 4

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors' Report (continued)

Directors' confirmations

In the case of each director in office at the date the directors’ report is approved:

• so far as the director is aware, there is no relevant audit information of which the company’s auditors are

unaware; and

• they have taken all the steps that they ought to have taken as a director in order to make themselves aware

of any relevant audit information and to establish that the company’s auditors are aware of that information.

Independent Auditors

It is the intention of the Directors to reappoint the auditors in accordance with the requirements of Section 487

of the Companies Act 2006.

Approved by the Board and signed on its behalf on 21 September 2026 by:

.........................................

J. S. Brown

Director

Page 5

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of Pricoa Management Partner Limited

Report on the audit of the financial statements

Opinion

In our opinion, Pricoa Management Partner Limited's financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its result

for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting

Standard applicable in the UK and Republic of Ireland", and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

•

We have audited the financial statements, included within the Annual Report and Financial Statements (the

"Annual Report"), which comprise:

• the Statement of Financial Position as at 31 December 2025;

• the Income Statement for the year then ended;

• the Statement of Changes in Equity for the year then ended; and

• the notes to the financial statements which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and

applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for

the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our

audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a

going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to

the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the

relevant sections of this report

Page 6

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of Pricoa Management Partner Limited

(continued)

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements

and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the

financial statements does not cover the other information and, accordingly, we do not express an audit opinion

or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent

material inconsistency or material misstatement, we are required to perform procedures to conclude whether

there is a material misstatement of the financial statements or a material misstatement of the other information.

If, based on the work we have performed, we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the Companies

Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report

certain opinions and matters as described below.

Directors’ Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors'

Report for the year ended 31 December 2025 is consistent with the financial statements and has been prepared in

accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the

audit, we did not identify any material misstatements in the Directors' Report.

Page 7

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of Pricoa Management Partner Limited

(continued)

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors' responsibilities in respect of the financial statements, the

directors are responsible for the preparation of the financial statements in accordance with the applicable

framework and for being satisfied that they give a true and fair view. The directors are also responsible for such

internal control as they determine is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or

have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,

including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is

detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-

compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we

considered the extent to which non-compliance might have a material effect on the financial statements. We

evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements

(including the risk of override of controls), and determined that the principal risks were related to the

manipulation of financial data to present a more favourable financial or capital position. Audit procedures

performed by the engagement team included:

• Enquiries with management, including consideration of known or suspected instances of non-

compliance with laws and regulations and fraud;

• Reviewing relevant meeting minutes, including those of the Board of Directors; and

• Identifying and testing journal entries, based on a selection of risk criteria; and

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing.

Page 8

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of Pricoa Management Partner Limited

(continued)

There are inherent limitations in the audit procedures described above. We are less likely to become aware of

instances of non-compliance with laws and regulations that are not closely related to events and transactions

reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher

than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s

website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in

accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving

these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report

is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the company or returns adequate for our audit have

not been received from branches not visited by us; or

• the company's financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made.

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled

to: prepare financial statements in accordance with the small companies regime; and take advantage of the small

companies exemption from preparing a strategic report. We have no exceptions to report arising from this

responsibility.

......................................

Jamil Kanji (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

21 September 2026

The notes on pages 12 to 17 form an integral part of these financial statements.

Page 9

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Income Statement

for the year ended 31 December 2025


	Note	2025	2024
		£	£
Operating result	3	—	—
Result before tax		—	—
Tax on result	5	—	—
Results for the financial year		—	—

The above results were derived from continuing operations and there was no other comprehensive income for

the year (2024: £nil).

The notes on pages 12 to 17 form an integral part of these financial statements.

Page 10

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Statement of Financial Position

(Registration number: 03238431)

As at 31 December 2025


	Note	2025	2024
		£	£
Fixed assets
Investments	6	1	1
Current assets
Trade and other receivables	7	138	138
Current liabilities
Trade and other payables	8	(1)	(1)
Net current assets		137	137
Net assets		138	138
Capital and reserves
Called up share capital	9	1,000	1,000
Accumulated losses		(862)	(862)
Total shareholders' funds		138	138

The Company's financial statements on pages 9 to 17 have been prepared in accordance with the provisions

applicable to entities subject to the small companies regime. The financial statements on pages 9 to 18 were

approved and authorised by the Board and signed on its behalf of the board on 21 September 2026 by:

.........................................

J. S. Brown

Director

The notes on pages 12 to 17 form an integral part of these financial statements.

Page 11

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Statement of Changes in Equity

for the year ended 31 December 2025


	Share capital	Profit and loss account	Total
	£	£	£
At 1 January 2024	1,000	(862)	138
Result for the financial year	—	—	—
Total comprehensive income	—	—	—
At 31 December 2024	1,000	(862)	138
	Share capital	Profit and loss account	Total
	£	£	£
At 1 January 2025	1,000	(862)	138
Result for the financial year	—	—	—
Total comprehensive income	—	—	—
At 31 December 2025	1,000	(862)	138

Page 12

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements

for the year ended 31 December 2025

1 General information

Pricoa Management Partner Limited's (the 'Company') principal activity is to act as a Designated Member of

Sterling Private Placement Management LLP. The Company is a private company limited by share capital,

incorporated and domiciled in England and Wales. The registered office of the Company is Grand Buildings,

1-3 Strand, Trafalgar Square, London, WC2N 5HR.

The financial statements are presented in Pounds Sterling (£) which is also the Company's functional currency.

The Company is a wholly owned subsidiary of PGIM Financial Limited ('PFL') and of its ultimate parent,

Prudential Financial, Inc. ('PFI'). The results of the Company are consolidated into the results of the ultimate

controlling party, PFI, which are publicly available at 751 Broad Street, Newark, NJ 07102. As such, the

Company has taken advantage of the exemption under Section 400 of the Companies Act 2006 not to prepare

group financial statements.

2 Accounting policies

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The Company is preparing its financial statements in accordance with Financial Reporting Standard 102 - The

Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102'). The financial statements

have been prepared under the historical cost convention and in accordance with the Companies Act 2006, as

modified by the revaluation of financial investments measured at fair value through profit and loss.

Going concern

The Directors have performed an assessment of the expected performance of the Company for the 12 months

following the signature of the financial statements. The Directors have performed an analysis of actual and

potential impact of the current market conditions on the financial position.

Due to the US tariffs and subsequent market volatility, forecasting the potential financial impact on the

Company remains challenging. The Directors are actively monitoring the situation.

Because of the nature of its revenue base and the strength of its balance sheet, the members are confident that

the Company can meet its liabilities as they fall due for the next 12 months and is a going concern and the

financial statements have been prepared on a going concern basis.

Page 13

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements (continued)

for the year ended 31 December 2025

2 Accounting policies (continued)

a) Exemptions for qualifying entities under FRS 102

FRS 102 allows a qualifying entity certain disclosure exemptions. The Company is a member of the PFI Group

which prepare consolidated, publicly available financial statements. As a result, in accordance with Section 7 of

FRS 102 and paragraph 1.12(b), the Company is exempt from the requirement to prepare a cash flow statement

under FRS 102 as the cash flows of the Company are included in the consolidated cash flow statement of the

ultimate parent company, PFI. The Company is exempt from the requirement under paragraph 1.12(e) of FRS

102 from disclosing the key management personnel compensation.

The Company benefits from the exemption from the requirements of FRS 102 Section 33 Related Party

Disclosures to disclose related parties transactions entered into between two or more members of a group, where

any subsidiary which is a party to the transaction is wholly owned by such a member.

b) Investments

Investments are stated at cost less accumulated impairment losses.

c) Foreign currencies

Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary

economic environment in which the Company operates (the 'functional currency'). The Company's functional

currency is Pounds Sterling (£).

Foreign currency transactions

Transactions in foreign currencies are translated at exchange rates at the date of the transactions. Monetary

assets and liabilities denominated in foreign currencies, outstanding at the balance sheet date, are translated at

the exchange rates ruling at that date.

Foreign exchange differences arising on translation are recognised in the Income Statement specifically in the

administrative expenses. Non-monetary assets and liabilities that are measured in terms of historical cost in a

foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and

liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional

currency at foreign exchange rates ruling at the dates the fair value was determined.

d) Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Income

Statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised

in equity.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates

enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous

years.

Page 14

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements (continued)

for the year ended 31 December 2025

2 Accounting policies (continued)

e) Related parties

The Company discloses transactions with related parties which are not wholly owned within the PFI Group. The

Company does not disclose transactions with its parent or with members of the same group that are wholly

owned.

f) Employee information

There were no employees in the current year (2024: nil).

g) Trade and other receivables

A regular review is performed of all the Company's trade and other receivables. If there is significant uncertainty

regarding the recoverability of any of its trade and other receivables, a provision is recognised. If there is strong

evidence indicating the amounts recognised in the Statement of Financial Position will not be recovered, they

will be written off. Trade and other receivables are recognised initially at fair value and subsequently measured

at amortised cost less provision for impairments.

h) Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost.

i) Significant estimates and judgements

No significant estimates and judgements have been used in the preparation of the financial statements for the

year.

j) Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other

resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred

and the time value of money is material, the initial measurement is on a present value basis.

3 Operating result

The auditors' remuneration in respect of audit service provided to the Company and its LLP amounts to £31,200

(2024: £20,000) and is borne by the immediate parent company PGIM (Scots) Limited (2024: PGIM Financial

Limited).

4 Directors' remuneration

There were no directors' emoluments during the year (2024: £nil). The emoluments of all the directors of the

Company are paid by PGIM Private Capital Limited with the exception of M. G. Fresson, who is paid by PGIM

European Services Limited, a subsidiary of Prudential Financial, Inc., and M. Fioramonti, who is paid by

Prudential Financial, Inc.. It is not possible to make an accurate apportionment of the directors' emoluments in

respect of each affiliate entity and accordingly no recharges are made.

Page 15

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements (continued)

for the year ended 31 December 2025

5 Tax on result


	2025	2024
	£	£
Result before tax	—	—
Corporation tax at standard rate	—	—
Total tax charge	—	—

There was no current or deferred tax during the year (2024: £nil).

The corporation tax rate has increased to 25% from 1 April 2023. Deferred taxes at the balance sheet date have

been measured using these enacted tax rates and reflected in these financial statements.

OECD Pillar Two

The PFI Group of which the Company is a member is within the scope of the OECD Pillar Two model rules.

The Company is in a Jurisdiction that has adopted a Qualified Domestic Minimum Top-up Tax (QDMTT) and

an Income Inclusion Rule (IIR) effective for the financial year beginning 1 January 2024. In addition, for the

undertaxed profits rule (UTPR) the commencement date will be on or after the 31 December 2024.

The Group does not expect to have an OECD Pillar Two related current tax exposure in the jurisdiction from the

application of the QDMTT and IRR, while there could be open items with respect to the application of the

proposed Pillar Two rules which will determine how and to what degree the Company will be impacted by the

adopted Pillar 2.

The Group applies the exception to recognizing and disclosing information about deferred tax assets and

liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

Page 16

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements (continued)

for the year ended 31 December 2025

6 Investments


Analysis of movements:	Total
Analysis of movements:	£
At 1 January 2024	1
Additions	—
At 31 December 2024	1
Additions	—
At 31 December 2025	1


	Country of incorporation	Class of shares held	Ownership	Ownership
	Country of incorporation	Class of shares held	2025	2024
Sterling Private Placement Management LLP	UK	£1 Ordinary	50%	50%

7 Trade and other receivables


	2025	2024
	£	£
Amounts owed by PFI Group	138	138

Amounts included within amounts owed by PFI Group are interest free, unsecured and repayable on demand.

The Company has not suffered any losses as a result of trade receivable or counterparty defaults during the year

and as a result management does not believe that any provision is required for bad and doubtful debts.

8 Trade and other payables


	2025	2024
	£	£
Amounts owed to PFI group	1	1

Amounts included within amounts owed to PFI Group are interest free, unsecured and repayable on demand.

Page 17

Pricoa Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements (continued)

for the year ended 31 December 2025

9 Called up share capital


Allotted, issued and fully paid:	2025		2024
Allotted, issued and fully paid:	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the

repayment of capital.

10 Related party transactions

The smallest group to consolidate these financial statements is PGIM, Inc., a company incorporated in the

United States of America. Copies of the PGIM, Inc. consolidated financial statements can be requested from the

Company Secretary at 3 Gateway Center, 100 Mulberry Street, Newark, NJ 07102. The ultimate parent

undertaking and largest group to consolidate these financial statements is Prudential Financial, Inc.. Copies of

the Prudential Financial, Inc. consolidated financial statements can be requested from the Company Secretary at

751 Broad Street, Newark, NJ 07102.

The Company acts as designated member to the LLP. The Company is exempt from disclosing other related

party transactions as they are with other entities that are wholly owned within the PFI group.

11 Non adjusting events after the financial year

As part of a wider corporate reorganisation, on January the 1st 2026, the Company’s immediate parent, PGIM

Financial Limited, made a capital contribution of the shares it owned in Pricoa Management Partner Limited to

PGIM (Scots) Limited. The shares that were transferred constituted 100% of the Company’s issued share

capital. As a result, PGIM (Scots) Limited became the Company’s new immediate parent entity from that date.


Officers and Advisers	1
Directors' Report	2 to 4
Independent Auditors' Report	5 to 8
Income Statement	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 to 17