wk-2025-12-31-ixbrl

Page 2

PGIM 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 PGIM 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 414B 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

PGIM Management Partner Limited is a company incorporated in the United Kingdom and has its registered office

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

The Company acts as a managing limited partner in the following European limited partnerships (the 'Partnerships'),

facilitating investments:

• ASPF III (Scots) L.P.

• Pramerica EVP CP L.P.

During the year of 2025, PGIM Financial Limited has transferred its share of the following LLPs to the Company. It

is now a designated member for the following limited liability partnerships (collectively 'the LLPs')

• Pramerica (Scots) CP GP LLP

• Pramerica PRECAP IV GP LLP

• Pramerica PRECAP VI GP LLP

• Pramerica Real Estate Capital IV GP (Scots Feeder) LLP

• Pramerica PRECAP VI GP (Scots Feeder) LLP

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

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

is 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.

Business review and future developments

During the year the Company continued acting as a managing limited partner. The Company recognised a loss of

£0.3m (2024: £0.3m) mainly driven by affiliated expenses related to Pramerica EVP CP L.P. ('EVP') due to staff

costs paid from affiliated companies.

The Company's revenue relates to incentive fees, which are recognised when certain thresholds have been met. 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 Directors do not foresee any change to the nature of the Company’s activity going forward.

Page 3

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

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:

H. C. Day

J. S. Brown (appointed on 28 February 2026)

M. G. Fresson (resigned on 28 February 2026)

M. R. Crowther (appointed on 29 September 2025)

Directors’ Report (continued)


Results for the year	2025	2024
	£	£
Turnover	200	450,768
Administrative expenses	(302,304)	(711,872)
Loss before tax	(302,104)	(261,104)
Tax on loss	20,106	—
Loss for the financial year	(281,998)	(261,104)

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.

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 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, PFI,

maintained throughout the financial year in respect of itself and its directors.

Dividends

No interim dividend was paid during the year 2025 (2024: £nil) and no final dividend was proposed for 2025 (2024:

£nil).

Page 4

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors’ Report (continued)

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.

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:

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

H. C. Day

Director

Page 5

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

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

Report on the audit of the financial statements

Opinion

In our opinion, PGIM 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 loss 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

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of PGIM 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.

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.

Page 7

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

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

(continued)

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;

• 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.

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.

Page 8

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

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

(continued)

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 19 form an integral part of these financial statements.

Page 9

PGIM 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
		£	£
Turnover	3	200	450,768
Administrative expenses		(302,304)	(711,872)
Operating loss	4	(302,104)	(261,104)
Loss before tax		(302,104)	(261,104)
Tax on loss	6	20,106	—
Loss for the financial year		(281,998)	(261,104)

The above results were derived from continuing operations.

There is no other comprehensive income (2024: £nil).

The notes on pages 12 to 19 form an integral part of these financial statements.

Page 10

PGIM Management Partner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Statement of Financial Position

(Registration number: 05249549)

As at 31 December 2025


	Note	2025	2024
		£	£
Fixed assets
Investments	7	907	2
Currents assets
Trade and other receivables	8	15,623,046	15,473,572
Current liabilities
Trade and other payables	9	(11,878,534)	(11,446,157)
Net current assets		3,744,512	4,027,415
Total assets less current liabilities		3,745,419	4,027,417
Net assets		3,745,419	4,027,417
Capital and reserves
Called up share capital	10	3,001	3,001
Profit and loss account		3,742,418	4,024,416
Total equity		3,745,419	4,027,417

The Company's financial statements on pages 9 to 19 have been prepared in accordance with the provisions

applicable to entities subject to the small companies regime. Approved and authorised by the Board and signed

on its behalf on 21 September 2026 by:

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

J. S. Brown

Director

The notes on pages 12 to 19 form an integral part of these financial statements.

Page 11

PGIM 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	3,001	4,285,520	4,288,521
Loss for the financial year	—	(261,104)	(261,104)
Total comprehensive expense	—	(261,104)	(261,104)
At 31 December 2024	3,001	4,024,416	4,027,417


	Share capital	Profit and loss account	Total
	£	£	£
At 1 January 2025	3,001	4,024,416	4,027,417
Loss for the financial year	—	(281,998)	(281,998)
Total comprehensive expense	—	(281,998)	(281,998)
At 31 December 2025	3,001	3,742,418	3,745,419

Page 12

PGIM 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

PGIM Management Partner Limited (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.

Page 13

PGIM 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

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.

a) Turnover

Turnover comprises priority profit shares and incentive fees received in the Company's role as Managing Limited

Partner. Revenue is recognised on an accrual basis and is measured at the fair value of the consideration received or

receivable.

b) 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 as required by FRS 102 paragraph 33.7.

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.

c) Investments

Investments are stated at cost less accumulated impairment losses.

Page 14

PGIM 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)

d) 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’). These financial statements are presented in

Pounds Sterling which is the Company’s functional currency.

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.

e) 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.

f) 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.

g) Employee information

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

h) Trade and other receivables

A regular review is performed on 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.

i) Trade and other payables

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

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.

k) Significant estimates and judgements

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements,

estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in

which the estimates are revised and in any future periods affected.

Page 15

PGIM 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)

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimates are revised and in any future periods affected.

Significant judgements made in the preparation of these financial statements are as follows:

The Company is entitled to receive incentive fees based on the performance of certain real estate funds, for which it

performs investment management services, such incentive fees are based upon the investment return in those funds

meeting pre-defined performance targets across the life of the fund. Accordingly, the amount of variable

consideration earned under this revenue stream is recognised as revenue to the extent that it is highly probable that a

significant reversal will not occur.

3 Turnover

Turnover in 2025 was £200 (2024: £450,768), relating predominantly to the profit share.

4 Operating loss

The auditors' remuneration in respect of audit service provided to the Company and it’s LLP’s amounts to £48,800

(2024: £20,000).

The auditors' remuneration in respect of audit service provided to the Company for the period of 2024 was borne by

the immediate parent company, PGIM Financial Limited. The 2025 auditor’s remuneration amounts is borne by the

Company itself.

Operating loss is stated after charging/(crediting):


	2025	2024
	£	£
Foreign exchange losses/ (gains)	144,446	(231,878)
Expenses paid or payable to PFI Group companies	—	943,793
Incentive compensation	95,443	—
Fees payable to Company's auditors in respect of: audit of the Company's and it's LLP's financial statements	48,800	—
Write offs	13,615	(43)

5 Directors' remuneration

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

Company are paid by the Company's parent, PGIM Financial Limited with the exception of M. G. Fresson, who is

paid by PGIM European Services Limited, a subsidiary of 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 16

PGIM 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 Tax on loss

There was £20,106 current tax credit recognised during the year (2024: £nil). No deferred tax recognised during

the year (2024: £nil).

Factors affecting the income tax expense for the year

The charge for the year can be reconciled to the profit per the income statement as follows:


	2025	2024
	£	£
Loss before tax	(302,104)	(261,104)
Corporation tax at standard rate	(75,526)	(65,276)
Prior year tax adjustments	(20,106)	—
Profit allocation from the UK carry partnerships	—	—
Losses utilised	72,122	65,287
Disallowed expenses	3,404	(11)
Total tax credit	(20,106)	—

The corporation tax rate has increased to 25% from 1 April 2023.

OECD Pillar Two

The 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 17

PGIM 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

7 Investments

During the year of 2025, PGIM Financial Limited has transferred its share related to a number of LLPs to the

Company.


Analysis of movements:	Total
Analysis of movements:	£
At 1 January 2024	2
Additions	—
At 31 December 2024	2
Additions	905
At 31 December 2025	907

Details of the investments in which the company holds a €1 share of partnership capital contribution are as follows:


	Country of Incorporation	2025	2025	2024	2024
	Country of Incorporation	Holding	£	Holding	£
ASPF III (Scots) L.P.	UK	11.11%	1	11.11%	1
Pramerica EVP CP L.P.	UK	11.11%	1	11.11%	1
Pramerica PRECAP IV GP LLP	UK	50.00%	176	—%	0
Pramerica PRECAP VI GP LLP	UK	50.00%	151	—%	0
Pramerica Real Estate Capital IV GP (Scots Feeder) LLP	UK	50.00%	176	—%	0
Pramerica Real Estate Capital VI GP (Scots Feeder) LLP	UK	50.00%	401	—%	0
Pramerica (Scots) CP GP LLP	UK	50.00%	1	—%	0

The registered address of the Partnerships is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.

8 Trade and other receivables


	2025	2024
	£	£
Amounts owed by PFI Group companies	15,194,908	15,066,067
Amounts owed by the Partnerships	9,057	8,530
Income tax asset	419,081	398,975
	15,623,046	15,473,572

Amounts included within amounts owed by PFI and other subsidiaries 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.

Page 18

PGIM 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 Trade and other payables


	2025	2024
	£	£
Amounts owed to PFI Group companies	11,753,871	11,444,516
Amounts owed to the Partnerships	75,240	2
Non-trade payables and accrued expenses	49,423	1,639
	11,878,534	11,446,157

The amounts owned to PFI Group related undertakings are interest free, unsecured and repayable as per the terms

outlined in the relevant agreement..

10 Called up share capital


	2025	2024
	£	£
Allotted, issued, and fully paid:
3001 (2024:3001) ordinary shares of £1 each	3,001	3,001
Total	3,001	3,001

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

repayment of capital.

11 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 managing limited partner to the Partnerships. The Company is exempt from disclosing other

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

discloses transactions with related parties which are not wholly owned within the same group.


	2025	2024
	£	£
Revenue earned from the Partnerships	—	(450,768)
Amounts owed by the Partnerships	9,057	8,530
Amounts owed to the Partnerships	75,240	2


	Page(s)

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 19