In a move that brings together its private alternatives capabilities, PGIM has launched PGIM Private Alternatives and named Eric Adler to lead the effort as president and CEO.
Newark-based PGIM, the $1.27 trillion global investment management business of Prudential Financial Inc., said in a Sept. 6 announcement that the move will provide investors with a cohesive set of investment solutions across private credit, real estate equity and debt, private equity, infrastructure and agriculture.
Adler, who is currently president and CEO of PGIM Real Estate and chairman of Private Equity, will take on the new role Oct. 1.
“Together the formation of PGIM Private Alternatives and Eric’s appointment reflect our firm belief in the importance of offering our clients seamless access to the full suite of capabilities across PGIM’s affiliates, particularly as institutional clients continue to increase their allocations to private alternatives,” PGIM President and CEO David Hunt said in a statement.
The new offering builds on PGIM’s recent investments in its private market capabilities, including the acquisition of a majority interest in Deerpath Capital Management LP in May, as well as its 2021 acquisition of private equity secondary specialist Montana Capital Partners, the announcement stated.
Currently, PGIM manages $310.9 billion in private alternatives strategies through PGIM Real Estate (real estate and agriculture), PGIM Private Capital (private credit, infrastructure debt) and Montana Capital Partners (private equity secondaries).
PGIM Private Alternatives will maintain each affiliate’s investment strategies and portfolio and originations teams. PGIM also noted that Matt Douglass, CEO of PGIM Private Capital, will continue to oversee PGIM’s private credit businesses.
“Eric is uniquely qualified to lead PGIM Private Alternatives, having grown PGIM Real Estate into one of the largest real estate investors globally and leading a team of more than 1,200 investment professionals overseeing $210 billion in assets. I’m thrilled to see the next generation of PGIM’s growth in alternative investment strategies under his leadership,” Hunt added.
As Adler moves into his new role, PGIM Real Estate has expanded the titles of Cathy Marcus and Raimondo Amabile to co-chief executive officers, effective Oct. 1.
Both will retain their current responsibilities: Marcus as global chief operating officer and Amabile as global chief investment officer.
“Cathy and Raimondo are well-positioned to lead PGIM Real Estate, having each expanded their global and regional responsibilities through a progression of leadership roles over the last several years, and through their established, decade-long partnership driving the strategic initiatives of PGIM Real Estate globally,” Adler said. “The incoming leadership team brings significant real estate investment management experience to their roles, and I look forward to continuing to work with them in my expanded role.”
PGIM announced additional moves, also effective Oct. 1: