PGIM agreed to acquire private equity secondaries asset manager Montana Capital Partners, according to a July 13 news release.
PGIM, the $1.5 trillion global investment management business of Prudential Financial signed a definitive agreement for the transaction. Following the acquisition, MCP will maintain investment autonomy and independence, with its fully committed team headquartered in Switzerland, while benefiting from PGIM’s global distribution, sourcing and operational, compliance and regulatory support.
MCP will be overseen by Eric Adler, president and chief executive officer of PGIM Real Estate. MCP’s co-founders Christian Diller and Marco Wulff will continue to manage the business and serve as co-chief executive officers.
“PGIM’s multi-manager model is based on the belief that highly specialized investment teams with expertise in an asset class allow us to remain focused on delivering investment outperformance on behalf of our clients,” said David Hunt, president and CEO of PGIM. “Montana Capital Partners’ deep expertise in private equity secondaries, coupled with its strategic and cultural alignment with PGIM, make it the right partner to further enhance our alternatives capabilities.”
The acquisition of MCP significantly enhances PGIM’s existing alternatives offering, which is currently $253 billion in assets under management in strategies across PGIM Fixed Income, PGIM Real Estate, PGIM Private Capital, Jennison Associates and QMAW.
The closing of the transaction is subject to receipt of all regulatory approvals.
“We are thrilled to welcome the MCP team to PGIM,” said Adler. “As specialist investors in the private equity secondary market, with a solid performance track record and a strong network of client relationships, MCP will complement PGIM’s robust real assets capabilities, while providing access to a new and differentiated investment opportunity to the clients we serve.”
Lazard Frères & Co. served as financial advisor to MCP on the transaction.