NEWARK, N.J., Jan. 21, 2026 – PGIM today announced an expansion into private credit secondaries, with plans to deploy up to $1 billion over the next two years into the emerging asset class.
The new platform combines PGIM’s decades of experience in private credit and private equity secondaries, targeting a market where deal volume is expected to exceed $50 billion within the next two to three years.1
It will focus on sourcing opportunities in direct lending as well as in opportunistic credit areas such as mezzanine and special situations, targeting both GP- and LP-led deals across the U.S. and Europe with a particular focus on middle market transactions.
With assets under management of $265 billion2 in private credit and secondaries, PGIM’s expertise will enhance sourcing and underwriting, providing a competitive edge as a participant in complex transactions.
The initiative will be led by Alex Stuart, managing director and head of private credit secondaries, and Maelle Reichenbach, senior principal of private credit secondaries. They will be further supported by a team of seasoned investment professionals from PGIM’s private credit business and Montana Capital Partners (MCP), PGIM’s private equity secondaries business.
“Private credit has evolved significantly in the half century that we’ve been operating in the asset class. The emergence of secondaries is a natural stage in that evolution,” Matt Douglass, head of private credit at PGIM, commented. “This expansion reflects our commitment to meeting the growing demand for innovative private credit solutions beyond primary markets. Our deep understanding of issuers and GPs across the middle market positions puts us in a strong position to deliver on transactions in this space.”
Dr. Stephan Wessel, CEO of MCP, added: “By combining PGIM’s breadth of private credit expertise with our team’s experience in secondaries, we believe we are well positioned to navigate complex transactions and capitalize on emerging opportunities in this growing market.”
The initiative addresses growing market demand for liquidity solutions in private credit and reflects what PGIM believes is a natural evolution of its middle market direct lending business (for which it recently had a successful final close of PSLO II) and its private equity secondaries business.
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.5 trillion in assets,2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
2 As of Sept. 30, 2025.
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