PGIM's Hunt Says Private Credit Is Growing Quickly
PGIM's President & CEO David Hunt joined Bloomberg TV to discuss the launch of new reinsurance platform Prismic Life Re and the rapid growth of private markets.
NEWARK, N.J., Sept. 6, 2023 – PGIM, the $1.27 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has appointed Eric Adler as president and CEO of PGIM Private Alternatives, bringing together the firm’s private alternatives capabilities in order to provide global investors with a cohesive set of investment solutions across private credit, real estate equity and debt, private equity, infrastructure, and agriculture.
The appointment of Adler and formation of PGIM Private Alternatives underscores PGIM’s commitment to enhancing its long-standing1 alternatives franchise. PGIM Real Estate stands as the third-largest real estate investor and one of the largest agriculture investors globally,2 while PGIM Private Capital manages $98 billion in private credit and originated $16.1 billion of senior debt and junior capital to 241 middle-market companies and projects globally in 2022.
PGIM has invested in deepening its private market capabilities with the acquisition of a majority interest in Deerpath Capital earlier this year, an expansion of its direct lending capabilities following the 2021 acquisition of private equity secondary specialist Montana Capital Partners.
“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,” said David Hunt, president and CEO, PGIM.
+44 (0)7870 548613
“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.
PGIM currently manages $310.9 billion in private alternatives strategies across real estate, agriculture, private credit, and private equity. These strategies are managed by PGIM Real Estate (real estate and agriculture), PGIM Private Capital (private credit, infrastructure debt) and Montana Capital Partners (private equity secondaries).
Under the new structure, underlying investment strategies and portfolio and originations teams will remain distinct, with each affiliate maintaining its own governance. In his role as the CEO of PGIM Private Capital, Matt Douglass will continue to oversee PGIM’s private credit businesses as it continues to grow its global lending platform.
Adler is currently president and CEO of PGIM Real Estate and chairman of Private Equity. His appointment is effective Oct. 1, 2023, at which time Cathy Marcus and Raimondo Amabile will jointly assume leadership of PGIM Real Estate as co-CEOs. Additional information on the PGIM Real Estate appointments can be found here.
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.27 trillion in assets under management as of June 30, 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, 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.
1 PGIM Real Estate was established in 1970; PGIM Private Capital was established in 1925.
2 PGIM Real Estate is the third-largest real estate investment manager (out of 77 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ Top Real Estate Managers list published October 2022. This ranking represents global real estate assets under management by PGIM Real Estate as of June 30, 2022. PGIM Real Estate was also ranked 2nd in a listing of the top 10 agriculture/farmland investors by IPE Real Assets in Euros, based on AUM as of Sept. 30, 2022. The ranking was published in the January/ February 2023 edition of the publication. Participation in both rankings is voluntary and no compensation is required to participate in the rankings.