PGIM bolsters alternatives franchise with the appointment of Eric Adler to lead newly formed PGIM Private Alternatives
- PGIM enhances its alternatives franchise and expands private market capabilities.
- PGIM Real Estate is the third-largest real estate investor globally and PGIM Private Capital manages $98 billion in private credit.
- PGIM currently manages $310.9 billion in private alternatives strategies across real estate, agriculture, private credit, and private equity.
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David Hunt, President and CEO, PGIM (Photo: Business Wire)
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
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.
“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
PGIM currently manages
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.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than
Prudential Financial, Inc. (PFI) of
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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.
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MEDIA CONTACT
Guy Nicholls
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Guy.Nicholls@pgim.com
Source: PGIM