PGIM has expanded into private credit secondaries, with plans to deploy up to $1bn over the next two years into the emerging asset class. The new platform targets a market where deal volume is expected to exceed $50bn within the next two to three years.
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 US and Europe with a particular focus on middle market transactions.
PGIM has assets under management of $265bn in private credit and secondaries, and says its 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 supported by a team of investment professionals from PGIM’s private credit business and Montana Capital Partners, PGIM’s private equity secondaries business.
