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.
“Eric is uniquely qualified to lead PGIM Private Alternatives, having led a team of more than 1,200 investment professionals across PGIM Real Estate overseeing $210 billion in assets. I’m thrilled to see the next generation of PGIM’s growth in alternative investment strategies under his leadership.”
David Hunt President and Chief Executive Officer 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 $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.
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