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PGIM names private alternatives chief executive
New appointment and structure seek to provide investors with a cohesive set of solutions
The Asset 7 Sep 2023

PGIM, the US$1.27 trillion global investment management business of Prudential Financial, has appointed Eric Adler as president and chief executive officer of PGIM Private Alternatives, effective October 1.

Adler’s appointment and formation of PGIM Private Alternatives bring 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.

Meanwhile, Cathy Marcus and Raimondo Amabile have been appointed co-chief executive officers of PGIM Real Estate, also effective October 1.

Marcus will retain her responsibilities as global chief operating officer, and Amabile will remain as global chief investment officer.

Adler is currently president and CEO of PGIM Real Estate and chairman of private equity. When he assumes his new role, Marcus and Amabile will jointly lead the real estate business.

PGIM manages US$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 and infrastructure debt) and Montana Capital Partners (private equity secondaries).

Under the new structure, underlying investment strategies and portfolio and origination 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.

Earlier this year, PGIM acquired a majority interest in Deerpath Capital, an expansion of its direct lending capabilities, following the acquisition of private equity secondary specialist Montana Capital Partners in 2021.

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