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PGIM to buy Swiss private equity secondaries asset manager

It has total AUM in excess of €2.7bn

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The global asset management business of Prudential Financial is to acquire Montana Capital Partners (MCP).

MCP will join PGIM’s multi-manager structure under the oversight of Eric Adler, president and chief executive of PGIM Real Estate.

Terms were not disclose and the deal is subject to regulatory approvals.

Wide investor base

Co-founded in 2011 by Christian Diller and Marco Wullf, MCP focuses on secondaries transactions in the small- and mid-cap markets.

The duo will continue to manage the firm after the acquisition completes and serve as co-chief executives.

MCP has raised five funds to date, all of which were oversubscribed and closed at their respective hard caps. The firm is comprised of 25 investment professionals and 10 senior advisors.

Its investors range from sovereign wealth funds, pension funds, insurance companies, and banks to family offices and high net worth individuals. 

Following the acquisition, the firm will maintain investment autonomy and independence.

Alternative capabilities  

The acquisition “significantly enhances PGIM’s existing alternatives offering, which is currently $253bn in assets under management in strategies across PGIM Fixed Income, PGIM Real Estate, PGIM Private Capital, Jennison Associates and QMAW”, the US-headquartered firm said.

PGIM president and chief executive David Hunt commented: “[Our] multi-manager model is based on the belief that highly specialised investment teams with expertise in an asset class allow us to remain focused on delivering investment outperformance on behalf of our clients.

“Montana Capital Partners’ deep expertise in private equity secondaries, coupled with its strategic and cultural alignment with PGIM, make it the right partner to further enhance our alternatives capabilities.”

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