Secondaries

With $253bn invested in alternatives out of $1.5trn in overall AUM, PGIM is one of the largest groups yet to make a move into the secondaries market.

The White Plains-based advisory found in its survey that secondaries has become a strong seller’s market.

The appointment comes a month after the investment bank hired a former Apollo Global Management and Credit Suisse exec to work on the strategy.

Four months after bringing on Jake Stuiver from Evercore to build out the strategy, the firm continues to devote resources to the LP side of the market amid the post-covid rebound.

Let us know who deserves to be recognised in our sixth annual ranking of the most impressive secondaries professionals under 36.

The astronomic rise of single-asset deals, GP stakes and the increasingly blurred line between M&A and secondaries were among the topics under discussion.

The credit mammoth expects to cross-market strategies between its and Landmark Partners’ respective client bases, chief executive Michael Arougheti said.

The $197bn private credit and private equity giant follows TPG and Brookfield in looking to gain exposure to the rapidly growing secondaries market.

Tyrus Capital’s Gunter Waldner, formerly of AlpInvest Partners, says the market is still littered with downside risks, making disciplined asset selection more important than ever.

The manager will invest in smaller, off-market opportunities in the LP portfolio- and GP-led markets.