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July 14, 2021

PGIM to buy Montana Capital Partners to bolster alternatives offering

By Verdict Staff

PGIM, the investment management business of Prudential Financial, has agreed to acquire Montana Capital Partners (MCP) to bolster its alternatives offering.

MCP is a private equity secondaries asset manager with focus on secondaries transactions in the small- and mid-cap markets.

The company, which manages $3bn in assets, has investor base across Europe, Asia, and the US.

Its team consists of 25 investment professionals and ten senior advisors.

Following the completion of the deal, MCP will adopt PGIM’s multi-manager structure and will be led by PGIM Real Estate president and CEO Eric Adler.

The business will continue to be managed by co-founders Christian Diller and Marco Wulff, who will serve as co-CEOs.

MCP will maintain investment autonomy and independence with global distribution, sourcing and operational, compliance and regulatory support from PGIM.

The team will remain headquartered in Switzerland.

Diller said: “Our experience shows that innovative and customized solutions add substantial value for investors. We look forward to leveraging PGIM’s distribution and sourcing capabilities and global expertise to further strengthen our offering to clients. With PGIM’s global network, we will be able to better serve our LPs and source customized deals from GPs and LPs globally.”

The transaction, whose financial details are unknown, is expected to close in the third quarter of the year.

The latest deal significantly bolsters PGIM’s existing alternatives offering, which is currently $253bn in assets under management in strategies across PGIM Private Capital, PGIM Real Estate, PGIM Fixed Income, Jennison Associates and QMAW.

PGIM president and CEO David Hunt remarked that MCP’s expertise in private equity secondaries, coupled with its strategic and cultural alignment with PGIM, make it the right partner to further enhance PGIM’s alternatives capabilities.

PGIM Investments, the retail distribution unit of PGIM, partnered with fintech firm iCapital Network – which connects advisers and investors with alternative investment managers – to boost its distribution and servicing capabilities.

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