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Laxman Pai, Opalesque Asia: PGIM, the global investment management business of Prudential Financial with $1.5 trillion in assets, agrees to acquire Montana Partners (MCP), a European-based private equity secondaries asset manager, to enhance PGIM's existing alternatives offering.
MCP, with $3 billion under management, focuses on secondaries transactions in small- and mid-cap markets, with investors in Europe, Asia, and the U.S. that include sovereign wealth funds, pension funds, insurance companies, banks, and family offices. It has raised five funds to date.
According to a press release from the asset management firm, the transaction, which is expected to close in Q3 2021 and remains subject to receipt of all regulatory approvals, will see MCP join PGIM's multi-manager structure under the oversight of the president and chief executive of PGIM Real Estate Eric Adler.
MCP's co-founders Dr. Christian Diller and Dr. Marco Wulff will continue to manage the business and serve as co-chief executive officers. The investment team will remain based in Switzerland.
"PGIM's multi-manager model is based on the belief that highly specialized investment teams with expertise in an asset class allow us to remain focused on delivering investment outperformance on behalf of our clients," said David Hunt, president, and chief executive officer of PGIM. "Montana Capital Partners' deep expertise in private equity secondaries, coupled with its strategic and cultural alignm...................... To view our full article Click here
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