PGIM is sharpening its focus on the private credit secondaries market, outlining plans to deploy up to $1 billion over the next two years across GP-led and LP-led transactions in direct lending, mezzanine, and special situations in the U.S. and Europe, with an emphasis on middle market deals.  

The initiative builds on the $4.2 billion final close of PGIM Senior Loan Opportunities II in August and is intended to extend the firm’s reach beyond primary markets. 

The buildout is being led by Alex Stuart, managing director and head of private credit secondaries, and senior principal Maëlle Reichenbach, who will draw on teams from PGIM’s private credit platform and Montana Capital Partners, the private equity secondaries specialist acquired in 2021.  

PGIM brought its credit operations under a single platform last June, creating a more than $1 trillion public and private credit franchise overseen by long-time fixed income head John Vibert, with private credit chief Matt Douglass reporting to him. 

“Private credit has evolved significantly in the half century that we’ve been operating in the asset class. The emergence of secondaries is a natural stage in that evolution,” Douglass said. “This expansion reflects our commitment to meeting the growing demand for innovative private credit solutions beyond primary markets.”  

PGIM, the asset management arm of Prudential Financial, manages $265 billion in private credit and secondaries within $1.5 trillion in total assets under management.