Eric Adler was named president and CEO of PGIM Private Alternatives, a new unit for the manager that brings together $310.9 billion in assets across existing capabilities.
The new unit houses PGIM's real estate, agriculture, private credit and private equity capabilities. These strategies are managed by PGIM Real Estate, comprising real estate and agriculture and running more than $210 billion in assets under management and administration; PGIM Private Capital, comprising private credit and infrastructure debt with $98 billion in private credit; and Montana Capital Partners, which covers private equity secondaries and has about $3 billion in assets under management.
A spokesman confirmed Mr. Adler's appointment, adding that the new overarching unit marks the next stage in PGIM's focus on growing its private alternatives business. Mr. Adler is currently president and CEO of PGIM Real Estate and chairman of private equity.
The underlying investment strategies, portfolio and originations teams will remain distinct and affiliates will keep their own governance, a news release said.
The manager has been working to deepen its private market capabilities, inking a deal to acquire a majority stake in U.S. private credit and direct lending manager Deerpath Capital Management in May. The firm acquired Switzerland-based Montana Capital Partners in 2021.
PGIM, the money management arm of Prudential Financial, has $1.27 trillion in total AUM.
"Together the formation of PGIM Private Alternatives and Eric's appointment reflect our firm belief in the importance of offering our clients seamless access to the full suite of capabilities across PGIM's affiliates, particularly as institutional clients continue to increase their allocations to private alternatives," David Hunt, president and CEO at PGIM, said in the release.
Mr. Adler will take up his new role on Oct. 1. Cathy Marcus and Raimondo Amabile were named co-CEOs of PGIM Real Estate, PGIM said in a separate news release.
Ms. Marcus and Mr. Amabile will jointly run the PGIM Real Estate business, expanding their existing responsibilities as global chief operating officer and global chief investment officer, respectively.
PGIM Real Estate also said Soultana Reigle, senior portfolio manager for U.S. equity value-add strategies, was named head of U.S. equity, taking on a role from Ms. Marcus; Sebastiano Ferrante, deputy head of Europe, was named head of Europe; Enrique Lavin, deputy head of Latin America, was named head of the region; and Christina Hill was named to the newly created role of global head of asset management and sustainability, expanding her existing Americas-focused role.
