PGIM agreed to acquire private equity secondaries asset manager Montana Capital Partners, according to a news release Tuesday.
PGIM, the global investment management business of Prudential Financial with $1.5 trillion in assets, signed a definitive agreement for the transaction. Subject to regulatory approvals, it is expected to close in the third quarter.
MCP, with $3 billion under management, focuses on secondaries transactions in small- and midcap 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.
MCP will be overseen by Eric Adler, president and chief executive officer of PGIM Real Estate, and MCP co-founders Christian Diller and Marco Wulff will serve as co-CEOs. The investment team will remain based in Switzerland.
"Montana Capital Partners' deep expertise in private equity secondaries, coupled with its strategic and cultural alignment with PGIM, make it the right partner to further enhance our alternatives capabilities," PGIM president and CEO David Hunt said in the release.
The acquisition enhances PGIM's current $253 billion in assets under management in alternative strategies within PGIM Fixed Income, PGIM Real Estate, PGIM Private Capital, Jennison Associates and QMAW, according to the release.