PGIM has appointed Lucas Radal as Head of Middle East Secondary Investments for Montana Capital Partners, expanding the firm’s private markets secondaries platform into the region and strengthening its ability to source transactions and build relationships with Middle Eastern investors.
Radal will be based in Abu Dhabi and focus on sourcing and executing global secondary investments while also supporting capital formation and institutional relationships across the Middle East.
His role gives Montana Capital Partners a senior investment presence in a region that has become increasingly important to global private markets managers as sovereign wealth funds, family offices and other institutional investors expand allocations to private equity, private credit and secondary strategies.
Radal joins from Mubadala Capital, where he served as a senior investment executive.
His experience at Mubadala gives him direct exposure to the Middle Eastern institutional investment market as well as experience evaluating global private market opportunities.
Before Mubadala Capital, Radal spent more than a decade in Ardian’s secondaries business.
That background provides extensive experience across one of the largest and most established segments of the private markets secondary industry.
Secondary transactions allow investors to buy and sell existing private market fund interests, portfolios or individual assets rather than waiting for the original investment vehicle to reach the end of its life.
The market has expanded substantially as institutional investors seek greater portfolio liquidity and private fund sponsors use continuation vehicles and other structures to hold assets for longer periods.
Radal’s appointment positions MCP to pursue those opportunities while also developing closer relationships with investors across the Gulf region.
PGIM acquired Montana Capital Partners in 2021 as part of a broader effort to expand its alternatives and private markets capabilities.
MCP has historically focused on private equity secondaries but has continued broadening its platform into additional areas.
Earlier in 2026, the firm expanded into private credit secondaries, reflecting growing investor interest in liquidity solutions for private debt portfolios.
PGIM intends to deploy approximately $1 billion into private credit secondaries over the next two years.
Private credit secondaries remain a relatively newer part of the broader secondaries market but are attracting increasing attention as private credit assets under management expand and investors look for ways to manage existing exposures.
These transactions can involve purchases of fund interests, portfolios of loans or other credit-related positions from investors seeking liquidity.
MCP currently advises or manages approximately $4.9 billion across seven funds, separately managed accounts and PGIM’s private credit secondaries strategy.
Radal’s addition gives the platform further sourcing and capital formation capabilities as it scales across both private equity and private credit secondaries.
His Abu Dhabi location also places MCP closer to a growing base of institutional investors that have become significant participants in global private markets.
Middle Eastern sovereign wealth funds and other allocators increasingly invest directly alongside private equity managers, commit to private funds and participate in secondary transactions.
Having dedicated investment leadership in the region can help PGIM deepen those relationships while also identifying transaction opportunities connected to local and global investors.
PGIM manages approximately $1.5 trillion globally, giving Montana Capital Partners access to a large institutional investment platform spanning public and private markets.
By appointing Radal to lead Middle East secondary investments, PGIM is extending MCP’s geographic reach while continuing to build a broader secondaries franchise across private equity, private credit and institutional liquidity solutions.
KEY QUOTE:
“Lucas is an experienced private markets specialist, and he joins MCP at a pivotal time in the continued evolution of PGIM’s secondaries platform.”
Dr. Stephan Wessel, CEO Of Montana Capital Partners
