PGIM is launching a private credit secondaries platform and expects to deploy up to $1 billion over the next two years, positioning the initiative as an expansion of its longstanding private credit and private equity secondaries capabilities. The firm said the platform will combine its private credit franchise with Montana Capital Partners, its private equity secondaries business, to pursue deals in an emerging segment where market volume is expected to surpass $50 billion within the next two to three years, according to an Evercore private credit secondary market commentary published in August 2025.
The strategy will target opportunities across direct lending and opportunistic credit, including mezzanine and special situations. PGIM plans to invest in both GP-led and LP-led transactions, with an initial geographic focus on the U.S. and Europe and an emphasis on middle-market deals. The firm said its scale in private credit and secondaries—$265 billion in assets under management as of Sept. 30, 2025—will support sourcing and underwriting in complex transactions.
The new effort will be led by Alex Stuart, managing director and head of private credit secondaries, and Maelle Reichenbach, senior principal of private credit secondaries. PGIM said the pair will be supported by investment professionals from PGIM’s private credit business and Montana Capital Partners. The firm framed the move as a response to increasing demand for liquidity solutions in private credit and as a natural extension of both its middle-market direct lending business and its secondaries franchise, noting the recent final close of PSLO II.
PGIM is the global asset management business of Prudential Financial and reported $1.5 trillion in assets under management as of Sept. 30, 2025. The firm said it operates across public and private markets, including fixed income, equities, real estate, and alternatives, with more than 1,400 investment professionals across 41 offices in 20 countries.
KEY QUOTES:
“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. This expansion reflects our commitment to meeting the growing demand for innovative private credit solutions beyond primary markets. Our deep understanding of issuers and GPs across the middle market positions puts us in a strong position to deliver on transactions in this space.”
Matt Douglass, Head of Private Credit, PGIM
“By combining PGIM’s breadth of private credit expertise with our team’s experience in secondaries, we believe we are well positioned to navigate complex transactions and capitalize on emerging opportunities in this growing market.”
Dr. Stephan Wessel, CEO, Montana Capital Partners
