The $1.5tn asset management arm of Prudential Financial has agreed to buy European private equity secondaries investor Montana Capital Partners.
PGIM’s buyout comes just a few months after Montana raised €1.3bn for the final close of its fifth flagship fund, more than the firm’s previous two fundraises combined.
PGIM said Montana would join its multi-manager structure under the oversight of Eric Adler, president and chief executive officer of PGIM Real Estate, when the deal closes in the third quarter.
Montana co-founders Christian Diller and Marco Wulff will continue to manage the business and serve as co-CEOs.
PGIM president and CEO David Hunt said, “PGIM’s multi-manager model is based on the belief that highly specialized investment teams with expertise in an asset class allow us to remain focused on delivering investment outperformance on behalf of our clients.
“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.”
Montana raised €800m for the hard cap final close of MCP Opportunity Secondary Program IV two years ago, and collected €400m for Fund III in 2015.
Opportunity Secondary Program V soared past its €1bn target for its final close in January. The firm’s investment strategy focuses on attractive niches of the secondary market, through small transactions or complex and innovative solutions.
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