...Let’s Talk 2024 Alts Report with Matt Harvey, Sebastiano Ferrante, and Stephan Wessel
Release Date: 12/17/2024
…Let’s Talk Highlights from the PGIM EMEA Investor Forum
Speaking of Alternatives
Recalibrating resilience was the dominant theme at PGIM’s sixth annual EMEA Investor Forum in London. In this episode, Keshav Rajagopalan shares key insights from sessions on private credit, structured fixed income, digital infrastructure, and CIO perspectives on resilience and long-term portfolio design. From the evolution of private credit into a core allocation to the role of securitisation in financing growth, and the impact of AI on infrastructure demand, this episode explores how institutional investors are rethinking liquidity, flexibility, and resilience in a world of structural...
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…Let’s Talk Energy Mezzanine with Brian Thomas
Speaking of Alternatives
Energy mezzanine financing occupies a unique position between credit and equity, offering growing companies access to capital without diluting ownership. In this episode, Brian Thomas, Head of Real Assets, Private Credit at PGIM, joins Keshav Rajagopalan to explore the specialised world of energy mezzanine investing. They discuss why this niche strategy matters, how it fits into institutional portfolios, and what’s driving demand across conventional energy, power, and renewables. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: - Energy mezzanine...
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…Let’s Talk Asset-Based Financing with Edwin Wilches
Speaking of Alternatives
In this episode, Edwin Wilches, Co-Head of Securitised Products at PGIM, joins Keshav Rajagopalan, to explore the dynamic and fast-evolving world of Asset-Based Finance (ABF). As traditional boundaries between public and private credit continue to blur, they discuss how ABF is emerging as a powerful tool for financing the real economy, offering institutional investors new avenues for diversification, yield, and portfolio resilience. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: • Regulatory shifts and evolving market structures are driving growth in...
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…Let’s Talk Alternatives in Global Wealth with Stuart Parker and Dominick Carlino
Speaking of Alternatives
Laurie Chan is joined by Stuart Parker, Head of Global Wealth at PGIM, and Dominick Carlino, Global Head of Alternative Investments for Global Wealth at PGIM. Together, they explore the intersection of private wealth and alternative investments, offering perspectives on the ways investors are broadening portfolios beyond traditional markets. Their discussion covers the trends driving growth, the importance of education, and how innovation is reshaping access. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: • Private Wealth Is Driving the Next...
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…Let’s Talk Defined Contribution with Josh Cohen, Managing Director of PGIM’s DC Solutions
Speaking of Alternatives
Josh Cohen, Managing Director of PGIM’s DC Solutions team, offers insights into the rapidly evolving defined contribution landscape and how alternatives may play an increasingly important role in this space. Keshav and Josh discuss the compelling arguments for integrating alternative assets into DC plans. As global policymakers evaluate the role of alternative investments in customised solutions, they consider the challenges that must be addressed. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Preserving Financial...
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…Let’s Talk Global REIT Securities with Rick Romano, Head of PGIM Global Real Estate Securities
Speaking of Alternatives
…Let’s Talk Global REIT Securities with Rick Romano, Head of PGIM Global Real Estate Securities Rick Romano, Head of PGIM Global Real Estate Investment Trust Securities, offers insights about the multifaceted nature of hybrid real estate securities and the potential benefits of REITS in investment portfolios. Keshav and Rick highlight how global real estate securities can offer a compelling value proposition for investors. This diverse investment vehicle provides a low barrier to entry into real estate, an asset class distinctly positioned at the convergence of public...
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…Let’s Talk Healthcare Equity Investing with Dan Matviyenko, Portfolio Manager with Jennison
Speaking of Alternatives
Dan Matviyenko, Healthcare Portfolio Manager at Jennison, offers insights and strategies on navigating the complex and dynamic landscape of healthcare equity investing. Laurie Chan, PGIM’s U.S. Head of Alternative Solutions, and Daniel explore healthcare equity, focusing on macroeconomic forces, supply chain vulnerabilities due to trade tensions, the role of AI, and generating alpha from long and short positions. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Healthcare Equity Investing offers a Spider Web of...
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...Let’s Talk Mexican Industrial Real Estate with Enrique Lavín, Head of PGIM Latin America
Speaking of Alternatives
Enrique Lavín provides critical insights into investing in Mexican industrial real estate by leveraging his market expertise and corporate finance/risk-opportunity background. Laurie Chan, PGIM’s Head of Alternative Investments, speaks with Enrique about the resilience of the Mexican Industrial Real Estate sector amidst U.S. trade volatility, nearshoring dynamics, and broader macro investment trends. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Trade tariff impact on the Industrial Mexican Real Estate Sector. [3:07]...
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...Let’s Talk Reinsurance with Mike Thompson of Warburg Pincus & Nandini Mongia of Prismic Life
Speaking of Alternatives
Nandini Mongia is the Group Executive Chair and CEO of Prismic Life, and Mike Thompson is the Managing Director of Warburg Pincus and Head of Capital Solutions for Europe. Nandini has nearly three decades of financial and business experience supporting the insurance and reinsurance industry. Mike has 20 years of private investment experience. Keshav, Nandini, and Mike discuss the fundamental role of reinsurance in managing risk, offering financial protection, and enabling growth within the insurance industry. Moving forward, global trends indicate a growing interest and allocation towards...
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...Let’s Talk Alternatives within Portfolio Construction with Alfred Lerman & Mao Dong
Speaking of Alternatives
Alfred Lerman is the Chief Investment Officer at PGIM Multi-Asset Solutions and Mao Dong is the Co-Head of Portfolio Management at PGIM Multi-Asset Solutions. Alfred is passionate about optimizing portfolios through a thoughtful balance of risk and return objectives. Mao’s strength is in customizing portfolios based on unique client objectives. Keshav, Alfred, and Mao discuss the strategic integration of alternative investments in portfolio construction. Their analysis highlights the unique potential for portfolio customisation through the synergistic blend of private and public asset...
info_outlineToday’s panel consists of Matt Harvey, Head of Direct Lending at PGIM Private Capital, Sebastiano Ferrante, Head of Europe at PGIM Real Estate, and Stephan Wessel, Managing Partner at Montana Capital Partners, a private equity secondary mid-market specialist affiliate of PGIM.
Keshav and the panel examine the findings of the 2024 Alts Report to understand how institutional investors are positioning their portfolios for a risk-on environment. The discussion covers topics such as target allocations to alternatives, geographic diversification, strategy selection, and the factors influencing investment decisions.
Subscribe to Speaking of Alternatives on your favourite podcast platform.
Key Takeaways:
● Private Alts: Allocations and Tensions in a Risk-on Environment. [2:20]
● Manage Investment Risk Factors with Covenants and Protections. [8:16]
● Unique Variations: Positive Leverage in European Real Estate. [12:14]
● Challenges in Private Alternatives: Fundraising and Valuations. [14:53]
● Panel Unpacks Today’s Investment Headlines. [19:00]
● Expected Institutional Investment Headwinds and Tailwinds of 2025. [27:56]
*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.
Find Out More About Alternative Investing:
To Request a Copy of the 2024 Report: PGIM.com/whats-your-alternative
realestate.investorservices.emea@pgim.com
Shareables:
“Capital generally has to be returned to portfolios before it can be re-deployed.” — Matt Harvey, Head of Direct Lending at PGIM Private Capital #PGIMalts #institutionalinvesting
“In the real estate market now, we see a stabilization in variations since this quarter and therefore we start seeing liquidity come back into the core space.” — Sebastiano Ferrante, Head of Europe at PGIM Real Estate #PGIMPodcasts #alternativeinvesting
“With digitalization, the AI portion will change real estate structurally and substantially. Don’t only look at the cyclical element and cyclical opportunities, look at the structured changes that will happen to the real estate industry with the change in our societies and economies.” — Sebastiano Ferrante, Head of Europe at PGIM Real Estate #PGIMalts #alternativeinvesting
“If allocators expect the cost of capital to increase, irrespective of the underlying asset class, this would obviously impact valuations. This expected shift in asset prices will then trigger portfolio balancing.” — Stephan Wessel Managing Partner at Montana Capital Partners #PGIMalts #investing
“We will see a continuation of current trends with significant levels of uncommitted capital persisting into 2025 and beyond.” — Stephan Wessel Managing Partner at Montana Capital Partners #PGIMalts #alternativeinvesting