Speaking of Alternatives

Naqash Tahir, Managing Director of Research, Development and Investments at RealAssetX, leads PGIM's innovation lab for real assets. He discusses bridging academia, startups and institutional capital. He explores AI-driven HVAC optimization, market mispricing around AI, ESG and tokenization. He outlines lab-style R&D, failing fast with evidence, and plans for global expansion and scalable tech.

Private credit secondaries are quickly becoming one of the most talked about opportunities in private markets. As the asset class grows rapidly, investors are looking for new ways to gain exposure, manage liquidity and enhance returns. In this episode, Keshav Rajagopalan sits down with Alex Stuart, Head of Private Credit Secondaries at PGIM, to unpack what's behind the surge in interest. They explore how the strategy works, what makes this moment compelling, and why secondaries are increasingly viewed as a natural complement to primary direct lending. From diversification and discounts to market structure and competitive dynamics, Alex breaks down the mechanics of the asset class, and why he believes we're still in the very early stages of its evolution. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● What Are Private Credit Secondaries and Why They're Growing – [03:00] ● How the Strategy Enhances Diversification and Portfolio Construction – [04:00] ● Why the Market Is Expanding: Scale, Liquidity and Cost of Capital – [06:00] ● What Makes Entry Points Attractive Today: Discounts & Downside Protection – [08:00] ● The Role of Scale and Competition in GP‑Led Transactions – [25:00] *The views expressed are those of the speakers at the time of recording and may not reflect their current opinions. This content is not investment advice.* Learn More: • @PGIM on X: https://twitter.com/pgim • @PGIM on Instagram: https://www.instagram.com/pgim/

Mike Campion, Managing Director and Portfolio Manager at PGIM, shares his extensive expertise on investment-grade private placements. He explains their crucial role in diversification and stability in the evolving fixed income market. Mike discusses why these placements appeal to institutional investors, highlighting factors like yield, covenants, and risk management. He emphasizes the increasing global demand and how these financial instruments can serve as effective tools for insurers and pension schemes in today's economic landscape.

In this enlightening discussion, CIOs Matthew Yates, John Dewey, and Christophe Bianchette share pivotal insights from the PGIM EMEA Investor Forum. They dive into how private credit has shifted from niche to core in portfolios, emphasizing the impact of AI on digital infrastructure. The panelists discuss the crucial role of securitization in driving European growth and the importance of rethinking resilience against systemic risks. They also explore the challenges posed by semi-liquid structures and the balance between liquidity and returns.

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 financing bridges the gap between senior debt and equity, providing tailored capital solutions for mid-sized companies. – [04:00] - The energy sector is shifting from rapid growth to a more disciplined, cash-flow-focused phase, creating opportunities for mezzanine capital. – [06:00] - Financing solutions must align with step-change risk moments, matching capital to project milestones rather than long-term assumptions. – [11:00] - Mezzanine financing is increasingly relevant in renewables and power, helping developers avoid equity dilution while meeting tight deadlines. – [15:00] *The views expressed are those of the speakers at the time of recording and may not reflect their current opinions. This content is not investment advice.* Learn More: • @PGIM on X: https://twitter.com/pgim • @PGIM on Instagram: https://www.instagram.com/pgim/ • PGIM on LinkedIn: https://www.linkedin.com/company/pgim Shareables: "Energy mezzanine financing is about solving a very specific need—providing capital without forcing companies to dilute ownership at critical growth stages." - Brian Thomas, Head of Real Assets, Private Credit, PGIM "The energy sector is dynamic, and mezzanine capital gives us the flexibility to tailor solutions for companies navigating step-change risk moments." - Brian Thomas, Head of Real Assets, Private Credit, PGIM "These are not off-the-rack solutions. Energy mezzanine investing requires deep sector knowledge and bespoke structuring to create real value." - Brian Thomas, Head of Real Assets, Private Credit, PGIM

In this fascinating discussion, Edwin Wilches, Co-Head of Securitised Products at PGIM, unpacks the transformative landscape of Asset-Based Finance (ABF). With his extensive experience, he reveals how ABF is redefining funding in the real economy, driven by regulatory changes and market evolution. Institutional investors are increasingly drawn to ABF for diversification and better yields. Edwin also highlights emerging opportunities in AI infrastructure and data centers, showcasing the growing significance of contractual cash flows in enhancing portfolio returns.

Stuart Parker, Head of Global Wealth at PGIM, and Dominick Carlino, Global Head of Alternative Investments at PGIM, discuss the rapid growth of alternative investments in private wealth. They highlight how democratizing access to private markets is reshaping investment strategies. Education plays a vital role in integrating alternatives into portfolios, ensuring that wealth managers can adapt to evolving client needs. Additionally, innovation in product offerings is making alternatives more attractive, heralding a new era for high-net-worth investors.

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 Futures in DC. [3:01] ● Policy Initiatives & Alternative Investments in DC. [7:53] ● DC Headwinds Include Operational Complexities & an Environment of Litigation. [11:37] ● Alternative Allocations in Defined Contributions. [18:53] ● Summing Up: Key Takeaways. [23:56] *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: The Accidental Plan Sponsor Podcast: The Down Under Edition realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "We are doing a lot of this for the endworkers, savers, and retirees, and we know the solutions that we're working towards have a meaningful impact on their retirement readiness." — Josh Cohen, Managing Director of PGIM's DC Solutions team #PGIMPodcasts #investing "The preferred application for investments in DC plans, specifically for alternative assets, is in multi-asset strategies." — Josh Cohen, Managing Director of PGIM's DC Solutions team #PGIMPodcasts #investing #investing #alternativeinvesting "We need to be careful about bucketing all alternative assets into one segment. They impact a portfolio differently." — Josh Cohen, Managing Director of PGIM's DC Solutions team #PGIMPodcasts #investing #investing #institutionalnvesting

…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 and private markets. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● The Global Real Estate Securities landscape. [3:16] ● Why now for REITS?. [5:03] ● Geographic Shift: Reallocation from the U.S. to Europe? [8:25] ● The Headwinds and Tailwinds of Global Real Estate Investments. [10:18] ● The Convergence of Public & Private Real Estate Markets. [18:19] *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. This content should not be construed as investment advice or an offer to purchase or sell any security. Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn *Source [10:48]: DrWealth.com, 10 years of REIT performance, as of 19 June 2025 Shareables: "Real Estate touches on all aspects of the economy, globally." — Rick Romano, Head of PGIM Global Real Estate Securities #PGIMPodcasts #investing #valueadd "Historically, commercial real estate was cyclical. Now, on the listed markets, you have these big areas of opportunity that are not very cyclical." — Rick Romano, Head of PGIM Global Real Estate Securities #alternativeinvesting #PGIMPodcasts "We went from U.S. exceptionalism quickly to U.S. uncertainty and people wanting to move out of that space." — Rick Romano, Head of PGIM Global Real Estate Securities #alternativeinvesting #valueadd "Real Estate doesn't sit in the centre of the tariff war." — Rick Romano, Head of PGIM Global Real Estate Securities #investing #institutionalnvesting "With supply muted over the next few years, we think we can see some good revenue growth acceleration in more traditional property types."— Rick Romano, Head of PGIM Global Real Estate Securities #investing #alternativeinvesting "It can balance out the volatility in your real estate portfolio by marrying the public and private together." — Rick Romano, Head of PGIM Global Real Estate Securities #PGIMPodcasts #alternativeinvesting #valueadd

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 Opportunity. [3:04] ● The Role of Robotics and AI in Healthcare. [4:55] ● Trade tensions and Supply Chain Vulnerabilities. [8:16] ● Sizing Healthcare Sectors and Subsectors. [10:29] ● Alpha creation in Long and Short positions. [15:39] ● Three Key Insights for Healthcare Investors. [30:19] *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: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "Robotic surgery will come to dominate the operating room." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #PGIMPodcasts #valueadd "[On tariffs] Healthcare can manage these increased costs much better than most companies out there." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #PGIMPodcasts #alternativeinvesting "The United States has two industries where we are the world leader. One is obviously tech, but the second one is healthcare." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #alternativeinvesting #investing #PGIMPodcasts "Subsector selection, size, and timing are very important to what we do." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #institutionalnvesting #valueadd "Sizing the investment at the right point in time is actually more important than picking the right investment." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #investing #alternativeinvesting "We look at our short book as an absolute return vehicle. It's not a hedge."— Dan Matviyenko, Healthcare Portfolio Manager of Jennison #investing #alternativeinvesting