Speaking of Alternatives

Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital, highlights the importance of experienced asset managers in navigating the direct lending landscape and sheds light on the steady increase of capital flowing into this evolving credit market. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Opportunities in Direct Lending [2:19] ● Asset Managers with Direct Lending Experience [5:02] ● Speed of Capital Deployment [9:17] ● Ever-Evolving Forms of Capital [12:38] ● Challenges of Private Debt Illiquidity [13:58] Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "As more capital is raised and companies become more educated on direct lending their private credit as a legitimate alternative, that market only continues to expand." — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #investing #alternativeinvesting "A lot of value is created in how you manage the portfolio and how you deal with stress in the portfolio." — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #investing #valueadd "Supply is overall increasing because more and more issuers are coming to this market." — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #PGIMalts #alternativeinvesting "Do you have the depths of portfolio management teams to engage with these issuers and actively manage the portfolio?" — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #PGIMalts #institutionalinvesting

Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG, discusses the advantages and challenges of the private equity secondary market, global prospects, and the recent explosive growth of this private investment strategy. Subscribe to Speaking of Alternatives on your favorite podcast platform. Key Takeaways: ● Diverse Opportunities of Secondaries [2:58] ● Liquidity in Private-Equity Secondaries [5:33] ● Advantages and Risks of Alternatives [7:03] ● U.S., European, and Asia Market Potential [10:05] ● Three Factors Affect Leverage Strategies [13:33] Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "If you look at the two main actors in the private equity industries on the limited partner side, the lack of distribution leads to difficulties and the refinancing of the commitment they already made." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #investing "Because you buy assets, in our case, that are four to seven years old, you are much further down the road in the lifetime of the fund. So, the distributions are coming on much earlier." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #valueadd "You have to make sure that you get compensated for the additional political risks, the forex risk, and manager risk with a higher return." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #institutionalinvesting "The secondary market is really reinventing itself and innovating quite consistently. I think there is very healthy growth coming in 2024-25." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #alternativeinvesting #PGIMalts

Sebastiano Ferrante, Head of Europe at PGIM Real Estate, discusses Europe's alternative investment landscape, prevailing market dynamics currently influencing institutional investing, and the risk-reward trade-off in value-add equity real estate investing. Subscribe to Speaking of Alternatives on your favorite podcast platform. Key Takeaways: ● The Art of Being a Great Real Estate Investor [1:49] ● Current Investor Hot Spots [4:20] ● Europe's Compelling Real Estate Market [7:54] ● Investors' Questions Answered [10:25] ● Top Three Investor Insights [16:21] Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "Interest rates will play a smaller role, and the bifurcation of the market will be bigger between winning strategies and losing strategies." — Sebastiano Ferrante, Head of Europe, PGIM Real Estate #investing "One other aspect about European markets, and this is the illiquidity we're seeing on the classical bank financing market, and this is a huge opportunity in private credit, private debt and specifically in real estate in Europe." — Sebastiano Ferrante, Head of Europe, PGIM Real Estate #valueadd "Retail is becoming a brand in itself. It is something that people identify with." — Sebastiano Ferrante, Head of Europe, PGIM Real Estate #alternativeinvesting "Retail still remains officially one of the main food groups in the world of real estate." — Eric Adler, President & CEO of PGIM Private Alternatives #institutionalinvesting

Speaking of Alternatives is an original podcast from PGIM, providing a global perspective on the rich and diverse landscape of alternative investments. Each month, guests join host Eric Adler, President and CEO of PGIM Private Alternatives, to cut through the complexities and get to the heart of alternative investing. Together they look beyond the headlines and scrutinise the latest trends and strategies driving this important asset class.