PGIM Plans $1 Billion Foray Into Private Credit Secondaries

PGIM, the asset management arm of Prudential Financial, is seeking to compete in the booming market for trading private credit stakes.

The Newark, New Jersey-based firm is planning to deploy up to $1 billion over the next two years into private credit secondaries, according to a statement seen by Bloomberg News, one of the fastest areas of growth across private markets globally.

The private credit secondary market — where limited partners can sell their fund holdings to other institutional investors — has attracted billions of dollars over the past few years. Ares Management Corp. announced it raised $7.1 ...