Montana Capital Partners is being acquired by PGIM.
PGIM, the investment manager of U.S. insurance giant Prudential, has announced its acquisition of Montana Capital Partners (MCP), a European-based service provider in the private equity secondary market. This strategic move significantly expands PGIM's capabilities in the private equity secondary market.
MCP, founded in 2011 by Christian Diller and Marco Wulff, specialises in small- and mid-cap secondaries transactions. The Swiss-based firm has extensive expertise in the private equity secondary market, particularly in GP-led deals, continuation funds, and tailored structures such as deferred payments and earn-outs.
Upon completion, PGIM would expand its existing alternatives offerings, adding over €3.4 billion (approximately $3.5 billion) in MCP-managed assets. The acquisition will integrate MCP into PGIM's multi-manager structure, with the leadership of PGIM Real Estate overseeing the integrated MCP.
PGIM believes the acquisition of MCP will enhance their capabilities in alternatives, particularly in customized secondary transaction structures. This includes GP-led solutions, which are becoming increasingly popular in the private equity market. MCP's data-driven underwriting approach and innovative deal structuring will complement PGIM's global scale and distribution.
MCP will continue to operate independently under its co-CEOs, Christian Diller and Marco Wulff, while benefiting from PGIM’s global platform, operational support, and access to a broad institutional investor base. This partnership broadens PGIM’s private alternatives lineup, already managing approximately $215 billion in assets, by adding differentiated secondary market private equity opportunities that target segmented niches and customized portfolio solutions.
One of MCP's notable achievements is the acquisition of significant assets from Prudential Financial, demonstrating the collaborative benefits of being part of PGIM and the capacity to provide bespoke portfolio management solutions for large institutional investors.
The acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2021. MCP's investors include sovereign and pension funds, insurance companies and banks, as well as family offices and high net worth individuals.
In summary, PGIM's acquisition of Montana Capital Partners strengthens its private equity secondary market offering by:
- Adding deep mid-market secondary investment expertise with €3.4 billion AUM.
- Expanding capabilities in customized secondary transaction structures including GP-led solutions.
- Enhancing global reach and operational support while preserving MCP’s investment autonomy.
- Enabling closer collaboration with Prudential Financial's platform for unique portfolio transactions.
- Increasing PGIM’s alternatives product breadth and depth, especially in private equity secondaries.
[1] PGIM Press Release, link [2] Montana Capital Partners Press Release, link [3] Prudential Financial Press Release, link [4] Private Equity International, link
- The acquisition of Montana Capital Partners by PGIM, a leading player in the finance and investing sector, not only adds over €3.4 billion in assets under management to PGIM's existing alternatives offerings, but also significantly boosts their capabilities in private equity secondary market, particularly in customized secondary transaction structures like GP-led solutions.
- This strategic partnership between PGIM and Montana Capital Partners, both having extensive expertise in their respective fields, aims to expand their business offerings, extending PGIM's global reach and operational support while preserving MCP’s investment autonomy, thus enhancing their combined private equity secondary market offerings.
