Trend Follower PGIM Gets on Bandwagon to Buy Montana Capital Partners
Posted on 07/13/2021
Montana Capital Partners AG (MCP) is a European-based private equity firm focused on attractive niches of the secondary market, as well as on high-quality asset management solutions. MCP acts as advisor to five secondary funds with total assets under management of more than €2.7 billion. Founded in 2011 by Dr. Christian Diller and Dr. Marco Wulff, MCP focuses on secondaries transactions in the small- and mid-cap markets.
PGIM, the US$ 1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has signed a definitive agreement to acquire Montana Capital Partners. The closing of the transaction is subject to receipt of all regulatory approvals. Upon closing, expected in third quarter of 2021, MCP will join PGIM’s multi-manager structure under the oversight of Eric Adler, president and chief executive officer of PGIM Real Estate. MCP’s co-founders Dr. Christian Diller and Dr. Marco Wulff will continue to manage the business and serve as co-chief executive officers.
PGIM embraces a multi-manager model, but has lagged its peers in expanding into alternative assets. For example, in March 2021, Ares Management Corporation bought 100% of Landmark Partners, LLC, one of the largest investors in acquiring secondary private fund ownership stakes in the alternative asset management industry.
Following the acquisition, MCP will maintain investment autonomy and independence, with its fully committed team headquartered in Switzerland, while benefitting from PGIM’s global distribution, sourcing and operational, compliance and regulatory support.
Advisors
Lazard Frères & Co. served as financial advisor to MCP on the transaction.
