… Let's Talk MCP 2025 Annual Investor Survey

… Let's Talk MCP 2025 Annual Investor Survey

Author: PGIM April 21, 2026 Duration: 19:10

Private equity secondaries have grown from a niche strategy into a core allocation for investors navigating volatility, slower exits and liquidity constraints. As markets evolve, secondaries are increasingly seen as an "all‑weather" approach to private equity exposure.

In this episode, Keshav Rajagopalan is joined by Dan Klima, Managing Partner at Montana Capital Partners (MCP), the private equity secondaries platform of PGIM. Anchored by MCP's latest annual investor survey, Dan shares how investors are responding to the changing private equity exit environment.

Together, they explore why the middle market remains a particularly compelling opportunity set and how co‑investments and seasoned portfolios can help improve cash flow profiles and mitigate the J‑curve.

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Key Takeaways:

● Why Secondaries Are Viewed as an "All-Weather" Strategy –[05:30]

● Insights from MCP's Annual Investor Survey: Allocations and Volatility –[06:30]

● Why the Middle Market Is a Sweet Spot for Value Creation –[11:30]

● How Co-Investments Enhance Efficiency, Due Diligence and Cash Flows –[14:00]

*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:

"Private equity secondaries are fundamentally about providing liquidity to an illiquid asset, and doing so across market cycles." — Dan Klima

"Our investor survey shows that confidence in secondaries remains strong, even amid prolonged volatility." — Dan Klima

"Secondaries can offer instant diversification, J‑curve mitigation and more consistent cash flows." — Dan Klima

"The middle market can provide greater optionality for both value creation and exits." — Dan Klima


PGIM's Speaking of Alternatives offers a clear-eyed conversation about a part of the financial world that often feels shrouded in complexity. This isn't about dry lectures or sales pitches; instead, each episode sits down with seasoned practitioners and thinkers who operate in the trenches of private equity, real assets, hedge funds, and other non-traditional avenues. The dialogue focuses on the practical realities and long-term shifts within these markets, moving far beyond the fleeting news cycle. You'll hear how allocators are actually navigating current economic crosswinds, which structural trends are creating genuine opportunity, and how the very definition of "alternative" continues to evolve. The perspective is intentionally global, acknowledging that compelling strategies and risks can emerge anywhere. By demystifying the jargon and focusing on tangible insights, this podcast serves as a valuable resource for anyone looking to understand the forces shaping portfolio construction today. It’s a monthly dose of nuanced analysis for investors, advisors, and the intellectually curious who recognize that the conventional playbook is rarely sufficient. Tune in for straightforward discussions that respect the sophistication of the topic without losing the listener in unnecessary abstraction.
Author: Language: English Episodes: 26

Speaking of Alternatives
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