… Let's Talk Private Credit Secondaries

… Let's Talk Private Credit Secondaries

Author: PGIM February 17, 2026 Duration: 26:50

Private credit secondaries are quickly becoming one of the most talked about opportunities in private markets. As the asset class grows rapidly, investors are looking for new ways to gain exposure, manage liquidity and enhance returns.

In this episode, Keshav Rajagopalan sits down with Alex Stuart, Head of Private Credit Secondaries at PGIM, to unpack what's behind the surge in interest. They explore how the strategy works, what makes this moment compelling, and why secondaries are increasingly viewed as a natural complement to primary direct lending.

From diversification and discounts to market structure and competitive dynamics, Alex breaks down the mechanics of the asset class, and why he believes we're still in the very early stages of its evolution.

Subscribe to Speaking of Alternatives on your favourite podcast platform.

Key Takeaways:

● What Are Private Credit Secondaries and Why They're Growing – [03:00]

● How the Strategy Enhances Diversification and Portfolio Construction – [04:00]

● Why the Market Is Expanding: Scale, Liquidity and Cost of Capital – [06:00]

● What Makes Entry Points Attractive Today: Discounts & Downside Protection – [08:00]

● The Role of Scale and Competition in GP‑Led Transactions – [25:00]

*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'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
Podcast Episodes
...Let's Talk Core Plus Real Estate Investing with Darin Bright [not-audio_url] [/not-audio_url]

Duration: 24:54
Darin Bright is the Head of Core Plus Strategies at PGIM Real Estate. Darin is passionate about real estate investing and cultivating strong relationships within the investment community. Keshav and Darin examine the tan…
...Let's Talk Investing in Infrastructure with Bill Pappas [not-audio_url] [/not-audio_url]

Duration: 27:17
Bill Pappas is the Managing Director and Head of Core Infrastructure and Structured Credit at PGIM Private Capital. As a veteran of structured credit and finance within the infrastructure industry, he shares a wealth of…
...Let's Talk Emerging Market Trends with Mariusz Banasiak [not-audio_url] [/not-audio_url]

Duration: 20:53
Mariusz Banasiak, CFA, a Managing Director and Head of Local Currency Rates and FX for PGIM Fixed Income's Emerging Markets Debt Team discusses the opportunities and challenges of this rapidly changing field. Emerging ma…
...Let's Talk Data Centers with Jim Footh [not-audio_url] [/not-audio_url]

Duration: 22:32
Jim Footh, Managing Director, Data Center Investments & Portfolio Management at PGIM real estate, discusses the fast-growing investment potential of data centers, and how AI is further fueling this trend. Data centers ar…
...Let's Talk Affordable US Housing with Soultana Reigle [not-audio_url] [/not-audio_url]

Duration: 21:49
Soultana Reigle, Head of U.S. Equity and Senior Portfolio Manager for U.S. Value-Add Strategies at PGIM Real Estate, traverses one of the great societal challenges in the U.S. and globally, the affordable housing market…