Key Takeaways
- • PGIM appoints Lucas Radal as head of Middle East Secondary Investments for Montana Capital Partners (MCP), based in Abu Dhabi, combining global sourcing responsibilities with regional capital-raising from sovereign wealth funds and institutional investors across the Middle East.
- • PGIM has expanded MCP's secondaries platform beyond traditional private equity into private credit secondaries, targeting approximately $1 billion in deployments over the next two years, capitalizing on the firm's 75 years of private credit experience.
- • The Abu Dhabi office, established in 2024, has already generated strategic partnerships with the Abu Dhabi Investment Office and Kuwait-based Kamco Invest, positioning PGIM to capture growing demand from Middle Eastern institutions seeking portfolio rebalancing and liquidity management through secondary transactions.
- • Radal brings over a decade of secondary investment expertise, having previously served as senior investment executive at Mubadala Capital and spending more than 10 years at Ardian within its secondary investment practice, strengthening PGIM's global sourcing capabilities.
- • The hire reflects broader market trends where institutional investors increasingly use secondary markets to manage private markets exposure, generate liquidity, and maintain portfolio flexibility amid rising allocations to alternative assets in the Gulf region.
Summary
PGIM, the global asset management arm of Prudential Financial with approximately $1.5 trillion in assets under management, is expanding its secondaries platform in the Middle East through the appointment of Lucas Radal as head of Middle East Secondary Investments for Montana Capital Partners, its dedicated secondaries investment group. Based in Abu Dhabi, Radal will lead global sourcing and execution of secondary investment opportunities while simultaneously deepening PGIM's capital-raising relationships with sovereign wealth funds, regional institutions, and other investors across the Gulf.
The appointment reflects PGIM's strategic commitment to the region following the establishment of its Abu Dhabi office in 2024. Since launch, the office has cultivated partnerships with the Abu Dhabi Investment Office and Kuwait-based Kamco Invest, establishing PGIM as a long-term investment partner in a market where institutional investors are increasingly active across private markets. Radal's dual mandate—combining global investment responsibilities with regional relationship-building—positions the firm to capitalize on growing demand from Middle Eastern institutions seeking portfolio rebalancing, exposure management, and liquidity generation through secondary transactions.
Radal's background strengthens PGIM's capabilities significantly. Prior to joining PGIM, he served as senior investment executive at Mubadala Capital and spent more than a decade at Ardian within its secondary investment practice, providing extensive experience across private markets transactions. He holds master's degrees in general management from IAE Nantes and international finance from IAE Aix-Marseille, where he also lectures in private equity. Montana Capital Partners CEO Stephan Wessel emphasized that Radal's experience would enhance the firm's global sourcing capabilities while deepening relationships with investors and market participants.
Beyond the regional expansion, PGIM has broadened MCP's investment scope beyond traditional private equity into private credit secondaries, targeting approximately $1 billion in deployments over the following two years. This extension leverages PGIM's substantial 75-year track record in private credit and follows MCP's 2021 acquisition by PGIM. The diversification aligns with broader institutional investor trends toward using secondary markets for portfolio construction flexibility and liquidity management as allocations to private markets continue expanding globally.
The appointment reflects PGIM's strategic commitment to the region following the establishment of its Abu Dhabi office in 2024. Since launch, the office has cultivated partnerships with the Abu Dhabi Investment Office and Kuwait-based Kamco Invest, establishing PGIM as a long-term investment partner in a market where institutional investors are increasingly active across private markets. Radal's dual mandate—combining global investment responsibilities with regional relationship-building—positions the firm to capitalize on growing demand from Middle Eastern institutions seeking portfolio rebalancing, exposure management, and liquidity generation through secondary transactions.
Radal's background strengthens PGIM's capabilities significantly. Prior to joining PGIM, he served as senior investment executive at Mubadala Capital and spent more than a decade at Ardian within its secondary investment practice, providing extensive experience across private markets transactions. He holds master's degrees in general management from IAE Nantes and international finance from IAE Aix-Marseille, where he also lectures in private equity. Montana Capital Partners CEO Stephan Wessel emphasized that Radal's experience would enhance the firm's global sourcing capabilities while deepening relationships with investors and market participants.
Beyond the regional expansion, PGIM has broadened MCP's investment scope beyond traditional private equity into private credit secondaries, targeting approximately $1 billion in deployments over the following two years. This extension leverages PGIM's substantial 75-year track record in private credit and follows MCP's 2021 acquisition by PGIM. The diversification aligns with broader institutional investor trends toward using secondary markets for portfolio construction flexibility and liquidity management as allocations to private markets continue expanding globally.
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