The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Montana Capital Partners, Prudential Financial
Montana Capital Partners (mcp), a Switzerland-based mid-market global private equity secondaries investment manager and part of PGIM Private Alternatives, has just acquired a substantial private equity portfolio from US-based Prudential Financial (PFI).

The deal portfolio, which consists of mid-market inflection buyout assets across a number of funds and co-investments, has been acquired on behalf of mcp’s most recent edition of the Opportunities Secondary Program (OSP) and select mcp co-investors.

“The nature of this transaction makes it a landmark deal in the middle market,” Stephan Wessel, CEO and managing partner of mcp, said. “We were able to apply our data-driven underwriting approach to identify assets that align with mcp’s investment criteria while meeting PFI’s portfolio rebalancing objective. This kind of partnership, providing such a highly-customised portfolio management solution, is unique and likely to be a model replicated in the future.”

“This deal underscores the benefit of PGIM’s collaborative approach and the value of being part of the PFI platform and is a key step in what we hope will be a long-term partnership between mcp and PFI’s CIO team,” Wessel added.

The portfolio will continue to be managed by Prudential Select Strategies (PSS), a subsidiary of PFI, which manages about $18 billion in alternative assets for PFI and third-party investors.

“Following PFI’s strategic asset allocation targets, this transaction allows us to pursue additional value-enhancing investments, while retaining ownership of our general partner relationships”, Vinti Khanna, managing director, head of alternative assets at PSS, added. “At the same time, this deal supports our efforts in leveraging our investment capabilities as an independent fiduciary manager.”

Montana Capital Partners, which employs more than 40 professionals across its offices in Baar, Switzerland, and New York, is part of PGIM Private Alternatives, a $330 billion private alternatives strategies manager of PGIM. PGIM, the global investment management business of New York-listed Prudential Financial, has $1.38 trillion in assets under management.