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.

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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/