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 and its complex economic challenges.

This conversation traverses one of the great societal challenges in the U.S. and globally; the affordable housing market. Identifying locations and building quality affordable housing is essential for those attracted to long-term investment returns while fulfilling a vital need for communities and society. Discover the benefits a skilled market analysis can bring to institutional investors.

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Key Takeaways:

● The Affordability Gap in Housing [2:23]

● Repairing the Disrupted Real Estate Market [4:07]

● Creative Investment Opportunities in Affordable Housing [6:13]

● Alternative Investments in Affordable Housing [10:34]

● Regional Local Market Experts Equal Success [14:03]

● Public-Private Sector Collaboration Insights [18:07]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

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Shareables:

"The affordability gap between owning a home and renting a home is the widest it has ever been." — Soultana Reigle, Head of U.S. Equity at PGIM Real Estate #investing #realestateinvesting

"Fortunately, the fundamentals across the housing space are relatively good. So, once we get a thaw in the capital markets environment, housing should be poised for a very good few years ahead." — Soultana Reigle, Head of U.S. Equity at PGIM Real Estate #PGIMPodcasts #alternativeinvesting

"The structural lack of housing supply and inability to meet the needs of a growing and changing demographic has been a retractable issue for well over a decade." — Eric Adler, President & CEO of PGIM Private Alternatives #PGIMalts #alternativeinvesting

"Collaboration between the public and private sector should bear more fruit in years to come. This is a very attractive space for investors." — Eric Adler,

President & CEO of PGIM Private Alternatives #PGIMalts #institutionalinvesting

Jamie Shen, Managing Director and Head of Agriculture at PGIM Real Estate, explores the transforming landscape of agricultural debt and equity, examine the mitigation of climate risk for investors and explore the balance of labor and mechanization in agriculture.

This conversation provides the foundational principles at the core of agricultural investing and the challenges and opportunities available of an asset class that institutional investors are increasingly recognising as a long-term income producer with inflation-protected characteristics. Increase your knowledge of how the United States is mitigating climate risk and the income opportunities of renewable energy in the agricultural sector.

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Key Takeaways:

• How the U.S. Mitigates Climate Risk for Institutional Investors [2:59]

• Opportunities and Challenges of Agricultural Investing [5:10]

• Row Crop Versus Permanent Crop Performance [9:02]

• Balancing Labour and Mechanisation in Agriculture [14:35]

• Significant Takeaways about Agricultural Investing [18:08]

Find Out More About Alternative Investing:

PGIM Private Alternatives

[email protected]

@PGIM on X

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"Land that can sustainably grow food will become more and more valuable over the long run." — Jamie Shen, Managing Director and Head of Agriculture at PGIM Real Estate #investing #alternativeinvesting

"Our investment strategy continues to focus on foods that can provide people with a healthier way of life." — Jamie Shen, Managing Director and Head of Agriculture at PGIM Real Estate #agriculturalinvesting #alternativeinvesting

"A lot of investors think about agriculture for the long term as an inflation hedge and as a really good source of income." — Eric Adler, President & CEO of PGIM Private Alternatives #PGIMalts #alternativeinvesting

"When we are investing in properties and assets that require a lot of labour today we are making sure the ones we are investing in are designed today for the future of mechanisation." — Jamie Shen, Managing Director and Head of Agriculture at PGIM Real Estate #PGIMalts #institutionalinvesting

Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital, highlights the importance of experienced asset managers in navigating the direct lending landscape and sheds light on the steady increase of capital flowing into this evolving credit market.

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Key Takeaways:

● Opportunities in Direct Lending [2:19]

● Asset Managers with Direct Lending Experience [5:02]

● Speed of Capital Deployment [9:17]

● Ever-Evolving Forms of Capital [12:38]

● Challenges of Private Debt Illiquidity [13:58]

Find Out More About Alternative Investing:

PGIM Private Alternatives

[email protected]

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

Shareables:

"As more capital is raised and companies become more educated on direct lending their private credit as a legitimate alternative, that market only continues to expand." — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #investing #alternativeinvesting

"A lot of value is created in how you manage the portfolio and how you deal with stress in the portfolio." — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #investing #valueadd

"Supply is overall increasing because more and more issuers are coming to this market." — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #PGIMalts #alternativeinvesting

"Do you have the depths of portfolio management teams to engage with these issuers and actively manage the portfolio?" — Matthew Harvey, Head of the Direct Lending business for PGIM Private Capital #PGIMalts #institutionalinvesting

Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG, discusses the advantages and challenges of the private equity secondary market, global prospects, and the recent explosive growth of this private investment strategy.

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Key Takeaways:

● Diverse Opportunities of Secondaries [2:58]

● Liquidity in Private-Equity Secondaries [5:33]

● Advantages and Risks of Alternatives [7:03]

● U.S., European, and Asia Market Potential [10:05]

● Three Factors Affect Leverage Strategies [13:33]

Find Out More About Alternative Investing:

PGIM Private Alternatives

[email protected]

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

Shareables:

"If you look at the two main actors in the private equity industries on the limited partner side, the lack of distribution leads to difficulties and the refinancing of the commitment they already made." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #investing

"Because you buy assets, in our case, that are four to seven years old, you are much further down the road in the lifetime of the fund. So, the distributions are coming on much earlier." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #valueadd

"You have to make sure that you get compensated for the additional political risks, the forex risk, and manager risk with a higher return." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #institutionalinvesting

"The secondary market is really reinventing itself and innovating quite consistently. I think there is very healthy growth coming in 2024-25." — Dr. Marco Wulff, CEO, Managing Partner, and co-founder of Montana Capital Partners AG #alternativeinvesting #PGIMalts

Sebastiano Ferrante, Head of Europe at PGIM Real Estate, discusses Europe's alternative investment landscape, prevailing market dynamics currently influencing institutional investing, and the risk-reward trade-off in value-add equity real estate investing.

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Key Takeaways:

● The Art of Being a Great Real Estate Investor [1:49]

● Current Investor Hot Spots [4:20]

● Europe's Compelling Real Estate Market [7:54]

● Investors' Questions Answered [10:25]

● Top Three Investor Insights [16:21]

Find Out More About Alternative Investing:

PGIM Private Alternatives

[email protected]

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

Shareables:

"Interest rates will play a smaller role, and the bifurcation of the market will be bigger between winning strategies and losing strategies." — Sebastiano Ferrante, Head of Europe, PGIM Real Estate #investing

"One other aspect about European markets, and this is the illiquidity we're seeing on the classical bank financing market, and this is a huge opportunity in private credit, private debt and specifically in real estate in Europe." — Sebastiano Ferrante, Head of Europe, PGIM Real Estate #valueadd

"Retail is becoming a brand in itself. It is something that people identify with." — Sebastiano Ferrante, Head of Europe, PGIM Real Estate #alternativeinvesting

"Retail still remains officially one of the main food groups in the world of real estate." — Eric Adler, President & CEO of PGIM Private Alternatives #institutionalinvesting

Speaking of Alternatives is an original podcast from PGIM, providing a global perspective on the rich and diverse landscape of alternative investments. Each month, guests join host Eric Adler, President and CEO of PGIM Private Alternatives, to cut through the complexities and get to the heart of alternative investing. Together they look beyond the headlines and scrutinise the latest trends and strategies driving this important asset class.