Speaking of Alternatives

• ...Let’s Talk Reinsurance with Mike Thompson of Warburg Pincus & Nandini Mongia of Prismic Life

  Nandini Mongia is the Group Executive Chair and CEO of Prismic Life, and Mike Thompson is the Managing Director of Warburg Pincus and Head of Capital Solutions for Europe. Nandini has nearly three decades of financial and business experience supporting the insurance and reinsurance industry. Mike has 20 years of private investment experience.   Keshav, Nandini, and Mike discuss the fundamental role of reinsurance in managing risk, offering financial protection, and enabling growth within the insurance industry. Moving forward, global trends indicate a growing interest and allocation towards alternative investments and private investments.    Prismic Life Reinsurance, Ltd. is a global reinsurance platform  in which Prudential Financial, Inc. (NYSE: PRU) (PFI) and Warburg Pincus are investors, as well as overseeing Prismic’s long-term strategy through participation on its board of directors. Subscribe to Speaking of Alternatives on your favourite podcast platform.   Key Takeaways:   Reinsurance Manages Risk, Offers Financial Protection, & Enables Growth. [3:27] Global Trends Point Towards Alternatives & Private Investments.  [6:38] Prismic — A Strategic Reinsurance Partner. [8:56] Private Alternatives are Well-Suited for Insurance. [12:22] Regulation’s Role in Asset Liability Management. [16:31]   *This episode is only for listeners in the US. All investments involve risk, including the possible loss of capital. This podcast is for informational or educational purposes. The information is not intended as investment advice and is not a recommendation about managing or investing assets.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.   Find Out More About Alternative Investing:   PGIM Private Alternatives [email protected] @PGIM on X @PGIM on Instagram PGIM on LinkedIn   Shareables: “When you look at global megatrends, the balance sheet of the insurance industry as it exists today is actually not sufficient to support what we call global unmet insurance and retirement income needs.” — Nandini Mongia, Group Executive Chair & CEO of Prismic Life #PGIMPodcasts #alternativeinvesting “The average insurance company historically has had a relatively unsophisticated and un-optimized asset allocation and so are leaving investment spread on the table.” — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #PGIMPodcasts #institutionalnvesting #valueadd   “We think the global megatrends, unoptimized balance sheets, and the opportunity to provide capital into a market where public markets have struggled, we think they are compelling ingredients for an attractive investment.” — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #investing #alternativeinvesting   “The long-dated nature of the liabilities in insurance and in the manner in which they are not-runnable in the same way as deposits makes them much more able to take those illiquid assets and therefore earn that illiquid premium and the excess spread.” — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #investing #alts   “This is an industry with an almost infinite capital need and private equity exists to fulfill capital needs.”  — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #investing #alts   “Prismic in and of itself is an alternative. Its exposure to a wide array and diverse allocation of alternatives and that’s what I think is so compelling about how it is also affecting capital markets.” — Keshav Rajagopalan, Managing Director & Head of Product & Strategy at PGIM Multi-Asset Solutions #institutionalnvesting #valueadd  

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• ...Let’s Talk Alternatives within Portfolio Construction with Alfred Lerman & Mao Dong

  Alfred Lerman is the Chief Investment Officer at PGIM Multi-Asset Solutions and Mao Dong is the Co-Head of Portfolio Management at PGIM Multi-Asset Solutions. Alfred is passionate about optimizing portfolios through a thoughtful balance of risk and return objectives. Mao’s strength is in customizing portfolios based on unique client objectives.   Keshav, Alfred, and Mao discuss the strategic integration of alternative investments in portfolio construction. Their analysis highlights the unique potential for portfolio customisation through the synergistic blend of private and public asset classes, coupled with robust risk mitigation strategies via meticulous underwriting and stringent covenants.    Subscribe to Speaking of Alternatives on your favourite podcast platform.   Key Takeaways:   Alternatives Role in Constructing Multi-Asset Portfolios. [4:14] Portfolio Construction Customisation with Alternatives. [9:06] Dynamic Private and Alternative Asset Opportunities. [11:48] Managing Insurance Private Capital and Associated Risks. [14:26] Critical Elements of a Strong Portfolio. [17:17]   *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.   Find Out More About Alternative Investing:   PGIM Private Alternatives [email protected] @PGIM on X @PGIM on Instagram PGIM on LinkedIn   Shareables:   “There are two primary reasons why investors go in for alternatives. One, return and second diversification.” — Alfred Lerman, Chief Investment Officer at PGIM Multi-Asset Solutions #PGIPodcasts #institutionalinvesting   “You can’t just turn on and off an allocation. You need to achieve a vintage diversification.” — Alfred Lerman, Chief Investment Officer at PGIM Multi-Asset Solutions #PGIMPodcasts #alternativeinvesting   “A rigorous underwriting process and risk management process is critical in determining suitable strategies for clients.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #PGIMPodcasts #institutionalnvesting   “Alternatives have become an increasingly prominent asset class in multi-asset class portfolio settings.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #alternativeinvesting   “Private assets can play a complementary role to public markets across asset allocation.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #alts   “Having strong convents in place and protection for the end investors are critical elements of a strong portfolio.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #valueadd   “For institutional investors that are looking to position in this recovery sentiment we think real estate debt can provide spread premium as well as portfolio diversification benefits.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #institutionalnvesting #valueadd

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• ...Let’s Talk Core Plus Real Estate Investing with Darin Bright

  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 tangible aspects of real estate, including its durability, which make it an appealing and accessible component of a diversified portfolio. They discuss the opportunities new technologies and U.S. demographics bring to a diverse Core Plus Real Estate strategy.   Subscribe to Speaking of Alternatives on your favourite podcast platform.   Key Takeaways:   A New Cycle for Returns on Real Estate Investments. [2:25] Benefits of Core Plus Strategies in Real Estate. [4:08] Is the Office Sector Still an Attractive Investment Opportunity? [6:32] Real Estate-related Tailwinds that Promote Growth. [11:31] Opportunities of Deploying Capital in Senior Housing. [18:43] Three Main Takeaways About Core Plus Real Estate. [21:59] *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.   Find Out More About Alternative Investing:   PGIM Private Alternatives [email protected] @PGIM on X @PGIM on Instagram PGIM on LinkedIn   Shareables:   “When we compare real estate to other asset classes, certainly fixed income, it’s starting to deliver at an appropriate rate. You are buying at a pretty significant discount to replacement cost.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #PGIPodcasts #institutionalinvesting   “Supply has been shut down because interest rates are high so we think it all adds up to this is the year to start getting ahead of the wave of what should be good normalized returns going forward.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #PGIMPodcasts #alternativeinvesting   “We try to integrate the environmental process in everything we do when we underwrite and identify a new investment.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #PGIMPodcasts #institutionalnvesting   “Tenants today are prioritizing highly-amenitized, class Double-A, well-located properties.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #investing #PGIMPodcasts   “There are a lot of tailwinds that have to do with two segments of the population, Baby Boomers, and Millennials, that are the two largest and also wealthiest in the U.S. and how they consume real estate. Getting in front of whatever they consume is smart.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #investing #alts   “There is no greater imbalance in supply and demand from the property sector than senior housing.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #investing #valueadd

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• ...Let’s Talk Investing in Infrastructure with Bill Pappas

  Bill Pappas is the Managing Director and Head of Core Infrastructure and Structured Credit at PGIM Private Capital. He is a veteran of structured credit and finance within the infrastructure industry.   Keshav and Bill explore the nuanced infrastructure investment landscape through the lens of private capital and alternative investment. Their discussion covers the political and regulatory landscape, the impact of technology on energy infrastructure, and how structured solutions can enhance portfolio diversification within this complex asset class.   Subscribe to Speaking of Alternatives on your favourite podcast platform.   Key Takeaways:   Infrastructure Investing in 4 Global Megatrends. [3:28] Navigating the Political and Regulatory Risk of Infrastructure Investments. [5:49] Demand for Energy Drives Diverse Infrastructure Opportunities. [12:46] Infrastructure Investing is Nuanced and Complex. [17:29] Structured Credit and Private Equity Offer a Broader Range of Solutions to Investors. [19:29] Infrastructure Investments Enhance Portfolio Diversification. [21:09] *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.   Find Out More About Alternative Investing:   PGIM Private Alternatives [email protected] @PGIM on X @PGIM on Instagram PGIM on LinkedIn   Shareables:   “With digitalization, deglobalization, demographics, and decarbonization, we are seeing a greater need for private capital solutions in all of these dimensions. You need tailored solutions beyond what traditional bank capital can provide.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #PGIPodcasts #institutionalinvesting   “The geopolitical landscape is more complex and dynamic and challenging than any time we've seen in recent times but the supply of capital is there in the private sector.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #PGIMPodcasts #alternativeinvesting   “In the U.S., data center demand is expected to grow 20% a year through the end of the decade.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #PGIMPodcasts #institutionalnvesting   “We are seeing continued growth in investment that's driven by private equity. That's been a massive dynamic that is influencing the markets.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #investing #PGIMPodcasts   “With infrastructure, within a portfolio, you've got inflation balance, underlying asset resilience, and stability for investors.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #investing  

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• ...Let’s Talk 2024 Alts Report with Matt Harvey, Sebastiano Ferrante, and Stephan Wessel

  Today’s panel consists of Matt Harvey, Head of Direct Lending at PGIM Private Capital, Sebastiano Ferrante, Head of Europe at PGIM Real Estate, and Stephan Wessel, Managing Partner at Montana Capital Partners, a private equity secondary mid-market specialist affiliate of PGIM.   Keshav and the panel examine the findings of the 2024 Alts Report to understand how institutional investors are positioning their portfolios for a risk-on environment. The discussion covers topics such as target allocations to alternatives, geographic diversification, strategy selection, and the factors influencing investment decisions.   Subscribe to Speaking of Alternatives on your favourite podcast platform.   Key Takeaways:   Private Alts: Allocations and Tensions in a Risk-on Environment. [2:20] Manage Investment Risk Factors with Covenants and Protections. [8:16] Unique Variations: Positive Leverage in European Real Estate. [12:14] Challenges in Private Alternatives: Fundraising and Valuations. [14:53] Panel Unpacks Today’s Investment Headlines. [19:00] Expected Institutional Investment Headwinds and Tailwinds of 2025. [27:56] *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.   Find Out More About Alternative Investing:   To Request a Copy of the 2024 Report: PGIM.com/whats-your-alternative PGIM Private Alternatives [email protected] @PGIM on X @PGIM on Instagram PGIM on LinkedIn   Shareables:   “Capital generally has to be returned to portfolios before it can be re-deployed.” — Matt Harvey, Head of Direct Lending at PGIM Private Capital #PGIMalts #institutionalinvesting   “In the real estate market now, we see a stabilization in variations since this quarter and therefore we start seeing liquidity come back into the core space.” — Sebastiano Ferrante, Head of Europe at PGIM Real Estate #PGIMPodcasts #alternativeinvesting   “With digitalization, the AI portion will change real estate structurally and substantially. Don’t only look at the cyclical element and cyclical opportunities, look at the structured changes that will happen to the real estate industry with the change in our societies and economies.” — Sebastiano Ferrante, Head of Europe at PGIM Real Estate #PGIMalts #alternativeinvesting   “If allocators expect the cost of capital to increase, irrespective of the underlying asset class, this would obviously impact valuations. This expected shift in asset prices will then trigger portfolio balancing.” — Stephan Wessel Managing Partner at Montana Capital Partners #PGIMalts #investing   “We will see a continuation of current trends with significant levels of uncommitted capital persisting into 2025 and beyond.” — Stephan Wessel Managing Partner at Montana Capital Partners #PGIMalts #alternativeinvesting

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