US investment manager PGIM has appointed Eric Adler as president and CEO of PGIM Private Alternatives, a newly formed business overarching the real estate and private capital divisions.
Adler’s current roles are president and CEO of PGIM Real Estate and chairman of private equity. His appointment takes effect on 1 October, at which time Cathy Marcus and Raimondo Amabile will jointly assume leadership of PGIM Real Estate as co-CEOs.
Under the new structure, underlying investment strategies and portfolio and originations teams will remain distinct, with each affiliate maintaining its own governance, PGIM said Wednesday in a release. In his role as CEO of PGIM Private Capital, Matt Douglass will continue to oversee the private credit businesses at PGIM, which is a subsidiary of Newark-based finance giant Prudential.
“Together the formation of PGIM Private Alternatives and Eric’s appointment reflect our firm belief in the importance of offering our clients seamless access to the full suite of capabilities across PGIM’s affiliates, particularly as institutional clients continue to increase their allocations to private alternatives,” said PGIM president and CEO David Hunt.
Before joining PGIM Real Estate in 2010, Adler co-directed Tishman Speyer’s European activities and was a member of its global management and investment committees.
Prior to that he worked for Morgan Stanley Real Estate, where he led investment activities in Germany, France, Italy and Spain. He also had overall operational responsibility for the firm’s Special Situations Fund II.
Adler’s earlier career included roles at Credit Lyonnais and Unibail in Paris. The University of Arizona alum holds a graduate business degree from HEC Business School in France.
“Eric is uniquely qualified to lead PGIM Private Alternatives, having grown PGIM Real Estate into one of the largest real estate investors globally and leading a team of more than 1,200 investment professionals overseeing $210 billion in assets,” Hunt said. “I’m thrilled to see the next generation of PGIM’s growth in alternative investment strategies under his leadership.”
Real Estate Joint Chiefs
As co-CEOs of PGIM Real Estate, Marcus and Amabile will jointly run the business in an expansion of their existing roles as global chief operating officer and global chief investment officer, PGIM said. Benett Theseira will continue in his role as head of Asia Pacific.
Adler praised Marcus and Amabiler as well-positioned to lead PGIM Real Estate, having each expanded their global and regional responsibilities through a progression of leadership roles over several years.
“Delivering strong, long-term returns and outstanding service to our clients hinges on our ability to effectively develop our talent and execute robust succession planning,” Adler said. “The incoming leadership team brings significant real estate investment management experience to their roles, and I look forward to continuing to work with them in my expanded role.”