… Let's Talk MCP 2025 Annual Investor Survey

Private equity secondaries have grown from a niche strategy into a core allocation for investors navigating volatility, slower exits and liquidity constraints. As markets evolve, secondaries are increasingly seen as an "all‑weather" approach to private equity exposure.

In this episode, Keshav Rajagopalan is joined by Dan Klima, Managing Partner at Montana Capital Partners (MCP), the private equity secondaries platform of PGIM. Anchored by MCP's latest annual investor survey, Dan shares how investors are responding to the changing private equity exit environment.

Together, they explore why the middle market remains a particularly compelling opportunity set and how co‑investments and seasoned portfolios can help improve cash flow profiles and mitigate the J‑curve.

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Key Takeaways:

● Why Secondaries Are Viewed as an "All-Weather" Strategy – [05:30]

● Insights from MCP's Annual Investor Survey: Allocations and Volatility – [06:30]

● Why the Middle Market Is a Sweet Spot for Value Creation – [11:30]

● How Co-Investments Enhance Efficiency, Due Diligence and Cash Flows – [14:00]

*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/

• PGIM on LinkedIn: https://www.linkedin.com/company/pgim

Shareables:

"Private equity secondaries are fundamentally about providing liquidity to an illiquid asset, and doing so across market cycles." — Dan Klima

"Our investor survey shows that confidence in secondaries remains strong, even amid prolonged volatility." — Dan Klima

"Secondaries can offer instant diversification, J‑curve mitigation and more consistent cash flows." — Dan Klima

"The middle market can provide greater optionality for both value creation and exits." — Dan Klima