About this episode

The episode discusses the evolving landscape of private equity secondaries and insights from MCP's 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. Subscribe to Speaking of Alternatives on your favourite podcast platform. 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…

People in this episode

Host: Keshav Rajagopalan

Guest: Dan Klima

Topics covered

• private equity
• investor survey
• market volatility
• middle market
• co-investments
• cash flow

Keywords

• private equity
• secondaries
• investor survey
• middle market
• co-investments
• cash flow
• J-curve

Mentioned in this episode

Organizations: Montana Capital Partners, PGIM

More episodes of Speaking of Alternatives

• … Let's Talk RealAssetX · March 17, 2026 · 21 min
• … Let's Talk Private Credit Secondaries · February 17, 2026 · 27 min
• …Let's Talk Investment Grade Private Placements · January 20, 2026 · 25 min
• …Let's Talk Highlights from the PGIM EMEA Investor Forum · December 17, 2025 · 22 min
• …Let's Talk Energy Mezzanine with Brian Thomas · November 18, 2025 · 24 min
• …Let's Talk Asset-Based Financing with Edwin Wilches · October 21, 2025 · 25 min

Explore listener stats, chart rankings, contacts and more on the Speaking of Alternatives podcast page.