… Let's Talk Private Credit Secondaries

… Let's Talk Private Credit Secondaries

From Speaking of Alternatives by PGIM

February 17, 2026 · 27 min

About this episode

The episode discusses the growing interest in private credit secondaries and their role in investment strategies.

Private credit secondaries are quickly becoming one of the most talked about opportunities in private markets. As the asset class grows rapidly, investors are looking for new ways to gain exposure, manage liquidity and enhance returns. In this episode, Keshav Rajagopalan sits down with Alex Stuart , Head of Private Credit Secondaries at PGIM, to unpack what's behind the surge in interest. They explore how the strategy works, what makes this moment compelling, and why secondaries are increasingly viewed as a natural complement to primary direct lending. From diversification and discounts to market structure and competitive dynamics, Alex breaks down the mechanics of the asset class, and why he believes we're still in the very early stages of its evolution. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● What Are Private Credit Secondaries and Why They're Growing – [03:00] ● How the Strategy Enhances Diversification and Portfolio Construction – [04:00] ● Why the Market Is Expanding: Scale, Liquidity and Cost of Capital – [06:00] ● What Makes Entry Points Attractive Today: Discounts & Downside Protection – [08:00] ● The Role of Scale and…

People in this episode

Host: Keshav Rajagopalan

Guest: Alex Stuart

Topics covered

  • private credit secondaries
  • investment strategies
  • portfolio diversification
  • market dynamics
  • liquidity management

Keywords

  • private credit
  • secondaries
  • liquidity
  • returns
  • portfolio construction
  • market structure
  • discounts

Mentioned in this episode

Organizations: PGIM

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