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Speaking of Alternatives

PGIM
Alternative Investments
Private Capital
Private Credit
Direct Lending
Investment Strategies
Infrastructure
Digital Infrastructure
Private Equity
PGIM
Private Equity Secondaries
Diversification
Emerging Market Debt
Energy
Demographics
Data Centers
Political Macro Trends
Geopolitical Risks
Decarbonization
Regulatory Issues
Structured Credit

Speaking of Alternatives is an original podcast from PGIM, providing a global perspective on the rich and diverse landscape of alternative investments. Each month, leading experts cut through the complexities and get to the heart of alternative investing. Together they look beyond the headlines and scrutinise the latest trends and strategies driving this important asset class.

PublishesMonthlyEpisodes26Founded2 years ago
Number of ListenersCategories
InvestingBusiness

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Latest Episodes

Lower middle market direct lending remains one of the most structurally underserved segments in private credit. As traditional banks have stepped back, specialist lenders are playing an increasingly important role in providing capital to established,... more

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 priva... more

Real assets are undergoing a profound transformation. Once viewed as a traditional "buy‑and‑hold" asset class, they're now shaped by operational complexity, AI, energy systems, climate pressures and rapid technological convergence. As these forces ac... more

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 epis... more

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Recent Guests

Tas Hasan
Chief Operating Officer and co-founder of Deerpath Capital
Deerpath Capital (PGIM platform)
Episode: … Let's Talk Lower Middle Market Direct Lending
Dan Klima
Managing partner at Montana Capital Partners
Montana Capital Partners
Episode: … Let's Talk MCP 2025 Annual Investor Survey
Naqash Tahir
Managing Director of Research and Development and Investments at RealAssetX (PGIM)
RealAssetX / PGIM
Episode: … Let's Talk RealAssetX
Alex Stuart
Head of private credit secondaries at PGIM, with nearly two decades of experience in the investment industry.
PGIM
Episode: … Let's Talk Private Credit Secondaries
Mike Campion
Managing Director and Portfolio Manager for PGIM Private Credit
PGIM Private Credit
Episode: …Let's Talk Investment Grade Private Placements
Brian Thomas
Executive managing director of Real Assets at PGIM
PGIM
Episode: …Let's Talk Energy Mezzanine with Brian Thomas
Josh Cohen
Managing Director of PGIM's DC Solutions business
PGIM
Episode: …Let's Talk Defined Contribution with Josh Cohen, Managing Director of PGIM's DC Solutions
Rick Romano
Head of Global Real Estate Securities at PGIM Real Estate
PGIM Real Estate
Episode: …Let's Talk Global REIT Securities with Rick Romano, Head of PGIM Global Real Estate Securities
Enrique Lavín
Managing Director at PGIM Real Estate and Head of LatAm
PGIM
Episode: ...Let's Talk Mexican Industrial Real Estate with Enrique Lavín, Head of PGIM Latin America

Hosts

Keshav Rajagopalan
Managing Director, Head of Product and Strategy (and related titles) at PGIM. Appears as the primary host across multiple episodes.
Laurie Chan
US Head of Alternative Solutions at PGIM; hosts discussions on alternatives and related investment themes.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#121
Finland/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

… Let's Talk Lower Middle Market Direct Lending
Q: How are covenants used in practice to protect lenders in this segment?
Covenants act as early warning systems that help monitor performance and prompt conversations before problems become impairments. They include real leverage covenants and fixed charge coverage ratios, and even when broader covenants are requested, the emphasis remains on ensuring tighter documentation and ongoing information rights to maintain control and resilience in downturns.
… Let's Talk Lower Middle Market Direct Lending
Q: How does the sponsor ecosystem influence underwriting and deal execution?
Sponsor involvement is additive but not a crutch; Deerpath treats sponsor support as a plus rather than the sole underwriting driver. Sponsors can contribute capital to support businesses and align incentives, but the underwriting remains focused on cash flow durability, conservative leverage, and covenants. The sponsor network is long-standing and relationship-driven, with sponsors often participating across multiple funds and adding value through continued support.
… Let's Talk MCP 2025 Annual Investor Survey
Q: What are the biggest tailwinds and challenges for the private equity secondaries space right now?
Klima highlights tailwinds such as lower default risk, J-curve mitigation, increased diversification, and growing specialization, with strong bias toward private credit secondaries; challenges include bid-ask spreads, valuation gaps, and LPs being overstretched, which affects active secondary sales and tooling capacity.
… Let's Talk MCP 2025 Annual Investor Survey
Q: To start, what brought you into the investment space and what excites you about MCP today?
Dan Klima explains his long history in finance and secondary private equity, starting in investment banking and moving through Lexan Partners and Lazard, ultimately joining MCP to build a US platform and integrate MCP into PGIM after its 2021 acquisition; he emphasizes MCP's focus on lower/middle-market buyouts and the potential to drive value through specialization and selective exits.
… Let's Talk Private Credit Secondaries
Q: Is this too good to be true?
Investors often question the elevated returns available in private credit secondaries, considering the risk of old, underperforming loans, though many are high-quality, performing assets.

Audience Metrics

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Frequently Asked Questions About Speaking of Alternatives

What is Speaking of Alternatives about and what kind of topics does it cover?

The series centers on PGIM's perspectives and strategies across a wide spectrum of alternative investments, including real assets, private credit, securitized products, energy financing, and global real estate. Episodes feature PGIM executives and industry guests discussing lab-driven innovation, market structure shifts, capital formation, liquidity solutions, and the evolving role of alternatives in institutional portfolios. A standout pattern is the integration of technology, data analytics, and ESG considerations into traditional and nontraditional asset classes, with a practical emphasis on portfolio resilience, risk management, and scalable platforms for institutional investors. Listeners likely include seasoned finance professionals s... more

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Which podcasts are similar to Speaking of Alternatives?

These podcasts share a similar audience with Speaking of Alternatives:

1. The Credit Edge by Bloomberg Intelligence
2. The View From Apollo
3. Invest Like the Best with Patrick O'Shaughnessy
4. Capital Allocators – Inside the Institutional Investment Industry
5. Excess Returns

How many episodes of Speaking of Alternatives are there?

Speaking of Alternatives launched 2 years ago and published 26 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Speaking of Alternatives?

Recent guests on Speaking of Alternatives include:

1. Tas Hasan
2. Dan Klima
3. Naqash Tahir
4. Alex Stuart
5. Mike Campion
6. Brian Thomas
7. Josh Cohen
8. Rick Romano

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