…Let’s Talk Global REIT Securities with Rick Romano, Head of PGIM Global Real Estate Securities

Rick Romano, Head of PGIM Global Real Estate Investment Trust Securities, offers insights about the multifaceted nature of hybrid real estate securities and the potential benefits of REITS in investment portfolios.

Keshav and Rick highlight how global real estate securities can offer a compelling value proposition for investors. This diverse investment vehicle provides a low barrier to entry into real estate, an asset class distinctly positioned at the convergence of public and private markets.

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Key Takeaways:

● The Global Real Estate Securities landscape. [3:16]

● Why now for REITS?. [5:03]

● Geographic Shift: Reallocation from the U.S. to Europe? [8:25]

● The Headwinds and Tailwinds of Global Real Estate Investments. [10:18]

● The Convergence of Public & Private Real Estate Markets. [18:19]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice. This content should not be construed as investment advice or an offer to purchase or sell any security.

Find Out More About Alternative Investing:

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

*Source [10:48]: DrWealth.com, 10 years of REIT performance, as of 19 June 2025

Shareables:

“Real Estate touches on all aspects of the economy, globally.” — Rick Romano, Head of PGIM Global Real Estate Securities #PGIMPodcasts #investing #valueadd

“Historically, commercial real estate was cyclical. Now, on the listed markets, you have these big areas of opportunity that are not very cyclical.” — Rick Romano, Head of PGIM Global Real Estate Securities #alternativeinvesting #PGIMPodcasts

“We went from U.S. exceptionalism quickly to U.S. uncertainty and people wanting to move out of that space.” — Rick Romano, Head of PGIM Global Real Estate Securities #alternativeinvesting #valueadd

“Real Estate doesn’t sit in the centre of the tariff war.” — Rick Romano, Head of PGIM Global Real Estate Securities #investing #institutionalnvesting

“With supply muted over the next few years, we think we can see some good revenue growth acceleration in more traditional property types.”— Rick Romano, Head of PGIM Global Real Estate Securities #investing #alternativeinvesting

“It can balance out the volatility in your real estate portfolio by marrying the public and private together.” — Rick Romano, Head of PGIM Global Real Estate Securities #PGIMPodcasts #alternativeinvesting #valueadd

Dan Matviyenko, Healthcare Portfolio Manager at Jennison, offers insights and strategies on navigating the complex and dynamic landscape of healthcare equity investing.

Laurie Chan, PGIM’s U.S. Head of Alternative Solutions, and Daniel explore healthcare equity, focusing on macroeconomic forces, supply chain vulnerabilities due to trade tensions, the role of AI, and generating alpha from long and short positions.

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Key Takeaways:

● Healthcare Equity Investing offers a Spider Web of Opportunity. [3:04]

● The Role of Robotics and AI in Healthcare. [4:55]

● Trade tensions and Supply Chain Vulnerabilities. [8:16]

● Sizing Healthcare Sectors and Subsectors. [10:29]

● Alpha creation in Long and Short positions. [15:39]

● Three Key Insights for Healthcare Investors. [30:19]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

Find Out More About Alternative Investing:

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

Shareables:

“Robotic surgery will come to dominate the operating room.” — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #PGIMPodcasts #valueadd

“[On tariffs] Healthcare can manage these increased costs much better than most companies out there.” — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #PGIMPodcasts #alternativeinvesting

“The United States has two industries where we are the world leader. One is obviously tech, but the second one is healthcare.” — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #alternativeinvesting #investing #PGIMPodcasts

“Subsector selection, size, and timing are very important to what we do.” — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #institutionalnvesting #valueadd

“Sizing the investment at the right point in time is actually more important than picking the right investment.” — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #investing #alternativeinvesting

“We look at our short book as an absolute return vehicle. It’s not a hedge.”— Dan Matviyenko, Healthcare Portfolio Manager of Jennison #investing #alternativeinvesting

Enrique Lavín provides critical insights into investing in Mexican industrial real estate by leveraging his market expertise and corporate finance/risk-opportunity background.

Laurie Chan, PGIM’s Head of Alternative Investments, speaks with Enrique about the resilience of the Mexican Industrial Real Estate sector amidst U.S. trade volatility, nearshoring dynamics, and broader macro investment trends.

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Key Takeaways:

● Trade tariff impact on the Industrial Mexican Real Estate Sector. [3:07]

● Significant Nearshoring Opportunities in Mexican Industrial Real Estate. [5:51]

● Tailwind Risk Assessment & Headwind Development Prospects. [7:39]

● Mexican Industrial Real Estate Recession Resilience. [10:22]

● Reactions to U.S. Trade Tariffs & Future Outlook. [12:22]

● Summary of Mexican Industrial Real Estate Investments. [13:57]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

Find Out More About Alternative Investing:

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

Shareables:

“Mexico secures, at least for now, a leading role in a global manufacturing platform.” — Enrique Lavín, Head of LatAm Real Estate for PGIM #PGIMPodcasts #institutionalinvesting

“A return of nearshoring will make prospective tenants once again gravitate to Mexico as a prime destination for low-cost manufacturing.” — Enrique Lavín, Head of LatAm Real Estate for PGIM #PGIMPodcasts #alternativeinvesting

“A revamped nearshoring wave is about to take off.” — Enrique Lavín, Head of LatAm Real Estate for PGIM #PGIMPodcasts #institutionalnvesting #valueadd

“Mexico’s preferential position in the new trade policy will drive incremental demand for industrial real estate.” — Enrique Lavín, Head of LatAm Real Estate for PGIM #investing #alternativeinvesting

Alfred Lerman is the Chief Investment Officer at PGIM Multi-Asset Solutions and Mao Dong is the Co-Head of Portfolio Management at PGIM Multi-Asset Solutions. Alfred is passionate about optimizing portfolios through a thoughtful balance of risk and return objectives. Mao’s strength is in customizing portfolios based on unique client objectives.

Keshav, Alfred, and Mao discuss the strategic integration of alternative investments in portfolio construction. Their analysis highlights the unique potential for portfolio customisation through the synergistic blend of private and public asset classes, coupled with robust risk mitigation strategies via meticulous underwriting and stringent covenants.

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Key Takeaways:

• Alternatives Role in Constructing Multi-Asset Portfolios. [4:14]

• Portfolio Construction Customisation with Alternatives. [9:06]

• Dynamic Private and Alternative Asset Opportunities. [11:48]

• Managing Insurance Private Capital and Associated Risks. [14:26]

• Critical Elements of a Strong Portfolio. [17:17]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

Find Out More About Alternative Investing:

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

“There are two primary reasons why investors go in for alternatives. One, return and second diversification.” — Alfred Lerman, Chief Investment Officer at PGIM Multi-Asset Solutions #PGIPodcasts #institutionalinvesting

“You can’t just turn on and off an allocation. You need to achieve a vintage diversification.” — Alfred Lerman, Chief Investment Officer at PGIM Multi-Asset Solutions #PGIMPodcasts #alternativeinvesting

“A rigorous underwriting process and risk management process is critical in determining suitable strategies for clients.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #PGIMPodcasts #institutionalnvesting

“Alternatives have become an increasingly prominent asset class in multi-asset class portfolio settings.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #alternativeinvesting

“Private assets can play a complementary role to public markets across asset allocation.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #alts

“Having strong convents in place and protection for the end investors are critical elements of a strong portfolio.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #valueadd

“For institutional investors that are looking to position in this recovery sentiment we think real estate debt can provide spread premium as well as portfolio diversification benefits.” — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #institutionalnvesting #valueadd

Darin Bright is the Head of Core Plus Strategies at PGIM Real Estate. Darin is passionate about real estate investing and cultivating strong relationships within the investment community.

Keshav and Darin examine the tangible aspects of real estate, including its durability, which make it an appealing and accessible component of a diversified portfolio. They discuss the opportunities new technologies and U.S. demographics bring to a diverse Core Plus Real Estate strategy.

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Key Takeaways:

• A New Cycle for Returns on Real Estate Investments. [2:25]

• Benefits of Core Plus Strategies in Real Estate. [4:08]

• Is the Office Sector Still an Attractive Investment Opportunity? [6:32]

• Real Estate-related Tailwinds that Promote Growth. [11:31]

• Opportunities of Deploying Capital in Senior Housing. [18:43]

• Three Main Takeaways About Core Plus Real Estate. [21:59]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

Find Out More About Alternative Investing:

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

“When we compare real estate to other asset classes, certainly fixed income, it’s starting to deliver at an appropriate rate. You are buying at a pretty significant discount to replacement cost.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #PGIPodcasts #institutionalinvesting

“Supply has been shut down because interest rates are high so we think it all adds up to this is the year to start getting ahead of the wave of what should be good normalized returns going forward.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #PGIMPodcasts #alternativeinvesting

“We try to integrate the environmental process in everything we do when we underwrite and identify a new investment.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #PGIMPodcasts #institutionalnvesting

“Tenants today are prioritizing highly-amenitized, class Double-A, well-located properties.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #investing #PGIMPodcasts

“There are a lot of tailwinds that have to do with two segments of the population, Baby Boomers, and Millennials, that are the two largest and also wealthiest in the U.S. and how they consume real estate. Getting in front of whatever they consume is smart.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #investing #alts

“There is no greater imbalance in supply and demand from the property sector than senior housing.” — Darin Bright, Head of U.S. Core Plus at PGIM Real Estate #investing #valueadd

Bill Pappas is the Managing Director and Head of Core Infrastructure and Structured Credit at PGIM Private Capital. As a veteran of structured credit and finance within the infrastructure industry, he shares a wealth of experience in this episode.

Keshav and Bill explore the nuanced infrastructure investment landscape through the lens of private capital and alternative investments. Their discussion covers the political and regulatory landscape, the impact of technology on energy infrastructure, and how structured solutions can enhance portfolio diversification within this complex but tangible asset class.

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Key Takeaways:

● Infrastructure Investing in 4 Global Megatrends. [3:28]

● Navigating the Political and Regulatory Risk of Infrastructure Investments. [5:49]

● Demand for Energy Drives Diverse Infrastructure Opportunities. [12:46]

● Infrastructure Investing is Nuanced and Complex. [17:29]

● Structured Credit and Private Equity Offer a Broader Range of Solutions to Investors. [19:29]

● Infrastructure Investments May Enhance Portfolio Diversification. [21:09]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

Find Out More About Alternative Investing:

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

Shareables:

“With digitalization, deglobalization, demographics, and decarbonization, we are seeing a greater need for private capital solutions in all of these dimensions. You need tailored solutions beyond what traditional bank capital can provide.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #PGIPodcasts #institutionalinvesting

“The geopolitical landscape is more complex and dynamic and challenging than any time we've seen in recent times but the supply of capital is there in the private sector.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #PGIMPodcasts #alternativeinvesting

“In the U.S., data center demand is expected to grow exponentially through the end of the decade.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #PGIMPodcasts #institutionalnvesting

“We are seeing continued growth in investment that's driven by private equity. That's been a massive dynamic that is influencing the markets.” — Bill Pappas, Head of Core Infrastructure and Private Credit at PGIM Private Capital #investing #PGIMPodcasts

Today’s panel consists of Matt Harvey, Head of Direct Lending at PGIM Private Capital, Sebastiano Ferrante, Head of Europe at PGIM Real Estate, and Stephan Wessel, Managing Partner at Montana Capital Partners, a private equity secondary mid-market specialist affiliate of PGIM.

Keshav and the panel examine the findings of the 2024 Alts Report to understand how institutional investors are positioning their portfolios for a risk-on environment. The discussion covers topics such as target allocations to alternatives, geographic diversification, strategy selection, and the factors influencing investment decisions.

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Key Takeaways:

• Private Alts: Allocations and Tensions in a Risk-on Environment. [2:20]

• Manage Investment Risk Factors with Covenants and Protections. [8:16]

• Unique Variations: Positive Leverage in European Real Estate. [12:14]

• Challenges in Private Alternatives: Fundraising and Valuations. [14:53]

• Panel Unpacks Today’s Investment Headlines. [19:00]

• Expected Institutional Investment Headwinds and Tailwinds of 2025. [27:56]

*The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice.

Find Out More About Alternative Investing:

To Request a Copy of the 2024 Report: PGIM.com/whats-your-alternative

PGIM Private Alternatives

realestate.investorservices.emea@pgim.com

@PGIM on X

@PGIM on Instagram

PGIM on LinkedIn

“Capital generally has to be returned to portfolios before it can be re-deployed.” — Matt Harvey, Head of Direct Lending at PGIM Private Capital #PGIMalts #institutionalinvesting

“In the real estate market now, we see a stabilization in variations since this quarter and therefore we start seeing liquidity come back into the core space.” — Sebastiano Ferrante, Head of Europe at PGIM Real Estate #PGIMPodcasts #alternativeinvesting

“With digitalization, the AI portion will change real estate structurally and substantially. Don’t only look at the cyclical element and cyclical opportunities, look at the structured changes that will happen to the real estate industry with the change in our societies and economies.” — Sebastiano Ferrante, Head of Europe at PGIM Real Estate #PGIMalts #alternativeinvesting

“If allocators expect the cost of capital to increase, irrespective of the underlying asset class, this would obviously impact valuations. This expected shift in asset prices will then trigger portfolio balancing.” — Stephan Wessel Managing Partner at Montana Capital Partners #PGIMalts #investing

“We will see a continuation of current trends with significant levels of uncommitted capital persisting into 2025 and beyond.” — Stephan Wessel Managing Partner at Montana Capital Partners #PGIMalts #alternativeinvesting