Susan Garrett, head of private equity at AIG Asset Management, has joined Prudential Financial to head up private equity, the company confirmed Monday.
She joins the alternative investment group at Prudential that is headed by Jackie Jenkins, also a former AIG executive. Jenkins joined Prudential last fall to lead the alternative assets group, which manages about $7.5 billion in assets comprised of private equity and hedge funds, real estate and other investments in real assets.
The private equity portfolio within the alternative assets group has a net asset value of about $4.5 billion, according to Prudential.
Garrett, who joined Prudential on 17 June, worked at AIG Asset Management in 2011 and managed a $5 billion private equity portfolio, which included mezzanine investments. Prior to AIG, she worked at MetLife from 1997 to 2010, mostly focusing on private equity and mezzanine strategies.
Prudential has had private equity assets in its general account for many years but the pension’s “risk transfer” deals with Verizon and General Motors have added more, sources told Private Equity International in prior interviews.
Verizon closed its transaction to transfer about $7.5 billion in liabilities to Prudential in December, while GM closed its transfer of about $26 billion in liabilities in November.
Garrett’s private equity team will be responsible for managing the private equity assets, though it’s not clear if Prudential will allocate any new capital to managers. The company declined to comment, though the job advertisement (for the position eventually taken by Garrett), said the private equity role will include evaluation of funds for possible investment across asset classes. The job also required someone to “source and underwrite co-investments”, according to the job ad.