The private capital arm of a $1 trillion US investment manager has set up shop in Sydney with a local investment team.
Pricoa Capital Group, a subsidiary of Prudential Financial's investment management business PGIM, already has a $3 billion portfolio in Australia and New Zealand, having been active in the region for more than 20 years.
The decision to establish a Sydney-based investment team came about because "Australia is one of the most dynamic and exciting markets within our global reach and thus it makes sense for us to have people on the ground to expand our business," according to Pricoa Capital managing director Marie Fioramonti.
The new Australian Pricoa team operates under PGIM Australia, which also manages PGIM Real Estate Group.
Pricoa vice president Michael Jones said: "Pricoa Capital Group is a relationship-based capital provider. It's a business imperative for us that we make the commitment to know and understand clients' local economy and culture to truly understand their businesses."
"Having a local presence demonstrates our commitment and fosters a long-term relationship with companies."