Effective from 1 October, Adler will serve as president and CEO of PGIM Private Alternatives, a new unit which will bring together PGIM's capabilities across private credit, real estate equity and debt, private equity, infrastructure and agriculture.
The firm said Adler's appointment and the formation of the business underscores PGIM's commitment to enhancing its alternatives franchise, which currently comprises PGIM Real Estate, PGIM Private Capital and Montana Capital Partners.
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Under the new structure, underlying investment strategies and portfolio and originations teams will remain separate, with each affiliate maintaining its own governance.
The Newark-based firm acquired a majority interest in US-based private credit manager Deerpath Capital earlier this year in a bid to boost its alternatives platform, which currently manages $310.9bn in assets under management.
Matt Douglas, CEO of PGIM Private Capital, which manages private credit and infrastructure debt strategies, will continue to oversee the firm's private credit businesses.
David Hunt, president and CEO at PGIM, said: "Together, the formation of PGIM Private Alternatives and Eric's appointment reflects our firm belief in the importance of offering our clients access to the full suite of capabilities across PGIM's affiliates, particularly as institutional clients continue to increase their allocations to private alternatives."
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Hunt said Adler is "uniquely qualified" to lead PGIM Private Alternatives, having grown PGIM Real Estate into "one of the largest real estate investors globally" and leading a team of more than 1,200 investment professionals overseeing $210bn in assets.
"I am thrilled to see the next generation of PGIM's growth in alternative strategies under his leadership," he said.