Prudential Financial (PRU) asset management arm PGIM Wednesday, announced plans to enter the private credit secondaries market.

The firm intends to deploy up to $1 billion over the next two years into this rapidly growing segment of private markets, Bloomberg reported. The private credit secondary market allows limited partners to sell fund holdings to other institutional investors.

This market has attracted billions, with deal volume projected to exceed $50 billion within two to three years, a significant jump from $6 billion in 2023, according to Evercore data, the report said.