Author: Yimie Yong, DealStreetAsia, 8 February 2021

New York-based PGIM Real Estate announced on Wednesday it has acquired a strategic equity stake in Australia-based venture capital firm Taronga Ventures, further supported by a commitment to Taronga’s RealTech Ventures Fund.

The acquisition is part of PGIM’s efforts to expand and strengthen its global innovation strategy through key partnerships, it said.

“Venture capital partners are critical to helping us scale our own innovation efforts and remain at the forefront of digital evolution,” said PGIM Real Estate managing director and global head of innovation Sara Shank in a statement, “Our partnership with Taronga Ventures provides us with deep access to the firm’s insights and connections into regional real estate technology and innovation. This will allow us to quickly identify and adopt the best products available in a market that is becoming increasingly crowded and fragmented, for the benefit of our investors.”

PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc.

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