MiB: Cathy Marcus, Co-CEO, Global COO of PGIM Real Estate – The Big Picture

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This week, we speak with Cathy Marcus, co-chief executive officer and global chief operating officer of PGIM Real Estate, which manages over $200 billion in assets. As co-CEO, Marcus develops and leads the company’s global strategy; as global COO, she is responsible for overseeing business and investment operations globally. She is also co-chair of the board of directors of RealAssetX, PGIM Real Estate’s innovation lab aimed at accelerating advancement in the real assets industry. She was named one of Barron’s 100 Most Influential Women in U.S. Finance in 2023

She discusses how from an early age, she was primarily interested in all aspects of real estate, from architecture to investments. She began working as an analyst for a Real Estate Syndicator before moving on to PGIM. She became Senior Portfolio Manager for PGIM Real Estate’s flagship core equity real estate fund.

Marcus explains how the Great Financial Crisis gave people working in real estate investing 15 years of experience in only 3 years. Valuations, workouts, opportunistic investing, and managing underwater properties were part of the many prospects the GFC created that allowed thoughtful observers to add to their skill set and learn from experiences.

She also explains her transition from the investing side to the operational and management side of a giant asset management firm — her experience has led her to recommend people in the field learn and understand both ends of the business.

A list of her current reading is here; A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Shomik Dutta, co-founder and managing partner at Overture, a venture capital firm focused on climate tech and sustainability startups. He is also co-founder and general Partner of Higher Ground Labs. Previously, he was an aide in the Obama White House and an advisor to FCC Chairman Julius Genachowski.