The new Next Generation Opportunities fund will target 30 to 40 small and mid-sized companies the asset manager considers as the next generation’s high-growth enterprises. As such the fund invests in industries like digital payments, e-commerce platforms, and cloud computing.

The fund will be managed by PGIM active equity manager Jennison Associates and is benchmarked against the MSCI All Country World SMID Cap index.

Kimberly LaPointe, head of PGIM investments international, said: “Small- and mid-cap stocks tend to be less well researched than larger-capitalisation stocks, and Jennison’s specialism in unearthing equity growth is well suited to this segment of the market.”

The fund was launched 31 August and currently has $25 million in AUM. PGIM intends to initially register its new fund for sale in the Netherlands and a host of other European countries.