Christian J. Kelly
About Christian J. Kelly
Christian J. Kelly (year of birth: 1975) serves as Chief Financial Officer of the PGIM Retail Funds and Prudential Annuities Funds (since March 2023) and of the PGIM Alternatives Funds (since July 2022). He is a Vice President at PGIM Investments LLC and has served as Global Head of Investment Operations/Fund Administration since November 2018. His biography notes prior roles including Treasurer and Principal Financial Officer of PGIM Retail and Annuities Funds (2019–2023), Director of Fund Administration at Lord Abbett & Co. LLC (2009–2018), Director of Accounting at Avenue Capital Group (2008–2009), and Senior Manager in Deloitte & Touche LLP’s Investment Management practice (1998–2007). Length of service as a Fund Officer is “Since September 2022.” Compensation for Fund officers is paid by the Manager (PGIM Investments LLC/Prudential), and executive officers do not receive direct compensation from the Fund, so pay-for-performance details are not disclosed at the Fund level .
Past Roles
| Organization | Role | Years | Source |
|---|---|---|---|
| PGIM Retail Funds & Prudential Annuities Funds | Chief Financial Officer | Since Mar 2023 | |
| PGIM Alternatives Funds | Chief Financial Officer | Since Jul 2022 | |
| PGIM Investments LLC | Vice President; Global Head of Investment Operations/Fund Administration | Since Nov 2018 | |
| PGIM Retail & Annuities Funds | Treasurer and Principal Financial Officer | Jan 2019 – Mar 2023 | |
| PGIM Private Real Estate Fund, Inc. | Treasurer and Principal Financial Officer | Mar 2022 – Jul 2022 | |
| Lord Abbett & Co. LLC | Director of Fund Administration; Treasurer & Principal Accounting Officer, Lord Abbett Family of Funds | 2009 – 2018; 2017 – 2018 | |
| Avenue Capital Group | Director of Accounting | 2008 – 2009 | |
| Deloitte & Touche LLP | Senior Manager, Investment Management Practice | 1998 – 2007 |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company board roles are listed in the officer biography section of the proxy for Mr. Kelly . |
Fixed Compensation
- Officers (including the CFO) are compensated by the Manager; the Manager pays all compensation and expenses of Fund officers under the Management Agreement. Officers do not receive compensation from PGIM Investments-managed funds and are excluded from the Fund’s compensation tables .
- The Fund does not have a compensation committee because executive officers do not receive direct compensation from the Fund .
Performance Compensation
- No Fund-level disclosures of base salary, target bonus, actual bonus, equity awards (RSUs/PSUs/options), or performance metrics for officers. This is because compensation is paid by the Manager, not the Fund; thus, incentive plan details are not included in the Fund’s proxy .
Equity Ownership & Alignment
| As of date | Shares beneficially owned | Ownership % | Notes |
|---|---|---|---|
| June 30, 2024 | — | — | Mr. Kelly is listed with no reported holdings among “Executive Officers Who Are Not Trustees.” |
| June 30, 2025 | — | — | Mr. Kelly is listed with no reported holdings among “Executive Officers Who Are Not Trustees.” |
- The Fund’s 5% (and larger) ownership is concentrated with affiliates (e.g., Pruco Life Insurance Company), underscoring limited officer-level ownership of Fund shares; Mr. Kelly is shown with no beneficial ownership in both 2024 and 2025 tables .
- The proxy contains no officer-level pledging disclosures; none are listed for Mr. Kelly in the security ownership tables .
Employment Terms
- Length of service as a Fund Officer: Since September 2022 .
- Current roles: CFO of PGIM Retail & Prudential Annuities Funds (since Mar 2023) and CFO of PGIM Alternatives Funds (since Jul 2022) .
- Governance context: The Fund has no compensation committee because executive officers do not receive direct compensation from the Fund; compensation and related policies (e.g., severance, change-in-control) are not described at the Fund level and would be set by the Manager .
Investment Implications
- Alignment and insider-selling pressure: Mr. Kelly reported no beneficial ownership of Fund shares as of June 30, 2024 and June 30, 2025, implying limited direct alignment via Fund equity and minimal Fund-share selling pressure from this officer .
- Pay-for-performance transparency: Because compensation is paid by the Manager and not disclosed at the Fund level, investors cannot assess Fund-specific pay-for-performance linkages (e.g., TSR, NAV/EBITDA growth, or Fund-level KPIs) for Mr. Kelly from the proxy .
- Retention lens: Tenure and expanded scope (CFO roles across PGIM Retail/Annuities and Alternatives; senior leadership within PGIM Investments since 2018) suggest institutional importance, but retention drivers (salary, equity, severance/change-in-control) reside with the Manager and are not visible at the Fund level .
- Governance risk is mitigated at the Fund level by the absence of a compensation committee (since no Fund-paid officer compensation) and by committee oversight residing with Independent Board Members; however, incentive design and potential misalignment—positive or negative—are outside Fund disclosures and remain a black box to Fund shareholders .