As pension funds and insurers turn to private investments, Prudential’s $1 trillion asset manager is wagering on debt and real estate.

“Real estate has been one of the real beneficiaries of this search for yield,” PGIM president and CEO David Hunt tells Bloomberg. “We think people will more and more trade some liquidity for return, and they will probably allocate less to public markets and more to private markets.” PGIM has almost doubled assets under management since Hunt joined the company in 2011, and much of that growth has come from debt and real estate, Bloomberg reports.

The move comes as institutional investors continue coping with low bond yields pushed down by years of low interest rates at central banks globally, and now more funds are eyeing real estate as a way to churn growth. [Bloomberg]