Principal Launches New Private Infrastructure Debt Division

Principal Asset Management has launched a new private infrastructure debt capability and hired MetLife veteran Mansi Patel to lead the team as senior managing director, head of infrastructure debt.

The new unit will focus on investing in a diversified portfolio of private infrastructure debt, targeting thematic investments in globalization, decarbonization, and electrification.

“Constraints in traditional bank funding have opened the door for private investors to fill the financing gap,” Todd Everett, global head of private markets at Principal Asset Management, said. “This capability will allow investors to access an opportunity set that offers defensive cash flows, lower default risk, and exposure to critical investment themes like decarbonization, electrification, and digitalization.”

Patel, who will directly report to Everett, brings extensive industry experience, including leadership in origination, underwriting, and portfolio management services, for both affiliated and third-party separate account capital across multiple sectors.

Patel previously spent 18 years at MetLife Investment Management as managing director, head of infrastructure debt and project finance—North America, Latin America, and APAC. Prior to that, she held a position at PricewaterhouseCoopers.

Des Moines, IA-based Principal Asset Management managed $545 billion in assets as of March 31, 2024.

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