Principal Real Estate has hired Devin Chen, who joins the firm as head of private equity real estate portfolio management.Chen will oversee the firms range of private equity real estate offerings and will work closely with the portfolio management and separate account teams. He will be leading the strategic direction and oversight of private equity portfolio management to ensure optimal solutions and investment performance continues to be provided to clients. He will also serve on the Principal Real Estate Investment Committee.Chen joins Principal Real Estate from PIMCO, where he was a founding member of the firms commercial real estate business and played a lead role in the buildout and growth

Principal Real Estate has hired Devin Chen, who joins the firm as head of private equity real estate portfolio management. Chen will oversee the firms range of private equity real estate offerings and will work closely with the portfolio management and separate account teams. He will be leading the strategic direction and oversight of private equity portfolio management to ensure optimal solutions and investment performance continues to be provided to clients. He will also serve on the Principal Real Estate Investment Committee. Chen joins Principal Real Estate from PIMCO, where he was a founding member of the firms commercial real estate business and played a lead role in the buildout and growth of its private equity and credit platforms. He most recently served as executive vice president, portfolio manager and head of U.S. real estate private equity and special situations. Prior to joining PIMCO in 2010, Chen was a managing director at JER Partners,

PIMCO

Principal Asset Management

Principal Asset Management hires new head of private equity real estate portfolio manage-ment

Hedge Funds

Investment Management

Investment Management & Fund Operators

Real Assets

Investments

RE Asset Management

Capital Raising

Development

Leasing

Advisory / Brokerage

RE Operations

Real Estate Tech

Devin Chen Joins Principal Real Estate Leadership Team

Hire

Senior Managing Director

Devin is a Senior Managing Director at Principal Asset Management, a position he has held since September 2024. Prior to this, he served as Executive Vice President of Portfolio Management at PIMCO from November 2010 to August 2024. He was a Managing Director at JER Partners for nearly 11 and a half years, from June 1999 to October 2010. Earlier in his career, he worked as an Associate at Banc of America Securities LLC from February 1997 to May 1999.

Devin earned a BA in Economics from Georgetown University, where he studied from September 1993 to May 1996.

Portfolio Manager

Principal Asset Management launched a new private infrastructure debt capability and hired Mansi Patel as a senior managing director to oversee the effort. Patel serves as head of infrastructure debt leading the firms launch and implementation of the segment that will focus on "a diversified portfolio of private infrastructure debt, targeting thematic investments in globalization, decarbonization and electrification," according to a news release. She started in the role May 15. Patel had previously spent 18 years at MetLife Investment Management most recently as a managing director and head of infrastructure debt for the Americas and Asia Pacific. A spokesperson for MetLife Investment Management declined to comment on who has replaced Patel. In her new role, Patel will oversee growth, operations and strategy of the newly created private infrastructure debt investment team. She is based in New York and reports to Todd Everett, global head of private markets at Principal Asset Management. "Constraints in traditional bank funding have opened the door for private investors to fill the financing gap. 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," Everett said in the news release. Principal Asset Management is the global investment business of Principal Financial Group and had $545 billion in assets under management as of March 31.

Principal Asset Management Introduces New Infrastructure Debt Capability Led by Patel

Finance & Investment

Senior Managing Director, Head of Infrastructure Debt

Vice President (VP)

Mansi is the Senior Managing Director, Head of Infrastructure Debt at Principal Asset Management since May 2024. Prior to this, she held various roles at MetLife Investment Management from March 2017 to May 2024, including Managing Director for Infrastructure Debt in the Americas & APAC, U.S. Infrastructure and Project Finance, and VP for Infrastructure and Project Finance.

North America

Departure

Executive Vice President, Portfolio Management

Devin Chen Joins Principal Real Estate Leadership Team

latest related moves