page assignment hero

Our investment approach

  • Defined Middle Market borrower size
    Companies with EBITDA of $5 million to $50 million.

  • Consistent execution
    Standardized underwriting process offers speed and efficiency from initial review through loan funding.

  • Communication and responsiveness
    Value-add diligence throughout investment process enhances client's investment thesis.

  • Flexible approach to investing
    Ability to invest across the capital structure, from senior secured through junior subordinated securities. 

  • Experience across industries and through market cycles
    Seasoned investment team underwrites and invests with conviction across broad array of sectors.

  • Reliable partnerships
    Supportive of borrowers throughout investment lifecycle, including add-on acquisitions. 

Investment criteria

INVESTMENT STYLE
Lower middle market and middle market direct lending
INVESTMENT SIZE
$25 - $200 million target facility size
COMPANY SIZE
Minimum of $5.0 million of EBITDA
SITUATIONS
Leveraged buyouts, Refinancings, Growth capital, Recapitalizations, Add-on acquisitions, Minority buyouts
INVESTMENT STRUCTURES
Senior (revolvers, TLs, DDTLs), Senior stretch, Unitranche, Second lien, Mezzanine, Split-lien, Holdco notes
INDUSTRIES
Technology and software, Healthcare, Business/financial services, Consumer, Industrials
GEOGRAPHY
Primarily North America
Scaled background Principal logo with blue gradients

We have closed on over $1.4B in commitments since launching in 2020, demonstrating our commitment to middle market private credit.

Get to know our investment team.

Principal Alternative Credit

The Principal Alternative Credit team is comprised of seasoned lending professionals, many of whom have worked together for more than 20 years. We have extensive experience across originations, underwriting and portfolio management, with significant credit investing experience across all major industries and through multiple credit cycles.

PM Title
Managing Director, Sponsor Originations
Name
Brian Polomsky
22 years of experience
PM Title
Managing Director, Sponsor Originations
Name
Brian Miazga
18 years of experience
PM Title
Managing Director, Sponsor Originations
Name
Doug Koch
30 years of experience
PM Title
Managing Director, Non-Sponsor Originations
Name
Jared Talisman
22 years of experience
PM Title
Managing Director, Non-Sponsor Originations
Name
Jeff Milkie
20 years of experience
PM Title
Director, Sponsor Originations
Name
Nick Piccirillo
10 years of experience
Learn more

Past performance does not guarantee future results.

Investment criteria/guidelines are subject to change.

Investments in private debt, including leveraged loans, middle market loans, and mezzanine debt, second liens, are subject to various risk factors, including credit risk, liquidity risk and interest rate risk.

Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.

Principal Alternative Credit is an investment team within Principal Global Investors.