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Principal Alternative Credit

Specializing in private credit investing through a global platform, focusing on providing flexible financing and bespoke solutions to meet various client investment objectives.
Get to know our investment team.

Principal Alternative Credit is a market leader in private credit with a heritage of serving clients for 60 years. We focus on relationship lending by providing flexible financing solutions to both sponsor- backed and non-sponsored middle market companies throughout North America as well as global investment grade private debt issuers.

Strong industry track record
Average of over 20 years of credit investing experience among senior investment team.

Stable capital base
Stable and committed capital base from Principal’s balance sheet, as well as dedicated outside capital, offering a multiplier effect to capital commitment levels.

Expansive capabilities
Robust originations, underwriting, and portfolio staff comprised of seasoned credit investors with experience across industry verticals and debt securities.

Diverse origination capabilities
Dedicated coverage of more than 400 private equity firms, plus non-sponsored loan origination direct with borrowers and various intermediaries, through advisors and the global Principal client network.

Flexible offering
Ability to invest up and down the capital structure and credit spectrum with a variety of financing offerings and structures.
Delivering value through forward-thinking private credit experience and focus.

Financing solutions

For private equity-backed and non-sponsored transactions: Investing in private debt transactions to support leveraged buyouts, refinancings, recapitalizations, and growth.

Investor relations

For investors: Offering investment opportunities within the direct lending market, an asset class that has historically delivered attractive risk-adjusted returns with low volatility.

Get the latest insights
Fixed income
Benefits of robust non-sponsored deal sourcing in middle market direct lending
How non-sponsored transactions are sourced through various channels, each with different characteristics and motivations.
July 21, 2025
Fixed income
Benefits of flexible capital
We discuss the eight accretive uses of flexible debt capital.
July 21, 2025
Fixed income
Measuring risk in the private credit markets
The Principal Alternative Credit risk framework which is consistently applied across all middle market transactions to inform our assessment of a borrower’s risk profile expected throughout the life of a loan.
July 15, 2025
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Footnotes

Experience includes investment management activities of predecessor firms beginning with the investment department of Principal Life Insurance Company.

Past performance does not guarantee future results.

Private credit involves an investment in non-publicaly traded securities which are subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss.

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.