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Private markets in portfolios

Exploring paths to income with private market debt

2 minute primer

Matt Ciambriello, Director on our Global Wealth Alternatives team, highlights how private market debt may be a useful addition to traditional income-focused portfolios as a means to potentially improving yield, diversification, and portfolio resilience.

Highlights

Adding private market debt to a traditional income portfolio may improve yield, diversification, and portfolio resilience.
Real estate debt allows investors to diversify their income sources by incorporating asset-backed, inflation-resistant income streams in their portfolios.
Direct lending gives investors access to a high-yielding asset class with a favorable risk-adjusted performance record.
Infrastructure is an economically resilient sector with low default rates and attractive risk-adjusted returns on inflation-protected core assets.

Private credit, including real estate debt, infrastructure debt, and direct lending, has become increasingly popular for income-oriented wealth clients. During the prolonged low-rate environment of 2007-2022, real estate and private credit emerged as real-yield-generating alternatives for income-starved investors. While traditional fixed income struggled to meet income needs, private credit and real estate debt consistently delivered attractive cash flows, establishing themselves as useful tools for income-focused portfolios.

Interest rates are now more in line with long-term historical averages, and still, investors continue to seek exposure to private markets, recognizing the benefits it can bring to their portfolios. While these income vehicles have limited liquidity and are sometimes viewed as having more risk than traditional public-market bond offerings due to less regulatory oversight, knowledgeable wealth managers can use these tools to potentially boost client income and portfolio diversification.

Breakdown of average annual returns by asset class: Q4 2014 through Q1 2025

Asset class	Income return (CAGR)
Direct Lending	10.37%
Private Infrastructure	9.66%*
Private Debt Real Estate	7.65%
U.S. Fixed Income	3.01%

*Note: Preqin’s Private Infrastructure index captures the aggregate performance of the asset class. The total return index does not provide a breakdown between income- and appreciation-driven return components. Sources: Direct lending: Cliffwater Direct Lending Index; Private infrastructure: Preqin Private Infrastructure indices, which include a mix of senior debt and core equity as a generally accepted proxy for high-yield debt given limited public data; Private Debt Real Estate: NCREIF/CREFC Debt Agg Total Return Index; U.S. Fixed Income: Barclays US Aggregate (TR) Index. Data from Q4 2014 through Q1 2025. Please see indices used in the disclosures at the end of the document. Indices are unmanaged and do not take into account fees, expenses, and transaction costs and it is not possible to invest in an index. CAGR - Compound annual growth rate.

Areas of focus

The range of income choices in the private markets is broad, but there are three areas of focus that could make sense for investors who want to take an income-oriented approach or complement growth strategies with diversifying asset classes. These include direct lending, private infrastructure financing, and real estate debt.

Every investment has unique characteristics that influence its overall risk profile and income potential, but there are several commonalities within these three sectors.

Direct Lending

What is it? Investors directly provide capital to companies via loans. Non-bank lenders make loans to a business, usually smaller or mid-sized companies, without it being arranged, underwritten, or syndicated by an investment bank. Loans are typically used to finance leveraged buyouts, M&A transactions, growth investments, minority or management buyouts, and refinancings. Borrowers are drawn to direct lending because it can provide more flexible capital, and private equity sponsors (that own many middle market companies) benefit from the greater certainty of capital access for their growth strategies, as well as the lower fees and structuring expenses when compared to issuing public debt.

Income and risk profile:

Direct lending borrowers tend to be smaller organizations with fewer resources. Most loans in this space are considered below investment grade. This additional risk typically results in higher yields.
Loan defaults have historically been relatively low and there are many tools managers can use to limit default risk. As a result, the risk/return profile for direct lending compares favorably to other income-oriented sectors.
Placement in the capital structure is important when evaluating risk, as are the loan covenants. Most middle market loans are senior in the capital structure and secured by a borrower’s assets. Also, strong loan covenants may allow lenders to negotiate with borrowers early if there are performance concerns.
Typical expected yield for the lower to core middle market is from 10.25%-12.25% vs. upper middle market and public broadly syndicated of 8.75%-9.75% and 7.50%-8.50% respectively.¹

Sector insight:

“Middle market” firms – that is, those generating $5M to $100M of cash flow (EBITDA) and revenues of $25 to $1 billion – are grouped into segments organized by size. But that generalization obscures considerable detail. Factors such as growth rate, free cash flow, and leverage are often more relevant in credit risk determinations than size alone. It’s highly valuable for lenders to have loan origination and underwriting processes focused on identifying strong borrowers that operate in industries that are resilient through a business cycle. Experience in structuring loans with covenants that protect investor interests are also important in constructing an attractive investment opportunity.

Private Infrastructure Debt

What is it? Investors provide capital to finance the construction, maintenance, or operation of essential infrastructure assets. These may include projects related to renewable energy, thermal power, natural gas and pipelines, water treatment facilities, data centers, airports, seaports, and toll roads, among others. Infrastructure debt is sometimes considered a subset of private credit, but these loans are unique in that their borrowers own assets that are critical to regional economies and are typically supported by long-term fixed contracts with utilities, governments or large corporations. While capital intensive, infrastructure assets generally produce stable cash flows with high barriers to entry and regulatory protections.

Income and risk profile:

Infrastructure loans are backed by the assets they fund and any income those assets generate, such as utility payments for power supply, hyperscaler payments for data storage, or user fees for assets like toll roads or seaports.
Infrastructure assets are expected to last for many decades, so they carry a lot of long-term intrinsic value.
Historically, infrastructure debt has empirically shown high resiliency given its underlying economic essentiality, with Moody’s data reporting a 2.4% default rate compared to 9.6% vs. corporates over a 20-year period, and higher recovery rates in default of 99.1% vs. 94.1% (over the same period), including very low impact during the GFC, 2016 oil price shocks, and the 2020 COVID pandemic.
High-yield infrastructure debt maintains the sector’s attractive defensive qualities when targeting subordinated positions to “core” assets and/or senior secured positions to “core-plus” assets. These infrastructure financing opportunities in today’s market generally offer investors income yields of 8-11% (plus fees/original issue discount) at LTV levels of 60% or less, strong covenant protection, and 3-7 year maturities.²

Sector insight:

Many segments of the infrastructure debt sector are in the midst of a long-term demand cycle. For example, demand for hyperscale data centers is expected to rise dramatically with the adoption of AI. Decarbonization and green energy projects are also in high demand. According to the World Bank, $94 trillion of new infrastructure investment is needed globally to meet rising infrastructure demand.

Private Real Estate Debt

What is it? Investors provide capital to property owners or developers via loans (like mortgages, mezzanine debt, and bridge loans). Investable sectors typically include multifamily, single-family rentals, industrial, and retail. Yields may be higher than public market equivalents as lenders are being compensated for development risk, leasing risk, or renovation risk―sometimes referred to as an illiquidity premium.

Income and risk profile:

These loans are typically backed by the property being financed, so performance depends on the property’s cash flow and market valuation.
Placement in the capital stack is a key determiner of risk. Typically, senior debt has the first claim on collateral, while mezzanine and bridge debt follow behind. The further away from first loss position in the capital stack you go, the higher the return potential.
Expertise is needed to ensure that the income of a given loan accurately compensates the investor for the risk assumed.

Sector insight:

Spreads – that is, the yield advantage a given instrument offers over a benchmark, such as the secured overnight financing rate (SOFR) – vary a lot across risk profiles driven by underlying deal terms (such as loan-to-value ratios, percentage leased, and convenance terms).

Using private market income opportunities in a portfolio

For a typical wealth investor, exposure to a broad portfolio of loans within each of these core segments is both prudent and desirable. Because of recent technology and regulatory developments, these portfolios can now be accessed through a variety of structures, and wealth managers can target alternatives that deliver the income and diversification benefits suitable to individual clients.

Diversifying within a single segment, such as infrastructure, helps ensure you have exposure to a range of loan types, and can limit the impact of any credit or market risks. Investors can go a step further and diversify across different private market income segments. Doing so provides a unique advantage, because private real estate and direct lending are not highly correlated, either with the public markets or with each other. Given these low correlations, a combined exposure to private assets can more significantly enhance risk-adjusted returns for investors seeking greater portfolio optimization.

	Direct lending	Private infrastructure	Private debt real estate	U.S. fixed income
Direct lending	1.00	0.55	0.07	-0.03
Private infrastructure	0.55	1.00	0.01	-0.18
Private debt real estate	0.07	0.01	1.00	0.24
U.S. fixed income	-0.03	-0.18	0.24	1.00

Source: Bloomberg, Cliffwater, Preqin, NCREIF, Barclays, Principal Asset Management. Quarterly returns 4Q 2014 to 1Q 2025. Indices used: Preqin Private Infrastructure (TR), Cliffwater Direct Lending Index; NCREIF/CREFC Debt Agg Total Return; Barclays US Aggregate (Total Return). No investment strategy, such as asset allocation or diversification, can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future index returns. It is not possible to invest directly in an index.

Comparison of annualized risk vs. return

April 2010 - March 2025

Notes: The chart above shows the annualized return and risk (as measured by the annualized standard deviation of quarterly returns) of each of the labeled asset classes. Source: Cliffwater Direct Lending Index, Preqin Indices, Bloomberg, ICE BofA Indices, Observation period is 01/04/2010 to 03/31/2025. Please see indices used in the disclosures at the end of the document. Indices are unmanaged and do not take into account fees, expenses, and transaction costs and it is not possible to invest in an index.

Adding private market income to a client’s portfolio

A recent proliferation of new product types and platforms has made higher-income alternatives more accessible to income-oriented wealth clients, and advisors should be prepared to introduce these alternatives to their clients. Even in today’s more normal interest-rate environment, an allocation to real estate debt and private credit vehicles offers the potential for:

Enhanced income generation - private credit and real estate debt have historically offered higher yields than comparable public fixed-income securities.
Stable income streams - coupons and distributions are often tied to spread premiums and underlying asset cash flows rather than interest rate movements alone.
Inflation protection - loan portfolios are typically supported by company cash flow generation, properties or income streams that adjust with inflation, like rents, tolls or CPI-indexed contracts.
Interest-rate risk protection - private real estate debt and private credit frequently (though not always) use floating-rate structures that reset upward in rising-rate environments. Note they may also go down in a declining rate environment.
Risk management - private credit and real estate debt have historically low correlation with traditional stocks and bonds, which can reduce portfolio volatility.
Access to underserved but growing market segments – these include segments such as digital infrastructure or renewable energy projects.

These advantages and the potential return premium the private market asset classes may deliver come with a certain amount of risk. Private debt can be complex and evaluating structure and credit risk effectively is necessary to identify and properly manage the underlying portfolio exposures. It is essential to work with a manager that has a proven process and resources to take advantage of the inefficiencies of these markets, while having a clear focus on capital preservation.

Part of the premium offered by the private market asset classes is an illiquidity premium. Though there are some semi-liquid alternatives, many of the private real estate debt and private credit product solutions require that investors commit their funds for multiple years, sometimes up to a decade. For the average investor, a 10% to 20% allocation may be a good target. The exact allocation will depend on investor objectives and preferences, but adding private debt to a portfolio has proven to not only improve income generation and investment performance, but to also create a more durable and steady return profile.

Type of investor	Allocation to private real estate debt and private credit
Conservative risk, or high liquidity needs	0%-10%
Moderate risk, or average liquidity needs	10%-20%
Aggressive risk, or minimal liquidity needs	20%-30%

Inflation, interest rates, and other economic cycles and conditions are difficult to predict and there Is no guarantee that any inflation mitigation/protection strategy will be successful. Some private market investments may provide a few layers of protection against inflation and volatility; however, the performance of some assets is linked closely with economic expansion. For example, the revenue airports, certain kinds of toll roads, and ports generate, for example, depends on volume and usage, which can vary depending on economic conditions or trade activity. Floating rate structures naturally mitigate interest rate risk due to their adjustable nature, the degree of protection and suitability depends on factors like the specific loan terms, the presence of caps, floors, or collars, and overall market condition.

Three questions to ask your clients about private market debt income-focused investments:

Is your income allocation diversified to include cash-flow backed lending and asset-backed lending?
What daily liquidity do you believe is reasonable for your portfolio?
Do you understand the interest rate risk of your overall portfolio and specifically your income generating portfolio?

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Taking action

Adding real estate debt, direct lending and infrastructure debt to a public income portfolio may improve yield, diversification, and portfolio resilience. However, investors should carefully assess liquidity needs and risk tolerance with changes to their asset allocation.

Manager selection is also an important consideration. Successfully navigating the large and diverse private debt markets requires experience across a range of product and loan types. Superior underwriting capabilities are a necessity, as is an ability to work with borrowers proactively. One key differentiator to look for in your investment provider is whether they invest their own money alongside investors. Another key consideration is if the manager has maintained a consistent focus on its core strategies or potentially has experienced style drift. It is also essential to understand a manager’s ability or consistently originate attractive and diverse loan opportunities.

It’s also wise to investigate the manager’s track record of managing through challenging economic environments or market disruptions. In addition, it’s beneficial to understand a manager’s capabilities with respect to restructuring transactions, as may sometimes be needed. Knowing the actions they may have taken during events like the great financial crisis of 2008 can help you identify managers that will fit your clients’ risk tolerances.

¹ Source: Principal Asset Management as of 30 June 2025. Expected gross yield is before management fees, loan costs, and other expenses. These estimates are based on business plans, expectations and market conditions that Principal Alternative Credit has observed on the U.S. direct lending market generally. There is no guarantee that an investor will achieve these yields or returns on any similar investments in the future.

² Source: Principal Asset Management as of 30 June 2025. These estimates are based on market conditions that the Principal Infrastructure Debt Team has observed. There is no guarantee that an investor will achieve these yields or returns on any similar investments in the future.

Disclosure

For Public Distribution in the United States. For Institutional, Professional, Qualified, and/or Wholesale Investor Use Only in other Permitted Jurisdictions as defined by local laws and regulations.

Risk considerations

Past performance is no guarantee of future results and should not be relied upon to make an investment decision. Investing involves risk, including possible loss of principal. Potential investors should be aware of the risks inherent to owning and investing in real estate, including: value fluctuations, capital market pricing volatility, liquidity risks, leverage, credit risk, occupancy risk and legal risk all of which can lead to a decline in the value of the real estate, a decline in the income produced by the real estate, and declines in the value or total loss in value of investments in real estate. . 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. Private market investments, unlike publicly traded stocks, involve various risks due to illiquidity, lack of transparency, and higher minimum investment requirements. These risks include liquidity risk, market risk, capital risk, and regulatory risk. Additionally, private market investments often involve higher fees and expenses and may have longer investment horizons. Private credit securities may be illiquid, present significant risks, and may be sold or redeemed at more or less than the original amount invested. Such securities are considered to have speculative characteristics similar to high yield securities, and issuers of such securities are more vulnerable to changes in economic conditions than issuers of higher-grade securities. Infrastructure investments are long-dated, illiquid investments that are subject to operational and regulatory risks. Infrastructure companies are subject to risk factors including high interest costs, regulation costs, economic slowdown, and energy conservation policies. Asset allocation and diversification do not ensure a profit or protect against a loss. The risk management techniques discussed seek to mitigate or reduce risk but cannot remove it.

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Indices used: Cliffwater Direct Lending Index seeks to measure the unlevered, gross of fees performance of US middle market corporate loans; Preqin Private Infrastructure indices are time-weighted return indices that track the quarterly performance of global private market infrastructure funds, providing insights into the returns of invested capital in this asset class; Preqin Real Estate Debt index analyzes and benchmarks the performance of closed-end private real estate debt funds; NCREIF/CREFC Debt Agg Total Return Index is a fund-level aggregate that provides comprehensive data and performance insights into open-end debt funds that primarily invest in private U.S. commercial real estate debt, particularly emphasizing private commercial and multifamily real estate debt; Barclays US Aggregate (TR) Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. Bloomberg U.S. Corporate High Yield Index measures the performance of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market; Bloomberg U.S. Corporate IG Index measures the investment grade, fixed-rate, taxable corporate bond market; Bloomberg U.S. Municipal Bond Index is a flagship measure of the US municipal tax-exempt investment grade bond market; Bloomberg U.S Treasury 10-Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-9.9999 years to maturity.

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It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. If you are not an “institutional investor” in Singapore or a “Professional Investor” in Hong Kong you may not access this website and you should select the “I Do Not Accept” button below.

By selecting the “Accept” button below, and entering this website, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the website and that you have agreed to these terms and confirm and represent that you are an “institutional investor” in Singapore or a “Professional Investor” in Hong Kong."

Principal Global Investors (Australia) Ltd. (ABN 45 102 488 068, AFS Licence No. 225385) ("we", "us", "our") is regulated by the Australian Securities and Investments Commission.

The information in this website, and on pages linked by this website, is general information only and is not intended to constitute financial product advice or a recommendation to buy, sell or hold any particular security or investment. It does not take into account any investor's investment objectives, particular needs or financial situation. Any investor should consider whether an investment fits their investment objectives, particular needs and financial situation before making any investment decision.

While the information on this website is updated from time to time, it is subject to change in the intervening period. None of Principal Global Investors (Australia) Limited or its related entities (together "Principal") guarantee the accuracy, completeness or timeliness of the information on this website. Information may become outdated and opinions may change, including as a result of new information becoming available or changes in the markets. To the extent permitted by law, Principal does not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, this information.

We offer financial products only to wholesale investors (as defined in sections 761G and 761GA of the Corporations Act) and to persons investing through an investor directed portfolio service under the product disclosure statements that can be accessed from this website.

The information contained in this website is intended only for Australian residents and investors and is not intended for use in any country or jurisdiction where such use would constitute a violation of law. There is no intention to offer or sell products in countries or jurisdictions where such offer or sale would be unlawful under the relevant domestic law.

Protecting Your Privacy

At Principal Global Investors (Australia) Ltd, we give priority to protecting the privacy of your personal information. We do this by handling personal information in a responsible manner and in accordance with the Privacy Act 1988 (Cth).

If it is reasonable and practicable to do so, we collect personal information directly from you. How we collect your information will depend upon how you interact with us. We may collect it through application forms, telephone, email and internet contact, from correspondence with you or your consultant and in person.

The information collected may include what time you visited our website, how long you were on our site, if you've been to the site before, what web pages you visited, and what type of browser you used to access our website. This information is collected through the use of cookies.

Use of cookies on this site is outlined in the Principal Online Privacy Policies, Information Collected by Use of Cookies and Spotlight Tags. In accepting these terms and conditions, you accept the terms of the use of cookies from this site. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent. Refer to your browser instructions or help screens to learn about these functions. If you reject all cookies, you may not be able to use our web sites.

We may collect, hold and use personal information in order to process applications, administer the investments and provide related services. If you do not provide your personal information to us, we may not be able to process and administer your investment. We may also use your personal information to tell you about other products and services offered by us or other members of the Principal Financial Group. Please contact us if you do not wish to receive this ongoing information.

We may disclose your personal information to other related companies within the Principal Financial Group®, agents and other external service providers (who supply administrative, financial or other services), some of which are located overseas. Where this occurs, we take steps to protect personal information against misuse or loss however you should be aware that in the event the overseas recipient fails to handle the personal information consistently with the Australian Privacy Principles, we will not be accountable under the Privacy Act and you will not be able to seek redress under the Act. The countries this information may be disclosed to will vary from time to time, but may include Brazil, Chile, China, Hong Kong, India, Japan, Malaysia, Singapore, the United Kingdom and the United States and other countries where the Principal Financial Group® has a presence. A list of locations in which the Principal Financial Group® operates can be found at https://www.principal.com/about-us/our-company/company-overview/worldwide-locations. Our Privacy Policy contains information about how you can gain access to the personal information that we hold about you and seek correction of that information, subject to certain exemptions under law. Our Privacy Policy also contains information about how you may raise concerns regarding privacy with us and how we will deal with your concerns.

You can obtain a copy of our Privacy Policy by clicking on the link below:

Privacy at Principal Global Investors (Australia) Limited

By clicking "Accept", you consent to us dealing with your personal information in the manner set out in our Privacy Policy. You also acknowledge and understand that by providing such consent that we will not be required to take such steps as are reasonable in the circumstances to ensure overseas recipients of your personal information comply with the Australian Privacy Principles.

"Principal Financial Group is a global organization that operates in many different jurisdictions worldwide. Principal Financial Group’s diversified group of companies and affiliates provide comprehensive asset management solutions for institutional investors, investment funds and individuals in key markets around the world. Principal Financial Group has investment offices in the United States, [Mexico, South America, Europe, the Middle East, and throughout Asia]. Where appropriate, Principal Financial Group entities are registered with appropriate regulatory authorities in the jurisdictions in which they are required to be registered to carry on their respective business activities.

All products or services provided to you by any Principal Financial Group company shall only be available in the jurisdiction(s) within which the company providing the product or service is authorized to operate. The relevant Principal Financial Group company reserves the right to make the final determination on whether or not you are eligible for any particular product or service. If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that Site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction.

Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Member firms of Principal (collectively, the “Firms”) do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for “Professional Clients” as defined in the Conduct of Business of the Dubai Financial Services Authority’s Rulebook. If you are not a “Professional Client”, you may not access this website and you should select the “Decline” link below.

By selecting the “Accept” button below, and entering this website, you agree to these terms and confirm and represent that you are a “Professional Client”.