Devin Chen has joined Principal Real Estate as head of private equity real estate portfolio management, replacing John Berg, a senior managing director and now global head of private real estate, a spokesperson said.
Chen, who reports to Berg, will lead the strategic direction and oversight of private equity real estate portfolio management. Principal had $48.9 billion in private real estate equity on June 30.
Principal Real Estate is part of Principal Asset Management, which had $555.4 billion in assets under management as of March 31 and is a unit of Principal Financial Group.
Chen was executive vice president, portfolio manager and head of U.S. real estate private equity and special situations at PIMCO. Matt Michalovsky will be joining PIMCO later this month from real estate firm ArrowMark Partners, replacing Chen, according to people familiar with the situation.
ArrowMark has $21.7 billion in assets under management.
