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 firm’s 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.
