Principal Asset Management has hired Mansi Patel as senior managing director and head of infrastructure debt to lead the company’s launch and implementation of its new private infrastructure debt capability.

This new capability adds to the firm’s long-standing expertise in public listed infrastructure, real estate debt and alternative credit. The capability will focus on investing in a diversified portfolio of private infrastructure debt, targeting thematic investments in globalization, decarbonization and electrification.

By doing so, the company aims “to generate a higher risk premium relative to its public market sector equivalent, while also benefiting from consistently lower default risk and more favourable debt characteristics to non-financial corporate sectors”.

In this role, Patel, who will report to Todd Everett, the company’s global head of private markets, will oversee the growth, operations and strategy of the newly created private infrastructure debt investment team.

Patel brings extensive industry experience, including leadership in origination, underwriting and portfolio management services, for both affiliated and third-party separate account capital across multiple sectors.

She previously spent 18 years at MetLife Investment Management as managing director and head of infrastructure debt and project finance in North America, Latin America and Asia-Pacific. Prior to this role, she held a position at PricewaterhouseCoopers.