Friday, May 24, 2024

Principal poaches MetLife’s Patel to lead new private infrastructure debt unit

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Principal Asset Management has hired Mansi Patel from MetLife Investment Management to lead a new business unit targeting private infrastructure debt.

The $545bn (€501bn) asset manager has appointed Patel as senior managing director and head of infrastructure debt to lead the launch and implementation of its new private infrastructure debt capability which will sit alongside the firm’s existing public listed infrastructure, real estate debt and alternative credit investment strategies.

Patel, who will oversee the growth, operations and strategy of the newly created private infrastructure debt investment team, will report directly to Todd Everett, global head of private markets at Principal Asset Management.

Principal Asset Management said the new strategy will focus on investing in a diversified portfolio of private infrastructure debt, “targeting thematic investments in globalisation, decarbonisation, and electrification”.

The launch of the private infrastructure debt capability comes at an opportune time for investors, “given the powerful market forces driving tremendous capital needs across all infrastructure sectors”, Everett said.

He added: ”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 decarbonisation, electrification and digitalisation.”

Patel previously spent 18 years at MetLife as managing director, heading infrastructure debt and project finance for North America, Latin America and Asia-Pacific. Before this, she worked at PricewaterhouseCoopers.

Patel said: “Private infrastructure debt can play a key role in portfolio construction for institutions and retail investors alike, aiming to offer safety, stability and enhanced returns. 

“This makes it an exciting time to join Principal Asset Management, a leader in innovative and diversified investment solutions, and lead the new private infrastructure debt capability, which will be a compelling addition to the firm’s already strong private market lineup.”

To read the latest IPE Real Assets magazine click here.

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