Job Description

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What You'll Do
We are seeking an Associate Portfolio Manager to join our Private Real Estate Debt team, with a primary focus on managing and supporting the General Account portfolio. In this role, you will partner closely with senior Portfolio Managers to help develop and execute portfolio strategy, evaluate risk and return across investments, and support the ongoing management of real estate debt portfolios.
Key areas of responsibility:

• Support a Sr Portfolio Manager in the development and execution of portfolio strategy and tactical plans aligned with client and General Account risk/return objectives, including product type, geography, leverage, and tax considerations.
• Manage smaller or less complex portfolios independently and provide analytical and strategic support on larger or more complex portfolios and funds.
• Monitor portfolio performance and risk metrics; conduct sensitivity, variance, and scenario analyses; and recommend adjustments to holdings as appropriate.
• Assist with investment valuation activities, partnering with internal and external valuation resources to ensure consistency with firm and client policies.
• Evaluate and provide recommendations on prospective real estate debt investments, including acquisitions, dispositions, developments, and loan investments, in collaboration with asset management, underwriting, acquisitions, appraisal, and servicing teams.
• Support the preparation, review, and quality control of portfolio reporting for internal stakeholders, clients, and regulatory requirements.
• Assist in implementing and monitoring risk management controls across assigned portfolios.
• Proactively build and maintain relationships with internal partners, external clients, and consultants; contribute to client presentations, marketing efforts, and new business initiatives.
• Provide guidance, training, and quality oversight to portfolio analysts and less experienced portfolio management staff.
• Participate in special projects and broader team initiatives as needed.

About Principal Asset Management
Principal Asset Management is the global investment solutions business for Principal Financial Group (Nasdaq: PFG), managing $579.8 billion in assets including $102.2 billion in real estate assets, and recognized as a "Best Places to Work in Money Management" for 13 consecutive years. Through its real estate platform, Principal Asset Management is recognized as a top-10 global real estate manager, with decades of experience across the full spectrum of commercial real estate--spanning public and private equity as well as public and private debt.
Who You Are

• Bachelor's degree in Finance, Business, Real Estate, or a related field; MBA preferred.
• 8+ years of analytical commercial real estate or portfolio management experience in real estate.
• Strong preference for experience in real estate debt or commercial real estate underwriting.
• Advanced financial modeling skills required: experience with macros is a plus.
• Demonstrated understanding of economics, investment theory, and their application to portfolio construction and risk management.
• Strong analytical, organizational, and communication skills, with the ability to synthesize complex information clearly.
• Proven ability to operate effectively in a deadline-driven, multi-priority environment.
• Risk-adjusted return mindset with strong quantitative and decision-making capabilities.
• Ability to build and maintain effective relationships with clients, consultants, and internal stakeholders.
• Willingness to travel as required.
• This position may be subject to SEC restrictions on personal political contributions.

Salary Range Information
Salary ranges below reflect targeted base salaries. Non-sales positions have the opportunity to participate in a bonus program. Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance. Actual compensation for all roles will be based upon geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer.
Salary Range (Non-Exempt expressed as hourly; Exempt expressed as yearly)
$141000 - $191000 / year
Time Off Program
Flexible Time Off (FTO) is provided to salaried (exempt) employees and provides the opportunity to take time away from the office with pay for vacation, personal or short-term illness. Employees don't accrue a bank of time off under FTO and there is no set number of days provided.
Pension Eligible
No
Location
This role will be based out of our World Headquarters located in Des Moines, IA.
Work Authorization/Sponsorship
At this time, we're not considering applicants that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States. This includes, but IS NOT LIMITED TO: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc. For additional information around work authorization needs please use the following links.
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Investment Code of Ethics
For Principal Asset Management positions, you'll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.
Experience Principal
At Principal, we value connecting on both a personal and professional level. Together, we're imagining a more purpose-led future for financial services - and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our employees. And we support our employees the same way we support our customers: with comprehensive, competitive benefit offerings crafted to protect their physical, financial, and social well-being. Check out our to learn more about our purpose, values and benefits.
Principal is an Equal Opportunity Employer
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
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Posting Window
We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline.
Original Posting Date
12/19/2025
Most Recently Posted Date
12/19/2025

Skills Required