Principal Real Estate Investors target $1b with third debt fund

Principal Real Estate Investors has launched a third limited partnership vehicle in its U.S.-based real estate debt series, according to an SEC Form D filed on June 12.

The Principal Real Estate Debt Fund III is targeting $1 billion in equity commitments.

The previous fund in the series, Principal Real Estate Debt Fund II, invests on behalf of public pension funds.

With $79.4 billion in real estate assets under management, Principal operates private equity, public equity, private debt and public debt strategies.

The firm did not comment on its fundraising efforts.