Principal Life Insurance Company

The insurer's general-account allocation is governed by Principal's internal investment committee, with origination and asset management executed through Barings, a wholly owned subsidiary with over $350 billion in assets under management across public and private markets. Barings operates with its own investment officers and credit committees, though strategic alignment with the parent is tight. Deanna Strable, as Principal's CEO, holds ultimate accountability for the firm's combined balance sheet.

Barings is a wholly owned subsidiary of Principal Financial Group and serves as the primary investment engine for Principal Life's general account. Principal acquired the legacy Barings business out of ING's 1992 collapse and merged it with its own internal investment teams over decades, building a global platform spanning private credit, real estate, infrastructure and structured equity.

North America dominates, with real estate equity concentrated in U.S. office, industrial and data-center assets. Barings extends the footprint into European private credit and Asian real estate debt, with offices in London, Frankfurt, Hong Kong, Tokyo and Sydney. The general account itself is overwhelmingly U.S.-domiciled.

Principal Life co-invests routinely through Barings-advised vehicles and outside manager relationships, particularly in infrastructure equity and large-scale commercial real estate. The general account has participated in club deals and direct co-investment tranches alongside Blackstone, KKR and other institutional partners, though specific co-investment check sizes are not publicly disclosed.