11:19 AM EDT, 10/07/2025 (MT Newswires) -- Principal Financial Group ( PFG ) said Tuesday it entered into a strategic partnership with Barings to launch a $1 billion private investment-grade portfolio finance program aimed at strengthening its private credit platform.

The initiative will be structured through a separately managed account and co-investment vehicle, with Principal Asset Management overseeing the co-investment, the company said.

Barings will serve as the asset originator and manager, according to the statement.

Principal said the partnership expands its private markets strategy by enhancing its general account through scalable private credit investments offering "strong risk-adjusted returns."

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