Managing Director, Portfolio Management, Private Equity Real Estate

Principal Financial Group is seeking a Managing Director of Portfolio Management to lead its residential real estate portfolio within the Retail & Residential team, based in Chicago. The role oversees a large institutional residential real estate portfolio focused on multi-family and manufactured housing investments, serving a major institutional pension client. Responsibilities span strategic portfolio planning, investment oversight, client leadership, and managing operating partnerships. The MD will shape residential portfolio strategy, evaluate investment decisions and capital allocations, represent the client on governance committees, and maintain relationships with operating partners, brokers, and institutional counterparties. This position blends senior investment judgment with client leadership and meaningful influence over long-term portfolio construction. Requirements include 15+ years of commercial real estate experience with deep residential portfolio management expertise in an institutional environment (allocator, operator, or GP).