EP 32 - investing in real estate without owning it? Understanding Private Real Estate Debt
Episode Description:
Private credit has become one of the most talked-about areas of investing, but not all private credit works the same way.
In this episode of EnRich Your Life, Richard Leimgruber sits down with Rich Hill, Senior Managing Director and Global Head of Real Estate Research and Strategy at Principal Asset Management, to explore one particular corner of the private credit market: commercial real estate debt.
What does it actually mean to invest in real estate debt rather than own real estate? How does lending against a property differ from lending to a company? And after several challenging years for commercial real estate, why are some investors paying closer attention to this market now?
Episode Highlights:
How commercial real estate debt works
The difference between private corporate credit and private real estate debt
The risks investors should understand
How alternative investments can complement traditional stock and bond portfolios
If you've been hearing more about private credit but aren't quite sure what it means, or where real estate debt fits into the picture, this conversation is designed to help make it easier to understand.
About Our Guest:
Rich Hill
Senior Managing Director and Global Head of Real Estate Research and Strategy
Principal Asset Management
Rich is responsible for developing the firm's global outlook on commercial real estate, analyzing market cycles, valuations, and investment opportunities across both public and private real estate markets.
Behind the episode:
Additional Disclosure
As of 31 March 2026. 'Bloomberg Global-Aggregate Total Return Index Value Unhedged USD Cliffwater Direct Lending Index 3NCREIF/CREFC Debt Agg TOTAL Return . Source: Bloomberg, Principal Real Estate. Quarterly returns 1Q 2014 to 1Q 2026. No investment strategy, such as asset allocation or diversification, can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future Index returns. It is not possible to Invest directly in an Index.
For accredited investor use only within the United States.
