Form D · Other Investment Fund

Principal Real Estate Open-End Debt Fund, L.P.

Des Moines, IA · CIK 0001981504

Offering snapshot reported Sep 24, 2026 · SEC filing

Reported sold: $356M
Investors reported: 16
Minimum accepted: $0
First sale: Jun 30, 2023

Fundraising history

Reported sold

Dates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.

What changed?

Latest filing versus its linked predecessor, where available.

Reported sold$256,000,000 → $356,000,000
Reported investors14 → 16

Filing history

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Filed	Filing type	Reported sold	Change vs linked filing	Investors	Source
Sep 24, 2026	Amendment	$356,000,000	$100,000,000vs Sep 24, 2025	16	SEC filing
Sep 24, 2025	Amendment	$256,000,000	$0vs Jul 15, 2025	14	SEC filing
Jul 15, 2025	Amendment	$256,000,000	$30,000,000vs Jul 15, 2024	14	SEC filing
Jul 15, 2024	Amendment	$226,000,000	$0vs Jul 14, 2023	10	SEC filing
Jul 14, 2023	Initial	$226,000,000	No comparison	12	SEC filing

Offering details

Securities: Equity, Pooled investment fund
Exemptions: 06c, 3C, 3C.7
Duration over one year: Yes
Business combination: No

Sales commissions: $0
Finders' fees: $0
Form D file number: 021-486944

Sales compensation recipients

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Recipient	CRD	Associated broker-dealer
Principal Funds Distributor, Inc.	43261

Source: Form D, filed Sep 24, 2026. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

PRINCIPAL REAL ESTATE OPEN-END DEBT FUND, L.P.

Investment adviser: PRINCIPAL REAL ESTATE INVESTORS, LLC

Gross asset value: $549M
Beneficial owners: 12
ADV minimum commitment: $5M

Reported in Form ADV on Aug 19, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator ALTER DOMUS CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE, LLP DES MOINES, Iowa, United States

Custodian COMPUTERSHARE TRUST COMPANY N.A. MINNEAPOLIS, Minnesota, United States Related to adviser: No

Marketer PRINCIPAL FUNDS DISTRIBUTOR, INC. DES MOINES, Iowa, United States Related to adviser: Yes

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

DELOITTE & TOUCHE, LLP
PCAOB 34

PRINCIPAL FUNDS DISTRIBUTOR, INC.
CRD 43261 · SEC 8-50200

Filing source

Form ADV 2124905 · Aug 19, 2026 · Schedule D 7.B.(1), fund 805-1517211908

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
Name	Reported role
. Principal Real Estate Investors, Llc	Promoter
. Principal Real Estate Open End Debt Fund Gp, Llc	Promoter

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:

711 High Street
Des Moines, IA, 50392