Company: PDSRX
Filing Date: 2025-06-18
Form Type: 40-APP/A
Source: 0002016900-25-000018
Chunk: 5

Company: Principal Real Asset Fund
Filing Date: 2025-06-18
Form: 40-APP/A
Chunk 5
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 Insurance Co. (pub. avail. June 7, 2000), Massachusetts Mutual Life Insurance Co. (pub. avail. July 28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5, 1995).

9 The Board of each Future Regulated Fund will consist of a majority of members who are not “interested persons” of such Future Regulated Fund within the meaning of Section 2(a)(19) of the 1940 Act.

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C. PLIC

PLIC is a stock life insurance company incorporated under the laws of the State of Iowa in 1879 and operates as an indirect wholly owned subsidiary of PFG. PLIC holds various financial assets in a principal capacity. PFG has various business lines that it operates through its wholly or majority-owned subsidiaries, and the subsidiaries that exist and currently intend to participate in Co‑Investment Transactions have been included as Applicants herein. PFG, however, is not an investment adviser and does not expect to become an investment adviser in the future, and will not be the source of any Co-Investment Transactions under the requested Order. Accordingly, PFG has not been included as an Applicant.

D. The Unlevered Fund

The Unlevered Fund is a privately offered fund that would be an “investment company” but for Section 3(c)(7) of the 1940 Act. It was organized in March 2022 as a Delaware limited partnership and will be treated as a partnership for U.S. federal income tax purposes for the benefit of certain U.S. investors and certain U.S. tax exempt investors.

The primary investment objective of the Unlevered Fund is to generate both current income and capital appreciation by investing primarily in privately negotiated first lien debt, including unitranche financing. The Unlevered Fund has a general partner with general ultimate responsibility for the management and operations of the Unlevered Fund. The general partner to the Unlevered Fund is managed by a managing member. PGI serves as investment advisor to the Unlevered Fund.

E. PGI and Prin-REI

Each of PGI and Prin-REI is a Delaware limited liability company and is registered as an investment adviser with the Commission under the Investment Advisers Act of 1940. PGI serves as the investment adviser of the Existing Regulated Funds and the Unlevered Fund and either it or another Adviser will serve as the investment adviser to any Future