Barings Closes $19B Global Direct Lending Raise

Barings has closed more than $19 billion in commitments for its Global Direct Lending strategy, wrapping up a two-year fundraising period during which the firm deployed over $18 billion across 355 transactions.

The close brings assets managed by Barings’ Global Private Finance platform to more than $67 billion, backed by capital from institutional investors, insurance companies and wealth clients.

The Global Direct Lending strategy targets companies with EBITDA of €5 million to €75 million (about $5.8 million to $87 million) and enterprise values ranging from €25 million to €500 million. Hold sizes can reach up to €250 million, with underwriting capacity of as much as €500 million. The industry-agnostic strategy finances leveraged buyouts, mergers and acquisitions, refinancings, growth capital and dividend recapitalizations through senior secured loans, unitranche, second lien and last-out structures, mezzanine debt, and direct equity and fund investments.

“With a global lens and a diversified, institutional capital base, we are able to capture relative value as it shifts across regions, sectors and pockets of dislocation, while continuing to focus on downside protection and driving long-term outcomes for our clients,” said Bryan High, head of Global Private Finance at Barings.

Barings, a subsidiary of MassMutual and MS&AD, managed $481 billion as of March 31 across credit, real assets, capital solutions and emerging markets.