Barings, North Carolina Investment Authority Expand Real Estate Partnership

Barings and the North Carolina Investment Authority (NCIA) have expanded their long-standing investment partnership with $2.1 billion in new capital commitments across commercial real estate debt, commercial mortgage-backed securities (CMBS) and capital solutions strategies, further diversifying the investment portfolio supporting North Carolina’s public pension system.

The expanded mandate includes $1 billion for Barings’ real estate debt platform, which will originate loans secured by institutional-quality commercial real estate across strategic markets in North America and Europe. NCIA also committed $800 million to Barings’ CMBS strategy and an additional $300 million to the firm’s Capital Solutions platform, which provides customized secured financing for corporate and non-corporate borrowers.

“North Carolina has been an important partner to Barings for more than a decade,” said Mike Freno, chairman and chief executive officer of Barings. “Together, we are focused on solving complex investment challenges and supporting long-term outcomes for North Carolina’s public employees.”

Barings has managed assets for the North Carolina Retirement Systems for more than 10 years. Today, those assets are overseen by NCIA, which manages the state’s $149 billion pension fund as of June 30. The retirement system serves approximately 875,000 active and retired public employees, including teachers, police officers, firefighters and other public servants.

“Our goal is to make the best investments and work with the best partners for our hardworking state employees and retirees,” said North Carolina Treasurer Brad Briner, chairman of the NCIA board.