BARINGS LLC

Thesis

Barings LLC is a global alternative investment management firm founded in 1762, operating as a subsidiary of MassMutual Financial Group. With over $502 billion in AUM as of June 30, 2026, the firm leverages its global scale and capabilities in credit, real assets, capital solutions, and emerging markets to deliver excess returns. They focus on providing flexible financing solutions to leading businesses and partners with institutional, insurance, and wealth clients. Their investment criteria for middle-market companies typically include businesses with an EBITDA of $10 million to $75 million, often private equity sponsor-backed, with a history of growth and profitability, and strong market positions. They primarily invest in senior secured private debt, including first lien debt, unitranche, second lien debt, and subordinated debt, as well as equity co-investments, with typical loan terms ranging from five to seven years. Barings operates globally with over 2,000 professionals and 34 offices worldwide, often taking lead or co-lead positions in its investments. The firm also announced the close of over $19 billion in committed capital for its Global Direct Lending strategy in May 2026.

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