US-based Barings, a subsidiary of leading life insurer MassMutual, has mopped up $943 million for its debut asset-based income strategy to invest directly in real assets and asset-based businesses that generate current income along with capital appreciation.
The firm received commitments for its 2017-launched vehicle, Barings Asset-Based Income Fund (BABIF), from existing and new institutional investors including public and private pensions, insurers, sovereign wealth, family offices, and foundations from the U.S., Europe and Asia-Pacific, it said in an announcement on Tuesday.
BABIF has already deployed capital in several of its target markets including aviation leasing, media and entertainment, pharmaceuticals, and financial services.
“Our platform has over a decade of experience managing capital for some of the world’s most sophisticated institutional investors,” said Jon Rotolo, Head of Barings’ Private Equity/Real Assets team.
The team targets direct, control investments in asset-based businesses across infrastructure, intangible assets and natural resources. The team focuses on assets with thematically-driven demand and actively manages those assets in an effort to generate both current income and long-term enterprise value.
Barings has $42.4 billion in alternative assets under management and the Private Equity/Real Assets team has deployed $3.8 billion of capital into more than 60 investments globally.
“With BABIF, we’re able to offer clients access to a differentiated opportunity set while drawing upon our deep industry contacts to deploy capital. We recognize the challenges our limited partners face in putting money to work and BABIF is on track with its plan for capital deployment.”